TERMS AND CONDITIONS
The Terms and Conditions of this application for provisional allotment are given below and the same have been understood, consented & acknowledged by the Applicant(s) beyond reasonable doubt and shall be binding upon him/her. The terms and conditions are merely indicative and are more comprehensively set out in the Buyer Developer Agreement:-
1. The Applicant(s) has applied for provisional allotment of the residential Unit and acknowledge(s) that he/she has seen and carefully examined all deeds/ documents / papers in relation to the Project, including but not limited to the title documents, building plans / sanction and other approvals obtained from the Competent Authority and the present Application has been made after being fully satisfied about the rights, title and interest possessed by the Developer over the same and with full knowledge of all laws / notifications and rules applicable to the residential group housing development in general and the said Project in particular.
2. That the timely payment of Installments as indicated in the agreed Payment Plan is the essence of the present application for provisional allotment. If the payment is not received within the stipulated period or in the event of breach of any terms and conditions of the present application form, the provisional allotment shall be cancelled and balance payment will be refunded without any interest/compensation , after deduction of earnest money i.e 10% of the total price of the Unit. After cancellation, the Applicant(s) shall be left with no lien, right, title, interest or any claim of whatsoever nature in the said provisionally allotted Unit and the Developer shall thereafter be free to resale and /or deal with the said Unit in any manner whatsoever at its sole discretion. In case the Developer, in its absolute discretion, allows any latitude in the payment of the delayed installments, interest @ ___% per month or for any part of a month will be charged for the period of delay in making the payment.
3. For preferentially located Unit, extra charges as given in the payment plan shall be paid additionally by the Applicant(s). It is also agreed that if due to any change in the lay out plan if any allotted Unit becomes preferentially located later on, then the Applicant(s) shall be liable to pay PLC as calculated and demanded by the Developer against such Unit. Similarly in case any preferentially located Unit ceases to be so located, the Developer shall be liable to refund/adjust extra charges paid by the Applicant(s) for such preferential location without any damages or compensation. Such refund shall be made/adjusted in the last installment as stated in the payment plan opted for by the Applicant(s).
4. That in case Applicant(s) wants to avail a loan facility from any Bank/Financial Institution/Agency to facilitate the purchase of the said Unit, then the Applicant(s) shall arrange / avail the loan facility from Bank/Financial Institution/Agency on his/her own and the Developer shall not be responsible or liable for the sanctioning and /or non-sanctioning of the same in any manner whatsoever. The Applicant(s) shall ensures and confirms that the installment as stipulated in payment plans are paid on due dates as per the payment schedule notwithstanding any delay in reimbursement of loan or non-sanction of the loan by the Bank/Financial Institution/Agency.
5. The Applicant(s) agrees and acknowledges that the Project is in development stage and that there could be deviations, at any stage, including but not limited to the location, number, size(super area and/or carpet area) etc. of the Unit/s. The marketing plan(s)/ brochure(s) are only descriptive of the proposed Project and the Developer reserves the right to change the design, specifications, layout, amenities and facilities, area , plans, etc. of the Project. Any such change shall however be subject to the approval/sanctions of the Competent Authority. ).In case of increase in super area of the Unit,the Applicant(s) shall be liable to pay the price of the increased area as per the prevailing company policy. If due to any reason the super area of the Unit decreases then the Developer shall be liable to refund /adjust the amount in the last installment as stated in the payment plan opted for by the Applicant(s).
6. The Applicant(s) also acknowledges that the area, specifications etc. of the Unit are tentative and the design, specifications, location and amenities and facilities, etc. of the Unit and/or Project may change as may be deemed necessary by the Developer in the best interest of the development of the Project or as otherwise may be required by the Competent Authority due to which the dimensions of the Unit , position and numbering of the Unit might required to be changed without notice to the Applicant(s). Any changes made and approved by the Competent Authority shall automatically supersede the present layout plan and other plans.
7. That the Applicant(s) agrees to pay directly or if paid by the Developer then to reimburse to the Developer on demand all govt. charges , rates, cesses, labour cess, property taxes, wealth tax, service tax any other tax/duty/charges of all and any kind by whatever name called, whether levied or livable now or in future, as the case may be, shall be borne and paid by the Applicant. Further the Applicant(s) shall be liable to pay property tax, fire fighting tax or any other tax, fee or cess as and when levied by a local body/ concerned Authority and Govt.. In the event of any increase in such taxes, rates, cesses or charges , whether prospective or retrospective , the same shall be treated as unpaid sale price of the said Unit and the Developer shall be entitled to claim/recover the same from the Applicant(s).
8. That it has been informed to the Applicant(s) that a certain percentage of the total area of the project has been allowed to be developed and used for commercial or institutional purposes by the competent Authority. The Developer shall have unfettered rights to construct commercial units/buildings/school/dispensary within that permissible area in its sole discretion.
9. That the completion & possession of the Unit will be done as per the projected date of the Developer subject to receiving the entire cost and other payments as per the payment schedule opted by the Applicant(s). In case of delay in possession beyond the projected date plus 6 months of grace period, the Applicant(s) shall be given delay penalty @ Rs._____ /- per sq ft (super area) per month.The time consumed in obtaining the Completion/Occupancy Certificate shall be excluded from the period of completion of the project as agreed by the Developer
10. It is further agreed and confirmed that the project shall be executed and completed in a phased manner in accordance with the construction schedule. The towers which are in the first phase shall be constructed first and possession of the Unit shall be handed over to the Applicant(s) accordingly. 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.
11. That after receiving the letter of offer of possession, the Applicant(s) shall within time stipulated, take possession of the Unit by getting executed the Sub Lease Deed , Maintenance Agreement and /or any other documents as may be required. If the Applicant(s) fails to take possession within the time period prescribed , then the Applicant(s) shall pay to the Developer holding charges for the entire period of delay in taking possession/executing the required documents including the Sub Lease Deed whichever is later. The rate/amount of Holding Charges shall be equal to the rate/amount of delay penalty as offered by the Developer in case of delay in possession.
12. That it is agreed by the Applicant(s) that the possession of the allotted Unit shall be given only after the payment of all dues by the Applicant(s) i.e Total Cost of Unit , Preferential Location Charges, Escalation Charges, applicable Taxes etc and upon execution and registration of the conveyance deed of the Unit.
13. That all the charges expenses, stamp duty, official fee, incidental charges etc towards the execution and registration of Sub Lease Deed including documentation shall exclusively be borne by the Applicant(s) alone. The Applicant(s) agrees and undertakes to get executed and registered the Sub Lease Deed immediately after receiving intimation from the Developer in this regard.
14. That the Applicant(s) shall get exclusive possession of the built up area of his/her Unit and will be transferred the title of this area along with proportionate undivided interest in the land under his/her block. The Applicant(s) shall have no right, interest or title in the remaining part and/or common area of the project except the right of ingress and egress in the common area. These areas and the land for other common facilities shall remain the exclusive property of the Developer. The right of usage of common facilities is subject to observance by Applicant(s) covenants herein contained and up to date of payment of all due amount to the Developer.
15. That for the computation purposes, the Units are being allotted on the basis of super area, which means and includes built up covered area of the unit plus proportionate share falling under corridors, stairs, passages, lobbies, projections and architectural features, lift wells and rooms, mumties, common lobbies and toilets, circulation and refuge areas, balconies, if any and other common spaces within the block of complex. The built-up covered areas of the Unit includes the entire carpet area of the unit. internal circulation area and proportionate area under internal and external walls and balconies. The built up area shall be measured from outer edge of the wall if it is not common and from the center of the wall if it is common.
16. That the final super area of the provisionally allotted Unit will be intimated after final physical measurement post construction and obtaining the Completion/Occupancy Certificate. In case of variation in actual super area vis-à-vis booked/allotted super area, necessary adjustments in cost plus or minus, will be made at the rate prevalent at the time of the booking. Similar measurements and calculations will be done for exclusive lawn and terrace area also wherever applicable as per the terms of the Buyer Agreement
17. That it is agreed that before giving actual physical possession, the Applicant(s) shall be afforded an opportunity to make physical inspection of the allotted Unit to get any deficiency/ damage/ problem rectified by the Maintenance Agency. After taking physical possession of the Allotted Unit after due inspection & rectification, the Applicant(s) shall have no right or claim of any nature whatsoever in respect of any item of work which the Applicant(s) may allege as not completed or in respect of any design or specifications.
18. That the details ( total area, common area, floor, size, facilities , number of units etc) about the Unit and the project as given in plans are tentative and can be modified due to technical and other reasons which may result in changes in position or direction of the Floor/Apartment , number of the Floors/Apartments, its boundaries, dimensions,area etc.The Applicant(s) hereby unconditionally and voluntarily gives his/her consent to the Developer to modify/ delete/ alter such specifications,details and/or facilities as stated herein above
19. That in case a particular Unit is omitted due to change in the plan or the Developer is unable to hand over the same to the Applicant(s) for any reason beyond its control/ Force Majeure events, the Developer shall provide alternate Unit of the same type and in the event of non-acceptability by the Applicant(s) and/or non-availability of alternate Unit within a specified time period, the Developer shall be responsible to refund only the actual amount received from the Applicant(s). The Applicant(s) hereby unconditionally agrees and confirms that in such case he/she shall not be entitled to claim any damages or compensation of any nature whatsoever from the Developer.
20. That in case the Applicant(s), at any time, desires/opts for cancellation of the provisional allotment for any reason whatsoever, then in such case earnest money i.e 10% of the total cost /price of the Unit shall be forfeited and the balance shall be refunded without any interest. within 90(Ninty) days from the date of submission of all required documents in the office of the Developer.
21. That the said residential project shall always be known as “___________”.However if required then the Developer alone shall have right to change the name of the project. The Applicant(s) and/or Resident’s Association shall not have right to change the name of the project.
22. That the address and email given in the application form shall be taken as final unless any subsequent change is intimated to the Developer in writing by the Applicant(s) through Registered / Speed Post Letter/mail. All demand notice, letters, etc. posted at the given address/mail i.d shall be deemed to have been received by the Applicant(s).That in case of joint allotment, all correspondence i.e demand notices, letters, etc. shall be sent only to the given address/email of the Main/First Applicant and the same shall be deemed to have been served upon all the Co-Applicant(s).
23. The Applicant(s) hereby authorizes and permits the Developer to raise finance/loan from any institution/company/bank by any mode or manner by way of charge/mortgage of the said Land/ Unit subject to the condition that the said provisionally allotted Unit shall be made free from all encumbrances before the execution of Conveyance Deed. The Developer or such financial institution/bank as the case may be shall always have the first charge on the said Unit for all their dues and any other sums payable by the Applicant(s).
24. That after taking possession of his/her Unit the Applicant(s) shall not use or allow to be used the Unit for any activity that may cause violation of the law, rules, regulation of the Govt. Court, Concerned Authority etc or which may create nuisance to neighbor or other residents/occupants in the building/complex .
25. The Applicant(s) if residing outside India, shall be solely responsible to comply with all necessary formalities, as laid down in applicable Foreign Exchange Management Act,,RBI Acts or Rules and/ or any other law governing remittance of the payment for obtaining requisite permission for acquisition of property. In case the permission for the acquisition of the Unit is not granted to the Applicant(s) the amount received by the Developer will be refunded in full to the Applicant(s) without any interest and compensation,but subject to the restrictions laid down by Reserve Bank of India/ Government of India in this regard.
26. That the Applicant(s) agrees that if due to force majeure event the development /possession of the allotted Unit may get delayed and /or whole or part of the said project may be abandoned then in such situations , no other claim will be preferred except that the amount deposited by the Applicant(s) shall be refunded without interest and/or compensation and upon compliance of necessary formalities by the Applicant(s) in this regard. The ‘Force Majeure Event’ means any event or combination of events or circumstances beyond the control of the Developer which cannot (a) by the exercise of reasonable diligence, or (b) despite the adoption of reasonable precaution and/or alternative measures, be prevented, or caused to be prevented, and which adversely affects the Developer’s ability to perform obligations under this Application, which shall include but not be limited to:
a) acts of God i.e. fire, drought, flood, earthquake, epidemics, natural disasters;
b) war and hostilities of war, riots, bandh, act of terrorism or civil commotion;
c) explosions or accidents, air crashes and shipwrecks, acts of terrorism;
d) strikes, lock outs or industrial disputes;
e) the promulgation of or amendment in any law, rule or regulation or the issue of any injunction, court order or direction from any governmental authority that prevents or restricts the Developer from complying with any or all the terms and conditions as agreed in this Agreement; or
f) any legislation, order or rule or regulation made or issued by the Govt. ,or any other authority or if any competent authority(ies) refuses, delays, withholds, denies the grant of necessary approvals for the said project or if any matters, issues relating to such approvals, permissions, notices, notifications by the competent authority(ies) become subject matter of any suit/ writ before a competent court or for any reason whatsoever;
g) Any event or circumstances analogous to the foregoing.
27. That the Applicant(s) agrees and undertakes that in case at any stage further development/construction in the project becomes possible, the Developer shall have sole right to undertake construction and dispose of such Unit without any objection or claim from the Applicant(s).
28. That all the charges payable to various departments for obtaining service/ connections to the Floor/Apartment like electricity, telephone, water, gas, pipeline etc. including security deposit for sanction and release of such connections as well as informal charges pertaining there to will be payable by the Applicant(s) in addition to the total sale consideration of the said Unit. In case of construction of electric substation/installation of transformers/laying of cables, the cost on pro rata basis shall be charged from the Applicant(s) at the time of offer of possession of the Unit
29. That the total sale price of the allotted Unit is subject to escalation in the prices of construction material, statutory charges and labour cost and the same shall be paid by the Applicant(s) to the Developer over and above the sale price mentioned in this Application. The period for which the escalation charges shall be calculated and paid shall commence from the date of booking and up to the date of possession of the provisionally allotted Unit committed by the Developer. The escalation charges shall be calculated as per the company policy on the basis of CPWD price index and the same shall be paid by the Applicant(s) at the time of the possession of the allotted Unit.
30. That in case of joint allotment, the Developer shall correspond or prefer claims with Main/First Applicant and such correspondence with the Main /First Applicant shall be deemed sufficient for its record and purpose
31. All or any disputes arising from or out of or touching upon or in relation to the terms or formation of this Application/Allotment or its termination, including the interpretation and validity thereof and the respective rights and obligations of the Parties shall be settled amicably by mutual discussion, failing which the same shall be settled through arbitration.
32. The arbitration proceedings shall be governed by the Arbitration & Conciliation Act, 1996, or any statutory amendments, modifications or re-enactment thereof for the time being in force. A sole arbitrator, who shall be nominated by the Developer shall hold the arbitration proceedings at New Delhi. The arbitration proceedings shall be held in English language and decision of the Sole Arbitrator shall be final and binding on the Parties. It is clearly agreed , understood and confirmed by the Applicant(s) that during the pendency of the Arbitration proceedings or any other proceedings before any Court ot Forum, the applicant(s) shall continue to discharge all his/her obligations contained herein or in the Application Form/ Buyer Agreement without any demur or reservation.
33. This Application Form and its contents shall be governed by and construed in accordance with the laws of India. Subject to arbitration clause, that the Courts at New Delhi alone shall have the jurisdiction in all matters arising out of or touching upon or concerning this Agreement.
34. All payments in respect of the Allotment money, Installments and / or any other charges shall be made by the Applicant(s) in the name of the Developer, unless otherwise specifically informed by the Developer to the Applicant(s).Developer shall not be responsible/ accountable for any payment made in cash or through cheque to agent/ broker/channel partner/ any third person. The Developer shall also not be responsible /liable for any assurances, promises etc given by agent/ broker/ channel partner/ any third person regarding allotted Unit /Project, payment plan, cost of the Unit, facilities in the Unit etc who is not authorized by the Developer.
35. That if the Applicant(s) makes payment through cheque, and cheque is dishonoured due to any reason whatsoever, the Developer shall be entitled to charge Rs.1000/- (Rs.One Thousand Only) per instance from the Applicant(s) as fine/penalty.
36. That in case of any dispute between the Co-Applicant(s), the decision from the competent Court shall be honoured by the Developer. However, in such case the co-applicant, either collectively or severally, shall ensure that the installments are paid in accordance with the agreed payment plan, failing which the provisional allotment shall be cancelled and the refundable amount, if any, according to the terms and conditions contained in this allotment letter, shall be paid to all the Applicant(s) in equal proportion.
37. The Applicant(s) is entitled to get the name of his nominee(s) substituted in his/her/their place. However such substitution shall be at the sole discretion of the Developer and will need its prior written approval from the Developer. Any change in the name of Applicant(s) will be treated as substitution for this purpose. Administrative charges as prescribed by the Developer from time to time shall be paid by the Applicant(s) before the substitution. The Applicant(s) shall be solely responsible and liable for all legal, monetary or any other civil or evil consequences that may arise from such substitution.
38. Until a sale deed is executed and registered, the Developer shall continue to be the owner of the Unit and this provisional allotment shall not bestow upon the Applicant(s) any rights or title or interest therein and the Applicant(s) shall not create any third party charge or lien on it. The Developer shall have a first lien and charge on the Unit for all its dues that may became due and payable by the Applicant(s) to the Developer.
39. That the Applicant(s) undertakes that he/she/they/it has gone through the Income Tax Notification dated 31st May 2013 pertaining to deduction of TDS on payment of installments to the Developer and agrees to furnish the certificate of deduction of tax at source to the Developer, as applicable, within the timeline prescribed by aforesaid notification. The Applicant(s) also agrees to furnish his/her/their/its Permanent Account Number (PAN) within 30 days from the date of execution of this Application Form, if not furnished earlier.
40. That for all intents and purposes, singular includes plural and masculine includes feminine gender.
I/We, the Applicant(s) has/have carefully read and understood the above mentioned terms and conditions of the present Application Form for provisional allotment and agree to abide by the same without any objection/s. I/We,the Applicant(s), also declare that I/We have sought detailed explanations and clarifications and after due deliberation and giving careful consideration and examination of all facts, terms, conditions, and representations made by the Developer, I/We have now signed and executed this Application Form after being fully conscious of my/our liabilities and obligations under this provisional allotment.