SOP Manual - Possession Handover Process(Real Estate)

STANDARD OPERATING PROCEDURE

Process: Possession Handover

Page 1 of 23

Table of Contents I.

Objective and Scope.......................................... .................................................................................... ............................................................................................... ..................................................... 3

II.

Policy Guidelines....................................... ................................................................................ .................................................................................................. ......................................................... ..... 4

III. III.

Proc Proces ess s Flo Flow w & Nar Narra rati tive ves s...................................... ................................................................................ ......................................................................................... ............................................... 5

.

Pro Process cess upto pto o o! !er of Posse ossess ssio ion n.......................................... .................................................................................... ....................................................... ............. .............. ....... 5

".

Proc Proces ess s upon upon pay# pay#en entt of $nal $nal de#a de#and nd......................................................................................................1412

%.

Pro Process cess andov dover to cust custo# o#er er...................................................................................................................1715 ...................................................................................................................1715

'.

()ecu ecution tion of conv convey eyan ance ce deed deed...................................................................................................................1816 ...................................................................................................................1816

I*.

+utor torit ity y ,ev ,evel el -atr -atri) i)...............................................................................................................................1917 ...............................................................................................................................1917

Page 2 of 23

I.

Objective and Scope



Te purpose of tis docu#ent is to provide standardied procedures to establis an e!ective/ e!icient and transparent procedural fra#ewor0/ in line wit te Co#pany1s outlined policies/ to provide direction and 2uidance to carry out te Possession andover function of te co#pany witin te fra#ewor0 of #ana2e#ent policies.



Tis docu#ent ai#s at desi2nin2 an e!ective internal control syste# to ensure ti#ely/ co#plete and accurate recordin2 of day to day operations and to provide a detailed activity level fra#ewor0/ and te correspondin2 roles and responsibilities of di!erent personnel for various activities/ coverin2 te processes & sub processes as per te scope outlined below.



Tis standard operatin2 procedure covers te followin2 processes3  Process till o!er of Possession  Process upon pay#ent of $nal de#and  4andin2 over to custo#er  ()ecution of conveyance deed



Tis docu#ent includes policy 2uidelines/ autority level #atri) and process narratives.



Policies sall act as 2uidelines for carryin2 out te functional activities.

 

+utority level #atri) de$nes te autority responsible for conductin25reviewin25approvin2 te activities. Process narrative de$nes te detailed activity fra#ewor0 and 0ey controls alon2 wit te responsibility & ti#elines for conductin2 eac process activity.

Note: Process activities referred as ‘system’ oriented in the ‘Process Narratives’ will continue to be followed on eistin! systems " manually# till the relevant $%P development " system enhancement is implemented.

Page 3 of 23

II.

Policy &uidelines 

,ead +rcitect is responsible to provide te stoc0 state#ent and $nal sales plan.



Stoc0 state#ent and te Sales plan to be approved by -ana2e#ent5Co##ittee.



Pro2ress of occupation certi$cate to be sared by Tea# Co6ordination.



Tea# C7- sall infor# custo#ers about li0ely ti#elines for issue of o!er of possession.



7elevant NOCs wit respect to te property to be obtained by Finance Tea#.



Co#putation of $nal de#and fro# custo#ers to be done by Tea# C7- and to be audited by Tea# 8Internal audit9.



Tea# C7- to issue o!er of possession letter 8includin2 te docu#ents re:uired for e)ecutin2 conveyance deed9 and $nal de#and letter to custo#ers.



Tea# 8Finance9 to provide NOC wit respect to receipt of all dues fro# custo#ers.



Possession andover letter and #aintenance a2ree#ent to be issued to custo#ers by Tea# 8C7-9.



Tea# 8Projects9 to attend te custo#er and facilitate custo#er visit 8in case re:uired visit by custo#er9.

Page 4 of 23

III.

Process 'low ( Narratives ). Process upto o*er of Possession

Page 5 of 23

Page 6 of 23

Manu al/ Process Narra!ives Ss!e " Process u$!o o&er o' $ossession Obtain te $nal stoc0 state#ent -anua  wit te $nal sales plan fro# l ,ead +rcitect. *erify te stoc0 state#ent and obtain Online +pproval on te revised stoc0 state#ent and te " Syste# Sales Plan. S. No .

%

'

@

Sub#it te Online +pproval/ alon2 wit te $nal stoc0 -anua state#ent and Sales Plan to te l (7P Tea# for updatin2 te #asters and also send a copy to 4ead C7- and 4ead/ F&+. 7eceive updates fr o# Tea# 8Coordination9 on te pro2ress of Occupation Certi$cate 8OC9 and -anua sare relevant infor#ation l includin2 li0ely ti#elines for receipt of OC wit Tea# C7-/ Sales/ -ar0etin2/ Finance & +ccounts/ ,e2al and F-T. -anua Infor# custo#ers about li0ely l ti#elines for issue of o!er of possession includin2 infor#ation for additional car par0in2.

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

Tea#

Projects

4ead 8Projects9 and 4ead 8;ud2etin2 and (sti#ation9

Projects

O!ice of 4ead Projects

Projects

O!ice of 4ead Projects Tea#

Projects

Tea#

C7-

Customers should be advised to close all the open transactions before issue of oer for Page 7 of 23

Ti"elines

+t te ti#e of applyin2 for OC &+
%6? #onts prior to andin2 over

% #onts prior to andin2 over

Docu" en! Genera! ed

S. No .

Manu al/ Ss!e "

Process Narra!ives

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

Ti"elines

Tea#

Projects

+s and <en

possession letter.

?

-anua l

Obtain te Occupation Certi$cate fro# Tea# 8Coordination9 and sare copy of Occupation Certi$cate wit Tea# 8C7-9 as well as oter Tea#s as relevant 8fro# a#on2st tea#s #entioned above in step '9.

Page 8 of 23


S. No . =

Manu al/ Ss!e " -anua l

Process Narra!ives Followin2 infor#ation 8not li#ited to te followin29 to be 2iven by respective depart#ents to C7-3 (. Pro)ec!s 6 Final area allotted and te speci$c portion or all of te project for wic $nal de#and as to be raised. (scalation/ e)ternal electrical/ 2as connection/ FTT4/ $re car2es etc. and te delayed possession period/ if any. *. +e,al 6 *eri$cation of sta#p duty and process. ,iti2ation part if any w.r.t te unit. Cec0list to be prepared by ,e2al and provided to C7- for list of docu#ents re:uired fro# custo#er for conveyance deed. -. inance 6 Ta) levies to be recovered fro# te custo#er/ $nal (>C I>C car2es. *alidation of $nal de#and a#ount before release of de#and letter. . Sales 6 Car Par0in25+dditional Space allocation 0. acili! Mana,e"en! 6 -eter car2es/ electricity connections/ power bac0up/ advance #aintenance car2es and any oter a#ount to be recovered etc. 7<+ process/ subject to

#e Con!ro l ,iti2ati on part/ +ny docu# ent as to be in a standar d for#at/ else approv al fro# ,e2al >eptt.

Res$onsi%ili! 7espective tea#s

Page 9 of 23

De$ar!" en! Projects/ ,e2al/ F&+/ Sales/ Facility -ana2e# ent/ C7-

Ti"elines

S. No .

Manu al/ Ss!e "

Process Narra!ives

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

Tea#

C7-

Ti"elines

buyer a2ree#ent avin2 provision for tese aspects. HODs to provide signo on their respective inputs. In addition to te above/ 6 Final draft of -aintenance a2ree#ent is prepared wit inputs fro# C7-/ ,e2al/ Projects/ Finance and Facility -ana2e#ent. 6 Finance Tea# initiates process for obtainin2 NOC fro# ;an0 for project level5 co#pany level #ort2a2e suc tat te project is #ort2a2e free before o!er of possession.

A

-anua l

Obtain infor#ation 8as above in Step =9 fro# respective depart#ents.

Page 10 of 23


S. No .

B

Manu al/ Ss!e "

-anua l

Process Narra!ives Obtain online approval for additional car2es/ rebates/ penalties/ sta#p duty/ etc. at project level/ includin2 approval on delayed possession penalty/ at a 2eneric5 project level. ;asis online approval/ provide inputs to te (7P tea# for updatin2 te -asters.

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

Ti"elines receipt of OC/ wicever is earlier

-ana2er in consultation wit 4ead

Page 11 of 23

C7-


S. No .

Manu al/ Ss!e "

Process Narra!ives

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

Ti"elines

C7-

a9 7eceive con$r#ation fro# (7P on updation of -asters.



b9 Generate te $nal de#and output5 co#putation in e)cel and verify for accuracy/ considerin2 followin23 6 TP75TP> applicability 6 >elayed pay#ent interest as per a2ree#ent ter#s 6 >elayed possession penalty 6 Sta#p duty 6 +dvance -aintenance car2es 6 Final (>C5I>C a#ount 6 (scalation if any 6 Custo#isation car2es 8at custo#er re:uest/ if any9 6 ()tra car2es/ if any/ as per buyerDs a2ree#ent 6 4oldin2 car2es 6 +ny oter a#ount as indicated in te infor#ation received fro# respective depart#ents

-ana2er

c9 Infor# (7P tea# about discrepancies/ if any/ noted durin2 veri$cation and 2et te (7P output recti$ed. d9 Sub#it te e)cel seet of Final >e#and alon2 wit Online approval to I+ Tea# for audit.

Page 12 of 23


S. No .

Manu al/ Ss!e "

Process Narra!ives

#e Con!ro l

De$ar!" en!

Ti"elines

Tea#

Internal +udit

4ead 8C7-9

C7-

C7-

Epon inti#ation fro# Projects Tea# about receipt of OC

Res$onsi%ili!

*erify te $nal de#and as sub#itted by C7- after teir veri$cation/ basis te online approval and buyerDs a2ree#ents 8as applicable9. 

-anua Co##unicate te result of l5 veri$cation to Tea# C7-. Syste#

"

-anua l

%

-anua l

Infor# (7P tea# about discrepancies/ if any/ noted durin2 veri$cation by I+ and 2et te (7P output recti$ed. a9 Obtain con$r#ation fro# Finance Tea# about receipt of NOC fro# ban0 for project level5 co#pany level #ort2a2e.

4ead 8C7-9 b9 Instruct ()ecutive 8C7-9 to prepare o!er for possession letter and $nal de#and letter to be raised on te custo#ers.

Page 13 of 23


S. No . '

Manu al/ Ss!e " -anua l

Process Narra!ives a9 Prepare te o!er for possession letter and te $nal de#and letter and forward to -ana2er 8C7-9 for review.

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

()ecutive 8C7-9

C7-

!he follo"ing documents are enclosed along "ith Oer of #ossession $etter % &inal Demand $etter '  maintenance agreement  list of documents re)uired from customer for conve*ance deed  indemnit*%declaration  +C details as per compan* records, "ith re)uest to provide update in case of an* discrepanc*  &ormal intimation to disputed cases &urther, the Oer of #ossession $etter % &inal Demand $etter should include the follo"ing information'  Contact details of #ro-ect odal #erson for handing over and customers should be re)uested to preschedule appointment for handover, after pa*ment of nal dues.  Details regarding stamp dut* charges for registration b9 7evalidate te accuracy of Page 14 of 23

Ti"elines

S. No .

Manu al/ Ss!e "

Process Narra!ives

#e Con!ro l

Res$onsi%ili!

De$ar!" en!

Ti"elines

-ana2er 8C7-9

C7-

()ecutive

C7-

Sa#e day

-ana2er

C7-

()ecutive

C7-

delayed possession car2es/ if any

@

-anua l

?

-anua l5 Syste#

=

-anua l

A

-anua l

7eview te o!er for possession letter and te $nal de#and letter. >ispatc te o!er of possession and $nal de#and letters to te custo#ers. 7ecord dates in (7P. Send to Projects Tea#/ te list of custo#ers to wo# O!er of Possession as been issued. Call te custo#ers to wo# O!er of Possession letter as been sent and $) an appoint#ent for deposit of $nal dues and

Page 15 of 23


S. No .

Manu al/ Ss!e "

Process Narra!ives

#e Con!ro l

Res$onsi%ili!

sub#ission of re:uisite docu#ents 8as per Cec0list issued by ,e2al9 by te custo#er.

Page 16 of 23

De$ar!" en!

Ti"elines


+. Process upon payment of ,nal demand

Page 17 of 23

Manu al/ Process Narra!ives Ss!e " Process 1 U$on $a"en! o' 2nal de"and a9 Collect $nal de#and a#ount 8includin2 delayed pay#ent interest and oldin2 car2es/ if any9 fro# te custo#ers and andover te ce:ues to Tea# 8Finance & +ccounts9. S. No .



"

-anua l5 Syste#

b9 Collect re:uisite docu#ents vi. P+N/ Sta#p >uty pay#ent/ Poto/ +ddress proof/ Tird Party NOC in case of loan5 lien fro# Tird party/ -aintenance +2ree#ent si2ned by te Custo#er8s9 and oter re:uisite docu#ents as per inti#ation alon2 wit te O!er of Possession/ fro# custo#ers and forward to le2al for e)ecution of conveyance deed.

&ollo" /O# 0C120 for steps on entries to be made in the propert* manager module for receipt of che)ues. On receipt of ce:ues fro# ()ecutive 8C7-9/ follow SOP D+ccounts 7eceivableD for -anua procedures to be followed w.r.t accountin2 l5 of ce:ues received/ deposit of ce:ues in Syste# ban0/ ce:ue bounce cases etc.

#e Con!rol

Page 18 of 23

Res$onsi% ili!

De$ar!" en!

Ti"elin es

()ecutive

C7-

+s and wen

Finance & +ccounts

+s per SOP D+ccoun ts 7eceiva bleD

Tea#


S. No .

%

Manu al/ Ss!e "

Syste #

#e Con!rol

Process Narra!ives

Provide NOC w.r.t receipt of all car2es fro# custo#er

a9 Generate Possession 4andover ,etters. Issue possession andover letters as below3 6  copy to Custo#er 6  copy to Projects Tea# 6  copy to be retained wit C7-

'

b9 Issue duly e)ecuted -aintenance +2ree#ent as below3 -anua 6  copy to Custo#er l 6  copy to Facility -ana2e#ent Tea# 6  copy to be retained wit C78>eveloperDs Copy9 3/eparate le for post possession activities to be created and handed over to &2! "ho "ill be responsible for subse)uent of billing of maintenance charges, electricit* charges, po"er bac4up charges, etc.

Res$onsi% ili!

De$ar!" en!

Ti"elin es

(7P wor0ow to record approval fro# F&+ Tea# and ten allow 2eneration of Possession ,etter fro# (7P.

Tea#

Finance & +ccounts

Possession ,etters and -aintenanc e +2ree#ents to be si2ned by te Co#pany +utoried 7epresentat ives.

Tea#

C7-

Page 19 of 23


-. Process handover to customer Manu al/ Process Narra!ives Ss!e " Process 1 Handover !o cus!o"er +ttend te custo#er in case any custo#er visits te site for andover/ as per pre6a2reed scedule. S. No .

#e Con!ro l

Res$onsi% ili!

De$ar!" en!

Ti"elin es

Tea#

Projects

+s and wen

Obtain si2n6o! fro# custo#er on te possession andover letter. 

-anua In case the customer "ants to inspect the site l then5 facilitate customer visit and prepare a snag list, if an* noted b* customer during site visit. 6fter rectication of snags, inform !eam C12 to intimate customer about snag rectication. C12 !eam intimates the customer about the same and re)uests him%them to ta4e ph*sical possession of their unit (if not alread* ta4en.

Page 20 of 23


. $ecution of conveyance deed Manu al/ Process Narra!ives Ss!e " Process 1 E3ecu!ion o' conveance deed Perfor# followin2 activities for e)ecution of conveyance deed3 S. No .

#e Con!ro l

a9 +c:uisition of sta#p duty/ printin2 of te sale deed 

"

-anua l

-anua l

b9 Coordination5tie6up wit te consultant for actual e)ecution and re2istration of conveyance deed c9 4andover conveyance deed to C7- for andover to custo#er5;an05 Tird Party avin2 lien on te property. 4andover conveyance deed to custo#er5 ;an05 Tird Party avin2 lien on te property.

Page 21 of 23

Res$onsi% ili!

De$ar!" en!

a & c9 Tea#

a & c9 ,e2al

b9 Tea#

b9 C7-

Tea#

C7-

Ti"eline s


I/. Note3

0uthority 1evel 2atri I6 Initiate5()ecute C6 Consultation 76 7eview +6 +pprove (6 Infor#ation 5 Co##unication

Possession Handover

S. No .

y t i l i t e i c c i d a s u s ! s F t t t e t l + c 2 - O c 7 7 - + a c # s e e d 7 t e C C 7 & 2 j e l l s j j a a e o a o o e e c u r F C C r ; r e v , r T S n r e P 2 i P e d j t # # # p t t o n # d a a a # e a n d a e r # a u a c I e n a e P e e e a # T e 4 d a T T T e e e a e ) # 4 4 T T - ( a 2 a e a e T n 4 a -

Ac!ivi!

Process u$!o o&er o' $ossession Obtain $nal stoc0 state#ent wit $nal sales plan fro#  lead arcitect Sub#it $nal stoc0 state#ent and sales plan to (7P tea# " for online approval 7eceive updates fro# tea# on pro2ress occupation % certi$cate and sare relevant infor#ation wit oter relevant tea#s Conduct pysical :uality test 5 visual cec0 of te ' #aterial in presence of lorry driver at te entrance 2ate Infor# custo#er about li0ely ti#elines for issue of o!er @ of possession Obtain occupation certi$cate fro# Coordination t ea# ? and sare a copy wit C7- and oter tea#s

7

Page 22 of 23

7

I I I

I I

Possession Handover

S. No .

y t i l i t e i c c i d a s s u s ! F t t t t l s e c 2 - O c 7 7 - + a c # e + e C C 7 & 2 j e d 7 t e a l l s j j a a e o o o e S e n c u r F C , r r ; C e r e i r T v t p P P e d j t 2 # t # o n # # a r # a u a a a # e a n d d a e n c e e e a a e P e I e 4 d a T T T e # T # e a e ) e 4 4 T 2 a T - ( a e a e T n 4 a -

Ac!ivi!

Provide relevant infor#ation for draftin2 #aintenance a2ree#ent to C7Obtain various approval for additional car2es/ rebates/ A penalties/ sta#p duty B Provide inputs to (7P for updatin2 te #asters Sub#it $nal de#and seet and online approval to tea#  6 I+ for audit Prepare o!er for possession letter and $nal de#and  letter Process 1 U$on $a"en! o' 2nal de"and Collect $nal de#and fro# custo#ers and andover " ce:ue to F&+ % Provide NOC w.r.t. receipt of all car2es fro# custo#ers ' Generate possession andover letter Process 1 Handover !o cus!o"er Obtain si2n o! fro# custo#er on possession andover @ letter Process 1 E3ecu!ion o' conveance deed Coordination wit consultant for actual e)ecution and ? re2istration of conveyance deed and andover to custo#er =

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SOP Manual - Possession Handover Process(Real Estate)

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