Booking Process at Hiranandani Fortune City Panvel

Booking Process for Hiranandani Fortune City Panvel

You have visited the site. You like the township. You have decided this is where you want to live. Now comes the booking process. This is where you pay the first amount and formally secure your unit.

It is a straightforward process, but you should know what to expect. This guide walks you through each step, the costs involved, and the rules you need to be aware of before you commit.

Step 1: Select Your Unit

Before you pay anything, you need to choose your unit. At Hiranandani Fortune City Panvel, you have options across 2, 3, and 4 BHK configurations with carpet areas from approximately 676 to 1,896 sq.ft.

Tower selection: Each tower has its own RERA registration and possession timeline. Some towers are ready, others are under construction.
Floor and view: Higher floors often cost more. River-facing or forest-facing units may also carry a premium.
Parking: Most units come with one or two covered car parking spaces. Confirm this before booking.

Take your time here. Once you pay the booking amount, switching units becomes difficult and may involve additional charges.

Step 2: Pay the Booking Amount

The booking amount is typically 10% of the property cost. For a 2 BHK priced at around ₹1.17 Crore, this works out to approximately ₹11.7 lakh.

Some payment plans allow you to split this. For example, you might pay 5% at the time of booking and the remaining 5% within a week. The exact structure depends on the specific phase and the plan you choose.

Here is a quick example for a ₹1.17 Crore property:

Payment Stage	Percentage	Amount
At Booking	5%	₹5,85,000
Within 1 Week	5%	₹5,85,000
Total Booking Amount	10%	₹11,70,000

Under RERA rules, a promoter cannot accept more than 10% of the property cost without first entering into a registered Agreement for Sale. So, the booking amount is the maximum you pay before the agreement is signed and registered.

Step 3: Receive the Allotment Letter

Once your booking amount is received, the developer issues an allotment letter. This document confirms the unit you have booked and the basic terms.

What the allotment letter includes:

Unit details: Tower, floor, unit number, and carpet area.
Total consideration: The property price, excluding GST, stamp duty, and registration charges.
Parking details: Type of parking (covered, open, stilt) and its location.
Payment schedule: The timeline for future payments.
Cancellation rules: The deductions applicable if you cancel the booking.

The allotment letter is not a substitute for the Agreement for Sale. It is an initial confirmation. The binding contract comes later.

Step 4: Review and Sign the Agreement for Sale

Within 15 days of receiving the allotment letter, you should receive the draft Agreement for Sale. This is the core legal document that protects your rights.

The agreement is based on the model format prescribed by MahaRERA. Certain clauses are mandatory and cannot be changed. These include:

3% area variation rule: The final carpet area can vary by up to 3% from what was promised. The price is adjusted accordingly.
Defect liability: The promoter must fix structural defects reported within 5 years of possession.
Formation of association: The promoter must form a legal entity of allottees within 3 months of 51% of units being booked.
Conveyance timeline: The promoter must transfer title to the allottees entity within 3 months of the occupancy certificate.

Read the agreement carefully. If you have a lawyer, have them review it. Once signed and registered, it is legally binding on both parties.

Step 5: Register the Agreement

The Agreement for Sale must be registered. Under Section 13 of RERA, the promoter cannot accept more than 10% of the cost without a registered agreement.

At Hiranandani Fortune City Panvel, this process is done through e-Registration. The entire process is online:

Aadhaar-based e-KYC: Identity verification is done digitally.
Biometric verification: Done using a web camera and biometric reader at the developer's office.
Online stamp duty payment: Through the GRAS portal.
Digital registration: The digitally signed agreement is available immediately.

This was the first project in Maharashtra to implement 100% online e-Registration. It eliminates the need to visit the Sub-Registrar Office.

Payment Plans Explained

Hiranandani Fortune City Panvel offers construction-linked payment plans. Here is how they generally work:

Milestone	Payment Due
At Booking	10% of property cost
On Agreement Registration	20% of property cost
On Plinth Completion	20% of property cost
On Slab Completion (each slab)	As per schedule
On Possession	Balance amount

Some phases offer flexible plans like paying 25% upfront and nothing for a year. The exact schedule is defined in your Agreement for Sale and varies by tower.

Cancellation Rules: What You Should Know

If you decide to cancel your booking, the refund depends on when you cancel. Here are the rules:

Cancellation Timeline	Amount Deducted
Within 15 days of allotment letter	Nil (Full refund)
16 to 30 days	Up to 1% of property cost
31 to 60 days	Up to 1.5% of property cost
After 61 days	Up to 2% of property cost

The refund is processed within 45 days from the date of your cancellation request. No interest is paid on the refunded amount if it is processed within this timeline.

Documents Required for Booking

Keep these documents ready before you start the booking process:

Identity Proof: PAN card and Aadhaar card of all applicants.
Address Proof: Aadhaar, passport, or utility bill.
Photographs: Passport-sized photos of all applicants.
Cancelled Cheque: For the refund process, if needed.
Income Documents: Salary slips, IT returns, and bank statements if you are applying for a home loan.

For NRI buyers, additional documents like passport, visa, and overseas address proof are required.

Tips Before You Book

Verify the RERA number: Check the tower-specific RERA registration on the MahaRERA website. The number on the brochure must match.
Read the allotment letter: Confirm the unit details, price, and parking before paying.
Check the cancellation policy: Understand the deductions before you commit.
Plan your finances: The booking amount is just the start. Budget for stamp duty, registration, GST, and maintenance.
Visit the site: See the actual construction progress and the location of your tower.

Get Help With Your Booking

The booking process is straightforward when you know what to expect. For personalized guidance on booking a unit at Hiranandani Fortune City Panvel, speak with our sales team. They can walk you through the available inventory, payment plans, and help you complete the booking formalities.

Booking Process – FAQs

1. What is the booking amount for Hiranandani Fortune City Panvel?

The booking amount is typically 10% of the property cost. For a 2 BHK priced at around ₹1.17 Crore, the booking amount would be approximately ₹11.7 lakh. Some payment plans allow you to pay 5% at the time of booking and the remaining 5% within a week. The exact amount depends on the specific tower and payment plan you choose.

2. What is the cancellation policy for booking a flat at Hiranandani Fortune City Panvel?

If you cancel within 15 days of the allotment letter, you get a full refund with no deduction. If you cancel between 16 and 30 days, the promoter can deduct up to 1% of the property cost. Cancellations between 31 and 60 days can attract up to 1.5% deduction. After 61 days, the deduction can be up to 2% of the property cost. The balance is refunded within 45 days without interest.

3. What documents are required for booking a flat?

You need identity proof like PAN card and Aadhaar, address proof, passport-sized photographs, and a cancelled cheque for the refund process. If you are applying for a home loan, you will also need salary slips, bank statements, and IT returns. NRIs need additional documents like passport, visa, and overseas address proof.

4. Can I book a flat at Hiranandani Fortune City Panvel online?

Yes. Many developers including Hiranandani offer online booking facilities. You can express interest through the website, and the sales team will guide you through the digital booking process. However, for the Agreement for Sale and registration, physical or digital verification of documents is required as per RERA rules.

5. What is the payment plan for Hiranandani Fortune City Panvel?

The project offers construction-linked payment plans. You pay 10% at booking, and the remaining amount is linked to construction milestones. Some phases offer flexible plans like pay 25% and nothing for one year. The exact payment schedule is defined in your Agreement for Sale and varies by tower and phase.

6. Is the booking amount refundable?

Yes, the booking amount is refundable subject to the cancellation policy. If you cancel within 15 days of the allotment letter, you get a full refund. After that, deductions apply based on the timeline of cancellation. The refund is processed within 45 days from the date of your cancellation request.

7. What is the difference between booking amount and token amount?

A token amount is a small sum paid to express interest and block a unit temporarily. It is usually a few lakhs or less. The booking amount is a more formal payment, typically 10% of the property cost, which leads to the issuance of an allotment letter and the signing of the Agreement for Sale. The token amount is usually adjusted against the booking amount.

8. Can I transfer my booking to someone else?

Transfer of booking is generally not allowed without the developer's consent. If you need to transfer, you must submit a written request. The developer may charge a transfer fee and require the new buyer to meet eligibility criteria. The terms are usually specified in the Agreement for Sale. Always check with the sales team before proceeding.

9. What happens after I pay the booking amount?

After paying the booking amount, you receive an allotment letter confirming your unit and basic terms. You then have 15 days to review the draft Agreement for Sale. Once both parties sign and register the agreement, your booking is legally confirmed. The payment schedule in the agreement then governs future payments.

10. Is GST applicable on the booking amount?

Yes. GST is applicable on under-construction properties at 5% for affordable housing and 5% for other residential properties without input tax credit. The booking amount is part of the total consideration on which GST is charged. Stamp duty and registration charges are separate and not included in GST.