POSSESSION OF THE FLAT. Schedule for possession of the said Flat: The Developer agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s that the Developer shall been titled to the extension of time for delivery of possession of the Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s and confirms that, in the event it becomes impossible for the Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer shall refund to the Purchaser/s the entire amount received by the Developer from the allotment within 45 days from that date. After refund of the money paid by the Purchaser/s, Purchaser/s agrees that he/ she shall not have any rights, claims etc. against the Developer and that the Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall offer in writing the possession of the Flat, to the Purchaser/s in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. The Developer agrees and undertakes to indemnify the Purchaser/s in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/s, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. 7.1 Schedule for possession of the said Flat: [Flat ] – The Developer Vendor agrees and understands that timely delivery of possession of the Flat [Flat] to the Purchaser and the common areas to the Association of Purchasers or the competent authority, as the case may be, is the essence of the Agreement. The Developer, based on the approved plans and specifications, Vendor assures to hand over handover possession of the Flat by 26.09.2027 [Flat] along with ready and complete common areas with all specifications, amenities and facilities of the Project in place on unless there is delay or failure due to war, flood, drought, fire, cyclone, cyclone earthquake or any other calamity caused by nature affecting effecting the regular development of the real estate project ("“Force Majeure"”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchaser agrees that the Developer Vendor shall been titled be entitled to the extension of time for delivery of possession of the [Flat, provided ]. Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchaser(s) agrees and confirms that, in the event it becomes impossible for the Developer Vendor to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer Vendor shall refund to the Purchaser/s Purchaser(s) the entire amount received by the Developer Vendor from the allotment Allotment within 45 days from that date. The Vendor shall intimate the Purchaser about such termination at least thirty days prior to such termination. After refund of the money paid by the Purchaser/s, Purchaser/s agrees the Purchaser agreed that he/ she shall not have any rights, claims etc. against the Developer Vendor and that the Developer Vendor shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The DeveloperPossession Date has been accepted by the Allottee. However, upon obtaining if the occupancy certificate from Said Flat is made ready prior to the competent authority shall offer in writing Completion Date, the possession Allottee undertakes(s) and covenant (s) not to make or raise any objection to the consequent pre-ponement of his/her /their/its payment obligations, having clearly agreed and understood that the payment obligations of the Flat, Allottee are linked inter alia to the Purchaser/s in terms progress of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. The Developer agrees and undertakes to indemnify the Purchaser/s in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/s, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreementconstruction, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the same is not a time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flatlinked plan.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. PLOT Schedule for possession of the said [Flat]: The Developer Promoter/Xxxxxxxxx agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The Promoter/Developer, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 Flat, unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the PurchaserAllottees/s agree/s Purchasers agrees that the Promoter/Developer shall been titled be entitled to the extension of time for delivery of possession of the [Flat/Plot], provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The PurchaserAllottees/s agree/s Purchasers agrees and confirms that, in the event it becomes impossible for the Promoter/Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Promoter/Developer shall refund to the PurchaserAllottees/s Purchasers the entire amount received by the Promoter/Developer from the allotment within 45 days from that date. After refund of the money paid by the PurchaserAllottees/sPurchasers, PurchaserAllottees/s Purchasers agrees that he/ she shall not have any rights, claims etc. against the Promoter/Developer and that the Promoter/Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The Promoter/Developer, upon obtaining the occupancy certificate from the competent authority shall offer in writing the possession of the Flat, to the PurchaserAllottees/s Purchasers in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Promoter/Developer shall give possession of the Flat [Flat] to the PurchaserAllottees/s. Purchasers. The Developer Promoter/Xxxxxxxxx agrees and undertakes to indemnify the PurchaserAllottees/s Purchasers in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Promoter/Developer. The PurchaserAllottees/s Purchasers agree(s) to pay the maintenance charges as determined by the Promoter/Developer/association of PurchaserAllottees/sPurchasers, as the case may be. The Promoter/Developer on its behalf shall offer the possession to the PurchaserAllottees/s Purchasers in writing within 30 days of receiving the completion occupancy certificate of the Project. Failure of PurchaserAllottees/s Purchasers to take Possession of [Flat/Plot]: Upon receiving a written intimation from the Promoter/Developer as per clause 7.2, the PurchaserAllottees/s Purchasers shall take possession of the Flat [Flat/Plot] from the Promoter/Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Promoter/Developer shall give possession of the Flat [Flat/Plot] to the PurchaserAllottees/s. Purchasers. In case the PurchaserAllottees/s Purchasers fails to take possession within the time provided in clause 7.2, such PurchaserAllottees/s Purchasers shall continue to be liable to pay maintenance charges as applicable. Possession by the PurchaserAllottees/s Purchasers – After obtaining the occupancy certificate and handing over physical possession of the Flat [Flat/Plot] to the PurchaserAllottees/sPurchasers, it shall be the responsibility of the Promoter/Developer to hand over the necessary documents and plans, including common areas, to the association of the PurchaserAllottees/s Purchasers or the competent authority, as the case may be, as per the local laws. Cancellation by PurchaserAllottees/s Purchasers – The PurchaserAllottees/s Purchasers shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the PurchaserAllottees/s Purchasers proposes to cancel/withdraw from the project without any fault of the Promoter/Developer, the Promoter/Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the PurchaserAllottees/s Purchasers shall be returned by the Promoter/Developer to the PurchaserAllottees/s Purchasers within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. Schedule for possession of the said Flat: The Developer agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 on 24.05.2028 unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchasers agrees that the Developer shall been titled be entitled to the extension of time for delivery of possession of the Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchasers agrees and confirms that, in the event it becomes impossible for the Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer shall refund to the Purchaser/s Purchasers the entire amount received by the Developer from the allotment within 45 days from that date. After refund of the money paid by the Purchaser/sPurchasers, Purchaser/s Purchasers agrees that he/ she shall not have any rights, claims etc. against the Developer and that the Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall offer in writing the possession of the Flat, to the Purchaser/s Purchasers in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. Purchasers. The Developer agrees and undertakes to indemnify the Purchaser/s Purchasers in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s Purchasers agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/sPurchasers, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s Purchasers in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. Schedule for possession of the said Flat: The Developer agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 on 28.03.2026 unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchasers agrees that the Developer shall been titled be entitled to the extension of time for delivery of possession of the Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchasers agrees and confirms that, in the event it becomes impossible for the Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer shall refund to the Purchaser/s Purchasers the entire amount received by the Developer from the allotment within 45 days from that date. After refund of the money paid by the Purchaser/sPurchasers, Purchaser/s Purchasers agrees that he/ she shall not have any rights, claims etc. against the Developer and that the Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall offer in writing the possession of the Flat, to the Purchaser/s Purchasers in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. Purchasers. The Developer agrees and undertakes to indemnify the Purchaser/s Purchasers in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s Purchasers agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/sPurchasers, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s Purchasers in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. Schedule for possession of the said Flat: The Developer agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 on 31.07.2027 unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchasers agrees that the Developer shall been titled be entitled to the extension of time for delivery of possession of the Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchasers agrees and confirms that, in the event it becomes impossible for the Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer shall refund to the Purchaser/s Purchasers the entire amount received by the Developer from the allotment within 45 days from that date. After refund of the money paid by the Purchaser/sPurchasers, Purchaser/s Purchasers agrees that he/ she shall not have any rights, claims etc. against the Developer and that the Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall offer in writing the possession of the Flat, to the Purchaser/s Purchasers in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. Purchasers. The Developer agrees and undertakes to indemnify the Purchaser/s Purchasers in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s Purchasers agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/sPurchasers, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s Purchasers in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. 7.1 Schedule for possession of the said Flat: Flat – The Developer Vendor/Xxxxxxxxx agrees and understands that timely delivery of possession of the Flat to the Purchaser and the common areas to the Association of Purchasers or the competent authority, as the case may be, is the essence of the Agreement. The Developer, based on the approved plans and specifications, Vendor/Developer assures to hand over handover possession of the Flat by 26.09.2027 along with ready and complete common areas with all specifications, amenities and facilities of the Project in place on or before 31.12.2028 unless there is delay or failure due to war, flood, drought, fire, cyclone, cyclone earthquake or any other calamity caused by nature affecting effecting the regular development of the real estate project ("“Force Majeure"”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchaser agrees that the Vendor/Developer shall been titled be entitled to the extension of time for delivery of possession of the Flat, provided . Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchaser(s) agrees and confirms that, in the event it becomes impossible for the Vendor/Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Vendor/Developer shall refund to the Purchaser/s Purchaser(s) the entire amount received by the Vendor/Developer from the allotment Allotment with interest at the rate specified in the Rules within 45 days from that date. The Vendor/Developer shall intimate the Purchaser about such termination at least thirty days prior to such termination. After refund of the money paid by the Purchaser/s, Purchaser/s agrees the Purchaser agreed that he/ she shall not have any rights, claims etc. against the Developer and that the Vendor/Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The DeveloperPossession Date has been accepted by the Purchaser. However, upon obtaining if the occupancy certificate from Said Flat is made ready prior to the competent authority shall offer in writing Completion Date, the possession Purchaser undertakes(s) and covenant (s) not to make or raise any objection to the consequent pre-ponement of his/her /their/its payment obligations, having clearly agreed and understood that the payment obligations of the Flat, Purchaser are linked inter alia to the Purchaser/s in terms progress of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. The Developer agrees and undertakes to indemnify the Purchaser/s in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/s, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreementconstruction, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the same is not a time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flatlinked plan.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. 7.1 Schedule for possession of the said Flat: [Flat ] – The Developer Vendor agrees and understands that timely delivery of possession of the Flat [Flat] to the Purchaser and the common areas to the Association of Purchasers or the competent authority, as the case may be, is the essence of the Agreement. The Developer, based on the approved plans and specifications, Vendor assures to hand over handover possession of the Flat by 26.09.2027 [Flat] along with ready and complete common areas with all specifications, amenities and facilities of the Project in place on---------------------- unless there is delay or failure due to war, flood, drought, fire, cyclone, cyclone earthquake or any other calamity caused by nature affecting effecting the regular development of the real estate project ("“Force Majeure"”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchaser agrees that the Developer Vendor shall been titled be entitled to the extension of time for delivery of possession of the [Flat, provided ]. Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchaser(s) agrees and confirms that, in the event it becomes impossible for the Developer Vendor to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer Vendor shall refund to the Purchaser/s Purchaser(s) the entire amount received by the Developer Vendor from the allotment Allotment within 45 days from that date. The Vendor shall intimate the Purchaser about such termination at least thirty days prior to such termination. After refund of the money paid by the Purchaser/s, Purchaser/s agrees the Purchaser agreed that he/ she shall not have any rights, claims etc. against the Developer Vendor and that the Developer Vendor shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The DeveloperPossession Date has been accepted by the Allottee. However, upon obtaining if the occupancy certificate from Said Flat is made ready prior to the competent authority shall offer in writing Completion Date, the possession Allottee undertakes(s) and covenant (s) not to make or raise any objection to the consequent pre- ponement of his/her /their/its payment obligations, having clearly agreed and understood that the payment obligations of the Flat, Allottee are linked inter alia to the Purchaser/s in terms progress of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. The Developer agrees and undertakes to indemnify the Purchaser/s in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/s, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreementconstruction, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the same is not a time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flatlinked plan.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. 7.1 Schedule for possession of the said Flat: [Flat ] – The Vendor/Developer agrees and understands that timely delivery of possession of the Flat [Flat] to the Purchaser and the common areas to the Association of Purchasers or the competent authority, as the case may be, is the essence of the Agreement. The Developer, based on the approved plans and specifications, Vendor/Developer assures to hand over handover possession of the Flat by 26.09.2027 [Flat] along with ready and complete common areas with all specifications, amenities and facilities of the Project in place on unless there is delay or failure due to war, flood, drought, fire, cyclone, cyclone earthquake or any other calamity caused by nature affecting effecting the regular development of the real estate project ("“Force Majeure"”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchaser agrees that the Developer Vendor shall been titled be entitled to the extension of time for delivery of possession of the [Flat, provided ]. Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchaser(s) agrees and confirms that, in the event it becomes impossible for the Vendor/Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer Vendor shall refund to the Purchaser/s Purchaser(s) the entire amount received by the Developer Vendor from the allotment Allotment within 45 days from that date. The Vendor/Developer shall intimate the Purchaser about such termination at least thirty days prior to such termination. After refund of the money paid by the Purchaser/s, Purchaser/s agrees the Purchaser agreed that he/ she shall not have any rights, claims etc. against the Developer Vendor and that the Vendor/Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The DeveloperPossession Date has been accepted by the Allottee. However, upon obtaining if the occupancy certificate from Said Flat is made ready prior to the competent authority shall offer in writing Completion Date, the possession Allottee undertakes(s) and covenant (s) not to make or raise any objection to the consequent pre-ponement of his/her /their/its payment obligations, having clearly agreed and understood that the payment obligations of the Flat, Allottee are linked inter alia to the Purchaser/s in terms progress of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. The Developer agrees and undertakes to indemnify the Purchaser/s in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/s, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreementconstruction, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the same is not a time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flatlinked plan.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. Schedule for possession of the said Flat: Said Flat - The Developer Promoter agrees and understands that timely delivery of possession of the Said Flat to the Allottee and the Common Areas of the Real Estate Project to the association of allottees (upon its formation and registration) is the essence of the Agreement. The Developer, based on the approved plans and specifications, Promoter assures to hand over possession of the Said Flat by 26.09.2027 along with ready and complete Common Areas of the Real Estate Project (as specified in Schedule E below) with all specifications (as provided in Schedule D below) in place on December, 2021 (“Completion Date”), unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project Real Estate Project ("Force Majeure"). If, however, the completion of the Real Estate Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Allottee agrees that the Developer Promoter shall been titled be entitled to the extension of time for delivery of possession of the Flat, provided . Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Allottee agrees and confirms that, in the event it becomes impossible for the Developer Promoter to implement the project Project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer Promoter shall refund to the Purchaser/s Allottee the entire amount received by the Developer Promoter from the allotment within 45 days from that date. The Promoter shall intimate the allottee about such termination at least thirty days prior to such termination. After refund of the money paid by the Purchaser/sAllottee, Purchaser/s the Allottee agrees that he/ she shall not have any rights, claims etc. against the Developer Promoter and that the Developer Promoter shall be released and discharged from all its obligations and liabilities under this Agreement. The Possession Date has been accepted by the Allottee. However, if the Said Flat is made ready prior to the Completion Date, the Allottee undertakes(s) and covenant (s) not to make or raise any objection to the consequent pre-ponement of his/her /their/its payment obligations, having clearly agreed and understood that the payment obligations of the Allottee is linked inter alia to the progress of construction, and the same is not a time linked plan. Notwithstanding anything elsewhere to the contrary herein contained, it is expressly agreed understood and clarified that if at any time, under the provisions of the applicable laws, the Common Areas and/or the land comprised in the Project Property and/or Larger Property or any part thereof are required and to be transferred to the association of allottee, then the Promoter and/or the Owners, as per their respective entitlements, shall be entitled to do so and the Allottee shall do all acts, deeds and things and signs, executes and delivers all papers documents etc., as be required therefore and if any stamp duty, registration fees, legal fees, other expenses, etc., is payable therefore, then the same shall be borne paid and discharged by the allottees of the Project (including the Allottee herein) proportionately and the Promoter and/or the Owners shall not be liable therefore in any manner whatsoever and the Allottee and the other allottees shall keep the Promoter and the Owner fully indemnified with regard thereto. Procedure for taking possession – - The DeveloperPromoter, upon obtaining the occupancy completion certificate from the competent authority shall offer in writing the possession of the Said Flat, to the Purchaser/s Allottee in terms of this Agreement to be taken within 3 (three two months from the date of issue of such notice completion certificate subject to payment of all amount due and the Developer shall give possession payable under this Agreement and Registration of the Flat to the Purchaser/s. Deed of Conveyance. The Developer Promoter agrees and undertakes to indemnify the Purchaser/s Allottee in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the DeveloperPromoter. The Purchaser/s Allottee, after taking possession, agree(s) to pay the maintenance charges (as provided on Schedule H below) as determined by the DeveloperPromoter/association of Purchaser/sallottees, as the case may bebe from the date of the issuance of the completion certificate for the Project. The Developer on its behalf promoter shall offer hand over the possession to the Purchaser/s in writing within 30 days photocopy of receiving the completion certificate of the Project. Failure Project to the allottee at the time of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession conveyance of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flatsame.
Appears in 1 contract
Samples: Draft Agreement
POSSESSION OF THE FLAT. Schedule for possession of the said Flat: The Developer agrees and understands that timely delivery of possession of the Flat is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 30th Day of April, 2026 unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s that the Developer shall been titled to the extension of time for delivery of possession of the Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s and confirms that, in the event it becomes impossible for the Developer to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer shall refund to the Purchaser/s the entire amount received by the Developer from the allotment within 45 days from that date. After refund of the money paid by the Purchaser/s, PurchaserXxxxxxxxx/s agrees that he/ she shall not have any rights, claims etc. against the Developer and that the Developer shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall offer in writing the possession of the Flat, to the Purchaser/s in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer shall give possession of the Flat to the Purchaser/s. The Developer agrees and undertakes to indemnify the Purchaser/s in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the Developer. The Purchaser/s agree(s) to pay the maintenance charges as determined by the Developer/association of Purchaser/s, as the case may be. The Developer on its behalf shall offer the possession to the Purchaser/s in writing within 30 days of receiving the completion certificate of the Project. Failure of Purchaser/s to take Possession of Flat: Upon receiving a written intimation from the Developer as per clause 7.2, the Purchaser/s shall take possession of the Flat from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer shall give possession of the Flat to the Purchaser/s. In case the Purchaser/s fails to take possession within the time provided in clause 7.2, such Purchaser/s shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s – After obtaining the occupancy certificate and handing over physical possession of the Flat to the Purchaser/s, it shall be the responsibility of the Developer to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s or the competent authority, as the case may be, as per the local laws. Cancellation by PurchaserXxxxxxxxx/s – The Purchaser/s shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s proposes to cancel/withdraw from the project without any fault of the Developer, the Developer herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s shall be returned by the Developer to the Purchaser/s within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. er/ Promoter shall constitute a Schedule for possession of the said Flat: The Developer Developer/ Xxxxxxxx agrees and understands that timely delivery of possession of the Flat is Flatis the essence of the Agreement. The DeveloperDeveloper/ Promoter, based on the approved plans and specifications, assures to hand over possession of the Flat by 26.09.2027 on , unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project ("Force Majeure"). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Purchaser/s agree/s Purchaser agrees that the Developer Developer/ Promoter shall been titled be entitled to the extension of time for delivery of possession of the Flat[Apartment/Plot], provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Purchaser/s agree/s Purchaser agrees and confirms that, in the event it becomes impossible for the Developer Developer/ Promoter to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer Developer/ Promoter shall refund to the Purchaser/s Purchaser the entire amount received by the Developer Developer/ Promoter from the allotment within 45 days from that date. After refund of the money paid by the Purchaser/s, Purchaser/s Xxxxxxxxx agrees that he/ she shall not have any rights, claims etc. against the Developer Developer/ Promoter and that the Developer Developer/ Promoter shall be released and discharged from all its obligations and liabilities under this Agreement. Procedure for taking possession – The DeveloperDeveloper/ Promoter, upon obtaining the occupancy certificate certificate* from the competent authority shall offer in writing the possession of the Flat, to the Purchaser/s Purchaser in terms of this Agreement to be taken within 3 (three months from the date of issue of such notice and the Developer Developer/ Promoter shall give possession of the Flat to Flatto the Purchaser/s. . The Developer Developer/ Xxxxxxxx agrees and undertakes to indemnify the Purchaser/s Purchaser in case of failure of fulfillment of any of the provisions, formalities, documentation on part of the DeveloperDeveloper/ Promoter. The Purchaser/s Purchaser agree(s) to pay the maintenance charges as determined by the DeveloperDeveloper/ Promoter/association of Purchaser/sPurchasers, as the case may be. The Developer Developer/ Promoter on its behalf shall offer the possession to the Purchaser/s Purchaser in writing within 30 days of receiving the completion certificate occupancy certificate* of the Project. XX X. XXXXXXX Failure of Purchaser/s Purchaser to take Possession of Flat[Apartment/Plot]: Upon receiving a written intimation from the Developer Developer/ Promoter as per clause 7.2, the Purchaser/s Purchaser shall take possession of the Flat from Flatfrom the Developer Developer/ Promoter by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Developer Developer/ Promoter shall give possession of the Flat to Flatto the Purchaser/s. . In case the Purchaser/s Purchaser fails to take possession within the time provided in clause 7.2, such Purchaser/s Purchaser shall continue to be liable to pay maintenance charges as applicable. Possession by the Purchaser/s Purchaser – After obtaining the occupancy certificate certificate* and handing over physical possession of the Flat to Flatto the Purchaser/sPurchasers, it shall be the responsibility of the Developer Developer/ Promoter to hand over the necessary documents and plans, including common areas, to the association of the Purchaser/s Purchasers or the competent authority, as the case may be, as per the local laws. Cancellation by Purchaser/s Purchaser – The Purchaser/s Purchaser shall have the right to cancel/withdraw his allotment in the Project as provided in the Act: Provided that where the Purchaser/s Purchaser proposes to cancel/withdraw from the project without any fault of the DeveloperDeveloper/ Promoter, the Developer Developer/ Promoter herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the Purchaser/s Purchaser shall be returned by the Developer Developer/ Promoter to the Purchaser/s Purchaser within 45 days of such cancellation. Compensation – The Developer shall compensate the Purchaser/s in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for compensation under this section shall not be barred by limitation provided under any law for the time being in force. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the Flat (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Developer shall be liable, on demand to the Purchasers, in case the Purchaser/s wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the Flat, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act. Provided that where if the Purchaser/s do/does not intend to withdraw from the Project, the Developer shall pay the Purchaser/s interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the Flat.
Appears in 1 contract
Samples: Agreement for Sale