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Frequently Asked Questions

Get more information about Favista

Favista is a real estate advisory company. We provide services across residential and commercial real estate transactions. We connect sellers with buyers in a process that ensures best deals for both parties in concern.

Favista is committed to provide you the most satisfying property shopping experience.

If you are a prospective buyer, Favista will help you make smart decisions that will fit your budget and save your valuable time. You can:

  • Review the entire range of new and existing real estate projects that are verified.
  • Look for fairly valued deals across builders and individual sellers.
  • Find intelligent comparisons in a standardized manner.
  • Loan Assistance.
  • Assist in Legal and Commercial Documentation.

If you are looking to sell your property, Favista will ensure your property is viewed by many interested and verified buyers to help close the transaction swiftly with the best value. Some key benefits include:

  • Both online and street presence: Favista will display your listing to a large customer base across online and real world channels.
  • Professional quality marketing- collateral: Favista will use its expertise to swiftly create personalized brochures, videos, etc.  to present your property in the best light, while ensuring authentic and detailed information for the prospective buyers.

If you are making an investment, Favista will help you choose across properties based on a detailed analysis of multiple factors and a robust approach:

  • Investment ratings: You can find and compare estimates of escalation of value and rental returns using our proprietary analytical framework, based on growth of the local, national and international markets and specifications of the property.
  • Negotiate preferential contract terms: You can get favorable transaction terms and timely reminders to ensure continuance of the same.
  • Timely transaction advisory: You will receive timely updates on the status of your investment and appropriate time to exit.

Registration is a very simple process. First time visitors to the site, should click on the Register Tab at Favista, enter all the required details and click on the ‘Register’ button. Once you have submitted all the information, you will receive an email with your username and password informing you about the successful creation of your profile on Favista. Users can also register on Favista via Facebook Connect.

Registration provides a whole lot of benefits to users as it enables them to bookmark properties using the ‘My Favorites’ section. Visit and submit interest for any property, list your properties to sell, rent/lease, save your search results, share a property on Facebook, write reviews and even recommend a property to a friend. Moreover, registered users get email alerts about the best property deals available in the market. Even prospective sellers stand to gain as they get to select from a vast pool of interested buyers.

No. You can simply search all projects/properties without registration. Based on the parameters defined by you, Favista will also suggest the best properties that will match your budget and preferences accurately.

To search for properties that fit your budget and preferences, you need to define your requirements accurately like [City, Locality, Buy/Rent, Residential/Commercial] while searching for properties on the Home page. Once you click on the Search Button, you will get a list of properties based on your chosen criteria

If you wish to visit any property, click on ‘Visit With Favista’ button on the property details page. A dialogue box will appear that will ask you about your preferred date and time of visit. Once your details are submitted, a Favista representative will call you and provide you with more details about the property on offer.

To recommend a property to a friend, all you need to do is click on the ‘Recommend’ button on the ‘Property Details page’ of the selected property. Enter the relevant details (Name and email id) of the person you want to recommend the property to, type a personal message for him/her and click on Submit’. Once the details have been submitted, we will send an email to that person about the details of the property.

Favista always sends the username and password on the email id provided at the time of registration. You can either refer to that mail or click on the ‘Forgot Password’ link provided in the ‘Sign in’ Tab. A new dialogue box will appear that will prompt you to enter the email address provided at the time of registration. Click on ‘Go’ button and we will email you a new password right away. The password is always confidential.

Favista Rating essentially makes comparisons between properties across different locations and cities. The rating is designed to help individuals to make an informed decision while buying/renting properties and may also be used on a broader scale by companies to decide relocation packages.

We, at Favista, believe that the inherent value in a property is not limited to just the unit put up for sale. Rather, several factors across the project, vicinity and city/state level play an important role in the decision. Hence the rating is designed to capture key points such as the facilities in a project, entertainment options near your home, easy access to amenities and the like.

We have done this by undertaking an exhaustive study of all such factors and integrating them into an index which saves you a lot of time and energy spent while researching the locality.

Favista Rating brings the real world to you, just a click away!

Favista offers an easy-to-use interface to users, so that they can advertise their property on our portal. Just click on ‘Sell’ or ‘Rent’ option and enter the details about the property and submit. Once your details have been submitted, a representative from Favista will contact you shortly to obtain more details about the property.

No. You have the ability to appoint power of attorney to someone in India so that the papers can be signed at the time of property possession and registration.

Information related to property search on Favista

By using this unique ‘save search’ feature, you can save your ‘search criteria’ in your account and it will be available at your disposal anytime you want to retrieve it . This will help in saving a lot of time as you will save yourself from the hassle of manually entering the information repeatedly.

‘My Favourites’ section offers users a tool to save the properties which they like or want to visit again. This functionality proves very useful in subsequent logins as one need not search for the property again and you can directly access it from the ‘My Favorites’ section.

All the listings on Favista are 100% genuine as members from our sales team personally verify the property by making a personal visit to the property before uploading its details on the site.

If you have any specific queries which are not answered in this section, you can also call us at 1800-212-1000 or email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. for more details.

Information related to buying property in India

No. You have the ability to appoint power of attorney to someone in India so that the papers can be signed at the time of property possession and registration. For more information on how a power of attorney can be appointed, call or email us and we’ll be glad to explain the procedure and help you through it, if required.

Fortunately, there is no particular limit to the number of properties NRIs are eligible to buy in India. (An exception is only made with respect to agricultural, plantation or farm land, which they are not allowed to purchase in India).

Factors vary according to the purpose of property purchased. A property might be bought purely as an investment, for residential or commercial purposes. However, certain common factors which make any property a worthy buy include the following factors: • Proximity to city • Connectivity to highways/airports/public transport • Proximity to important institutions - schools, hospitals, shopping complexes etc. • Job growth rate • Employment opportunities in the neighbourhood • Infrastructural amenities including adequate parking facilities, uninterrupted water and power supply etc.

When buying property both in India and in general you should: • Be aware of the costs involved • Be aware of the laws concerning property especially as NRIs who might be oblivious to the laws which might vary from the country of their permanent residence. For example, inheritance laws, stamp duty etc. • Be aware that these laws DO differ from state to state. In case of any doubt, do contact us.

The following link might be helpful for a detailed answer to this question: http://economictimes.indiatimes.com/markets/real-estate/articlelist/1058830.cms

Built-up area: The entire area of the floor - the carpet area, walls, lobbies, corridors, atrium areas and basement. It is advisable to cross-check with respective builders/agents the specific meaning of these terms, for colloquially the term may include varying components across different cities in India.

For example:

In Mumbai, the basement, staircase, lift, and utility rooms like generator and electricity rooms - are included in the built-up area.

In Delhi, the lift and staircase areas are included in the built-up area.

In Chennai, the basement and atrium areas are excluded from the term.

In Bangalore, the basement is not included in the built up area.

Carpet area: The usable area within the walls - that is , the area in which you can actually lay a carpet.

Super built up area: This refers to the entire area of the building which includes the carpet area, lobbies and corridors, walls, lifts, staircases basements, and other atrium and utility areas. It is advisable to cross-check with respective builders/agents the specific meaning of these terms. This is because like the built up area, colloquially, different components make up a super area in different cities across India.

For example,

In Mumbai, the area under water tanks and other utility rooms are included in the super areas.

In Delhi, the basement is excluded in the ‘super area’ unless it is being used for commercial purposes.

In Chennai, the basement and atrium areas are included in the super areas

In Bangalore, the basement is not included in the super area.

See Glossary for more terms.

It is important to be familiar with the definitions and component factors of these terms for two reasons. First, these are not typically used outside India. Second, considering the component factors of these terms vary across different cities, it is important to be familiar with these terms to ensure that you know exactly what you are purchasing when making any property investment in India.

Information related to finance & Loans

Yes, most banks offer loans for purchase of residential property. Considering different kinds of home loan schemes offered by different banks, it is advisable to do a thorough comparison before availing such loans. Favista is always here to help to select a bank which is most suitable for you.

Resident Indians have a wide choice of home loans available to them:

Home Purchase Loans: Used for purchasing new homes.

Home Improvement Loans: Used for implementing repair works and renovations in a home that has already been purchased.

Home Construction Loans: Used for the construction of a new home.

Home Extension Loans: Used for expanding or extending an existing home.

Home Conversion Loans: For those who have financed their present home with a home loan and wish to purchase and move to another home for which some extra funds are required.

Land Purchase Loans: These loans are available for purchasing land for both construction and investment purposes.

Bridge Loans: Bridge loans are designed for people who wish to sell the existing home and purchase another one. The bridge loans help finance the new home, until a buyer is found for the home. .

Equated Monthly Instalment – This is a fixed payment amount made by a borrower to a lender at a specified date every month. Equated monthly instalments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.

Read more:

http://www.investopedia.com/terms/e/equated_monthly_installment.asp#ixzz1pHvdUXMB

Real Estate Stamp duty is a type of tax accumulation by the Government of India. Stamp duty is established on the agreement value or on the market value whichever is greater. While buying a property in India, you should be aware of the stamp duty laws of the state.

It is possible for rental proceeds to be remitted abroad directly. However it is necessary to get a certificate from a CA (chartered accountant) showing that all taxes have been paid.

These accounts can be opened without going to India. There are application forms on websites or alternatively, if there is a branch near you in the country in which you live, it can be done there. Documents required in order to open one of these accounts differ from bank to bank. However, these websites listed below will outline what you will need in detail:

PLEASE PROVIDE LINKS

If you need advice on how to open an NRE/NRO account, please do not hesitate to contact us.

Information related to selling property in India

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