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.
Investment Offer Under Rental Programme
The monthly return to Investor is paid by the last day of the month for the previous month. 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 Serviced Residence 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 unit isn’t occupied by a hotel guest?
Yes. A point value is attributed to each unit based on its size and location. Proportional monthly revenues are then allocated to you based on availability of your unit in the Hotel Rental Programme, regardless of the number of days that your unit is occupied.
Will I receive revenue when I occupy my unit for personal use?
No. When the unit is occupied for personal use, the unit is removed from the rental programme revenue pooling for the specific days of use.
Is there a fee to use my unit?
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 unit 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 Unit Factor. The FF & E (Furniture, Fixtures & Equipment) Reserve Fund is a Capital Expense Reserve Fund maintained for the scheduled refurbishment of the rental programme units in order to maintain all units to the Hotel’s Acceptable Standard.
How often can I use my unit and what are the restrictions?
The unit can be removed from the Rental Programme for personal use up to a total of 30 days per year subject to availability and these can be accumulated to a maximum of 60 days in 2 years . 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 unit that is currently not part of the Rental Programme. What is the process to enter the suite in the Rental Programme?
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 unit free of charge to determine if the unit meets the Hotel’s Acceptable Standards. All units are entitled to participate in the Hotel Program as long as they meet the Acceptable Standard. Unless the unit meets the criteria of the Specialty Suite Program, any non-hotel unit shall be required to go through a renovation in order to meet the Acceptable Standard. Specialty suite is defined as a renovated and upgraded unit 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 Unit. There is also a mandatory charge for pest control inspection and for deep cleaning of a unit prior to entering the hotel rental programme. All newly enrolled unit or units 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.
How much is the monthly maintenance fee?
There is ZERO maintenance fee if the unit is under Hotel Rental Programme. The monthly maintenance fee for units not under Hotel Rental Programme w.e.f 01.04.2019 are from Rs.1500/- to Rs.2800/-, Per Month depending on the individual Unit Factor subject to change without prior information.
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.