Frequently Asked Question about the Iconic Commercial Gurgaon Project, We are writing details about this project below.
1. What is the booking procedure for a shop,
office or a studio apartment in Iconic?
Ans.
One needs to make a payment of 2,00,000 rupees (Two lakh, only) to book any
inventory type
(i.e. a shop, office or Studio Apartment) in
Iconic.
The aforesaid amount will then be lessened
from the 1st installment (of 10%) of the total BSP.
2. What’s the location and total project area?
Ans.
Iconic is located in Sector-71, Gurgaon. The total project area is 3.5 acres.
3. How many towers and floors will be there in
Iconic?
Ans.
There
will be a single tower in Iconic with a height of Ground + 12.
4. What is the expected possession date?
Ans.
Expected Possession date of the project is Sep.
2014.
5. Why invest in Iconic?
Ans. Following are some prominent reasons to
choose Iconic over other projects in the vicinity:
a. Amongst
first few developers to give Assured Returns
on Retail Stores in Gurgaon plus handsome capital appreciation by the time
property is being handed over, makes it a wise investment option.
b. Innovative mixed land
use - (Retail Stores, Commercial Office Spaces and
Studio Apartments in the same project – a
perfect concept of work-shop-enjoy and
live) providing very good catchment from within and some of the finest
developments outside, including exquisite villas, luxury apartments and
condominiums.
c. Great location
– in close proximity to NH 8, Sohna Road, Southern Peripheral Road (SPR) which
provides connectivity to Faridabad and proposed Delhi Metro Rail connectivity
under Phase – 2 expansion plan.
d. All
set to become a future milestone with
a ‘proposed’ first of its kind Entertainment Zone
in collaboration with
Universal Studios, one of the leading Hollywood
studios.
6. How much is Assured Return, and till what
duration?
Ans.
An Investor will get
a return at the rate of 12% per annum (1% per month) which is till the
Date
of Possession (i.e. Sep. 2014).
7. What
are the different Payment plans available in Iconic?
Ans. Following are the
payment plans available on different
inventories:
> On Retail
Spaces: Down Payment Plan (DP)
and Construction Linked Plan (CLP)
> On Office Spaces and Studio
Apartments: Down Payment (DP), Flexible Payment Plan
(Flexi) and Construction Linked Plan (CLP).
8.
Who are the architects of Iconic?
Ans.
BDP (Building Design
Partnership) – a Netherlands (Holland) based architecture firm,
founded in 1961 which
employs more than 1000 architects, designers, engineers and
urbanists across UK,
Ireland, Netherlands, UAE, China and India, and has a leading track
record in all major
sectors including health, retail, workplace, heritage, and leisure. BDP is
involved in projects in India since 2008.
9.
What is the allocation of
inventories in the project?
Ans.
Following is the allocation of
inventories in Iconic:
>
Retail
Spaces - Approximately 23% (3 Floors): Ground/1st/2nd floor (However,
2nd floor is
reserved
for only ‘leasing’
purposes).
>
Office
Spaces - Approximately 30% (4 Floors): 3rd/4th/5th
and /6th floor
>
Serviced
Apartments – Approximately 46% (6 Floors): 7th / 8th/ 9th / 10th
/ 11th and 12th
Floor.
10.
Is
there a provision of Bank loan in Iconic?
Ans.
Generally,
banks do not provide loans on “under construction, commercial properties”,
and
so
is the case with Iconic.
11. What
will be the mode of payment for Assured Returns?
Ans.The mode of payment
for Assured Returns can either be Electronic Clearance System (ECS) or
Post
Dated Cheques (PDCs) where the ‘investor’ under ideal circumstances will get
Post Dated
Cheques for a financial year (i.e. 1st
Apr. of the current year till 31st
March of the following
year),only.
12. Is there any possibility of an escalation in
the cost of the unit after booking? Will the investor be
charged for it?
Ans. The cost of
the unit is based on the cost of construction rates applicable on the date of
booking. If
due to
abnormal market variations in the cost of construction, the increase or
decrease in the cost
of
construction is within the limit of 5%, then nothing will be charged or
refunded to the applicant.
However, if the increase or decrease is
more than 5%, then the total difference will be charged or
refunded to
the applicant, as the case may be.
13.
Besides, the BSP, what are the mandatory
charges?
Ans.
Besides
the ‘applicable’ Basic Sale Price (BSP), Car Parking charge is mandatory, for
which the
investor needs to make a one-time payment of
Rs. 3,00, 000 (Three lakh rupees).
14.
What all will be additional charges,
besides the BSP and mandatory charges?
Ans. The additional
charges attached to any inventory type in the project will be:
1. Common
area maintenance charges (CAM) for providing common services and facilities in
said space.
2. Interest
Free Maintenance Security (IFMS) - this fund will be used for major repairs or
replacement or purchase of new
equipments for common use)
3. Power
Backup Installation
4. External
Electrification Charges (EEC)
5. Fire
Fighting charges (FFC)
6. External
and Internal Development Charges (respectively, EDC and IDC)
And
all other charges in accordance with the demand raised by the Developer from
time to time or at the time of offer of possession as the case may be.
Besides, the BSP, mandatory and
additional charges, an investor may also need to pay
some charges over and above for the
option(s) he may choose. For example, Preferential
Location Charges (PLC) for his
preferred unit location (e.g. ground floor / park facing /
corner unit). Such charges are called Optional Charges.
15. Iconic
has fully furnished studio apartments with all modern fixtures and fittings (with
a list of
items),
but the same hasn’t been specified in the MoU. What’s there to suggest that I
will get
the
in my studio apartments?
Ans.
If
demanded, an ‘annexure’ can be provided with the list of ‘items’ in a brochure along with MoU.
16.
When will be the MoU or Builder Buyer
Agreement executed?
Ans. Builder Buyer Agreement or MoU will be
executed at different stages under different payment
plans:
> Down Payment Plan : Upon 95% of total BSP.
> Flexi
Payment Plan : Upon 60% of the total BSP.
> Construction
Linked Plan : Upon 40% of the total BSP.
17. Is
Iconic a ‘leasehold’ or freehold property?
Ans. Iconic is a
‘freehold’ property and hence property has to be registered by the investor with
the
registrar
office upon taking possession which will be in accordance with the Govt.
prescribed Stamp
Duty charges
- 4% for a Female / 5% for a Male & a Female / 6% for a Male
18. How
soon will an investor start receiving assured return?
Ans. Receiving of monthly assured return (of
1%) depends primarily on two factors:
a.
Payment
Plan (In DP – upon 95% of payment / in Flexi – upon at least 60% of
payment of the total Basic Cost of the
unit)
b.
Non-pendency
of installment amount
19. How
much TDS (Tax Deduction at Source) will be deducted from the assured return?
Ans. The
TDS will be deducted as per the rate described in Govt. of India’s Income Tax
Act of 1961.
