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Frequently Asked Questions

Get the answers to the most frequently asked questions – on your journey with Marathon, payments, demands, stamp duty and lots more.

I’ve just booked a Marathon home. What are the next steps?

Here’s a quick overview of your journey with us

Welcome call

You will be assigned a dedicated Relationship Manager. You will receive an onboarding call, email, and kit along with the receipt of your token payment, typically within 48 hours of submitting the completed reservation form along with the relevant documents to our Sales team.

Payment of balance booking amount

Balance booking amount payable before registration of the Agreement for Sale will need to be paid.

Stamp duty payment

Stamp duty payment and registration charges need to be paid. You will also need to submit the registration slip, KYC, sanction letter if applicable and other compliances.

Agreement signing

You will need to visit our Customer Care Office for reading and signing the Agreement for Sale of your flat.

Registration

Once we receive a token from the Registrar’s office, we will schedule the registration of the Agreement for your flat.

Balance amount payable on registration

Self-funding – Payments need to be made as per the payment schedule
Bank loan – Necessary documents will be provided. You will need to coordinate with your bankers to ensure timely disbursement.

Further milestones

Demands for further milestones will be raised as per the payment schedule.

Clearance of all dues

Once all the dues are paid, including the other charges and maintenance payable at possession, we will initiate the handover of possession.

Inspection and handover

You will be invited to inspect the flat post which the keys will be handed over in a ceremony.

Society formation and registration

At an appropriate time, the society will be formed. Our facilities team will manage the premises and be there to assist you till then.

CUSTOMER JOURNEY OVERVIEW

When will I receive a demand for payment?

The demands will be raised as per your payment schedule which is signed at the time of booking as well as in the Agreement. Contact your Relationship Manager in case you don’t have your payment schedule. For construction linked payments, the demand will be raised once the stage of construction in your building is certified by the Project Architect.

CUSTOMER JOURNEY OVERVIEW

What are the contents of a demand letter?

The demand letter will have all details like the demand date, due date, due amount with a detailed breakup of the amounts towards the flat cost, taxes, TDS if applicable, and interest if any. It will also contain the bank account details for you to make a cheque payment or online transfer.

How will you notify me of demands?

You will receive the demand letter on email on the day of demand generation and the hard copy will be dispatched to you at your communication address within 3 working days. You will also receive an SMS notification.

What is the period within which I have to make payments towards the demands?

Typically payments towards demands are due within 15 days from the date of the demand letter. The due date will be mentioned in the letter.

How can I make payments?

You can make payments either via cheque or RTGS/NEFT. We currently do not accept card payments. The account to which payment is to be made will be mentioned in the demand letter. Please check this carefully before making a payment since there are different accounts for depositing the flat cost, stamp duty and maintenance.

Cheque payment – Cheque payments can be made at our Customer Care office or can be couriered to us.
Online payment – If you’re making an online payment, please do mention your name and flat details in the notes and also email us the transaction reference at [email protected]
Note – The payment will first be applied towards any previous dues including but not limited to outstanding towards the flat, TDS, taxes, interest, cheque bounce charges.

Do I need to issue two separate cheques for tax and flat cost?

No, it is not mandatory to issue two separate cheques. You can give a single cheque. The amount received from you will be automatically adjusted towards milestone and the tax amount appropriately.

When will I get the receipt for the payment made by me?

For cheque payments made at our Customer Care office the receipt will be issued immediately but will be subject to realisation of the cheque.

If you courier the cheque, we will send the receipt via courier within 24 working hours of receiving the cheque.

For online transfers, please share the transaction details with us once completed. An email confirmation will be issued once the transaction is confirmed at our end and the hard copy will be couriered within 24 working hours of payment confirmation.

What are the penalties for late payment of dues?

For delayed payments, interest will be charged daily at the prevailing rate of State Bank of India’s Highest Marginal Cost of Lending Rate (MCLR) + 2%. For very delayed payments or repeated defaults, we may initiate the cancellation of the flat as per the terms mentioned in the reservation form and agreement for sale.

Do I need to deduct TDS?

TDS is to be deducted and paid by the customer on all payments, in case the agreement value is more than Rs. 50 lacs, as per section 194IA of Income Tax Act 1961, with effect from 1st June, 2013.

Booking done on or before 31st May 2018
You will need to deduct and pay TDS in case your flat agreement value is more than 50 lacs and you booked the flat before 1st June 2018

Booking done on or after 1st June 2018
You need not deduct the TDS amount from the due amount. We will pay the TDS amount on your behalf.

How do I make TDS payments?

Please click the PPT link (Click here). The attached PPT contains the steps you need to follow and the details you need to refer for making the TDS payment along with Govt website details. Also, you can contact your Relationship Manager who can assist you over the call to explain these steps in detail. On making the TDS payment successfully, you have to submit a copy of 26QB and 16B forms to us within 7 days. You will need to deduct and pay TDS in case your flat agreement value is more than 50 lacs and you booked the flat before 1st June 2018.

I am unable to make a payment right now. What are my options?

Please contact and notify your Relationship Manager immediately if you are unable to make the payment due to any reason.

What is the GST rate for my flat?

Please check with your Relationship Manager in case you are not sure about the GST rate on your flat. GST varies from 1% to 12% depending on whether the project is an on-going project or a new project and is also based on the size and value of your flat. GST on other charges is currently 18% (may be subject to change based on taxation rules at the time the amount is due)

What if I want to pay the demand amount partially via bank loan and partially via self-funding?

In this case, you will need to make the payment of your own contribution portion first. A receipt will be issued along with a revised demand letter, which can then be shared with the bank for disbursement.

How can I view and check past demand letters and receipts?

You can get in touch with your Relationship Manager for demand letters, receipts, account statement or other documents.

Can I visit the site to check the construction status?

Due to the movement of heavy machinery and material, visiting the construction site is not advisable due to safety concerns. However, if you still wish to visit the site you can schedule an appointment with your Relationship Manager to visit the site. You will be escorted by an Engineer. You may not be permitted to visit certain areas due to safety or security restrictions.

Note – You will not be permitted on site without a prior appointment confirmed by your Relationship Manager.

Why do I have to pay stamp duty and register the Agreement for my flat?

As per the Real Estate Regulatory Act, it is mandatory to complete the stamp duty and registration of the Agreement for Sale for the flat on payment of 10% of the flat cost.

What is the process for registering my flat?

Here are the steps in registering your the Agreement for your flat.

1. Payment of stamp duty and registration amount

You will need to pay the stamp duty and registration charges. We will notify you when this amount is due. You will receive the Stamp Duty and Registration demand letter, Registration Slip. Your Relationship Manger will also call you to explain the process.

You will need to submit KYC documents along with the Stamp duty and registration fee and the signed registration slip as per details mentioned in the stamp duty demand letter.

2. Agreement reading and signing

Your agreement will be prepared and you will be invited to our office to read the agreement for sale and complete the signing formalities along with all the signatories.

3. Franking

Your Agreement for Sale will get franked after completion of your signing formalities and submission of all relevant KYC documents.

4. Registration

Once you indicate your preferred date for registration, you will receive an intimation call and mail about the token received from the Sub-Registrar’s office for the final registration date.

You will have to visit the Sub-Registrar’s office for the completion of the registration formalities. Our executive will be present during registration to assist you.

We typically receive the registered agreement from the Sub-Registrar’s office within 7 working days post the completion of registration of the Agreement for your flat. We will intimate you once we receive the original agreement so that you can collect it.

CUSTOMER JOURNEY OVERVIEW

What are the charges involved in registering the Agreement for my flat?

You will need to pay the stamp duty amount which varies depending on the location of the project. For instance in Kalyan Dombivli it is 7%*, at Panvel it is 6%*.

You will also need to pay the registration fee, which is the lesser of 1% of flat cost or Rs. 30,000 (whichever is lesser). Administrative charges of approximately Rs. 8000-10000 will also need to be paid in cash during the registration.

*As on 1st March 2020

How do I pay the stamp duty charges?

You will be sent a demand letter for the stamp duty payment which will have the account details needed to make the fund transfer or cheque payment towards stamp duty.

I have booked my flat but not received a notification regarding registration

For new launches, registration may be slightly delayed due to the lengthy process of agreement drafting and checking. We will notify you as soon as the registration process can start.

Is it mandatory for me to be present for the registration? What if I am unable to be physically present there?

It is preferable for all flat owners to be present in person during the registration. However, if you are unable to come, you can execute a Power of Attorney (POA) authorizing someone else to attend the registration on your behalf. Please contact your Relationship Manager for more details. If you already have a valid POA, please share it with us so that our legal team can verify it.

I am self-funding my flat. Do I still have to register my flat?

Yes, as per RERA it is mandatory to register the Agreement for Sale on completion of 10% payment towards flat cost. Registration of the Agreement cannot be postponed.

How can I apply for a Home Loan?

Our projects are approved for home loan funding by most leading banks. Typically bankers are also available at our sales offices on weekends. Contact your Sales Manager or Relationship Manager for assistance.

Which bankers can I avail a Home Loan from?

Our projects are approved for home loan funding by most leading banks. Check with our sales team for the list of approved bankers.

What are the tax benefits I can avail with a home loan?

You can avail of several tax deductions if you are opting for a home loan. Here’s a quick summary of the tax savings as per the present laws. Please check with your banker for the latest update.

Principal deductions

You can avail a tax deduction of upto Rs. 1.5 lakh per year for principal amount repaid on the loan under section 80(c) of the Income Tax Act. This deduction can only be availed after the construction of the property is complete and will be reversed in case you sell your property within 5 years of getting possession.

Stamp duty and registration charges

Tax deduction under section 80(c) can also be claimed for stamp duty and registration fees as well within the overall limit of Rs 1.5 lakh applied to principal repayment. This benefit can be availed regardless of whether you take a home loan or not but it can only be availed in the year these expenses are incurred.

Interest deductions

Under Section 24

you can avail a tax deduction of up to Rs. 2 lakh per year on the interest amount paid on the loan under section 24 for self-occupied property. Interest benefit can only be claimed on completed property. The interest paid during the under-construction period can be claimed as a deduction in 5 equal installments subject to the cap of maximum deduction under the section. For property that is rented out, the entire interest amount can be claimed as a deduction.

Under Section 80 EEA

For affordable housing, an additional Rs. 1.5 lakh interest deduction is available for individuals who are first time home buyers under Section 80EEA subject to the following conditions.

  • For homes under 45 lakhs
  • Homes with area less than 60sqm in metros
  • The loan must be sanctioned till 31st March 2021 and no other property must be owned by the individual at the time of sanction.

Additional deductions

An additional interest deduction of Rs. 50,000 is available to first time home-owners under Section 80EE subject to the following conditions.

  • Value of the house should be Rs 50 lakhs or less
  • Loan taken for the house must be Rs 35 lakhs or less
  • The loan must be sanctioned between 01.04.2016 to 31.03.2017 and as on the date of sanction, no other house must be owned by the individual

CUSTOMER JOURNEY OVERVIEW

My flat is still under construction. Can I claim tax benefits?

You cannot claim tax deductions until the construction is completed. After completion, you can claim a deduction of interest paid during the period prior to the year of taking possession. This can be claimed in five equal instalments from the year in which construction is completed (capped to the maximum permissible interest deduction for the year under Section 24)

Can the co-owner of the flat also claim tax benefits?

Yes, separate deductions can be claimed provided the co-owner has a different source of income. Both co-owners can claim deduction under Section 80C up to Rs.1.50 lakh. Both co-owners can also claim deductions up to Rs.2 lakh on the interest paid on the loan. If the house is rented out, there is no restriction on the interest deduction and both can individually claim deductions based on the ratio of possession of the flat.

What is the maximum amount of home loan funding I can get for my flat?

This will vary depending on the banker, your eligibility and your flat cost and can range from 75% of agreement value up to even 95% of the agreement value. This will also be subject to banks credit norms and your loan eligibility. Contact your banker for more details.

Do banks fund GST, other charges, stamp duty in their loan?

Most banks will not fund stamp duty and registration. Ask your Relationship Manager about our Downpayment Assistance Program in case you need help with your stamp duty payment.

Some banks may fund GST and other charges. Please check with your banker.

What is the minimum amount of self contribution required?

Minimum self contribution of 5% of agreement value is compulsory. You will also need to make the stamp duty and registration payment for your flat

I have a loan eligibility of 70%. Do I have to pay 30% upfront?

No, not necessarily. Ask about our bank flexi schemes. If you are eligible for a flexi scheme you can register your flat with a contribution of 5-10% and pay your balance contribution at later stages. Contact your Relationship Manager for details.

Is it mandatory for me to have a home loan sanction before registration?

In case you do not have a home loan sanction before registration, you will need to make the payment for your entire own contribution portion upfront. A receipt will be issued along with a revised demand letter, which can then be shared with the bank for disbursement.

What if I want to pay the demand amount partially via bank loan and partially via self-funding?

In this case, you will need to make the payment for your own contribution portion first. A receipt will be issued along with a revised demand letter, which can then be shared with the bank for disbursement.

Will you directly intimate my banker about demands?

No, all demands will be sent to you. It is your responsibility to coordinate with the home loan bankers to ensure timely disbursement of the loan.

Can I pay my stamp duty in installments?

Banks typically will not fund the stamp duty payment. However under our Downpayment Assistance Program, you can pay your stamp duty in EMI’s.

*on certain projects and subject to eligibility

What are the documents I will be receiving from you in case I am availing of a home loan?

In case you are availing a home loan, then along with handing over the registered agreement, we will be handing over the receipts, Builder No Objection Certificate (NOC) and Release of Charge (ROC), if applicable. Also, your Relationship Manager will assist you with the necessary coordination with your banker in case there is any additional documentation required if any from us.

What is the process for cancellation?

Please get in touch with your Relationship Manager in case you wish to cancel your flat.

What are the cancellation charges?

In case you choose to cancel your flat prior to registration of the flat, the Developer will forfeit 3% of the flat cost along with brokerage charges. In case you choose to cancel your flat post registration of the Agreement for Sale of the flat, the Developer will forfeit 5% of the flat cost along with brokerage charges and any charges incurred by the Developer with respect to the flat like stamp duty and registration and other taxes. You will also need to sign and register the Deed of Cancellation in case the Agreement is registered. Please refer to your Agreement for Sale and Reservation form for details.

Is there a lock-in period before I can sell or lease my flat?

Till all the obligations under the Agreement for Sale are completed and all the dues, taxes, deposits, interest and all other amounts payable under the Agreement for Sale are fully paid, you will not be permitted to let, sub-let, transfer, assign, sell, lease, give on leave and license. In exceptional cases, the Developer may at its sole discretion permit such a transfer. You will need to get a written NOC from the developer in such cases.

Do you guarantee that the price of the units in the project will not decrease?

Unfortunately, this is something we cannot guarantee. Like any other market real estate is driven by supply and demand and pricing changes and corrections may be needed in the short term at times to ensure project health. However, real estate is typically considered a safe asset class and will in most cases see steady appreciation.

Will I be assigned a Relationship Manager from Marathon?

Yes, every Marathon customer will be assigned a Relationship Manager as a single point of contact after booking to assist with every step. In case you do not know who your Relationship Manager is please write to [email protected]

How can I view and check past demand letters and receipts?

You can get in touch with your Relationship Manager for demand letters, receipts, account statement or other documents.

Can I visit the site to check the construction status?

Yes, you can schedule an appointment with your Relationship Manager to visit the construction site. Our engineer will escort you on site. Please note that due to safety concerns, you may not be permitted to visit certain parts of the property.

Due to the movement of heavy machinery and material, visiting the construction site is not advisable due to safety concerns. However, if you still wish to visit the site you can schedule an appointment with your Relationship Manager to visit the site. You will be escorted by an Engineer. You may not be permitted to visit certain areas due to safety or security restrictions.

Note – You will not be permitted on site without a prior appointment confirmed by your Relationship Manager.

How do I change my address or contact details provided to Marathon?

Please get in touch with your Relationship Manager for this. You will be required to provide a proof of address in case of an address change.

How do I raise a complaint or share feedback?

You can write to [email protected] in case you have any complaint or wish to provide feedback. In case you are a resident of one of the buildings where we have provided visitor management apps like Lockated or MyGate, you can even raise a complaint via the app.

What are ‘Other Charges’?

Other charges are payable over and above the flat consideration and include charges like advance maintenance, maintenance deposits, legal charges, infrastructure charges, clubhouse membership and usage charges, corpus fund, electric and water meter charges etc. These charges are provisional in nature at the time of booking and may increase due to increase in charges imposed by local bodies/government.

When do I have to pay the other charges?

Other charges are the final milestone payable before handover of possession.

What is the difference between advance maintenance, advance maintenance deposits and corpus fund?

Please check your cost sheet and Agreement for Sale to understand which charges are applicable in your project for your flat as this may vary from project to project.

Advance maintenance

This is charged for a certain period (1 year or 2 years for example). These funds are used maintenance of the project towards expenses like common area maintenance, repairs, common area electricity, lift maintenance salaries of security etc.

Corpus Fund

This is a deposit that gets transferred to the society upon conveyance of the said Project Land. The corpus fund is interest-free.

Advance maintenance deposit

This is similar to the corpus fund and shall be transferred to the society upon society conveyance after adjusting the outstanding dues (for example outstanding maintenance bills) of your flat.

Layout maintenance deposit

In case of a larger layout, this deposit shall be transferred to the Apex Body upon transfer of the layout land in favour of the Apex Body after adjusting the outstanding dues if any of the Allottee/s.

When do I start getting billed for maintenance?

Typically maintenance charges of the premises and layout maintenance charges shall start after a period of 15 days from the date that you have been intimated that the premises are ready for use and occupation

Will I be charged maintenance even if I’ve not taken possession of my flat?

Yes, maintenance charges will start after a period of 15 days from the date that you have been intimated that the premises are ready for use and occupation.

Why am I being billed for maintenance even though I have paid maintenance deposits?

Advance maintenance deposit is to be handed over to the society upon conveyance after adjusting any dues so you will be liable to pay maintenance charges since the Developer incurs expenses for maintenance of the building.

What are infrastructure/development charges?

This charge goes towards development of the common infrastructure like roads, footpaths, common areas etc.

What is clubhouse membership charges and what are clubhouse usage charges?

Clubhouse membership entitles you and your family (up to 4 persons) to membership of the clubhouse and is a one-time fee (The membership period may vary from project to project and is mentioned in your Agreement for Sale). Clubhouse usage are recurring charges that are typically charged annually.

What are MSEB/MJP charges or electric and water meter charges?

This amount is used for electric and water connection infrastructure like meters, substations, receiving stations if any etc. These are provisional in nature and may increase, due to an increase in charges/deposits imposed by the concerned local bodies/government authority.

What are share of expenses towards society formation and legal charges?

This amount is for the formation of society and the preparation of legal documents pertaining to society formation.

What are the taxes on other charges?

The other charges mentioned in your cost sheet are excluding taxes and you will be liable to pay the applicable taxes separately. Government taxes including GST will be charged as per then prevailing rate.

What are the formalities I need to complete before taking the possession handover?

Once the Occupation Certificate of the building is received and when your flat is ready for handover of possession, we will intimate you and raise the final milestone demand. You need to clear all the dues along with other charges and taxes as per the details mentioned in our final demand letter. We will then invite you for inspecting the flat with along with our Engineering team. Post satisfactory inspection, you will need to sign the possession acceptance letter, after which final possession will be handed over in a small ceremony within 15 working days. Your Relationship Manager will call you to schedule the possession ceremony as per your preferred time and availability.

What if I have to start fit-outs before receiving final possession?

At our discretion and in certain exceptional cases, we may offer the flat to enable you to carry out the fit-outs, which would allow you to start furnishing work like wardrobes, modular kitchen etc before receiving the final possession. Please note that this does NOT constitute formal possession of the flat. Please contact your Relationship Manager for details.

When does the society get formed?

The society formation process is initiated once certain conditions have been met. Please refer to the Agreement for Sale for details on the society formation process.

What happens in case possession of my flat is delayed?

We endeavour to always give possession on or before the committed timelines, however as per the Agreement for Sales we shall be entitled to an extension of time for giving delivery of the flat if the completion of the project is delayed on account of any or all of the following factors:-

  • Any act of God, any force majeure events;
  • Any notice, order, rule, notification of the Government and/or other public or competent authority/court;
  • Any stay order/injunction order issued by any Court of Law, competent authority, concerned authority, statutory authority;
  • Any other circumstances that may be deemed reasonable by the Authority;
  • Delay in providing basic amenities like water, electricity, drainage system etc by the local body;
  • Delay in granting approvals, NOC, Occupation Certificate;
  • Any other reason beyond the reasonable control of the Promoter

In such event the date of handover of possession of the said Premises shall be extended to the extent of loss of time.
For reasons other than the ones mentioned above, you will be entitled to certain remedies which are detailed in your Agreement for Sale.

Will I get any benefit if I refer any friend or relative who does the booking?

Yes, under our referral program you will be eligible for referral benefits up to 1% of the flat cost of the flat being booked or as per the applicable policy at the time.

How can I refer a friend or relative to a Marathon property?

You can either provide your friends contact details on email to your Relationship Manager or can submit the information at marathon.in/referral. Please visit our referral page for detailed terms and conditions.

Will I get any benefit if I book another Marathon property?

Yes, under our loyalty program, you will be entitled to a 1% discount on your new flat or as per the applicable policy at the time. Please visit marathon.in/loyalty or contact your Relationship Manager for details.