TERMS AND CONDITIONS
The following terms & conditions and the payment plans attached herewith are an integral part of the application for booking of Office Space/ Retail Space/Space (i.e. said space) for allotment on leasehold basis in BOULEVARD WALK (i.e., said commercial complex) to be constructed & developed on land admeasuring 20235 sq. mts. situated in Builders Commercial plot No. C-2, Sector– 4, Greater Noida, District Gautam Budh Nagar (U.P.) (hereinafter referred to as the “said Plot”). The said Plot is held by Regal (being the Lead member of SPV) as per the terms and conditions of the lease deed duly executed and registered by the Greater Noida Industrial Development Authority (GNIDA) is favour of Regal on 19.10.2012 in Bahi No. 1 Jild No. 11797 at pages 45 to 80 bearing registration no. 20074.
1. Applicant(s) has checked, verified end appraised himself with all laws, rules, regulations, notifications, circulars and policies of Government including those of Greater Noida Industrial Development Authority (i.e., GNIDA) applicable on said plot & complex.
2. The layout plans of the Project are sanctioned and are subject to change, if deemed necessary by the Developer at its sole discretion, or as may be required by the relevant governmental authorities including but not limited to the GNID Authority, and the Developer shall be entitled to effect such suitable alterations in the layout plan, as maybe required in accordance therewith, including changes in the area of the Unit, floors, towers, number of Units, location and increase/decrease in the Unit area, number of total units, number of car parking slots allotted to the Buyer(s) etc. in the Project. Further, in the event that as a consequence of such changes, there is any increase/decrease in the super area of the Unit or the Unit becomes preferentially located, revised price and/or applicable preferential location charges (“PLC”) shall be payable and/or adjustable (without any interest accruing thereon) from the original price at which the Unit has been booked for allotment.
3. Amount equivalent to 10% (ten percent) of total net basic price shall be deemed to be ‘earnest money’ for space being booked by applicant(s) in said complex (i.e., ‘said space’). In case, applicant(s) violates any term or condition of application/allotment of said specs, developer shall have the right to cancel the allotment and forfeit the earnest money.
4. The Parties agree and acknowledge that the Super Area of the Unit is subject to variation and change during/prior to construction to be finally admeasured at the time of the delivery of possession of the Unit to the Buyer, and the charges in relation to the same will be payable / adjusted as specified hereinabove. No claim, demand, suit and/or litigation, shall be raised by the Buyer in relation such variation in the Super Area, and the Buyer hereby waives all rights in relation to the same.
5. In addition to basic price, applicant(s) has also agreed to pay, wherever applicable, charges/deposits for preferential location, car parking space, annual lease rent/One time lease rent in proportion to super area of said space. Charges for any facility(ies) in addition to standard specifications including but not limited to power back-up installation, utility connection, installation of firefighting equipment’s, pollution control equipment/devices, setting up of electrical sub-station, electrification and for providing any other equipment/facility shall be paid additionally by applicant(s) as per demands raised by developer These charges/deposits shall be as specified or as per then prevailing industry standards. The applicant (s) shall also be liable to pay such other charges may be levied from time to time.
6. Applicant(s) has checked, verified end appraised himself with all laws, rules, regulations, notifications, circulars and policies of Government including those of Greater Noida Industrial Development Authority (i.e., GNIDA) applicable on said plot & complex.
7. The Buyer agree that cost of complying with statutory requirements including towards all taxes, on the allotment, sale, agreement, on providing and constructing of the services for the Project etc., as maybe applicable and leviable from time to time in relation to the Unit, Allotment, sale consideration, this Agreement and/or the Project, would be payable by the Buyer on applicable rates/pro-rata basis, as the case may be, in accordance with Super Area or on agreement value. It is clarified that all taxes, service tax, charge, cess, duty, levy including WCT, VAT, Education cess, Labour Cess, surcharge etc. on the project land, construction, construction services/project cost, work contracts, booking, sale purchase of the Unit which may be imposed by the Government or other Statutory Authorities, shall be payable by the Buyer on pro-rata basis/ or on sales consideration extra over and above the price of the said Unit. The Buyer shall make the payment to the Developer after deducting TDS as may be applicable and at the rate specified by the concerned governmental body or appropriate authority from time to time. The amount shall be credited to the account of the Buyer on submission of proof of payment/deposition of “TDS on purchase of property” to the Govt. Account and submission of TDS certificate by the Buyer in Form-16B.
8. It is agreed and understood that the payments in favour of the Company shall be made by the Buyer from his/her account or by raising housing loan from any bank/financial institution. In case the payments at any stage as per payment plan are made through third party instruments (i.e. Cheque/BC/DD), the Buyer does hereby agree and undertakes to indemnify and keep the Company always indemnified, saved, defended, and harmless from and against all actions, claims, demands, costs, consequences, charges, expenses which the Company may incur or sustain by reason or on account of acceptance of third party instruments whether in respect of initial booking or subsequent installments in respect of the said unit.
9. In case the allottee wants to avail of a loan facility from his employer or financial institutions/ banks to facilitate the purchase of the unit applied for, the Company shall facilitate the process subject to the Terms & Conditions laid down by the GNIDA and subject to the following:
i) The terms of the financing agency shall exclusively be binding and applicable upon the allottee only.
ii) The responsibility of getting the loan sanctioned and disbursed as per the Company’s payment plan will rest exclusively on the allottee. In the event of the loan not being sanctioned or the disbursement getting delayed, the payment to the Company, as per payment plan, shall be ensured by the allottee, failing which, the allottee shall be governed by the provision contained in Clause No-7 as above.
10. Applicant (s) shall make all payments towards consideration/price for allotment of said space by way of cheques/drafts/pay orders issued in favour of. “Regal Emporia Infratech Pvt Ltd” (payable at New Delhi/ Noida). All cheques/drafts/pay orders shall be deemed to be accepted by developer subject to their realization only.
11. In case the applicant(s) opts for a payment plan with assured return, the applicant(s) shall be entitled to get returns as per the terms and conditions of the said plan, provided the applicant(s) has made the complete payment at all stages in accordance with opted plan. In case of default in payments as per payment plan opted by applicant(s), developer shall be released/ discharged from its all liabilities to pay assured returns to applicant(s). However if applicant(s) subsequently makes the due payment with interest, developer shall resume payment of assured return as per said payment plan from the data applicant(s). Amount of interest paid by applicant(s) shall never be included for calculation of assured return. In case of bookings with second applicant, returns would be paid in the name of the first applicant only. The value of assured returns shall always and under all circumstances, be calculated on the Basic Sale Price and not on any other charges that may be applicable to the said space.
12. Subject to compliance of all terms & conditions of allotment by applicant(s) and also subject to payment of total consideration/price & other charges applicable on said space by applicant(s), developer shall effect/cause execution of sub-lease deed of said space. It shall be valid as per norms laid down by GNIDA . It may be further extended in accordance with norms and approvals of GNIDA and developer. All expenses (including Stamp Duty) involved in its registration including renewals thereof (if any) shall be borne by applicant(s).
13. Since construction of said complex is a large project, developer shall construct the same in Phases. Irrespective of whether construction of other phase(s) is complete or not, developer will offer possession of said space after completion of construction of phase, wherein said space situates. Applicant(s) must take the possession of said space within thirty days from the date of offer of possession. Applicant(s) shall never have any objection to developer constructing or continuing with the construction of remaining structures in said complex or other buildings adjoining the said space. All major common facilities shall be completed and provided only after completion of construction of all phases. However all services necessary for making use of said space like air conditioning, power back up, etc. shall be activated at the time of delivery of possession of said space.
14. Developer will give possession of said space in raw/bare shell condition. Occupant/Applicant(s) shall do flooring, internal wiring, internal settings, painting of walls/doors/windows, install necessary fixtures and electrical accessories and do other works of internal decoration in said space in accordance with fit-out policy of said complex. Developer may offer possession of said space for fit-outs even prior to issuance of occupation/completion certificate with respect to concerned phase/said space. Developer shall provide one point connection for installation of the Air Conditioning systems in the said space (lockable) however the cost of the Air Conditioning unit and its accessories shall be borne by the applicant(s).
15. Developer shall endeavor to offer possession of said space for fit outs within a period of four years from the date of signing of the Agreement for said space. That the Developer shall be liable to pay a penalty @ Rs. 7 per square feet per month in case of delayed possession after the expiry of 6 month grace period from the time of committed possession. In case of assured returns the Developer shall keep paying the assured returns until the delivery of possession. However, if the possession is delivered before the committed date for possession, the applicant(s) shall not be entitled to the assured returns which will immediately stop after notice for possession. There will be no penalty clause for delayed possession in case of assured returns.
16. In case a particular unit is omitted due to change in the plan or the Company is unable to hand over the same to the allottee for any reason beyond its control, the Company shall offer alternate unit of the same type and in the event of non-acceptability by the allottee or non- availability of alternate unit, the Company shall be responsible to refund only the actual amount received from the allottee till then and will not be liable to pay any damages or interest to the allottee whatsoever. In case any preferentially located unit ceases to be so located, the Company shall be liable to refund extra charges paid by the allottee for such preferential location without any damages or compensation. Further, that the layout shown in the sales literature is tentative and is subject to change without any objection from the allottee.
17. Applicant(s) shall be entitled only to the covered areas of said space. Developer shall be always free to raise/construct additional floor/units in the building or any additional structure in said complex and to transfer the same to such person(s) on such terms and conditions, which the developer may deem fit and proper Developer shall be always free to change the lay-out plans, building plans and/or floor plans of buildings/structures in said complex in such manner which the developer may deem fit and proper Applicant(s) shall never have any objections in these regards.
18. Applicant(s) shall not be entitled to transfer/assign his rights/claims/interests in said space without prior written approval of the developer. Developer may in its sole discretion, permit such transfer/assignment on such terms and conditions (including levying of transfer fees/charges) as it may deem fit and proper. It will be mandatory for the applicant (s) to seek a NOC from the Developer before affecting any sale/ transfer of the Unit allotted to him. In case of transfer/ endorsement/assignment/change in name of provisional Allotment of the Unit, a processing fee shall be charged by the Company at prevailing time for the total sale value (including Basic Sale Price & other charges as payable under this Allotment) and the same shall be payable by the applicant to the Company at the time of submitting application for such transfer/endorsement/assignment/ change in name etc. However first transfer request will be entertained after receipt of 30% Basic Sale price shall be free of any charges.
19. In case the applicant, at any time, desires for cancellation of the allotment, it may be agreed to, though, in such a case, 15% of the Sale consideration of the unit, constituting the Earnest Money, will be forfeited and the balance, if any, refunded to the allottee without any interest.
20. Applicant(s) understands that expression ‘Lockable space’ shall mean space which is enclosed between walls made from such material as maybe considered appropriate by developer with door for ingress/egress. Assured Return on ‘lockable space’ shall only be applicable in the event if the applicant (s) opts for such an option available under the particular payment plan. Expression ‘Unlockable space/ Virtual Space’ shall mean undivided space in said complex. Applicant(s) further understand that at no point in time will the applicant (s) be ever entitled to physical possession of the said space. In case of ‘Unlockable space/ Virtual Space’, the applicant shall only entitled to “assured returns” until the time of possession and “assured rentals” for a period of 3 years after the handing over of the possession at the rate specified in the terms of Agreement . After the expiry of 3 years of handing over the possession, the applicant (s) will only be entitled to rate of returns as per the Lease Agreement of the space and shall mandatorily accept the same terms & conditions. The applicant (s) shall not be entitled to negotiate the lease with any third party under any circumstances and the client to whom the space is leased along with the terms of lease as finalized by the Developer shall be final and binding on the applicant (s) The applicant (s) will be liable to pay the stamp duty/ registration charges for lease, applicable on lease deed in the proportion that may be applicable to the applicant (s) and decided by the Developer/Body referred to in clause 18. from time to time. In case the applicant (s) opts to sell/transfer the Unlockable / Virtual Space, is shall be the duty of the applicant to ensure that the subsequent buyer becomes a party to the already existing lease. As provided above, the applicant (s) shall not have right to sell/transfer the said space without a NOC from the Developer.
21. In case applicant(s) opts to have ‘Lockable space’, location of said space shall be identified by the applicant. However the developer reserves the right to change the location of the said space according to the change in Layouts/Services Plans/Fire Fighting Plans and such other factors that may become relevant at any given point of time before handing over the possession. Applicant(s) understands and agrees that applicant’s preferred location shall be provided subject to availability only. That even if the applicant is not in occupation of the of the ‘lockable unit’, he will be under obligation to pay minimum mandatory charges that would include the cost of the common facilities required to efficiently run the Commercial Complex ( BOULEVARD WALK). The Developer will have complete discretion to ascertain the Minimum Mandatory Charges. The applicant (s) shall further be liable to make good of the losses/ compensate the Developer if any damage is caused to the common areas during the course of shifting/ renovation of the lockable space.
22. All ‘Unlockable Spaces’ in said complex shall he controlled by a body of first sub-lessees of ‘Unlockable spaces, which may he constituted as a ‘Company’, ‘Trust’, ‘Society’ or in any Other form. This body shall either use or further sub-lease the Unlockable Spaces for common benefits of its members and shall after deducting its expenses, distribute the income generated from use/further sub-lease of Unlockable Spaces amongst the first sub-lessees of Unlockable Spaces as per its Rules.
23. The body referred to in clause 18 shall be established prior to execution of sublease deed of said space and applicant(s) shall cooperate with developer in all ways for establishing said body including by way of execution of necessary documents. In case applicant(s) fails to cooperate with developer in establishing said body or fails to execute/provide necessary documents, developer will be immediately released/discharged from its all liabilities towards applicant(s).
24. Applicant(s) understand and agrees that following charges shall always be attached to said space:-
a. Common area maintenance charges i.e., CAM (For providing common services and facilities in said space)
b. Contribution to Sinking Fund. (This fund will be used for major repairs or replacement or purchase of new equipments for common use)
c. Interest Free Maintenance Security
d. Charges for consumption of water
e. Cost of insurance of building of said complex
f. Any other charges that may be made applicable by Developer from time to time.
25. Charges mentioned in clause 20 shall be payable by the applicant(s) to the Builder which will be transferred after possession to maintenance agency nominated/appointed by developer for rendering common services in said complex. These charges shall be in accordance with the prevailing industry standards. These charges shall be payable with effect from expiry of thirty days from the date of offer of possession by the developer or as described and agreed upon at the time of signing this Application Form and the Agreement.
26. Consideration/Price for said space and all other charges including CAM charges shall be calculated on the basis of super area’. ‘Super area’ includes the area of said space and proportionate share of common areas/ spaces in said complex.
27. In case prior to execution of aforesaid agreement to lease, applicant(s) wishes to get the accompanying application/booking cancelled or reduce the areas of said space, applicant(s) shall be liable to pay administrative charges that may be decided by the developer. In case after execution of agreement to lease, applicant(s) wishes to get area of said space reduced, applicant(s) shall have to submit the concerned broker’s ‘No objection’ for this purpose and shall also have to pay thirty percent of the basic price of area reduced towards developer’s administrative charges/damages otherwise developer will be released/discharged from its liability to pay any return or penalty and also fromits liability of assurance of ‘minimum return’, if such benefits were otherwise applicable to applicant(s).
28. Foreign applicant(s), applicant(s) having NRI/PIO status shall himself be exclusively responsible to comply with necessary formalities as laid down in Foreign Exchange Management Act, Reserve Bank of India Act and/or any other law governing this transaction including remittance of payments in India and acquisition of immovable properties in India. It shall be the sole responsibility of applicant(s) to ensure that payment is remitted only through authorized accounts/ channels. Developer shall not be responsible in any manner if any third party makes any payment/ remittances on behalf of applicant(s) and developer shall issue payment receipts in favour of applicant(s) only. All financial and penal consequences (if any) for violation of any law or rule shall be borne exclusively by applicant(s) himself. In case it is ever found that any provision of any applicable law is not complied with, allotment of said space shall be liable to be cancelled and in such a situation developer shall be entitled to forfeit earnest money and shall refund, without any interest, the remaining amount (if any) paid by the applicant(s) to the developer for said space after deducting broker’s commissions/discounts.
29. Developer shall send all letters/notices and communications to the sole/first applicant(s) at his address given in the application form through registered/speed post or through courier All such letters/notices and communications so sent to the sole/first applicant(s) shall be deemed to have been duly received by all applicants within 5 (five) days from the date of dispatch. Developer shall not be liable to send separate communication, letters and notices to the second applicant(s) or to applicant(s) other than the first applicant(s).
30. No one, (including any broker/dealer or even any employee of developer) is authorized to make any concession in any of the terms and conditions contained herein. Developer shall not be bound by any oral or written commitments beyond the scope of these terms and conditions made by any person including any broker or employee of developer.
31. The Basic Sale Price of the Unit is subject to “escalation” based on various wholesale price index / other indexes of the various constructions materials and commodities and be computed finally at the time of possession of the Unit and payable by the Buyer as the total consideration of the Unit. It is further clarified that only the escalation till 54 months from the date of execution of the respective Buyer Agreement shall be taken into consideration and any escalation beyond 54 months shall be to the sole account of the Developer and the Buyer shall not be responsible to pay any escalated amount unless such delay is on account of force-majure conditions.
32. For all intents and purposes including for interpretation of these terms and conditions a word or an expression which denotes a natural person shall include an artificial person (and vice versa), any one gender shall include other genders, singular shall include plural (and vice versa).
33. That the Developer reserves it right to change the terms of this application form at any point of time. The amended terms shall be final and binding on the applicant (s). The applicant (s) agrees that the terms of the agreement which will be executed between the Developer and the applicant (s) will be final and binding on the applicant. In case of any conflict between the terms of this application form and the terms of the agreement, the terms of the agreement will prevail.
34. This transaction shall be governed by laws of India.
35. In case of any dispute between the parties hereto (including their successors) concerning accompanying application or matters arising there from, the same shall be adjudicated by way of arbitration, which shall be conducted by an arbitrator nominated by developer. Venue of arbitration shall be at Delhi. Arbitration shall be conducted in accordance with Indian Arbitration and Conciliation Act, 1996. The arbitration proceedings shall be held at an appropriate location in Delhi by a sole arbitrator who shall be appointed by the Developer and whose decision shall be final and binding upon the parties. The Buyer hereby confirms that the Buyer(s) shall have no objection to the appointment of the Sole Arbitrator by the Developer.
The Courts at NOIDA and Allahabad High Court shall have jurisdiction over all matters arising out of or relating to this Application.