General FAQs

1. Who is Transcon Life Spaces?

Transcon Life Spaces is a recently started construction company, pioneered by dedicated engineering professionals with rich experience in their field. Company is promoted by USA returned Indian residents and NRIs having international exposure.

2. Where is your corporate office?

Transcon’s corporate office is centrally located at

2-3-42/52,unit #12,3rd floor,Maitri Arcade
Ranigunj, M.G.Road,Secunderabad-500003.
Tel # 96669 25000, Mobile : 96669 25000
email :
URL:www.transconlifespaces.com

3. Who are the promoters of Transcon Life Spaces ( TLS )?

A .Mr. G. Jitender Reddy, a Civil Engineer with more than 20 years experience in Constuction.
B. Mr. P.Sreedhar Reddy, a successful technocrat with excellent project management & man management skills.
C . Mr.V. Madhav Reddy, a highly qualified and vast experienced NRI.
D. Mr. Suryanarayana, an NRI entrepreneur, with an illustrious career spanning of 20 years.

4. What are strengths of Transcon Life Spaces?

Priority on quality construction, excellent resources to add value to its customers. It’s main focus on innovation, adoption of new technology, timely deliveries, and transparency.

5. Where do I begin?

Being clear about your requirements is very important. Match these to the specifications of the project at hand. There is a lot more to consider besides the specifications of the home itself.

We recommend to freeze first on location where you would prefer to stay by considering your choice of area, proximity to your office, proximity to your kids’ school etc. This will play a major role in short listing the apartments available in your choice of your location

6. How should I go about buying a home?

While buying a home, always do a background check on the builders you deal with -

i) Know the builder - Check the credentials of the builders, capabilities & resources to deliver on time.
Trancon Life Spaces is a newly established company with a vision to develop new trend in this segment by delivering the right product at right price.
ii) On time delivery - This company with transparency has enough resources to complete the projects on time..
iii) Legal Concerns: Find out if there are litigations in any court in India against the Company and if there are any criminal cases against any of the Directors of the Company.TLS team has a clean record.

After authenticating the credentials of the builder, it is time to look through the specifics of the project of your choice.

7. Are there additional costs for some features?

There may be some amenities that can be added at extra cost. Look for features that are taken for granted, like pre-connected telephone, TV and Internet Cables, Security systems, Granite kitchen plat form, ward robes, interior design, fully furnished home, etc. We can deliver custom made home at extra cost, please contact our marketing department for extra charges.

Most major projects with gated community come with a built-in set of amenities like swimming pool, gym, Indoor games, shuttle court and common recreation areas.

8. So, should I be aware of some terminology?

Familiarize yourself with the actual measurements of the project - Carpet area: This is the area of the apartment / building which does not include the area of the walls. Built-up area: This includes the area of the walls also Super Built-up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is therefore only applicable in the case of multi-dwelling units.
Understand the ratio between carpet and the built-up area. Balconies are usually included as part of the carpet area. Analyze the plans to understand how much of the carpet area is being taken up by spaces that are unroofed. Also understand the common areas that are shared between apartments and regulations regarding their use.

9. Should I be worried about any legal issues?

While purchasing a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. It is better to contact an advocate before you purchase a property so that he can advise you.

Certain areas have specific commercial or residential reservations. Make sure you have all the details before you commit to a purchase.

10: What is the process of booking an apartment?

Two simple steps are all it takes for you to own a TRANSCON’S apartment:

Step - 1: Please Decide and arrive at the specific Apartment of your choice & fill in the application form provided along with the Brochure or you can organize to collect the Application directly from our person. Once you fill up the application form in all respects kindly meet us. We will guide you from then on.

Step - 2: You need to pay a Minimum Booking amount of Rs.2,00,000/- (Rupees Two Lakhs Only) through Cheque / DD / Cash towards the booking of the Apartment along with the fully completed Application Form.

11: What Next?

You will be required to pay 20% of the overall cost of the Apartment, as an initial amount within 30 days from the date of Booking against which a Formal letter of allotment will be issued to you.

12: When do I get a confirmed allotment?

Once we receive 20% of the overall cost of the Apartment, an Agreement of Sale will be executed between the Buyer and the Seller.

13: How do I pay the balance 70% amount and at what intervals?

The balance amount of 80% should be paid in a maximum of 9 installments. These installments are to be paid by way of Post dated cheques issued at the time of Allotment and this is a Pre-Condition for allotment. The 5 installments are linked to the progress of construction as follows as mentioned below.

Installment	Work Progress	Amount
1st	Completion of basement floor slab	15%
2nd	Completion of ground / first floor slab	10%
3rd	Completion of second floor slab	10%
4th	Completion of third floor slab	10%
5th	Completion of fourth floor slab	10%
6th	Completion of fifth floor slab	10%
7th	Completion of plastering & finishing	5%
8th	Completion of flooring of the unit	5%
9th	Completion / before possession	5%

Note: If the post dated cheques are dishonored the booking stands automatically cancelled.

14. Can I make 100% Down Payment? What would be the benefits that accrue to me if I do so?

Yes, you can pay 100% of the Apartment value against which you can avail a special price, please contact us in person at our office.

15. Any pre launch special price?

Yes, pre launch special price can be availed. Please contact us.

16: Who is responsible for payments?

It will purely be the customer’s responsibility to comply with the Housing Finance Institutions norms and ensure timely disbursement to us. If you are not availing housing loans it is your responsibility to make as per mutually agreed payment schedule. If payment is not made within the committed dates, it will be deemed that, you are no more interested to buy the apartment. This will lead to cancellation of your apartment. After deducting the penalty charges balance amount will be paid to you.

If you wish to continue after defaulting the payments the special price or any Discount Opportunity /special schemes offered earlier will be withdrawn. A new agreement to be made at current pricing levels applicable.

17: Has the Project been approved by Housing Finance Institutions for purposes of Loan?

Yes, our projects are approved by all Major Home Financial Institutions (HFI).

18: What is my responsibility for disbursement of installments through HFI’s?

It is the purchaser’s responsibility to ensure timely disbursement of installment from HFI’s and no formal / informal demand will be made by us to the HFI’s for the disbursal of installments.

To facilitate smooth payments, customers are required to issue a formal consent letter. Once we receive the institutional payment we will return the PDC’s for the installments paid earlier.

19: What are the additional amounts I need to pay?

In addition to the Apartment costs, you will have to pay HMWSSB and Electricity connection chargers, Car Parking Charges, Maintenances Deposit Fund amount, Registration charges and Service Tax & VAT. The approximate amounts for all these charges will be furnished on request. At all Transcon’s Apartments yearly Maintenance charges of Rs.15/-per sft for 1 year will be collected in Advance. This amount has to be handed over to the Builder before possession and in subsequent years it will need to be paid to the Residents Association in advance. Owners are responsible for the payment of all Maintenance charges to the Association.

20: What happens if I cancel my apartment Booking?

For any genuine reason, you wish to cancel your apartment booking, then 10% of the initial amount will be forfeited towards Cancellation charges and the balance will be refunded.

21: What are the apartments available for sale in the projects?

Please get in touch with our Marketing Representative who will provide the latest information regarding the availability of apartments on which floor and of what size.

22: Is there deferential pricing based on floors or orientation of the apartment?

Yes, there is a differential pricing based on floors or orientation of the apartments. Generally, upto fifth floor the price remains same. For better orientation, additional amount is to be paid.

23: Are any modifications permitted in the apartment?

Good knowledge of customer preferences and an awareness of the latest trends regarding the products have enabled us to select and choose the best specifications and designs for your apartment. Outer elevation, outer structure, bathrooms & kitchen positions shall not be modified. Only minor modifications that too within your apartment shall be allowed with the permission from the builder.

24: When can I start my carpentry Work / Wood Work / False ceiling / POP work in my Apartment?

Carpentry Work / Wood Work / False ceiling / POP work in your Apartment can be started only after paying 95% payment of the Apartment and on obtaining formal NOC (No Objection Certificate) from us.

25: Is there anything I have to ensure before the formal house warming function?

Kindly note that all the pending dues have to be fully paid before you plan and organize the formal Housewarming or Grihapravesham function. You will also have to formally inform us about the proposed Grihapravesham function at least 15 days in advance. The complete settlement of account along with a NOC is a pre-requisite for organizing the function.

26: What about Car Parking space?

One Car Parking space can be provided for every apartment on payment of specific parking Cost. Parking will only be allotted on priority basis and on receipt of Full Payment. Additional car parking space will be allotted at additional cost. Additional Parking will be allotted on first cum first serve basis and subject to availability at the time possession / occupation.

27: What is the procedure to get the possession/ occupation?

You must clear all the payments/ dues like flat cost, car parking amount, Water & Electricity charges, extra works, VAT, Service Tax, etc., and cross verify all the receipts with the builder and get the possession and No-Due certificate before 10 days.

And you have to inform us the date of occupation before 15 days to complete all the formalities and all remaining works in the flats.

28: Whom should I contact for Home Loans?

Any one of our marketing team shall help you in this matter.

29: Who will take care of the maintenance of the Apartment?

After the completion of the building, the builder will maintain the apartment for a span of 6 months. The first date of the 6 months will be the date from when the first purchaser occupies an apartment. Only after 6 months a residents association is formed. The expenses incurred during this 6 months period will be charged from the maintenance deposit & the balance amount from the maintenance deposit will be formally handed over to the regular association.

FINANCE FAQs:

1.How do I finance my dream home and save on tax ?

Finance plays a critical role in the purchase of your home. The important issues that are to be considered include modes of arranging finance and its implications on taxation.

Here are a couple of options :

i) How do I use my own funds, to gain tax benefits ?

If the house is being acquired out of the sales proceeds of an earlier house, the exemption from the long-term capital gain tax on the sale of the earlier house can be claimed u/s.54. To claim this benefit, the new property should be acquired one year prior to selling or two years after the date on which the transfer of the earlier house takes place.

If the new house would not be acquired within a period of one year from the sale of the earlier house, the sales proceeds should be deposited in a bank or institution, which runs Capital Gain Accounts Scheme approved for this purpose.

Other issues also need to be considered. For example, if the person acquiring a house already holds another house, then every year, one of the two house properties would be deemed to be let out (u/s. 24) of Income-tax Act and the let out value shall be treated as income. Hence, appropriate tax planning should be considered. Further, in the case of individual or HUF (Hindu Undivided Family), exemption is provided from long term capital gain tax u/s. 54F on sale of any long term capital asset, if sale proceeds are invested in acquiring a house within prescribed period.

ii) Taking a Bank Loan:

Interest paid on housing loan can be claimed as deduction u/s. 24 (b) to the maximum extent of Rs.1,50,000 per year. Such limit is per person and not for one property. Hence, a loan can be taken in two joint names for one house to claim deduction of Rs.1.5 lakhs for any one person, If claim both for eligible Rs.75,000/- on one property. Repayment of the principal amount of housing loan is also eligible for the rebate u/s. 88C subject to a maximum sum of Rs.1,00,000/- per year.

In taking a Housing Loan, the following issues need to be considered :

i) Bank or Financial Institution offering loan: It is generally safe to take a loan from one of the leading Financial Institutions.

ii) Rate of Interest : The Rate of Interest on Housing Loans is currently between 8.0% to 11.50% for the year 2011, depending on the tenure of the loan, fixed/floating rate, credit profile of the borrower etc.

iii) Fixed/Floating: You can either opt for a fixed or floating rate of interest. The fixed rate is generally 50 - 75 basis points higher than the floating rate. The floating rate is linked to the PLR (Prime Lending Rate) of the lending institution.

iv) Processing Fees: A processing fee is charged by financial institutions for verifying the title report, financial performance, valuation of flat and so on. This fee can be upto 1% of the loan amount. During special periods like property exhibitions, banks and financial institutions offer special interest rates and waivers/concessions in processing fees, so buyers can benefit from such offers.

v) Tenure of the Loan: The tenure of the loan should be decided by the buyer after taking into consideration various things like repayment capacity per month, earning potential over the next few years, other financial commitments like weddings, children’s education etc. The expected outflow on property maintenance should also be considered.

Generally, housing loans are available ranging from 5 years to 25 years. Some banks also offer step-up housing loans which charge a lower EMI for the initial years which gets increased for the later period. Such loans are generally considered favourably by those house buyers who are in the early stage of their careers and who expect earnings to improve significantly over a period of time.

vi) Other aspects: Consider the percentage of the cost of house that is available as loan etc. Some banks offer upto 95% cost of the house by way of loan. Another important factor is financing for the interior work, furniture etc. Some institutions have started providing a composite loan that extends over the cost of interiors and design.

2.Do you arrange the Bank Loans ?

We will assist you with the documentation process to avail the bank loan. Further follow up will be organized at various stages of loan processing and disbursement of sanctioned loans.

3. What are the documents I will have to submit to the Bank ?

Title of the property: Copy of the property sale deed - Title report by a solicitor, Valuation Report, NOC from the builder/condominium/society, Amenities agreement, if any.

NRI FAQs :

1.Do NRIs need permissions to buy property in India ?

As an NRI, you need no permissions to buy property in India. You can also rent out the property and repatriate your rental proceeds, subject to payment of taxes. Please remember that an NRI who is an Indian Citizen can sell his/her immovable property (other than agricultural or plantation property or farmhouse) to another NRI. However, the transaction has to be routed through India only. In other words, the buyer has to invest in India by way of remittance from abroad through normal banking channels or by debit to his account maintained with an authorized dealer.

The sale proceeds of the property must be credited to your Bank Accounts maintained with an authorized dealer in India.

2. Are there any procedures to buy property in India ?

The Reserve Bank has granted a blanket permission to NRIs to purchase property in India for their residential and commercial purposes. There is also no limit on the number of investments or the quantity of investments that can be made in real estate. The immovable property can be purchased by inward remittances from any place outside India or through funds maintained in NRI accounts in the banks within the country.

All NRI investments in real estate or immovable properties are considered as transactions that get regulated under the FEMA (FOREIGN EXCHANGE MANAGEMENT ACT). It stipulated that before making a purchase a specified form called the IPI 7 needs to be filed with the central office of the RBI along with the title deed of any other certified copy of the document proving that the NRI has executed an agreement to purchase property within the country. The form has to be filed within 90 days of the purchase of property and has to be accompanied with a bank certificate stating the consideration paid for the purchase. Permissions are generally granted without undue delays if all the relevant papers are submitted.

3. Are there any restrictions to sell my property?

There are no restrictions to sell your property in India. However, it is best advisable to consult the RBI website for more information as guidelines do keep changing from time to time.

4. Are there restrictions to repatriation of realty returns or sale proceeds ?

There are some restrictions and guidelines that RBI has set forth, and these keep changing from time to time. For more details on RBI’s current guidelines related to repatriation, please visit the RBI’s website.

5. Can I, as a Foreigner, buy property in India ?

Persons who are not citizens of India, and companies (other than banking companies), which are not incorporated in India, are required to obtain prior permission of the Reserve Bank of India to acquire, hold, transfer or dispose of property. (Refer Section 31 (1) of FERA (Foreign Exchange Regulations Act, 1973)

This also applies to Partnership Firms where one of the partners is a Foreign National, obtaining permissions.

Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time.

If you have other questions that are not answered here, please feel free to write to us at