Frequently asked questions about Joyville Sensorium

Where is Joyville Sensorium located?

Hinjewadi, a prime residential locality for house seekers in Bangalore.

What are sizes of apartments in Joyville Sensorium

The apartment sizes in the project ranges from 700-1000 Sq.ft.

How much is the actual area of Joyville Sensorium?

The total land area of the project has not been disclosed.

Is there Visitors parking facility available in Joyville Sensorium?
Yes,Joyville Sensorium has Visitors Parking Facilities Available.

What is the current status of Joyville Sensorium?

Joyville Sensorium is Currently Under Review by Rera Of Bangalore.

How many units does Joyville Sensorium Offer?

The units of the project offers has not been disclosed.

What is the total carpet area in Joyville Sensorium?
Carpet area of the project is as follows:
2 BHK : 700-800 Sq.ft.
3 BHK : 1000 Sq.ft.
What is the pre launch price in Joyville Sensorium ?

The project price in Joyville Sensorium for a 2 BHK is 70-80 Lakh, 3 BHK is 1 Crore.

What is the meaning of property valuation?
Typically, if a real estate agent is asked to judge the value of a piece of property, he would do so based on information of recent sales or purchases of similar properties in that area.
How does property valuation help?
Typically, if a real estate agent is asked to judge the value of a piece of property, he would do so based on information of recent sales or purchases of similar properties in that area. Though this may give a fair idea of the property’s market value, an official property valuation would carry more weight. E.g. if you need to use this piece of property as a security against a loan, the bank’s loan approval process would be faster and smoother if the property is certified by an official evaluator. Many banks now insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned. Another benefit of official valuation is that it is a useful negotiating tool when selling the property. Such certification also becomes essential in situations where the correct value of the property has a legal bearing—such as, a will statement, insurance papers, business balance sheets etc.
What is the meaning of a property’s market value? How is its stamp duty decided?
The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.
What does the term ‘Leasehold Property’ mean?
When a piece of property is given or ‘leased’ to an individual (known as the ‘Lessee’) for a stipulated period of time, by the owner of the property (known as the ‘Lessor’), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.
What does the term ‘Freehold Property’ mean?
When ownership rights for a piece of property are given to the purchaser for a price, that property is referred to as Freehold Property. Unlike in the case of leasehold property, no annual lease charges need to be paid and the freehold property can be registered and / or transferred in part(s).
Are there any benefits in converting a leasehold property to a freehold one?
There are several benefits: if you convert the property to a freehold property, you become a full-fledged owner by getting the sale deed and having it registered. A freehold property has better marketability and can be sold, mortgaged or kept for standing security, which cannot be done with leasehold property.
Are there any income tax considerations while transferring newly acquired property?
If the transfer takes place within three years of purchase, the income tax exemption under Section 54F of the Income Tax Act does not hold good.
What constitutes conclusion of sale of a property?
An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.