Real Estate Regulation Bill, 2011 to protect home buyers from fly-by-night developers soon
- Sunday, June 12, 2011, 12:06
- Corporate Law
- News
The much-awaited Real Estate Regulation Bill, 2011, which seeks to protect home-buyers from fly-by-night developers, is under process of consultation by various ministries. “The draft Bill is almost being finalised. We have sent the Bill to Law Ministry for their approval and subsequently we will sending it to other ministries for approval,” Ministry of Housing and Urban Poverty Alleviation joint secretary SK Singh said today.
Singh, who was speaking to reporters on the sidelines of a RICS event here, said the Bill would go to the Cabinet for approval after all the ministries have vetted it, but declined to give a timeline for placing it in Parliament.
The Bill, which has been drafted taking into account the interests of all stakeholders and real estate developers, would set the tone for reforms in the housing sector.
“The Bill will not cover the pricing of property as the intention is not to strangulate the sector but to make real estate properties easily available,” Singh said.
The Bill is in the making for more than three years now. Sources in the Housing and Poverty Alleviation Ministry said since land is a state subject and there are many issues involved in the enactment of the Bill.
The Centre can only enact a model Bill which can be referred to the state government for their consideration.
There is a demand-supply gap for low cost houses and the purpose of the Bill is to protect the interest of consumers while also taking into account the concerns of stakeholders. .
Singh was speaking at the book launch of UK-based self- regulatory body for qualifications and standards, Royal Institution of Chartered Surveyors (RICS).
RICS on Friday launched the India edition of the ‘Red Book’ which lays down mandatory rules for its members.
“The book would provide guidance on valuation of real estate properties under the current Accounting Standards and would help valuers in different ways, including mergers and acquisitions,” RICS India Country Head Sachin Sandhir said.
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- Real Estate Developers’ Associations may move court if land cost is not exempted form levy of service tax
- Income Tax department conducts nationwide searches on more than 70 premises of major real estate developers
- Regulatory Body for Real Estate Sector: 350 suggestions received
I am producing below a copy of the agreement received from a builder which reveals how helpless the consumers are vis-a vis builders. This shows the dire and urgent need of legislating Real Estate Regulatory Authority on urgent basis.
Project “Lumbini Terrace Homes” proposed to be developed by Brisk Infrastructure & Developers Private Limited
(the ‘Company’) on a parcel land situated at Sector 109, Gurgaon, Haryana (“Project”).
I/We agree to sign and execute, as and when required, the Agreement to Sell containing the terms & conditions of
allotment of the Apartment and other related documents on the format provided by the company.
I/We also agree to abide by the Terms & Conditions for registration of provisional allotment of Apartment in ‘Lumbini
Terrace Homes’ which I/We have read and completely understood.
I/We further understand that the expression ‘Allotment’, wherever used herein shall always mean provisional
allotment and will remain so till such time a formal Sale Deed is executed in Favour of the Intending Applicant(s).
1. SOLE/ FIRST APPLICANT
(Compulsory to fill all the details along with a passport size photograph)
Mr./Ms.
S/o / D/o Age
Mailing Address:
House No. Street City
State Country Pin
E-mail Tel No Fax No
Mobile No Income Tax Permanent Account No
Nomination Details:
Name
Relation with applicant
Age
House No. Street City
State Country Pin
Email Tel No Fax No
Mobile No Income Tax Permanent Account No
2. SECOND/ JOINT APPLICANT
Mr./Ms.
S/o / D/o Age
Mailing Address:
House No. Street City
State Country Pin
E-mail Tel No Fax No
Mobile No Income Tax Permanent Account No
4
Nomination Details:
Name
Relation with applicant
Age
House No. Street City
State Country Pin
Email Tel No Fax No
Mobile No Income Tax Permanent Account No
3. DETAILS OF APARTMENT REQUIRED
Type
(3 Bedroom / 3 Bedroom + Store / 4 Bedroom)
Super Area of Apartment (Approx)
No. of covered car parking No. of open car parking
4. SALE PRICE OF SUPER AREA
a. Basic Consideration Price
(including cost of Car Parking)
b. External Development Charges / Internal Development Work
c. Preferential Location Charges (If Applicable)
d. Interest Free Maintenance Security Deposit
e. Club Charges
f. Other Chargers, if any
Total:
5. PAYMENT DETAILS
I, hereby remit Registration Amount as under:
Cheque/ Demand Draft/ Pay order No…………………..…Dated………………………………….. Issued by
(Bankers)………………………………………………Branch………………………………….. Rs…………………../-
(Rupees in words)…………………………………………………………………… ……………………………………
………………………………………………………………………….. (Being ……..% of Basic Sales Price “BSP”/
Earnest Money Deposit) in favour of “Brisk-Lumbini” payable at Delhi. Forwarded to: 1B-1C, Second Floor, The
Plaza Mall, M G Road, Gurgaon (Haryana)- 1220021
6. PAYMENT PLAN OPTED
DOWN PAYMENT PLAN CONSTRUCTION LINKED PLAN
I/We, the applicant(s), do hereby declare that my/our registration of provisional allotment of the area of a unit by
the Company is irrevocable and that the above particulars/ information/ details given by me/us are true and correct
nothing has been concealed there from. In case of any false or misleading information provided by the Applicant(s),
the Company shall be entitled to forfeit the amount deposited by the Applicant(s).
Date: Place:
(Signatures of 1st Applicant) (Signature of 2nd Applicant)
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Note
Cheques/ Demand drafts to be made in favour of “Brisk-Lumbini” payable at Delhi.
In case, the cheques comprising BSP/Earnest Money Deposit is dishonoured due to any reason, the Company
reserves the right to cancel the application without giving notice to the applicant(s).
All amounts received from Applicant(s) other than Resident Indian shall be NRE/ NRO/ Foreign Currency Account
only.
Total Price does not include stamp duty, registration and incidental charges as well as expenses of the property
buyer’s agreement and conveyance deed etc. which shall be borne and paid by the applicants to the Company.
The total Price does not include Taxes.
The total Price does not include the maintenance charges, property tax, municipal tax, govt. rate tax on land, fees
or levies of all and any kind by whatever name called.
The total price does not include any other charges that maybe payable by the applicants as per the apartment
Buyer Agreement as demanded by the Company.
Specifications and price can be changed at the sole discretion of the Company.
I/We have thoroughly read and clearly understood that this application does not constitute an Agreement to Sell
and I/We do not become entitled to the provisional and/or final allotment of Residential Apartment in the Project
notwithstanding the fact that M/s. Brisk Infrastructure & Developers Private Limited (“Company”) may have issued
a receipt in acknowledgement of the Earnest Money tendered with the application & encashed the same. It is only
after I/We sign and execute the Agreement to Sell on the Company’s standard format thereby agreeing to abide by
the terms and conditions laid down therein that the allotment shall become final and binding upon the Company. If,
however, I/We withdraw/cancel this application or I/We fail to execute and return the Agreement to Sell within thirty
(30) days from the date of its dispatch by the Company then the Company may at its sole discretion treat my/our
application as cancelled and the Earnest Money paid by me/us shall stand forfeited.
I/We have clearly understood and agreed that this application form will be processed by the Company only after
encashment of the cheque submitted by me/us i.e. for BSP / Earnest Money together with application form
complete in all respects otherwise application shall be liable for rejection and amount(s) paid by me/us upto the
extent of Earnest Money shall automatically stand forfeited without any further notice in this regard.
In the event of the Company agreeing to provisionally allot Residential Apartment, I/We agree to execute agreement
to sell on company’s standard format within stipulated period and to pay further Installments of sale price and other
dues as stipulated in this application form and the Agreement to Sell and payment plan as explained to me/us by
the Company’s Sales Organizer/executive and understood by me/us.
6
BROAD TERMS AND CONDITIONS FOR REGISTRATION AND ALLOTMENT OF APARTMENTS
AT LUMBINI TERRACE HOMES, GURGAON, HARYANA
The following terms and conditions for allotment of a residential apartment in “Lumbini Terrace Homes” (“Apartment”),
being developed by Brisk Infrastructure and Developers Private Limited (“Company”) at Sector 109, Gurgaon,
Haryana are indicative in nature with a view to acquaint the applicant(s) (“Applicant”) with some of the key terms and
conditions, as more will be comprehensively set out in the proposed Apartment Buyer’s Agreement (“Agreement”):-
1 The Applicant has requested for allotment of the Apartment in Lumbini Terrace Homes, being developed in
Sector 109, Gurgaon, Haryana (“Project”) by the Company with full knowledge of and subject to all laws,
notifications and rules applicable to the area in general and the Project in particular and all queries regarding the
same have been answered by the Company to the complete satisfaction of the Applicant.
The application for the request for allotment of the Apartment shall be processed and accepted by the Company
only if this application form is filed along with the requisite cheques/draft for the amount of Earnest Money
…….%. Also the application form shall be processed by the Company only after cheques tendered by the
Applicant along with this application form are fully encashed. If the cheque(s) submitted by the Applicant along
with this Application gets dishonoured, for any reason whatsoever, then the Application will be rejected by the
Company and the Company will not be under any obligation to inform the Applicant about such dishonour of
the cheque or rejection of the Application. The Applicant will not be entitled to tender a new cheque in place of
dishonoured cheque, in such case.
2 This Application is a request by the Applicant for the allotment of the Apartment in the Project and the Company
reserves the right to accept or refuse the allotment of Apartment at its sole discretion.
3 This Application will be screened by the screening committee appointed for this purpose. The Application will
be considered by the screening committee for shortlisting only if it is complete in all respects and subject to the
tendering up and encashment of applicable payment of earnest money / installments in full together with requisite
supporting documents such as Income Proof, PAN no, email id, Photo Identity, Address proof and photograph
of Applicant etc and other relevant documents desired by the Company and acceptance and signing of this
Application as per norms and conditions and payment plan annexed to this application form. Decision of the
screening committee regarding acceptance/rejections of the Application and allocation of the Apartment will be
final and binding on the Applicant. The Applicant shall have no objection to the allotment procedure and norms
fixed up by the screening committee and shall not raise any objection in case his Application is not considered
for allotment of the Apartment due to any reason whatsoever notwithstanding the fact that Applicant might have
tendered earnest money in full or in part and which has also been encashed by the Company.
4 In case this Application is rejected by the screening committee or the Company is unable to accept/consider
this Application for any reason whatsoever, the Company will refund the Earnest Money without any interest by
an account payee cheque to the Applicant. Such refund shall be made by the Company through Speed post or
registered AD within 90 days of such rejection. Refund of Earnest Money by the Company to the Applicant shall
constitute complete discharge of its liabilities and its obligations under this Application and the Applicant shall
have no right, claim or interest of whatsoever nature or kind in the Apartment/Project thereafter.
5 In case this Application is accepted by the Company, the Company will intimate the Applicant in writing subject
to his acceptance of the terms and conditions provided hereunder. Such written intimation will be made to the
Applicant within 30 days of acceptance of this Application.
6 It has been agreed and understood by the Applicant that the Company shall issue only a single notice to the
Applicant at the address provided by the Applicant through any of modes available and it shall be the duty of the
Applicant to receive the notice issued by the Company at the address so provided. It has also been understood
that the responsibility of the Company ends at the time of posting of the notice by it to the Applicant and no further
responsibility of whatsoever kind or nature rests upon the Company. And no claim of any sort shall be entertained
in this regard.
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7 The Applicant has satisfied itself/himself/herself about the right, title and interest of the Company to sell and
market the Apartments and the right and title of the Company in the land on which the Project is being developed
and the licence which has been issued in favour of the Company by the competent authority for development of
the Project on the land. The Applicant has understood all limitations and obligations in respect thereof. Having
carried out its independent investigations, the Applicant agrees that after signing of this Agreement, it shall not
raise any dispute nor raise any objection in this respect. Applicant understands and agrees that the Project falls
within the new Master Plan of Gurgaon and the site of the Project may not have the infrastructure in place as
on the date of booking or at handing over of possession as the same is to be provided by the Government/
nominated government agency. Since this is beyond the control of the Company, therefore the Applicant shall
not claim any compensation for delay/non-provision of infrastructure facilities and / or consequent delay in
handing over the possession of the allotted Apartment.
8 The Applicant has examined and accepted the plans, designs and other specifications of the Apartment, being
submitted to the competent authorities, which are tentative and are subject to change/modification/alteration/
deletion according to the advise of such competent authorities or architect. The Company shall have the right
to effect suitable and necessary alterations in the layout plan and/or specifications, as and when required due
to revision of building plans, technical, site conditions or any other reasons, which may involve all or any of the
changes, such as, change in the position of the Apartment, increase / decrease in size, change in floor plan,
layout, change in its number etc. in pursuit for excellence & in tune with the global trends and / or environment
requirements. The applicant(s)/intending allottee(s) shall have no objection and shall accept the improvements
done by the company for betterment of apartments and shall willingly pay for the additional facility, specification
or improvement provided that improvement cost is less than 5% of total cost of apartment.
9 The Applicant has made the application for allotment of the Apartment with all knowledge that some mandatory
approvals are still pending to be taken from the competent authority and that in case the same are not sanctioned
or are cancelled or revoked at any time during the construction or thereafter, the Company shall refund the
money received from the Applicant without any interest and after such refund the Applicant shall have no right,
claims whatsoever against the Company and the Company shall fully stand discharged and released from all its
obligations and liabilities under the Project towards the Applicant.
10 It has offered to and has been agreed by the Applicant that he/she/it shall be at liberty to inspect the sanctioned
plan at the site office of the Company with prior appointment and incase he/she/it fails to inspect the sanctioned
plan at the appropriate time, in such event the Applicant shall not be entitled to raise any dispute qua the
plan and/or the allotment of the unit or any dispute relating thereto consequent upon any change from the
specifications/area/location etc as provided at the time of booking.
11 The Applicant, if resident outside India or having Non Resident Indian (NRI) status, shall solely be responsible for
complying with the necessary formalities as laid down in Foreign Exchange Management Act ( FEMA), Reserve
Bank of India (RBI) Act and rules/guidelines made / issued thereunder and all other applicable laws including
that of remittance of payments, acquisition/sale, transfer of immovable properties in India and provide the
Company with such permissions, approvals which would enable the Company to fulfill its obligations under this
Application. In case any such permission is ever refused or subsequent found lacking by any Statutory Authority/
the Company, the amount paid towards booking and further consideration will be returned by the Company as
per rules without interest and the allotment (if made) shall stand cancelled forthwith and the Company will not
be liable in any manner on such account. Also the Applicant shall indemnify the Company from all the damages
suffered by it due to such non compliance by him/her/it.
12 The Company has made it clear and the Applicant(s) has agreed that the sale price (“Sale Consideration”) of the
Apartment shall be calculated on the basis of its Super Area (i.e. area equivalent to the sum of total covered area
of the Apartment and the pro-rata share of the total common area of the building) and that the Super Area stated
in this Agreement is tentative and subject to change till the construction of the Building gets completed. The
final Super Area of the Apartment shall be confirmed by the Company only after the construction of the Building
is complete and occupation certificate is granted by the competent authority(ies). The total price payable for
8
the Apartment shall be recalculated after confirmation by the Company of the final Super Area of the Apartment
and any increase or reduction in the Super Area of the Apartment shall be payable or refundable, without any
interest, at the same rate per sq.ft/mtr as provided in the application form or the Agreement. If there shall be an
increase in Super Area, the applicant(s) agrees and undertakes to pay for the increase in super area immediately
on demand by the Company and if there shall be a reduction in the Super Area, then the refundable amount due
to the Applicant shall be adjusted by the Company from the final installment as set forth in the payment plan.
13 There will be Preferential Location Charges (“PLC”) in case any better location is preferred by the Applicant
for the Apartment in the Project and the same shall be payable by the Applicant, as per the demand of the
Company in a manner and within the time as stated in the payment plan. However, the Applicant has specifically
agreed that if due to any change in the layout/ building plan, the said Apartment ceases to be preferentially
located, the Company shall be liable to refund only the amount of PLC paid by the Applicant and such refund
shall be adjusted in the last installment as stated in the payment plan. On the other hand, if his/her Apartment
in the Project becomes preferentially located due to the aforesaid changes in the layout/building plan, then the
Applicant shall be liable and agrees to pay, as demanded by the Company, additional PLC as stated in the
payment plan.
14 The Applicant shall make all payments of the agreed sale consideration of the Apartment as per the Payment
Plan, along with the other applicable charges as mentioned or stipulated therein vis-à-vis Basic Sale Price,
External Development Charges (“EDC”), Infrastructure Development Charges (“IDC”), PLC (for superior location,
floors etc.), Maintenance Charges, and Security Deposits and all other charges as may be communicated from
time to time. The Applicant shall further be liable to pay any enhanced EDC, IDC or any other tax/charges
including any fresh incidence of tax as may be levied by the Government of Haryana/Competent Authority/
Central Government, even if it is retrospective in effect as and when demanded by the Company. The Applicant
shall further make payment of any other third party/statutory taxes/fees including without limitation, registration
charges, stamp duty and other incidental expenses as and when demanded by the Company.
15 The Applicant shall also pay, as and when demanded by the Company the prorated share of any Value Added
Tax (VAT), Service Tax, GST or any other third party/statutory taxes, duties, charges, cess, fees, levies, etc., as
may be found applicable to the present transaction or the Apartment.
16 All drafts/cheques (except for EDC/IDC amount) are to be made in favour of “BRISK-LUMBINI”, payable at
Delhi/Gurgaon/New Delhi. All Drafts/Cheques for EDC amount are to be made in favour of “BRISK-LUMBINI
EDC”, payable at Delhi/ New Delhi. In case the Applicant make the payment by an outstation cheque, then his/
her payment would be deemed to have been received on the date on which the cheque will get credited into
the bank account of the Company by the Bank and the bank charges for the outstation clearing will be charged
from the Applicant.
17 The Applicant shall be liable to pay interest on every delayed payment at the compounded rate of 15% per annum
with quarterly rests from the date on which it is due for payment till the date of actual payment thereof. In case
the Applicant defaults in making payment of the due installment (including partial default) beyond a period of 30
days from the due date, the Company shall be entitled to cancel the allotment and terminate this Agreement any
time thereafter in accordance herewith. However, the Company may alternatively, in its sole discretion, instead
decide to waive its right to terminate this Agreement and enforce the payment of all its dues from the Applicant
by seeking specific performance of this Agreement. Further, in every such case of delayed payment, irrespective
of the type of payment plan, the subsequent credit of such delayed installment(s)/payments along with delayed
interest in the account of the Company shall not however constitute waiver of the right of termination reserved
herein and shall always be without prejudice to the rights of the Company to terminate this Agreement.
18 The Company shall adjust all the amounts received from the Applicant first towards interest on overdue
installments and only thereafter towards the overdue installments or any other outstanding demand payable to
the Company and finally the balance, if any, would be adjusted towards the current installment or current dues
for which the payment is tendered.
9
19 Performance of all the obligations under this Agreement by the Applicant and more specifically the timely
payment of the Sale Consideration and other charges under the payment plan agreed by the Applicant shall
be of the essence for these terms and conditions and the Agreement. If the Applicant neglects, omits, ignores,
or fails in the timely performance of its obligations agreed or stipulated herein for any reason whatsoever or
to pay in time to the Company any of the installments or other amounts and charges due and payable by
the Applicant by respective due dates, the Company shall be entitled to cancel the allotment, terminate the
Agreement and forfeit the Earnest Money. It is clearly agreed and understood by the Applicant that it shall not
be obligatory on the part of the Company to send demand notice/reminders regarding the payments to be
made by the Applicant as per the payment plan or obligations to be performed by the Applicant under these
terms and conditions of the Application, the Agreement or any further document signed by the Applicant with
the Company. The Applicant hereby also covenants to observe and perform all the terms and conditions of the
Application, the Agreement and Conveyance Deed to keep the Company and its agents and representatives,
estates and effects indemnified and harmless against the said payments and observance and performance of
the said terms and conditions and also against any loss or damages that the Company may suffer as a result of
non-payment, non-observance, or non-performance of the said terms and conditions by the Applicant.
20 The prices of Apartments are free of escalation to the extent of increase in prices of inputs by 10% and the same
would be absorbed by the Company but in case the prices of inputs increases higher than 10%, the same shall
be added to the cost of the Apartment(s) as per the input price index of construction material on pro rata basis.
The decision of the Company in this behalf shall be final, conclusive and binding on the Applicant.
21 The Applicant agrees to pay additional sum for Car Parking space for exclusive use in the said complex, but
it shall not have any ownership rights over the parking space allotted to him. The Car Parking space whether
covered or open would be used exclusively for parking of light motorized vehicles and would not be used as
storage or put to any other use under any circumstances, inclusive of housing pets, cattle, animals etc. The
Car Parking right is integral part of the Apartment and cannot be detached from the Apartment and shall stand
automatically transferred along with the transfer of the Apartment.
22 The Applicant, if being allotted the Apartment, shall pay, as and when demanded, the maintenance including
security deposit for providing, maintaining and up-keeping the Apartment and the various services therein, as may
be determined by the Company or the maintenance agency appointed for this purpose (“Maintenance Agency”),
as the case may be. It is further agreed by the Applicant that the Company shall not be liable to maintenance and
other charges for unsold Apartments in the complex till the time Apartments are sold or leased or occupied and
maintenance and other charges shall be payable only by the purchaser/lessee/occupant of the Apartments in
the Project.
23 The scavenging of the common areas will be carried out by the Maintenance Agency but those inside the
Apartment will be carried out by the Applicant only, who will ensure that all dirt, refuge and waste is properly
transported out in covered cans/bags as biodegradable & non biodegradable waste.
24 Pursuant to the provisions of section 14 of the Haryana Apartment Ownership Act, 1983 (“Act”), the Applicant
expressly agrees, confirms, acknowledges and gives his unqualified consent for removal of the Property/
Building/Tower from the provisions of the Act. The Applicant voluntarily elects that the maintenance and
upkeep of the Property/Tower/Building and its common areas, facilities, services and amenities be entrusted to
Company/its Maintenance Agency until an elected body/society/association of all the apartment owners of the
specific property/Tower/Building is formed, lawfully constituted and registered as per Declaration in Form A to
be submitted by the Company to the competent authority under the Act. The Declaration besides other details
shall specify the details pertaining to (a) Description of the limited common areas and facilities, (b) Description
of the limited common area and facilities, if any, stating to which apartments their use is reserved, etc., upon
transfer/assignment of the upkeep and maintenance of the building and its common areas, facilities, services
and amenities to the body/association/society as mentioned herein, the Tripartite Maintenance Agreement in
respect of the Project building shall become null and void and rescinded. The Company/Maintenance Agency
10
and the Applicants shall be relegated to their respective positions as per the Act and status quo mentioned as
per the said Act and Rules framed there under.
25 It is expressly agreed to and understood by the Applicant that notwithstanding the fact that a portion of the
common areas of the Building has been taken into consideration for the purpose of calculation of the Super
Area of the Apartment, yet it is only the area within the four walls of the Apartment that has been agreed to be
sold to the Applicant. The inclusion of the common area of the Project building in computation of super area of
the Apartment does not and would not create any specified or independent interest in favour of the Applicant in
the open spaces and all or any of the common areas such as lobbies, lifts, corridors, terraces and roof etc. of
the Project building.
26 It is expressly agreed and understood by the Applicant that the right of the Applicant under this Agreement is
confined and restricted to that Project building in which the Apartment of the Applicant is located and to the
common areas and facilities in respect of the same and would not extend to the common areas and facilities
in any other building or in the club building, sports complex, park, open spaces, shopping arcade, green belt,
community centre, facilities, basements, plant rooms in the Project. However, the Applicant shall have the right
to use the common areas and facilities in the Project only for peaceful ingress and egress in the manner and
to the extent identified by the Company in its sole discretion and such identification by the Company in its/their
plans now or in future shall be final, conclusive and binding on the Buyer.
27 The Company shall have the absolute right to make additional construction anywhere in the Project, whether
on account of increase in Floor Area Ratio (FAR) or better utilization of the said land or for any other reason
whatsoever to the extent permissible by the government or Director General, Town and Country Planning,
Chandigarh, Haryana (DGTCP). The Company shall have the absolute and unfettered right to transfer such
additionally constructed areas in any manner whatsoever as the Company may in its absolute discretion think
fit. The Company and the transferees of such additional construction shall have the same rights as the Applicant
including the right to be member of the society of apartment owners to be formed and an equal right to use of
the common areas and other common amenities of the Project.
28 The Applicant understands and agrees that it shall not have any right to transfer/assign this Agreement in favour
of any other Person and any such transfer by the Applicant without seeking the permission of the Company shall
be illegal and not binding upon Company and the Applicant shall continue to be liable to the company under the
terms of this Agreement.
29 Notwithstanding the restriction on transfer, the Company may at its sole discretion permit such assignment/
transfer of this Agreement in favour of a nominee on a case to case basis subject to condition that such transfer
shall not be allowed under any circumstances, prior to allotment of flat by the Company having taken place,
in favour of the Applicant and is further always subject to payment of the administrative and other charges as
decided by the Company as well as the execution of appropriate collateral documentation by the Applicant and
the proposed assignee(s)/transferee(s) to the complete satisfaction of the Company in the format finalized by it.
It is however made clear that the Applicant does not have any enforceable right to demand assignment/transfer
of its rights under this Agreement, the sole discretion of which rests with the Company and the Applicant agrees
and consents that the Company is not bound to permit the requested assignment/transfer, even though it may
have done so in any other person’s case previously or may do so subsequently. In the event that any such
request for assignment/transfer of rights under this Agreement is permitted by the Company, it shall always be
subject to the applicable laws, rules, regulations and the directions of the Government. The Applicant hereby
indemnifies and undertakes to keep the Company saved, indemnified and harmless at all times from any legal,
monetary (including liability for any tax, penalty or duties, etc.), or other adverse consequence whatsoever on
account of such permission being accorded by the Company on the request of the Applicant.
30 The Applicant agrees and undertakes that it shall not modify any structure or raise any illegal construction in the
Apartment allotted nor encroach upon or occupy any area falling outside the said Apartment. The Apartment
shall solely be used for residential purpose alone and for no other purpose and furthermore the Applicant shall
11
not conduct any illegal or immoral activities from or in the said Apartment. The Applicant further undertakes
not to carry on any activity from and in the said Apartment, which creates nuisance or is illegal, obnoxious or
contrary to public policy or contrary to the common interest of the collective owners/ occupants of the Project.
The Applicant shall also not change the colour scheme of the outer walls and painting of exterior side of the door
and windows and shall also not carry out any change in the exterior elevation and design and shall not erect any
fencing/hedging/grills without the prior permission of the Company.
31 The Applicant understand and agrees that incase the Applicant makes any change in the original structure or
the exterior of the project or cause any repairs in the unit in such a situation the Applicant shall be liable to pay
the costs and make good any loss caused due to such restoration of the project to its original condition.
32 The Applicant understands and agrees that he/she/it shall be liable for upkeep and maintenance of the unit
upon its allotment by the Company and incase of any negligence in upkeep and due repairs, as and when the
need for the same arises, in such case the Applicant shall be liable to pay all losses which may be caused to the
Company and/or to the owners of the adjoining units.
33 The Applicant shall not sub divide the Apartment.
34 The Applicant understands and agrees that under no circumstances shall, the payments made under this
Agreement, be construed or deemed to create, in any manner whatsoever, a lien on the said Apartment in
favour of the Applicant. The Applicant clearly understands that the ultimate conveyance of the said Apartment
in favour of the Applicant is contingent on the payment of the complete Sale Consideration and all outstanding
dues and the due, timely and faithful performance by the Applicant of all its obligations agreed and undertaken
herein.
35 The Applicant understand and agrees that for no reason whatsoever, the Applicant shall stop making payments
to the Company under the payment terms as agreed and incase the payments as demanded by the Company
remain unpaid within the reasonable period for such payment the Company shall be entitled to cancel the
booking and forfeit earnest money without any further notice in this regard. It has also been agreed that in case
the Applicant raises any dispute on any aspect of the project or the payment terms or rates etc, the same shall
not be a ground for not making payments to the Company under the payment terms.
36 The Applicant shall indemnify and undertakes to keep the Company, its assignees and nominees saved,
indemnified and harmless from and against all consequences resulting from the breach by the Applicant of any
law or its representations, warranties and undertakings found to be untrue.
37 The Applicant hereby authorizes and permits the Company to raise finance/loan from any Financial Institution/
Bank by way of mortgage/charge/securitization of receivables of his/her Apartment subject to the Apartment
being free of any encumbrance at the time of execution of Conveyance Deed. The Company/Financial Institution/
Bank shall always have the first lien/charge on the said Apartment for all dues and other sums payable by the
Applicant or in respect of the loan granted for the purpose of the construction of the Apartment/Building/
Complex. In case of the Applicant who have opted for long term payment plan arrangement with any Financial
Institutions/Banks, the conveyance of the Apartment in favour of the Applicant shall be executed only upon the
Company receiving No Objection Certificate from such Financial institutions/Banks.
38 The Applicant hereby agrees to comply with all the laws of the land at all times, as may be applicable to the said
apartment but not limited to the provisions of Environment (Protection) Act, 1986, Water (Prevention and Control
of Pollution) Act, 1974 and Air (Prevention and Control of Pollution) Act, 1981 and their rules, notifications etc.
in respect of his said Apartment and the Applicant shall always remain solely responsible for the consequences
of non-compliance of the aforesaid Acts/rules and laws of the land.
39 The Company reserves the right to transfer ownership of the said Project in whole or in parts to any other entity,
such as Partnership Firm, Body Corporate(s) whether incorporated or not, Association or Agency etc. by way
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of sale/disposal or any other arrangement, as may be decided by the Company in its sole discretion without
any intimation, written or otherwise to the Applicant and the Applicant agrees that he/she shall not raise any
objection in this regard.
40 The provisional and/or final allotment of the Apartment is entirely at the sole discretion of the Company and the
Company has a right to reject any application, provisional or final allotment without assigning reasons thereof.
41 The Company shall have the first lien and charge on the Apartment for all its dues and other sums payable by
the Applicant to the Company.
42 The Applicant shall not cause to do any act which may invalidate the insurance of his/her Apartment or of the
region/Project.
43 The Company shall be subject at all times to Force Majeure circumstances, and any event beyond the reasonable
control of the Company by itself or in combination with other events or circumstances which cannot (i) by the
exercise of reasonable diligence, or (ii) despite the adoption of reasonable precautions and/or alternative measures
have been prevented, or caused to have been prevented, and which materially impairs or adversely affects the
Company’s ability to perform its obligation under this Agreement, and which events and circumstances shall
include but not be limited to acts of God, i.e. a) fire, drought, flood, earthquake, epidemics, natural disasters or
deaths or disabilities; b) explosions or accidents, air crashes and shipwrecks; c) strikes or lock outs, industrial
dispute; d) non-availability of cement, steel or other construction material due to strikes of manufactures,
suppliers, transporters or other intermediaries; e) war and hostilities of war, riots or civil commotion; f) non-grant
of any approval from any governmental authority or imposition of any adverse condition or obligation in any
approvals from any governmental authority, including delay in issuance of the occupation certificate, completion
certificate and/ or any other approvals/certificate as may be required; g) 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 Company from complying with any or all the terms and conditions as agreed in the
Agreement; h) economic recession; i) any event or circumstances analogous to the foregoing. In the event of
happening of any Force Majeure events, the Company shall be entitled to corresponding extension of time for
performance of its obligations under the Agreement.
44 Subject to Force Majeure, as defined hereunder and further subject to the Applicant having complied with all its
obligations under the terms and conditions of this Application and this Agreement and the Applicant not being
in default under any part of this Application and the Agreement including but not limited to the timely payment of
the total Sale Consideration, stamp duty and other charges and also subject to the Applicant having complied
with all formalities or documentation as prescribed by the Company, the Company proposes to hand over the
possession of the said Apartment to the Applicant within a period of thirty six (36) months from the date of
the approval of the Building Plans and/or any pre-conditions imposed thereunder (“Commitment Period”). The
Applicant further agrees and understands that the Company shall additionally be entitled to a period of 180
(One Hundred and Eighty) days (“Grace Period”), after the expiry of the said Commitment Period to allow for
unforeseen delays in obtaining the Occupation Certificate etc., from the DGTCP under the Act in respect of the
Project. Subject to the condition contained herein, if the Company fails to offer possession of the said Apartment
to the Applicant by the end of the Grace Period, it shall be liable to pay to the Applicant compensation calculated
at the rate of Rs. 7.5 /- (Rupees Seven and fifty paise only) per sq. ft. of Super Area (“Delay Compensation”)
for every month of delay thereafter until the actual date fixed by the Company for handing over of possession
of the said Apartment to the Applicant. The Applicant shall be entitled to payment/adjustment against such
Delay Compensation only at the time of ‘Notice of Possession’ or at the time of payment of the final installment,
whichever is earlier.
45 Subject to the above, in the event of delay by the Company in handing over the possession of the said Apartment
beyond a period of 12 months from the end of the Grace Period (such 12-month period hereinafter referred to
as the “Extended Delay Period”), then the Applicant shall additionally become entitled to opt for termination of
the Agreement and refund of the actual paid up installment paid by it against the said Apartment. It is clarified
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that the Delay Compensation calculated for the fixed period of 12 months only shall be paid by the Company
along with the installments refundable under this clause without any interest. This option may be exercised by
the Applicant only up till dispatch of the Notice of Possession by the Company to the Applicant. No other claim,
whatsoever, monetary or otherwise shall lie against the Company nor be raised otherwise or in any other manner
by the Applicant.
46 Notwithstanding any other provisions of this Application/Agreement, the Applicant agrees that if it fails, ignores
or neglects to take the possession of the said Apartment in accordance with the Notice of Possession sent by
the Company, the Applicant shall also be liable to pay charges equivalent to Rs. 10.00 /- (Rupees Ten only) per
month per sq. ft. on the Super Area of the said Apartment (“Holding Charges”). The Holding Charges shall be a
distinct charge in addition to the Maintenance Charges and not related to any other charges/consideration as
provided in this Agreement. The Applicant shall also remit in advance one year maintenance charges at the time
of possession.
47 This Agreement may be terminated by the Company at its sole option by providing written notice (“Notice of
Termination”) to the Applicant intimating to it the decision of the Company to terminate the Agreement and the
grounds on which such action has been taken, in case any breach committed by the Applicant is incapable
of rectification or is in the opinion of the Company unlikely to be rectified by the Applicant or is such where the
breach is repeated or is continuing despite the Applicant being given an opportunity to rectify the same. In all
other cases not covered under this clause, the Company shall give to the Applicant a notice calling upon it to
rectify the breach set out in the said notice within the time given therein. In the event that the Applicant fails to
establish to the satisfaction of the Company that the said breach has been rectified by it within the time specified
in the said notice, the Company may terminate this Agreement in the manner set out above in this clause and to
the same effect. For the removal of doubts, it is clarified that notwithstanding the fact that the refund cheque has
not been dispatched by the Company, or if dispatched, it has not been received by the Applicant or if received,
such refund cheque remains unencashed by the Applicant, the mere dispatch of the Notice of Termination by the
Company would be deemed to sufficiently and by itself constitute termination of this Agreement and no further
act on the part of the Company would be necessary for this purpose. It is further clarified that immediately on
dispatch of the Notice of Termination, the Company shall be entitled to re-allot the said Apartment afresh to any
other person and the Applicant agrees and undertakes that it shall not object thereto nor seek any legal relief so
as to prevent such re-allotment. The Applicant understands, agrees and consents that upon such termination,
the Company shall be under no obligation save and expect to refund the amounts already paid by the Applicant
to the Company, without any interest, and after forfeiting and deducting the Earnest Money and other amounts
due and payable to it including any interest accrued on delayed installments and late payment charges which
shall be made only after resale of the said Apartment. Upon termination of this Agreement by the Company,
save for the right to refund, if any to the extent agreed hereinabove, the Applicant shall have no further right or
claim against the Company which, if any, and shall be deemed to have been waived and the Applicant hereby
expressly consents thereto. The Company shall henceforth be free to deal with the said Apartment in any
manner whatsoever, in its sole and absolute discretion and in the event that the Applicant has taken possession
of the said Apartment, then the Company shall also be entitled to re-enter and resume possession of the said
Apartment and everything whatsoever contained therein and in such event, the Applicant and/or any other
person/occupant of the said Apartment shall immediately vacate the said Apartment and otherwise be liable to
immediate ejectment as an unlawful occupant/trespasser. This is without prejudice to any other rights available
to the Company against the Applicant.
48 The Company shall also be entitled to and hereby reserves its right to cancel/terminate this Agreement in
the manner described above, in case in the opinion of the Company, (a) the allotment of the said Apartment
has been obtained through misrepresentation and concealment or suppression of any material fact, or (b) the
Applicant has violated or violates any of the directions issued, rules and regulations framed by the Company or
by any statutory body or Competent Authority, including DGTCP. The condition contained in this clause shall
survive the conveyance of the Apartment and run with the Apartment within the meaning of Section 31 of the
Transfer of Property Act 1882.
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49 All or any disputes arising out of or touching upon or in relation to the terms of this Agreement or its termination
including the interpretation and validity of the terms hereof and the respective rights and obligations of the
Parties shall be settled amicably by mutual discussions failing which the same shall be settled through reference
to a sole Arbitrator to be appointed by a Director of the Company, whose decision shall be final and binding
upon the Parties. The Applicant hereby confirms that it shall have no objection to the appointment of such
sole Arbitrator even if the person so appointed, is an employee or advocate of the Company or is otherwise
connected to the Company and the Applicant hereby accepts and agrees this shall not constitute a ground for
challenge to the independence or impartiality of the said sole Arbitrator to conduct the arbitration. The arbitration
shall be governed by the Arbitration and Conciliation Act, 1996 or any statutory amendments/modifications
thereto and shall be held at the Company’s offices or at a location designated by the said sole Arbitrator in
Delhi. The language of the arbitration proceedings and the Award shall be English. The Party against whom the
award shall be made by the Arbitrator shall pay the fees of the Arbitrator and bear other expenses in regard to
the arbitration.
50 The rights and obligations of the parties under or arising out of this Agreement shall be construed and enforced
in accordance with the laws of India. Subject to the above Arbitration clause, the Courts at Delhi alone shall,
have the exclusive jurisdiction in all matters arising out of/touching and/or concerning this Agreement, to the
exclusion of all other locations, regardless of the place of execution or subject matter of this Agreement.
51 The Applicant has understood and agreed that incase the Agreement cannot be enforced in full in such situation
the Company shall be entitled to severe the clauses which could not be enforced and enforce select clauses at
its discretion and without objection from the Applicant.
Declaration by Applicant:
I/We have read over and fully understood the terms and conditions as aforementioned and I/we undertake to be
bound by the same and shall abide by the same.
Applicant Co Applicant