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FREQUENTLY ASKED QUESTIONS |
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| How do I select a unit? |
| Before your closing date you will be given an opportunity to select a unit. |
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| How does the reservation process go? |
On receiving the reservation the developer will allocate a unit to the buyers according to their reservation date. The buyers will be
issued confirmed reservations and locked in at the low purchase prices as of on the
reservation date. On receipt of the payment, immediately
a LETTER OF ALLOTMENT will be issued to the buyer.
In addition the
buyer will receive within 1 month, a Contract
Agreement for their signatures and return to us,
and with a copy to the Buyer. 6-9 months prior to completion of the building the buyers if they have not sold off their units at a profit by then, according to their reservation date will be given an opportunity to inspect and select their units.
At this time they pick out their unit and also decide the legal name for registration on their unit. (some buyers may like a change from their original reservation name). The units will be registered in their names on
closing of the sale. The whole closing process will take about
3 - 5 months. Closing fees, registration charges,
stamp duty, and all other city and Government charges
expected to
be approx. 3-4% will be borne by the buyer. |
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| I reserved the unit in my personal name and I want to change it into a joint name. Can I do that? |
6-9 months prior to completion of the building the buyers will be given an opportunity to select their units and also decide the legal name for registration on their unit. (some buyers may like a change from their original reservation name). At this time you may change your name from a single name to a joint name or any other legal name or entity. |
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| Do I have to pay in
US dollars or can I
pay in Indian Rupees ? |
The
buyers have and will always have the Option of
paying either in Indian Rupees or US dollars. However
because the prices are quoted in dollars, there is a big saving when
paying in US dollars. When the buyer pays in US dollars. The
advantage is between 5 - 6%. However you decide in which
currency you wish to pay.
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| How do I use my Condo for FREE? |
| The owners have 2 options. The owner
can stay at a 95% discount. The 95% discount is worked as
follows. The owners pays the hotel the 50% on
accommodation. In return the owners own unit is earning
for him an expected return of 45%. Thus the out of pocket
cost for the owner is only 5%. This is how the 95%
discount works. Or the owner can remove the unit from the
rental pool and stay free in the unit. However in
this case, the owner will have to pay the HOA monthly fees
for each month in advance. The owner can select whichever
option suits him/her the best.
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No
Rental Management: The owner may decide not to take part in the
rental management program. This option the owner can take.
Basically this leaves the unit occupied by the owner. The
owner can let it to friends or other guests, Long term
yearly rentals are OK. However he is barred from letting
it out on commercial short term daily or weekly basis and
competing with the hotel itself. If the owner elects this
option, the owner has to pay home owners association fees
of $300 per month for Delhi, $200 per month for Zanzibar,
Nigeria, Slovakia
and Pune, and
$100 per month for Ahmedabad. The owners may still take
advantage of the cleaning services as a regular hotel
suite and other hotel services for a service fee of $400
per month for Delhi, $300 per month for Zanzibar, Nigeria,
Slovakia and Pune, and $200 per
month for Ahmedabad. For Parking units, owners association fees is $20 per month and cleaning and upkeep fees are $10 per month.This ensures the upkeep of your
apartment to the same standards as that of the regular
hotel suites. Regardless of which program is chosen,
owners will have the opportunity to change their plan
every 6 months.
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| Would the developer keep me informed on the progress? |
As the project takes shape the developer will post photos and 3D views of the building from all directions and of the exterior, interior and the units itself and post the same on the site. Many will see the building personally taking advantage of the FREE viewing trip vouchers. Details on the progress will be
posted on the web site at regular intervals. Buyers
paying in installments will get Statement of his accounts and financial details
emailed to him at regular intervals. |
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| What is the INR called as a unit of currency, a dollar, a pound, or is it simply referred to as an "INR?" |
| INR is actually the three- letter code for the currency name ("Indian Rupee"). It is comparable to USD, the three-letter code for US Dollar; EUR for Euros; and GBP for Pounds Sterling. Every country currency has this code, just as every airport has a three-letter code like MIA for Miami. It's an international ID. |
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| How do I convert meters to square feet and Indian currency to the U.S. dollar? |
| By best approximation, to get sq. meters, divide sq. ft by 10.75, or multiply sq. meters by 10.75 to get sq. ft. |
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| The conversion rate is currently
42 INR to one dollar. This is a fluctuating rate. Divide INR
by 50 to get close approximation of prices in U.S. dollars. To get the current rate go to: |
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| I've read that the "average temperatures in Delhi range from 24°C in winter to about 45°C in July." I don't remember my ninth grade science. How do I convert these temperatures from Celsius to Fahrenheit? |
| As I recall it was something like taking your Fahrenheit number, subtracting 32, dividing by 9/5ths, doing the hokey pokey and turning yourself about. For ease, however, just click this link, and it will be calculated for you
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| What is the time difference between the U.S. and India? |
| India is ten hours 30 minutes ahead of the U.S. (EST.)
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| Are there builder's warranties on new build, if so how long? |
10 Years |
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| What is the construction of the buildings |
Concrete Steel and glass. |
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| Do you have a lawyer who the buyers can use to handle on behalf of the clients the purchase? If so what is the cost? |
| Lawyers fees will be approx $500. We have appointed an independent lawyer in
Delhi to handle all our clients' transactions, a special deal for all our clients has
been negotiated.
However having an attorney is not necessary. |
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| What is the normal time frame from reservation to completion of the property |
Expected Completion dates are
from 2014 onwards. |
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| What is the rate to which property is currently growing iOverseas ? |
20 -30% per year |
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| Will the client be able to resell the property through you in the future? |
| Yes under our resales program. The cost of sales through a
local agent is also 3% - 6%.
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| Can I come and visit the property before I buy? |
| Of course the buyer is welcome to come out and view the property before purchase. Just remember that developments tend to sell out couple of months before the start of construction, so it may be that the buyer can only see the area where it is going to be rather than the building itself. For Buyers who reserve
today, the developer is offering 5% rebate for free trip to
India.
click here. |
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| What is the rental yield I can expect? |
| Currently
in India and Zanzibar there is a healthy rental market. It is worth bearing in mind that currently there is a shortage of property to either rent or to buy to live in and many developments will not be available to live in until the end of
2014. The current building program is only expected to meet current demand. However, over 100 companies a day open up in Delhi, which will keep demand high for many years to come. The developer is giving a
38 - 39% guaranteed Return on the initial invested amount
of the buyer or
high 100% of revenues, whichever is greater. click here. |
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| Can you arrange finance for me? |
| We can introduce you to Banks and
Financial Institutions that can assist you in arranging finance. Most of the bank's offer 70% - 80% 'loan to original developer sale price.
Loans are normally given on completion of the building, or
very close to completion. Mortgages and the rates tend to range from 8 -
12%. The approval of the loan may be dependant on the borrowers earnings also. Normally banks will lend against real estate. The Buyers can also avail of the
100% guaranteed financing from the developer. click here. |
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| How good is the developer, and has he
made any sales? |
| This developer
is very investor friendly, and has a very good deal for
the investors, as compared to other deals worldwide. The
developer sales are going extremely nice, and well ahead
of the target. The developer releases only 7 units for
sale every month, and they get snapped up very fast. |
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| I need more specifications and
construction details? |
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Please note
this is an off plan pre-construction offering. That is
why the price is so low. Eventually, in 1 or 2 years
time, the developer will post much more details
and confidential property info on the site. You
may purchase the property at that time, but please keep
in mind, that the property purchase price may be more
than double at that time.
We
listen to the investors goals and help them experience
the magic of great
returns.
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| What
guarantees do I have that the developer would not go
under or this project would not go under? |
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East West
Developments is a good builder with a good back
ground. On the Home Page are various projects
this developer is associated with, and is not likely
to go under. The developer has invested
heavily in various projects in India and Overseas, and
is not running away anywhere. The marketing dept. can help you do the
due diligence on this. However in case, if any
project does go under, or gets delayed, the buyer can
ask and get a full refund.
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How can Foreign
Nationals profit from this Investment opportunity?
Foreign Nationals ( Not of Indian Origins) on
completion of the building will be issued Ownership
Title units of the CondoHotel Management company instead
of the Ownership Title deeds. This CondoHotel Management
company will have under its wings
the same number of units in ownership as the same
number of Foreign buyers. Example if 100 Foreign Buyers
have reserved a condo unit, then this CondoHotel
Management company will have under its ownership 100
condo units. All the benefits, rental returns etc will
be exactly the same as the regular Buyers and regular
property owners. This facility is given to the Foreign
buyers to help simplify their investing with the East
West Developments. This facility helps the Foreign
Buyers to enjoy all the benefits from the property, and
makes it easy for them to sell out when they wish
to do so. No Capital Gains Tax to pay, when Foreign
Nationals sell to another Foreign National.
Are there any legal safeguards for foreign investors in the case of non-completion or poor construction work by the developer?
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Yes, there are codes of standards applied by the
Indian Government and the States regarding building permits and contractual clauses. The developer will have to maintain the standards as stipulated in the regulations issued with regards to building construction, and also safety issues.
In the event of a problem, assistance can be found from the
regulatory agencies, and from the contract entered into with the developer. This may contain building covenants, which often provide a guarantee of workmanship of 10 years. There is also the Indian civil code, which contains protection regarding building standards. |
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| What happens
if the project is delayed or not built? |
| On rare occasions,, it may no longer be possible to
purchase a property reserved through the company. On such
occasions, the Company reserves the right to substitute
the original property offered for sale and subsequently
reserved to an alternative property. If this occurs, then
the substitute property offered shall be the same or
better, in thee opinion of the company, than that which
was originally offered for sale to the client. The
purchaser agrees to be guided by thee expert opinion of
the company and shall accept and continue to purchase any
substitute property offered to the purchaser in this
regard, or can ask for a full refund. In
such
a
case the full amount will be refunded without
interest. |
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| Is the investor
assured of no price escalation during construction? |
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Yes any escalations
in the price of the cost of construction or for any other
reason will be borne by East West Development. |
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| Can you provide names of other
investors and show your contracts with the land dept.,
city and state? |
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The Privacy
Policy of the developer prohibits revealing of the
Investors names, and other sensitive, restricted and
confidential information, other than what is posted
on the web site. The Privacy Policy of the
Developer is also on the website and can be checked
online. In view of the developers privacy policy, we
cannot reveal the names of our Investors, or send out any
confidential information yet at this stage. The
Investors have also not appreciated revealing of their
names. And such type of confidential and classified information have
been misused by some other parties in the past.
However,
later once we get to know each other better, then
perhaps we can introduce you to our Investors, and
provide you with such confidential and detailed
information.
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| How easy is it to buy and sell property in India
and Zanzibar? |
Very easy, but the present system for buying and selling property is not one which is likely to be familiar to many global investors. Typically most countries that use Common Law require a lawyer to represent each party or a public official in Civil Law jurisdictions. In India you can buy straight from the developer "off-plan" for little or no fees; alternatively you can buy direct from another private vendor in the secondary market, whether the property has been completed or not. There is an extremely buoyant market as demand currently exceeds supply and you will be able to sell your property in the secondary market before completion or after the property has been built. However many property developers require their consent to sale and purchases, and may also charge a transfer fee of between 5% and 10%. You do not need our permission to sell or resell your ownership and we will not charge you, the seller any transfer fees. The seller can also join the developer's resale pool to earn quick profits. click here. |
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| How do I buy an apartment? |
| Once you have decided and wish to purchase the buyer needs to reserve the unit with a refundable deposit of
$10. This amount can be paid by check or online through a credit card. |
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If
I decided to sell before completion of the project,
would that be possible and
would I be penalized in anyway?
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| There
is no penalty. In fact the developer under its Resale
Pool will help you resell the property. |
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| Are
there any other fees while the project is being built
and what about after completion? |
| None while
under construction. On
completion: Registration charges and fees (expected to
be 3- 4%) as applicable at the time of registration of
title to the Unit(s) with the Land Registry Department.
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Are
there any issues with buying in India or
Zanzibar and being a
foreign
investor? |
| No. |
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| Any
type of tax? |
| On
profits there is capital gains tax of 20%. |
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| Are there any Legal costs in purchasing a property? |
| No, there are no legal costs involved since your contract is direct with the developer. There are only legal costs incurred if you decide to ask a lawyer to act on your behalf. Please contact us for details if you wish to use a solicitor who specializes in international law. |
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| What deposit is required? |
Normally for apartments the
developer has Three payment
options: 2% deposit and 98% financed by
the developer ( for a very limited period only), or 20%
down and nothing to pay until completion. Or you can pay
for the entire purchase price and get a 50% discount.
You will find exact details of payment plans on the pages detailing the individual developments |
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| What are the Options on making the
payments? |
| The
buyer may send the payment by check, cashiers check, (out
of country checks are not accepted). By online Bill pay,
money order, Western Union, Bank transfers, Wiring
funds, credit card etc. Any means, which is convenient
and more economical to the buyer.
The
buyer may pay by credit card or use a service like
Paypal for payment.
The
buyer has to bear all exchange rate differences. The
developer will bear credit card transaction fees as
applicable. . If using Paypal go to www.paypal.com
and send payment to the developers email account of ewdev@aol.com
All funds
received are immediately credited to the buyers account
with the developer. |
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| Is this a safe investment? |
| Not only safe,
it gives an excellent Investment opportunity, to the
Investor seeking high returns of 38 - 39%. |
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| I understand the
38% guarantee
is only for three years. Can you extend the guarantee for
more years? |
| For
guarantee for extra years, the developer has a setup with
a local insurance co. whereby the developer can extend the
guarantee for additional years. The buyer can buy the
guarantee for 3% extra cost for each extra year. The extra
years guarantee has to be purchased within 30 days of the
buyers payment date. |
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| What does the low price
guarantee mean? |
| Low
price guarantee: When ever the developer makes a
change, and if the change is an extra benefit, then under
the Low price guarantee, existing buyers automatically
qualify for the added benefits. If the change is like a
price increase or lower benefits, then the existing buyers
gets to keep the prices already committed to the buyers.
This is Win Win for the existing buyers. |
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| Will the property be Freehold? |
| Most of the developments are offering freehold properties. |
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| Will my real estate agent or broker participation be honored? |
| If you have listed your broker's name online at the time of your original registration, your broker is protected under this agreement. If you did not indicate a broker at the time of initial registration, that option is no longer available. |
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| What if I decide to sell my (residence/hotel suite)? |
| The terms of ownership of your (residence/hotel suite) are exactly the same as with any condominium, including your right to sell it, either by yourself or through the real estate agency or through the developer. It is your choice. |
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