Lease of Land in case of Apartments Units Sample Clauses

Lease of Land in case of Apartments Units. In case of apartment, built-up area shall be allotted to the person with whom the Sale deed for the dwelling unit has been executed, by the Developer, as per applicable laws, on a lease of 30 years. The initial lease period shall be 30 years, which shall be renewed for two such terms each of 30 years. Annual Lease rent at the rate of 2% of the total Development Premium shall be divided proportionally over the carpet area allotted to residential unit owners with whom the Sale deed has been executed by the Developer, the same shall be collected by Owners’ Association/Housing Society from members of Owners’ Association/Housing Society and shall be paid by Owners Association/Housing Society to the NRDA in advance. Such annual lease rent shall be increased maximum up to 100% percent at the each renewal. The developer shall develop the project as per the terms of this agreement. Once all the units are sold and all obligations as per this agreement are fulfilled by Developer then Conveyance deed shall be executed between the Owners’ association/housing society of the project and NRDA with Developer as a confirming party to the said Conveyance deed. The society shall issue a membership certificate to all the owners of the dwelling units/flats/plots. All cost towards execution of Conveyance deed shall be the liability of the developer and/or Owners’ association/housing society as mutually agreed between them. After completion of the time period for sale of Residential units as per clause no. 4.3, the unsold units/built up area shall be allotted on lease to the Developer for which the annual lease rent shall be paid by the Developer. The lease deed will clearly specify that only the land has been provided by NRDA to the Developer and the Developer is solely responsible for construction and development, their quality, timely delivery of Residential Units, and all claims/liabilities and compensation towards defects/delay or any consumer grievances whatsoever. All expenses in respect of execution and registration of the Lease Deed or Agreement to Lease, as the case may be, including the Stamp Duty and registration fee, shall be borne by the Residential Unit buyer.
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