KMV Vivaan Project FAQ's

Can I know about the Location/Address?


Enikepadu to Tadigadapa, 100 Feet Rd, Vijayawada, Andhra Pradesh 521137




What are the nearby schools?


  • Delhi Public School (2 Km)
  • Slate The School (4 Km)
  • Vignana Bharat High School (5 Km)
  • Vivekananda Concept School (5 Km)
  • Bloomingdale International School (7 Km)
  • Ambitus World School (10 Km)
  • KCP Siddartha Adarsh Res Public School (4 Km)
  • Scotspine International School (3 Km)




What are the nearby Hospitals?


  • Kamineni Hospitals (1.6 Km)
  • Capital Hospital (3.9 Km)
  • Nagarjuna Hospital Ltd (6 Km)
  • Sentini Hospital (4 Km)
  • Ayush Hospitals (6 Km)
  • Government General Hospital (13 Km)
  • Rainbow Hospital (9.5 Km)
  • Ramesh Hospital (10 Km)
  • Liberty Hospital (6.4 Km)




How far is the project?


The project is in close proximity to the public transport facility

  • Airport – 13kms
  • Railway Station – 13kms
  • Bus Station – 12kms
  • Benz Circle – 8kms





NRI FAQs

Who is Non-Resident Indian(NRI)?


An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non- resident Indian citizens (NRIs).




Can NRIs buy real estate properties in India?


Yes. NRIs can buy and sell residential and commercial properties in India.




Is there any restriction on the number of properties NRIs can buy in India?


There is no restriction on the number of residential or commercial properties an NRI can own in India. However the law restricts NRIs from purchasing any kind of agricultural land/ plantation property/ farm house in India.




Can NRIs buy properties in India without the Reserve Bank’s permission?


Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank.




Are there any formalities required to be completed by NRIs/PIOs for purchasing residential immovable property in India under the general permission?


They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.




What are the documents required for buying a property in India?


The following is the list (non-exhaustive) of documents required for NRIs to buy property in India:

  • PAN card (Permanent account number)
  • OCI / PIO card (In case of OCI / PIO)
  • Passport (In case of NRI)
  • Passport size photographs
  • Address proof




What are the kind of properties an NRI cannot buy?


An NRI/PIO cannot usually buy agricultural land/plantation property/farm houses in India. Proposals to buy such a land have to be specifically approved by RBI, in consultation with Government of India. The only way they can acquire an agricultural land is by inheritance.




Can NRIs acquire or dispose residential property by way of gift?


Yes, the Reserve Bank has granted general permission to NRIs to acquire or dispose of NRI India Properties by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin (PIO) whether resident in India or not.




What is the loan sanction process and its documentation?


The documentation required to be submitted by the NRIs are different from the Resident Indians as they are required to submit additional documents, like copy of the passport and a copy of the works contract, etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India. Another vital document required while processing an NRI home loan is the power of attorney (POA). The POA is important because, since the borrower is not based in India; the Home Finance Company would need a 'representative' 'in lieu of' the NRI to deal with and if needed. Although not obligatory, the POA is usually drawn on the NRI's parents/wife/children/ close relatives or friends. The documents needed for obtaining NRI home loans are Bank specific. General list of documents are as mentioned below:

  • Passport and Visa
  • A copy of the appointment letter and contract from the company employing the applicant.
  • The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East Salary certificate (in English) specifying name, date of joining, designation and salary details.
  • Bank Statements for the last six months
List of Classified documents for Salaried and Self Employed NRI Applicants. Banks may have specific requirements apart from the below listed documents. Salaried NRI applicants
  • Copy of valid passport showing VISA stamps
  • Copy of valid visa / work permit / equivalent document supporting the NRI status of the proposed account holder
  • Overseas Bank A/C for the last 3 months showing salary credits
  • Latest contract copy evidencing Salary / Salary Certificate / Wage Slips
Self-Employed NRI Applicants
  • Passport copy with valid visa stamp
  • Brief profile of the applicant and business/ Trade license or equivalent document
  • 6 months overseas bank account statement and NRE/ NRO account
  • Computation of income, P&L account and B/Sheet for last 3 years certified by the C.A. / CPA or any other relevant authority as the case may be (or equivalent company accounts)




Does Capital Gains Tax (CGT) apply to NRI ?


Yes. Long-term and short-term capital gains are taxable in the hands of non-residents.




How does Double Taxation Avoidance Agreement work in case of NRIs?


In case of sale of an immovable property, the Double Tax Avoidance Agreement (DTAA) with most countries state that capital gains will be taxed in the country where the immovable property is situated. Hence, if an NRI owns immovable property in India, then he/she will be subject to pay tax in India on the capital gains which arise on the sale of the property. Similarly, letting of immovable property in India would be taxed in India under most tax treaties.




Will I get any assistance from KMV Spaces if I am planning to invest in one of your properties?


Yes, we will provide you with all the necessary information needed for you to invest in a property at KMV Spaces





Buying a property

What are the important documents to be checked before buying a home/property?


Once you settled on a home of your choice, it is necessary to mark on some important documents closely. Approved layout plan, the building plan, ownership documents, proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes are some important papers you’d need before buying a property.




What is Stamp Duty? Who is liable to pay Stamp Duty? Do I get tax benefits on Stamp Duty?


Stamp Duty is the tax paid for the legal recognition of property by the home buyers. The tax incentives can be claimed up to Rs 1.5 lakhs on stamp duty along with registration charges on a new property purchase or construction of a house.




What are the taxes that I need to pay before buying a property?


Under-construction properties Goods and Services Tax (GST) Under the new unified tax regime implemented by the Central Government, under-construction units were initially taxed at 18 percent. The government has also added a provision, allowing deduction of land value equivalent to one-third of the total amount charged by a developer, thus, resulting the effective GST rate on such units at 12 percent. However, the government revisited the tax slab prevalent on real estate and slashed it to five percent for under-construction units and one percent for affordable homes in February 2019. It should be noted that stamp duty and registration charges are imposed in addition to GST on purchase of under-construction units, as these are State levies. Ready-to-move properties Note: All ready-to-move properties across the country are outside GST ambit. They will be taxed as earlier. Read on to know more about all the tax components involved in buying a ready-to-move property. Tax Deduction at Source (TDS): Update: The government amended section 194-IA of Income Tax Act to include all residential society-based charges such as club membership fee, car parking fee, electricity or water facility fee, maintenance fee, advance fee or any other charges of similar nature, which are incidental to transfer of the immovable property, for levy of TDS. Since September 1, 2019, the TDS is levied at one percent, if the value of the property exceeds Rs 50 lakh. TDS was introduced under a new section, 194 (A) included in the Income Tax Act, 1961 by the Finance Act, 2013. This tax deducts some percentage of amount during a sale transaction by an individual. As per this section, any individual buying a property has to pay the TDS to the seller by way of consideration for transfer of an immovable property, excluding agricultural land. The TDS must be submitted in the name of seller of the property. Registration charge: Registration process includes recording the Sale documents with a registering officer. Registering the documents relating to the transfer, sale or lease of a property is mandatory by law under Section 17 of the Indian Registration Act, 1908. According to the law, if the property documents are not duly registered, the owners will not be able to contend any case in court. The document is the final agreement which is signed between the two parties, subsequent to which the buyer will become the rightful owner of the property. This document protects the buyer in incidence of alleged transactions and fraudulence. Typically, the registration fee is one percent of the ‘agreement value’ but it can vary from state to state. The local government decides the registration percentage of a property. Stamp duty: The stamp qualifies as the income/sales tax collected by the government and is typically about five percent of the market value of a property. However, it can be higher in some states. The buyer has to pay this amount at a designated bank or collection center before the registration of the property and any delay can attract penalty. This charge is calculated on the basis of the Ready Reckoner rates issued by the government and unless paid, the property would not receive a legal status. This tax is paid on every transaction including exchange of documents and execution of instruments.




If I have money, is it still necessary to avail of a bank loan for buying a home?


It is generally helpful to opt for a home loan as it helps you in availing tax benefits. However, please consult your CA or tax advisor to discuss the advantages and disadvantages in your case.




What is Power Of Attorney?


Power of Attorney allows a person to authorize another person the right to make decisions regarding the person’s assets, finances and real estate properties. There are two types of power of attorney: General Power of Attorney – where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc. Special Power of Attorney – where only a specific right is given by the owner to the chosen person.




How can I register my property?


Registration of a property includes necessary stamping, registration charges and getting it recorded at the sub registrar’s office. When a property is purchased from a developer directly, getting it registered amounts to acting of legal conveyance.




What is home insurance? How do banks evaluate the property for insurance?


Home insurance is a type of insurance policy that covers private residences and protects them from unpredictable damages, natural or man-made disasters, burglary and theft. Property valuation is done by multiplying the built up area of the property with the cost of construction per square feet. This is the usual method followed by most banks.




What is a down payment?


Generally, banking financial institutions pay around 75% to 85% of the purchased property’s cost. The remaining 20 % of the amount is paid up front, which is popularly known as the down payment.




Can a single woman get a loan?


Yes, a single woman can get a loan. Many lending institutions also have special schemes for them, such as a discount of up to 0.25% on the interest rate.




What are the types of Home loans available?


The banks usually offer these seven types of loans on interest: Home Purchase Loan: Commonly taken for purchasing a new residential property or an old house from its previous owner. Home Improvement Loan: Offered for executing repair and renovation work at home. Home Construction Loan: Not very commonly available, this loan is sanctioned to construct a house on a piece of land you have already purchased. Home Extension Loan: Offered for expanding or extending an existing house. Land Purchase Loan: Granted to purchase a plot of land for both residential or investment purposes. Home Conversion Loans: Offered to people who have to own a house from a home loan but now wants to buy and move into another house. It can be transferred from the current loan to the new house. NRI Home loans: Structured to suit the requirements of NRIs who are building or buying a home in India.





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