TERMS AND CONDITIONS
1.D3 Realtors reserves the right to accept or reject any application. Once allotted and agreement signed, prices are firm.
2. The company reserves the right to cancel the allotment without assigning any reason, if the payments are delayed by the purchaser as per the payment schedule. In such cases, 50 % of the booking amount paid will be deducted as service charge and rest 50 % will be returned without any interest, after re-allotment to another party.
3. As clients do not always have a fully detailed specification and they often want changes to the work, the contract needs a mechanism to allow the contractor to vary the cost and timing of the job to deal with these.
4.In the case of on-line booking, even though the company reserves the right to cancel the allotment without assigning any reason if the payments are delayed by the purchaser as per the payment schedule, the purchaser is eligible for refund of 100% of the booking amount as a special case.
5. Work shall be commenced and completed within the time frames set forth in the Agreement. Time is of the essence.
6. The basic sale price of the apartment does not include:
a. All local taxes, building tax, sales tax on works contract or VAT as applicable, service tax, construction welfare fund, provident fund contributions, or similar social security fund contributions, if any applicable or made applicable during the period of the contract or after its completion in relation to this project, other statutory payments in respect of the construction work carried out.
b. Security deposits, installation charges another incidental expenses of electric posts, lines, transformer, electric connection and water connection charges.
c. The stamp duty, registration charges, legal and other incidental expenses to be incurred in connection with the documentation, execution and registration of agreement to sell and sale deed.
d. Any other charges or levies as may be specially referred to in the agreement.
7. The basic sale price of the apartments will depend on the prevailing rates at the time of acceptance of the application by the builder and super built up area of the allotment. Super built up is defined as the built up area including balconies of the apartment plus a prorate share of the common areas/facilities of the building. Super built up area as determined by the builder shall be final and binding on the applicant.
8. Usually there will be a weekly or monthly invoice for the work done in the week/month and an advance payment to cover cost of ordering materials etc. Late payment will attract interest and/or allow the contractor to suspend work or cancel the contract.
9. All payments shall be made by DD/Local Cheque/Out Station Cheque of which the bank charges will be borne by the customer, in favour of D3 Realtors. There shall be no acceptance of Cash.
10. Possession of the apartment shall be given to the customer only on settling all the dues to the company.
11. Owner and its agent(s) shall at all times, have access or Contractor shall provide facilities for access to the Work whenever and wherever it is in preparation or progress.
12. a. After allotment, proper agreement will be executed between the builder and the purchaser, one for sale of undivided share of land and another for the construction of the apartment. Though separate considerations are specified in each agreement, composite value of the undivided share in land and that of the construction contract is shown in the payment schedule. Necessary situations to this are given in the agreement. Both of these agreements have to be executed within 25 days after the date of booking.
b. At the time of agreement, equal number of post-dated cheques should also be provided as per the payment schedule both for self as well as bank funding. If it is bank loan, the PDCs will be returned on receipt of the amount from the bank.
c. The sale deed in the land will be registered in favour of the purchaser on receipt of the entire payments and before handing over.
13. If either party asserts a claim, or commences legal action, under or in connection with the Agreement Documents, the prevailing party in such dispute shall be entitled to recover its reasonable attorneys’ fees and costs, including, without limitation, attorneys’ fees and court costs incurred at the trial and appellate levels, and in any bankruptcy, reorganization, insolvency, or other similar proceedings.
14. Maintenance will be carried out by the Builder till the formation of the Owner’s Association. Owner’s Association will be formed on handing over for the possession of the apartments. Membership in the above Association is compulsory. Maintenance charges are payable by the owners on a monthly basis.
15. All measurements and specifications given in the brochure are subject to minor variations without specific or general notices. All such variations shall be purely at the Builder. The brochure is only for information and it does not constitute a legal offer.
16. Owner may terminate the Agreement with or without cause at any time on not less than seven (7) days prior written notice to Contractor.
17. The Agreement shall be binding upon Owner and Contractor, and their respective heirs, successors, executors and administrators. Contractor shall not have the power to assign the Agreement without the prior written consent of Owner. Any assignment without the prior written consent of Owner shall be void. No assignment shall relieve Contractor from any obligations herein unless expressly stated in the assignment and approved in writing by Owner.