10% of the Basic Sale Price along with booking form and 20% of the Basic Sale Price in 4 weeks from booking. Balance payment schedule linked to progress of construction like any other residential property and is going to be in 16 equated installments spread over 18 to 20 months.
The monthly return to Investor is paid by the last day of the month for the previous month and the Revenue is audited every quarter. There are no guaranteed rentals as the model is on revenue sharing. However the owners receive their share of the net revenue achieved every month. In addition to the return the owner also gets 30 days of free stay at the apartment per annum. These can be accumulated to a maximum of 2 years i.e. 60 days.
Can a Non- Himachal Resident buy property in Himachal Pradesh?
Yes. As per Himachal Pradesh Tenancy and Land Reforms Act, 1972 ( Act of 6 of 1974), provide that where the lease is made in relation to a part or whole of a building, transfer of such building on lease basis is exempted from section 118 of Tenancy And Land Reforms Act, 1972.
For what period the lease of the suite I buy shall be initiated?
The lease shall be for the period of 99 Years dully registered by Revenue Department of Solan , Himachal Pradesh. The mutation of the same is also allowed under Tenancy And Land Reforms Act, 1972.
Will I receive revenue when my suite isn’t occupied by a hotel guest?
Yes. Monthly revenues are pooled based on the total number of suites available in the rental program and then allocated to each suite base on the suite’s Unit Factor, regardless of the number of days the suite is occupied by a hotel guest.
Will I receive revenue when I occupy my suite for personal use?
No. When the suite is occupied for personal use, the suite is removed from the rental program revenue pooling for the specific days of use.
Is there a fee to use my suite?
Yes. There is a Housekeeping Turnover Fee of Rs.600/- for 3 nights or less and Rs.1200/- for 4 or more nights. This covers the cost of cleaning the suite and replenishing guest supplies. There is also a FF & E Reserve Fund Allocation Fee which ranges from Rs.500/- to Rs.1000/- per night depending on the suite’s Unit Factor. The FF & E (Furniture, Fixtures & Equipment) Reserve Fund is a Capital Expense Reserve Fund maintained for the scheduled refurbishment of the rental program suites in order to maintain all suites to the Hotel’s Acceptable Standard.
How often can I use my suite and what are the restrictions?
The suite can be removed from the Rental Program for personal use up to a combined total of 60 days per year subject to availability. Availability is determined by the rental manager based on hotel reservation commitments and/or future forecasted occupancy for the period of the booking request and on blackout period. A minimum of 10 days advance notice must be given for temporary usage. For long term usage, a minimum of 35 days advance notice is required.
I purchased a suite that is currently not part of the Rental Program. What is the process to enter the suite in the Rental Program?
Entering the hotel rental program is a very simple and seamless process. An application can be completed and sent to the Owner Relations department. Once the application is received, the hotel operations team will inspect your suite free of charge to determine if the unit meets the Hotel’s Acceptable Standards. All suites are entitled to participate in the Hotel Program as long as they meet the Acceptable Standard. Unless the suite meets the criteria of the Specialty Suite Program, any non-hotel suite will be required to go through a renovation in order to meet the Acceptable Standard. Specialty suite is defined as a renovated and upgraded suite which has additional features or characteristics which with some modification will allow it to meet or exceed the hotel Acceptable Standard. Hotel management makes the determination on qualification as a Specialty Suite. There is also a mandatory charge for pest control inspection and for deep cleaning of a suite prior to entering the hotel program. All newly enrolled suites or suites that have been removed from the Rental Program for a period of time will be required to bring the unit’s contribution to the FF&E Reserve Fund up to date. FF&E contribution catch up payment options are available.
How much is the monthly maintenance/condo fee?
The monthly maintenance/condo fee for 2017 is from Rs.1500/- to Rs.2800/-, depending on the individual suite’s Unit Factor.
Can I use the facilities and services offered by the Hotel?
Yes. Owners not in residence are entitled to discounts on many Hotel services including food and the rental of hotel rooms.