PRINCIPAL TERMS AND CONDITIONS FORMING A PART OF THIS APPLICATION FOR PROVISIONAL ALLOTMENT OF RESIDENTIAL PLOT/UNIT(S) OF “SUNBRICK REALTOR LTD ”, MAHARASHTRA.
The principal Terms and conditions for the provisional allotment are set out herein below which shall form part and parcel of the agreement for sale/MoU to be executed between the company and the Intending allottee(s).
- The Intending allottee(s) has satisfied himself/herself about the right, interest and title of the Company in the land on which the said Plot/Unit(s) are proposed to be developed and has understood all limitations and obligations in respect thereof. The Intending allottee(s) agree(s) that there will not be any further investigations or objections by him/her in this respect.
- That the company shall have the exclusive right to accept /reject this application in its sole discretion without assigning any reason thereof;
- The intending allottee(s) has applied for provisional allotment of a residential Plot/Unit(s) with full knowledge of all the laws/notification and rules applicable to the area / city in general and this project in particular, which has been duly explained by the Company and understood by him/her. All payments are to be made favoring SUNBRICK REALTOR LTD. against official receipts issued by the company. The receipt is valid subject to realisation of cheque / draft/pay order/RTGS/NEFT Transfer. The company has the sole right to accept or reject any amount and their decision will be final & binding.
- The tentative layout plans have been seen by the applicant(s) / intending allottee (s) and agrees that the company may effect such variations/ alternations/modifications etc., therein as deems fit or appropriate and/or as may be done by the sanctioning government authority and the applicant(s) hereby gives his/her consent to such variation/additions/alterations/deletions/modifications etc.
- That the applicant(s)/ intending allottee(s) agrees that he/she shall pay the basic sale price of the Plot/Unit(s) and all other charges payable as per the opted payment plan or as and when demanded by the Company as the case may be. He/She also agrees to make all payments through demand drafts/cheques payable at MUMBAI only. The Intending /applicant(s) /allottee(s) shall have to complete the investment/payments as per the terms of booking amount along with the prescribed forms within the prescribed time positively;
- The Intending Allottee hereby agrees to pay additionally as preferential location charges for preferential location as applicable and in a manner and within the time as stated in the payment plan. However, the Intending Allottee has specifically agreed that if due to any change in the layout plans, the said Plot/Unit ceases to be in a preferential location, the Company shall be liable to refund only the amount of preferential location charges paid by the Intending Allottee and such refund shall be adjusted in the last installment as stated in the payment plan. If due to any change in the layout plan, the Plot/Unit becomes preferentially located, then the Intending Allottee shall be liable and agrees to pay as demanded by the Company additional preferential location charges as stated in the payment plan.
- Basic Selling price does not include EOC (External Overhead Charges and/or any other charge of similar nature levied by the Government Authority(s). The intending allottee(s) agrees to pay the same as and when demand is raised by the company for the same.
- The allottee shall pay additionally i.e other than the Basic Selling Price, to the company, the charges for the installation of water connection and Electric connection (cable lines, if provided) by the company.
- The company and the applicant hereby agree that the amount paid with the application and in installments, as the case may be, to the extent of 20% of the basic sale price of the Plot/Unit, will collectively constitute the “Earnest Money”. This Earnest Money shall stand forfeited at the sole discretion of the company, in case of the non-fulfillment of the terms and conditions contained herein and those of the agreement for sale/Sale Deed/MoU.
- The timely payment of installments is the essence of the terms and conditions of the booking. However, the company at its sole discretion may condone the delay in payments by charging interest at a rate of 18 % per annum (approx) for the period(s) of delay. In the event of irregular/delayed payments/non-fulfillment of terms of payment, the booking may be cancelled at the sole discretion of the company , The agreement for sale/allotment /MoU may be terminated without any prior notice, if the due payment is delayed more than two months. The 24% of the basic sale price of the Plot/Unit constituting Earnest Money shall stand forfeited in case of cancellation of the booking. Balance payment, if any, shall be refunded without any interest after return of original receipts and other Original documents by the prospective intending allottee(s) to the company, concerning the booked Plot/Unit(s). The Company reserves rights to rescind the agreement for sale/MoU at any time upon his failure to comply with the provisions of the application form,agreement for Sale/Sale Deed / MoU
- It shall be the duty of the intending allottee(s) to make regular installments payment in accordance with the Payment Plan opted, on his own, without any dependence /reference to any demand notices being issued by the company, except in case of construction/development Linked Payment Plan (applicable only in case of built-up units.
- Infrastructure development expenses will be charged extra and Electric & water charges will also be extra payable before the execution of Sale deed. The intending allotee shall pay for water and electricity charges for construction of the house, plans of which will be got approved by intending allottee from the competent authorities at his/her cost. The electricity supply shall be obtained from Electricity Authority /Body and the cost of the installation of Sub-Station / Power House/Transformers shall be charged extra on proportionate share basis from the intending allottee(s) , the quantum of which shall be decided by the company at its sole discretion and notified to the concerned intending allottee(s).
- The company may, at its sole discretion and subject to applicable laws and notifications or any government directions as may be in force, permit the Intending allottee to get the name of his/her nominee substituted in his/her place subject to such terms and conditions and charges as the company may impose. The Intending allottee shall be solely responsible and liable for all legal, monetary or any other consequences that may arise from such nominations. It is specifically made clear to the Intending allottee that as understood by the Company at present there are no executive instructions of the competent authority to restrict any nomination / assignment of allotted Plot/Unit. However, in the
event of any imposition of such executive instructions at any time after the date of this application to restrict nomination / assignment of the allotted Plot/Unit by any authority, the Company will have to comply with the same and the Intending allottee has specifically noted the same.
- That the intending allotee (s) has applied for allotment / registration of a plot/unit with full Knowledge and subject to all the laws/notifications of the government and rules applicable to this area / city in general & in particular which have been explained by the company and understood by him/her.
- That the company shall endeavor to give possession of the plot/unit to the intending allottee (s) in approximately 18 months after the final approval of N.A. order, subject to circumstances or reasons beyond the control of the company and on receipt of all payments and other charges as per installment plan from the date of booking and payable up to date of possession according to the payment plan applicable to him/her.
- The company on completion shall issue final call notice to the intending allottee (s),which shall within 45 to 60 days thereof, remit all dues and take possession of the plot/ unit. In the event of his/her failure to take possession for any reason whatsoever, he shall be deemed to have taken possession of the allotted unit.
- That in case the company is not in a position to make offer of allotment for the plot/unit for any reason whatsoever, The company will refund of the advances for provisional registration paid by the allotee along with simple interest of 6% p.a. giving you 90 days notice of the same or company may allot the plot at different location.
- The sale/Lease/Rental /investments amount of the property would be decided by the company from time to time with different schemes and the company reserves rights to rescind the contract at any time.
- Application or booking amount will be kept static for a lock –in – period as mentioned in the scheme documents and the applicant and or investor can not withdraw the earnest money .The intending applicant shall have to complete the investment/payment in full along with the prescribed application form within a prescribed time positively, until and unless the time is extended by the company under special circumstances;
- Unless a conveyance deed is executed and registered, the company shall for all intent and purpose continue to be the owner of the land .
- That the intending allottee(s) of the plot/unit shall pay necessary charges including interest free security deposit for maintenance and upkeep of the project and provision of the various services as determined by the company or its nominated agency as and when demanded by the company/its nominee. This arrangement will be carried out until the services are handled over to the local bodies. The intending allottee (s) agrees and consents to this arrangement and will not question the same.
- The Intending Allottee also agrees to pay Govt./Local Body rates, cesses, charges, ground rent, taxes of all and any kind by whatever name called, whether levied, or leviable now or in future, as the case may be for the provisional allotment in proportion to the area of the Plot/Unit allotted prior to the execution of the sale deed. If such charges are increased (including with retrospective effect) after the sale deed / lease has been executed then these charges shall be treated as unpaid sale price of the
Plot/Unit and the company shall have lien on the Plot/Unit of the Intending Allottee for the recovery of such charges.
- The Company shall endeavor to give possession of the Plot/Built-up Unit/Unit to the applicant(s) intending allottee(s) in a period of 60 months approximately incase of plots and 30 months in case of built-up units from the date of execution of allotment letter subject to force-majeure circumstances, and reasons beyond the control of the Company and subject to receipt of complete dues and other charges as per installment plan opted by the intending allottee(s). The applicant/intending allottee shall not be entitled to any compensation on the grounds of delay in possession due to reasons beyond the control of the company. The Company on completion of the development/construction shall issue final call notice to the applicant(s)/intending allottee (s), who shall within 15 days thereof, remit all dues and take possession of Plot/Unit after registration of sale deed. In the event of his/her failure to take possession for any reason whatsoever, he/she shall be liable to pay all maintenance charges to the company or the nominated agency and/or any other levies on account of the Plot/Unit The maintenance charges shall be reckoned from the date of offer of possession. The company or its nominated agency shall charge holding / watch and ward charges, as may be, applicable at the Company’s discretion, if the intending allottee(s) fails to take possession within the period mentioned in the offer of possession.
- That the possession of the said residential Plot/Unit shall be delivered to the intending allottee(s) after the same is ready for occupation and use, provided all the amounts due by the intending allottee(s) are paid to the company. The intending allottee(s) shall take possession of the said residential Plot/Unit within such period as may be mentioned in the “offer of possession” issued/sent by the company.
- The Intending Allottee shall pay, as and when demanded by the Company, the Stamp Duty, Registration charges and all other incidental and legal expenses for execution and registration of sale deed of the Plot/Unit in favour of the Intending Allottee which shall be executed and got registered after receipt of the full sale price, other dues including payment of Maintenance Security payable to the Company or the Maintenance Agency, as the case may be and the said charges and expenses as may be payable or demanded from the Allottee in respect of the Plot/Unit allotted to him/her.
- The Stamp Duty, Registration charges and all other incidental and legal expenses for execution and registration of any agreement / deed / document executed between the company and the intending allottee shall be borne by the intending allottee.
- The Intending Allottee shall inform the company in writing any change in the mailing address mentioned in this application failing which all demands, notices etc. by the company shall be mailed to the address given in this application and deemed to have been received by the Intending Allottee. In case of joint allottee, all communication shall be sent to the first named allottee in this application.
- The company shall have the first lien and charge on the said Plot/Unit for all its dues and other sums payable by the applicant(s)/intending allottee(s) to the company.
- The intending allottee shall be bound to start construction of the house with due sanction of the Competent Authority within a period of three years from the date of offer of possession by the company failing which, he shall be liable to pay a penalty.
- It is made clear by the Company and fully understood by the Intending Allottee the allotment whether provisional and /or final, in no manner shall confer any right, title or interest in any lands, facilities, amenities, club and buildings outside the area(land) of the plot/unit allotted. In the event of the intending allottee wishing to use the Club, the Intending Allottee undertakes to pay such fees, charges as may be decided by the company or agency providing the recreational facilities at club and complete such documentation and formalities as may be deemed necessary by the Company in its sole discretion for this purpose.
- The intending allottee, if resident outside India, shall be solely responsible to comply with the necessary formalities, as laid down in the FEMA 1999 or any other applicable laws including that of remittances of payment(s) for acquisition of property and for submission of any documents/declarations etc. as may be prescribed.
- The Intending Allottee agrees that, if as a result of any legislation, order or rule or regulation made or issued by the Govt. or any other Authority or if competent authority(s) 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(s) become subject matter of any suit / writ / legal proceedings before a competent court or due to force majure conditions, the Company, after provisional and / or final allotment, is unable to deliver the Plot/Unit to the Intending Allottee for his/her occupation and use, the Intending Allottee agrees that the company if it decides in its sole discretion to refund, then it shall be liable only to refund the amounts received from him/her without any interest or compensation whatsoever or may allot the plot/units in any different location in any other project
- The allottee shall not be entitled to seek refund of amount deposit against the Plot/Unit once demand of installments against the Plot/Unit has gone beyond 60 % or more. At this stage, the request for refund of cancellation of Plot/Unit from the intending allottee shall be considered by the company at its sole discretion. However, the intending allottee shall be free to effect nomination/ assign /endorsement of the Plot/Unit in favour of any other person by requesting for the same to the company in writing and subject to payment of all dues, charges and demands as may be applicable at the time of request.
- The Intending Allottee has seen and accepted the plans, designs, specifications which are tentative and the Intending Allottee authorises the company to effect suitable and necessary alterations / modifications in the layout plans, designs and specifications as the company may deem fit or as directed by any competent authority(s). However, in case of any major alteration / modification resulting in ± 10 % change in the area of the Plot/Unit any time prior to and upon the grant of completion/occupation certificate, the company shall intimate to the Intending Allottee in writing the changes thereof and the resultant change, if any, in the price of the Plot/Unit to be paid by him/her and the Intending Allottee agrees to inform the company in writing his/her consent or objections to the changes within thirty (30) days from the date of such notice failing which the Intending Allottee shall be deemed to have accepted the changes.. The Intending Allottee agrees to pay the prevailing market rate for any increase in the area of the Plot/Unit within 30 days of the receipt of information and demand by the company. If the Intending Allottee writes to the company within thirty (30) days of intimation by the company indicating his non-consent/objections to such alterations / modifications then the company shall try and accommodate the allottee at an alternate location.
- In the event that any one or more of the phrases, sentences, clauses or paragraphs contained in this application and/or the allotment letter are be declared invalid by a final and unappealable order, decree or judgement of a Court, then this Application shall be construed as if such phrases, sentences, clauses or paragraphs , had not been inserted
in this application and/or allotment letter and the construction and interpretation of this application and the allotment letter shall not be effected.
- This Application and /or the allotment letter /Sale Deed /Agreement for Sale/MoU(to be executed later) shall be construed, interpreted, governed and applied in accordance with the laws, regulations, ordinances or the laws applicable in India and shall be subject to the exclusive jurisdiction of the Courts at Mumbai.
- I/We are fully conscious that it is not incumbent on the part of the company to send us reminders/notices in respect of our obligations as set out in this application and/or Allotment Letter and I/We shall be fully liable for any consequences in respect of defaults committed by me/us in not abiding by the terms and conditions contained in this application and/or Allotment Letter. I/We have sought detailed explanations and clarifications from the company and the company has readily provided such explanations and clarifications and after giving careful consideration to all facts, terms, conditions and representations made by the company, I have now signed this application form and paid the monies payable there under fully conscious of my liabilities and obligations including forfeiture of earnest money as may be imposed upon me. I/We further undertake and assure the company that in the event of cancellation of my/our provisional and/or final allotment either by way of forfeiture or refund of my/our monies or in any manner whatsoever including but not limited to as set out in the terms and conditions provided in this application, I/We shall be left with no right, title, interest or lien on the Plot/Unit applied for and provisionally and/or finally allotted to me/us in any manner whatsoever.
- All or any disputes arising out or touching upon or in relation to the terms of this application and/or Allotment Letter /Sale Deed /Agreement for Sale/MoU including the interpretation and validity of the terms 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 Mumbai Courts Only.
- Application /booking form is subject to the General Terms & conditions stated herein and shall be treated as a part and parcel of the formal agreement of sale of the property and or MoU (s) executed with the company