POSSESSION OF THE FLAT. UNIT Schedule for possession of the said [Flat/Unit]: The Developer agrees and understands that timely delivery of possession of the [Flat/Unit] is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the [Flat/Unit] on, unless the delay or failure due to war, flood, drought, fire, cyclone, earthquake, non availability of raw material, labour strikes or disruptions of any nature,non availability of completion certificate due to departmental issue, any statutory order, rule, notification, or order or direction of any Court 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 Allottee/Purchaser agrees that the Developer shall be entitled to the extension of time for delivery of possession of the [Flat/ Unit], provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee/Xxxxxxxxx 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 Allottee/Purchaser the entire amount received by the Developer from the allotment within 45 days from that date, less the taxes, if any. For the refund of any taxes, the Purchaser/ Allottee shall be required to apply directly to the concerned authority. After refund of the money paid by the Allottee/Purchaser, Allottee/ Purchaser 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 .It is specifically mentioned that when the flat is purchasing by way of obtaining loan from any bank or any financial institution, refund will be subject to the clearance from the banking authority has to provided a documents which will reflect that on refund of the entire deposit amount the bank in all aspects have no right claim over the sale unit/ Flat. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall within a period of 30 days offer in writing to take over possession of the [Flat/Unit], to the Allottee/Purchaser in terms of this Agreement and the Purchaser/ Allottee shall be liable to take such possession of the unit within 01 (One) months from the date of issue of such notice by executing necessary, undertakings and such other documentation i.e., “registration of deed as prescribed in this agreement hereafter referred to as the “ Possession date”. Irrespective of whether the Purchaser/ Allottee takes possession of the said flat/unit within the possession date or not, the Purchaser/ Allottee shall be deemed to have taken possession of the said flat/ unit on the possession date and maintenance charges and other applicable charges in respect to the said project and/or said building/s determined by the Developer shall be applicable from such date when the possession becomes due. The Purchase/Allottee undertake and agrees to pay the maintenance charges as determined by the developer on and from the date possession taking notice issued by developer, irrespective of whether it takes possession or not given possession for non-registration of the conveyance. During the time of execution of the deed of conveyance in respect of the said flat, the Purchaser/Allottee will solely liable for payment of the Stamp Duty, Registration Fees and other ancillary charges including legal fees and taxes which applicable on the said transaction. The Allottee/Purchaser before taking possession of the said Flat/Unit shall make over the payments and/or charges on demand by the Developer in terms of the this present agreement without any deduction and/or delay. In the event of any delay in payment and/or short payment the Developer shall be at liberty to charge interest and Purchaser/ Allottee shall be liable to pay interest until payment is made in full. Possession for Fit-Out: In case the Purchaser/Allottee seeks permission for carrying out , fit-out within the said Unit/Flat, he will be permitted to do so only upon receiving the completion certificate ( or at least after application for grant of CC is made)and upon payment of the entire consideration and Extras and Deposits as provided herein and also the requisite Stamp Duty and Registration charges payable on registration which shall be kept deposited by the Developer in a designed account till registration. During this time the Purchaser/Allottee will not be entitled to use the apartment, till completion certificate is received and deed of Conveyance is executed. Failure of Allottee/Purchaser to take Possession of [Flat/Unit]: Upon receiving a written intimation from the Developer, as per the procedure of taking possession written in the preceding clause the Allottee/Purchaser shall take possession of the [Flat/Unit] from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, including payment of the amounts specified in this agreement whereupon the Developer shall give possession of the [Flat/Unit] to the Allottee/Purchaser. In case the Allottee/Purchaser fails to take possession within the time mentioned in the preceding clause for taking possession, such Allottee/Purchaser shall continue to be liable to pay maintenance charges as applicable. Possession by the Allottee/Purchaser – After obtaining the occupancy certificate and handing over physical possession of the [Flat/Unit] to the Allottee/Purchasers, it shall be the responsibility of the Developer to hand over the necessary Xerox copy documents and plans, including common areas, to the association of the Allottee/Purchasers or the competent authority, as the case may be, as per the prevailing laws and Rules. Cancellation by Allottee/Purchaser – The Allottee/Purchaser shall have the right to cancel / withdraw his allotment in the Project as provided in the Act : Provided that where the Allottee/Purchaser unilaterally intends to cancel/withdraw from the intended purchase of unit under the above project, the Developer herein entitled to forfeit the booking amount paid for the Purchaser. The balance amount will be refunded to the Purchase / Allottee, after deducting the due payment of the purchaser on account delay in making any payment of installments or others. The balance amount of money if paid by the Allottee/Purchaser shall be returned by the Developer to the Allottee/Purchaser within 45 days from such cancellation, less the taxes, if any. For the refund of any taxes, Purchaser/ Allottee shall be required to apply directly to the concerned authorities. Compensation– The Developer shall compensate the Allottee/Purchaser 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 provision shall not be barred by limitation provided under any law for the time being in force. But such liability shall cease with the handing over possession of the Unit/Flat to the Purchaser/Allottee and common areas and the common purpose to the Association of Purchaser. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the [Flat/Unit] (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 Allottee/Purchasers, in case the Allottee/Purchaser 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/Unit], with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act but not the taxes, if any paid by the Purchaser/ Allottee for the refund of which the Purchaser/ Allottee shall have to apply directly to the concerned authority. Provided that where if the Allottee/Purchaser does not intend to withdraw from the Project, the Developer shall pay the Allottee/Purchaser interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the [Flat/Unit]. Provided further that if the said Flat/Unit is completed in all respect, as/ within the date written herein, then the Purchaser/ Allottee will not be entitled to exercise its aforementioned right of withdrawal.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. UNIT Schedule for possession of the said [Flat/Unit]: The Developer PROMOTER/VENDOR/LAND OWNER agrees and understands that timely delivery of possession of the [Flat/Unit] Flat is the essence of the Agreement. The DeveloperPROMOTER/VENDOR/LAND OWNER, based on the approved plans and specifications, assures to hand over possession of the [Flat/Unit] onFlat on December 2024, unless the there is delay or failure due to war, flood, drought, fire, cyclone, earthquake, non availability of raw material, labour strikes or disruptions of any nature,non availability of completion certificate due to departmental issue, any statutory order, rule, notification, or order or direction of any Court earthquake or any other calamity caused by nature nature, Pandemic 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 AllotteeALLOTTEE/Purchaser PURCHASER agrees that the Developer PROMOTER/VENDOR/LAND OWNER shall be entitled to the extension of time for delivery of possession of the [Flat/ Unit]Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The AllotteeALLOTTEE/Xxxxxxxxx agrees PURCHASER agree and confirms confirm that, in the event it becomes impossible for the Developer PROMOTER/VENDOR/LAND OWNER to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer PROMOTER/VENDOR/LAND OWNER shall refund to the AllotteeALLOTTEE/Purchaser PURCHASER the entire amount received by the Developer PROMOTER/VENDOR/LAND OWNER from the allotment ALLOTTEE/PURCHASER within 45 days from that date, less the taxes, if any. For the refund of any taxes, the Purchaser/ Allottee shall be required to apply directly to the concerned authority. After refund of the money paid by the AllotteeALLOTTEE/PurchaserPURCHASER, Allottee/ Purchaser agrees ALLOTTEE/PURCHASER agree that he/ she he shall not have any rights, claims etc. against the Developer PROMOTER/VENDOR/LAND OWNER and that the Developer PROMOTER/VENDOR/LAND OWNER shall be released and discharged from all its obligations and liabilities under this Agreement .It is specifically mentioned that when the flat is purchasing by way of obtaining loan from any bank or any financial institution, refund will be subject to the clearance from the banking authority has to provided a documents which will reflect that on refund of the entire deposit amount the bank in all aspects have no right claim over the sale unit/ FlatAgreement. Procedure for taking possession PROCEDURE FOR TAKING POSSESSION – The DeveloperPROMOTER/VENDOR/LAND OWNER, upon obtaining the occupancy occupancy/completion certificate from the competent authority shall within a period of 30 days offer in writing to take over the possession of the [Flat/Unit], to the AllotteeALLOTTEE/Purchaser PURCHASER in terms of this Agreement and the Purchaser/ Allottee shall to be liable to take such possession of the unit taken within 01 3 (One) three months from the date of issue of such notice by executing necessary, undertakings and such other documentation i.e., “registration of deed as prescribed in this agreement hereafter referred to as the “ Possession date”. Irrespective of whether the Purchaser/ Allottee takes PROMOTER/VENDOR/LAND OWNER shall give possession of the said flatFlat to the ALLOTTEE/unit within PURCHASER. The PROMOTER/VENDOR/LAND OWNER agrees and undertakes to indemnify the possession date or not, the Purchaser/ Allottee shall be deemed to have taken possession ALLOTTEE/PURCHASER in case of failure of fulfilment of any of the said flat/ unit provisions, formalities, documentation on part of the possession date and maintenance charges and other applicable charges in respect to the said project and/or said buildingPROMOTER/s determined by the Developer shall be applicable from such date when the possession becomes dueVENDOR/LAND OWNER. The PurchaseALLOTTEE/Allottee undertake and agrees PURCHASER agree to pay the maintenance charges as determined by the developer PROMOTER/VENDOR/LAND OWNER /association of ALLOTTEE/PURCHASER, as the case may be. The PROMOTER/VENDOR/LAND OWNER on and from its behalf shall offer the date possession taking notice issued by developer, irrespective to the ALLOTTEE in writing within 90 days of whether it takes possession or not given possession for non-registration receiving the occupancy/completion certificate of the conveyanceProject. During the time of execution of the deed of conveyance in respect of the said flat, the PurchaserFAILURE OF ALLOTTEE/Allottee will solely liable for payment of the Stamp Duty, Registration Fees and other ancillary charges including legal fees and taxes which applicable on the said transaction. The Allottee/Purchaser before taking possession of the said Flat/Unit shall make over the payments and/or charges on demand by the Developer in terms of the this present agreement without any deduction and/or delay. In the event of any delay in payment and/or short payment the Developer shall be at liberty to charge interest and Purchaser/ Allottee shall be liable to pay interest until payment is made in full. Possession for Fit-Out: In case the Purchaser/Allottee seeks permission for carrying out , fit-out within the said Unit/Flat, he will be permitted to do so only upon receiving the completion certificate ( or at least after application for grant of CC is made)and upon payment of the entire consideration and Extras and Deposits as provided herein and also the requisite Stamp Duty and Registration charges payable on registration which shall be kept deposited by the Developer in a designed account till registration. During this time the Purchaser/Allottee will not be entitled to use the apartment, till completion certificate is received and deed of Conveyance is executed. Failure of Allottee/Purchaser to take Possession of [Flat/Unit]PURCHASER TO TAKE POSSESSION OF FLAT: Upon receiving a written intimation from the Developer, PROMOTER/VENDOR/LAND OWNER as per clause 7.2, the procedure of taking possession written in the preceding clause the AllotteeALLOTTEE/Purchaser PURCHASER shall take possession of the [Flat/Unit] Flat from the Developer PROMOTER/VENDOR/LAND OWNER by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, including payment of and the amounts specified in this agreement whereupon the Developer PROMOTER/VENDOR/LAND OWNER shall give possession of the [Flat/Unit] Flat to the AllotteeALLOTTEE/PurchaserPURCHASER. In case the AllotteeALLOTTEE/Purchaser PURCHASER fails to take possession within the time mentioned provided in the preceding clause for taking possession7.2, such AllotteeALLOTTEE/Purchaser PURCHASER shall continue to be liable to pay maintenance charges as applicable. Possession by the AllotteePOSSESSION BY THE ALLOTTEE/Purchaser PURCHASER – After obtaining the occupancy occupancy/completion certificate and handing over physical possession of the [Flat/Unit] Flat to the AllotteeALLOTTEE/PurchasersPURCHASER, it shall be the responsibility of the Developer PROMOTER/VENDOR/LAND OWNER, to hand over the necessary Xerox copy documents and plans, including common areas, to the association of the AllotteeALLOTTEE/Purchasers PURCHASER or the competent authority, as the case may be, as per the prevailing laws and Ruleslocal laws. Cancellation by AllotteeCANCELLATION BY ALLOTTEE/Purchaser PURCHASER – The AllotteeALLOTTEE/Purchaser PURCHASER shall have the right to cancel / cancel/withdraw his HIS allotment in the Project as provided in the Act Act: Provided that where the AllotteeALLOTTEE/Purchaser unilaterally intends PURCHASER propose to cancel/withdraw from the intended purchase project without any fault of unit under the above projectPROMOTER/VENDOR/LAND OWNER, the Developer herein PROMOTER/VENDOR/LAND OWNERshall be entitled to forfeit the booking amount paid for the Purchaser. The balance amount will cancellation charges as mentioned inSIXTHSCHEDULE which may be refunded to the Purchase / Allottee, after deducting the due payment of the purchaser on account delay in making any payment of installments or others. The balance amount of money if paid by the Allottee/Purchaser shall be returned by the Developer to the Allottee/Purchaser within 45 days from such cancellation, less the taxes, if any. For the refund of any taxes, Purchaser/ Allottee shall be required to apply directly to the concerned authorities. Compensation– The Developer shall compensate the Allottee/Purchaser 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 treated as provided under the Act and the claim for compensation under this provision shall not be barred by limitation provided under any law for the time being in force. But such liability shall cease with the handing over possession of the Unit/Flat to the Purchaser/Allottee and common areas and the common purpose to the Association of Purchaser. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the [Flat/Unit] (i) in accordance with the terms an integral part 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 Allottee/Purchasers, in case the Allottee/Purchaser 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/Unit], with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act but not the taxes, if any paid by the Purchaser/ Allottee for the refund of which the Purchaser/ Allottee shall have to apply directly to the concerned authority. Provided that where if the Allottee/Purchaser does not intend to withdraw from the Project, the Developer shall pay the Allottee/Purchaser interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the [Flat/Unit]. Provided further that if the said Flat/Unit is completed in all respect, as/ within the date written herein, then the Purchaser/ Allottee will not be entitled to exercise its aforementioned right of withdrawal.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. UNIT Schedule for possession of the said [Flat/Unit]: Flat - The Developer Promoter agrees and understands that timely delivery of possession of the [Flat/Unit] Flat is the essence of the Agreement. The DeveloperPromoter, based on the approved plans and specifications, assures to hand over possession of the [Flat/Unit] onFlat on ORCHID TOWER on or before 31st December 2024, unless the there is delay or failure due to war, flood, drought, fire, cyclone, earthquake, non availability of raw material, labour strikes or disruptions of any nature,non availability of completion certificate due to departmental issue, any statutory order, rule, notification, or order or direction of any Court 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 Allottee/Purchaser Allottee agrees that the Developer Promoter shall be entitled to the extension of time for delivery of possession of the [Flat/ Unit]Flat, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee/Xxxxxxxxx Allottee agrees and confirms that, in the event it becomes impossible for the Developer Promoter to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Developer Promoter shall refund to the Allottee/Purchaser Allottee the entire amount received by the Developer Promoter from the allotment within 45 ninety days from that date, less the taxes, if any. For the refund date of any taxes, the Purchaser/ Allottee shall be required to apply directly to the concerned authoritytermination of allotment. After refund of the money paid by the Allottee/Purchaser, Allottee/ Purchaser 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 .It is specifically mentioned that when the flat is purchasing by way of obtaining loan from any bank or any financial institution, refund will be subject to the clearance from the banking authority has to provided a documents which will reflect that on refund of the entire deposit amount the bank in all aspects have no right claim over the sale unit/ FlatAgreement. Procedure for taking possession – - The DeveloperPromoter, upon obtaining the [occupancy Certificate or such other certificate from the competent authority shall within a period of 30 days offer in writing to take over the possession of the [Flat/Unit]Flat ORCHID TOWER, to the Allottee/Purchaser Allottee in terms of this Agreement and the Purchaser/ Allottee shall to be liable to take such possession of the unit taken within 01 (One) three months from the date of issue of such notice by executing necessary, undertakings and such other documentation i.e., “registration of deed as prescribed in this agreement hereafter referred to as the “ Possession date”. Irrespective of whether the Purchaser/ Allottee takes Promoter shall give possession of the said flat/unit within Flat to the possession date or not, Allottee. The Promoter agrees and undertakes to indemnify the Purchaser/ Allottee shall be deemed to have taken possession in case of failure of fulfillment of any of the said flat/ unit provisions, formalities, documentation on part of the possession date and maintenance charges and other applicable charges in respect to the said project and/or said building/s determined by the Developer shall be applicable from such date when the possession becomes duePromoter. The Purchase/Allottee undertake and agrees to pay the maintenance charges as determined by the developer on and from the date possession taking notice issued by developer, irrespective Promoter / Association of whether it takes possession or not given possession for non-registration of the conveyance. During the time of execution of the deed of conveyance in respect of the said flat, the Purchaser/Allottee will solely liable for payment of the Stamp Duty, Registration Fees and other ancillary charges including legal fees and taxes which applicable on the said transaction. The Allottee/Purchaser before taking possession of the said Flat/Unit shall make over the payments and/or charges on demand by the Developer in terms of the this present agreement without any deduction and/or delay. In the event of any delay in payment and/or short payment the Developer shall be at liberty to charge interest and Purchaser/ Allottee shall be liable to pay interest until payment is made in full. Possession for Fit-Out: In case the Purchaser/Allottee seeks permission for carrying out , fit-out within the said Unit/Flat, he will be permitted to do so only upon receiving the completion certificate ( or at least after application for grant of CC is made)and upon payment of the entire consideration and Extras and Deposits as provided herein and also the requisite Stamp Duty and Registration charges payable on registration which shall be kept deposited by the Developer in a designed account till registration. During this time the Purchaser/Allottee will not be entitled to use the apartment, till completion certificate is received and deed of Conveyance is executed. Failure of Allottee/Purchaser to take Possession of [Flat/Unit]: Upon receiving a written intimation from the Developer, as per the procedure of taking possession written in the preceding clause the Allottee/Purchaser shall take possession of the [Flat/Unit] from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, including payment of the amounts specified in this agreement whereupon the Developer shall give possession of the [Flat/Unit] to the Allottee/Purchaser. In case the Allottee/Purchaser fails to take possession within the time mentioned in the preceding clause for taking possession, such Allottee/Purchaser shall continue to be liable to pay maintenance charges as applicable. Possession by the Allottee/Purchaser – After obtaining the occupancy certificate and handing over physical possession of the [Flat/Unit] to the Allottee/Purchasers, it shall be the responsibility of the Developer to hand over the necessary Xerox copy documents and plans, including common areas, to the association of the Allottee/Purchasers or the competent authorityallottees, as the case may be, as per the prevailing laws and Rules. Cancellation by Allottee/Purchaser – The Allottee/Purchaser shall have the right to cancel / withdraw his allotment in the Project as provided in the Act : Provided that where the Allottee/Purchaser unilaterally intends to cancel/withdraw from the intended purchase of unit under the above project, the Developer herein entitled to forfeit the booking amount paid for the Purchaser. The balance amount will be refunded Promoter on its behalf shall offer the possession to the Purchase / Allottee, after deducting Allottee in writing within 60 (Sixty) days of receiving the due payment occupancy certificate of the purchaser on account delay in making any payment of installments or others. The balance amount of money if paid by the Allottee/Purchaser shall be returned by the Developer to the Allottee/Purchaser within 45 days from such cancellation, less the taxes, if any. For the refund of any taxes, Purchaser/ Allottee shall be required to apply directly to the concerned authorities. Compensation– The Developer shall compensate the Allottee/Purchaser 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 provision shall not be barred by limitation provided under any law for the time being in force. But such liability shall cease with the handing over possession of the Unit/Flat to the Purchaser/Allottee and common areas and the common purpose to the Association of Purchaser. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the [Flat/Unit] (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 Allottee/Purchasers, in case the Allottee/Purchaser 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/Unit], with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act but not the taxes, if any paid by the Purchaser/ Allottee for the refund of which the Purchaser/ Allottee shall have to apply directly to the concerned authority. Provided that where if the Allottee/Purchaser does not intend to withdraw from the Project, the Developer shall pay the Allottee/Purchaser interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the [Flat/Unit]. Provided further that if the said Flat/Unit is completed in all respect, as/ within the date written herein, then the Purchaser/ Allottee will not be entitled to exercise its aforementioned right of withdrawal.
Appears in 1 contract
Samples: 202.61.117.163
POSSESSION OF THE FLAT. UNIT Schedule for possession of the said [Flat/Unit]Flat and Garage: The Developer agrees and understands that timely delivery of possession of the [Flat/Unit] Flat and Garage is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the [Flat/Unit] Flat and Garage on, unless the Unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake, non availability of raw material, labour strikes or disruptions of any nature,non availability of completion certificate due to departmental issue, any statutory order, rule, notification, or order or direction of any Court 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 Allottee/Purchaser agrees that the Developer shall be entitled to the extension of time for delivery of possession of the [Flat/ Unit]Flat and Garage, provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee/Xxxxxxxxx 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 Allottee/Purchaser the entire amount received by the Developer from the allotment within 45 days from that date, less the taxes, if any. For the refund of any taxes, the Purchaser/ Allottee shall be required to apply directly to the concerned authority. After refund of the money paid by the Allottee/Purchaser, Allottee/ Allottee/Purchaser 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 .It is specifically mentioned that when the flat is purchasing by way of obtaining loan from any bank or any financial institution, refund will be subject to the clearance from the banking authority has to provided a documents which will reflect that on refund of the entire deposit amount the bank in all aspects have no right claim over the sale unit/ FlatAgreement. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate certificate* from the competent authority shall within a period of 30 days offer in writing to take over the possession of the [Flat/Unit]Flat and Garage, to the Allottee/Purchaser in terms of this Agreement and the Purchaser/ Allottee shall to be liable to take such possession of the unit taken within 01 3 (Onethree) months from the date of issue of such notice by executing necessary, undertakings and such other documentation i.e., “registration of deed as prescribed in this agreement hereafter referred to as the “ Possession date”. Irrespective of whether the Purchaser/ Allottee takes Developer shall give possession of the said flatFlat and Garage to the Allottee/unit within Purchaser. The Developer agrees and undertakes to indemnify the possession date or not, the Purchaser/ Allottee shall be deemed to have taken possession Allottee/Purchaser in case of failure of fulfillment of any of the said flat/ unit provisions, formalities, documentation on part of the possession date and maintenance charges and other applicable charges in respect to the said project and/or said building/s determined by the Developer shall be applicable from such date when the possession becomes dueDeveloper. The PurchaseAllottee/Allottee undertake and agrees Purchaser agree(s) to pay the maintenance charges as determined by the developer on and from Developer/association of Allottee/Purchasers, as the date possession taking notice issued by developer, irrespective of whether it takes possession or not given possession for non-registration of the conveyance. During the time of execution of the deed of conveyance in respect of the said flat, the Purchaser/Allottee will solely liable for payment of the Stamp Duty, Registration Fees and other ancillary charges including legal fees and taxes which applicable on the said transactioncase may be. The Developer on its behalf shall offer the possession to the Allottee/Purchaser before taking possession in writing within 30 days of the said Flat/Unit shall make over the payments and/or charges on demand by the Developer in terms of the this present agreement without any deduction and/or delay. In the event of any delay in payment and/or short payment the Developer shall be at liberty to charge interest and Purchaser/ Allottee shall be liable to pay interest until payment is made in full. Possession for Fit-Out: In case the Purchaser/Allottee seeks permission for carrying out , fit-out within the said Unit/Flat, he will be permitted to do so only upon receiving the completion certificate ( or at least after application for grant of CC is made)and upon payment of occupancy certificate*of the entire consideration and Extras and Deposits as provided herein and also the requisite Stamp Duty and Registration charges payable on registration which shall be kept deposited by the Developer in a designed account till registration. During this time the Purchaser/Allottee will not be entitled to use the apartment, till completion certificate is received and deed of Conveyance is executedProject. Failure of Allottee/Purchaser to take Possession of [Flat/Unit]: Upon receiving a written intimation from the Developer, Developer as per the procedure of taking possession written in the preceding clause 7.2, the Allottee/Purchaser shall take possession of the [Flat/Unit] Flat and Garage from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, including payment of the amounts specified in this agreement whereupon and the Developer shall give possession of the [Flat/Unit] Flat and the garage to the Allottee/Purchaser. In case the Allottee/Purchaser fails to take possession within the time mentioned provided in the preceding clause for taking possession7.2, such Allottee/Purchaser shall continue to be liable to pay maintenance charges as applicable. Possession by the Allottee/Purchaser – - After obtaining the occupancy certificate certificate* and handing over physical possession of the [Flat/Unit] Flat and the Garage to the Allottee/Purchasers, it shall be the responsibility of the Developer to hand over the necessary Xerox copy documents and plans, including common areas, to the association of the Allottee/Purchasers or the competent authority, as the case may be, as per the prevailing laws and Ruleslocal laws. Cancellation by Allottee/Purchaser – - The Allottee/Purchaser shall have the right to cancel / cancel/withdraw his allotment in the Project as provided in the Act Act: Provided that where the Allottee/Purchaser unilaterally intends proposes to cancel/withdraw from the intended purchase project without any fault of unit under the above projectDeveloper, the Developer herein is entitled to forfeit the booking amount paid for the Purchaser. The balance amount will be refunded to the Purchase / Allottee, after deducting the due payment of the purchaser on account delay in making any payment of installments or othersallotment. The balance amount of money if paid by the Allottee/Purchaser shall be returned by the Developer to the Allottee/Purchaser within 45 days from of such cancellation, less the taxes, if any. For the refund of any taxes, Purchaser/ Allottee shall be required to apply directly to the concerned authorities. Compensation– Compensation- The Developer shall compensate the Allottee/Purchaser 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 provision section shall not be barred by limitation provided under any law for the time being in force. But such liability shall cease with the handing over possession of the Unit/Flat to the Purchaser/Allottee and common areas and the common purpose to the Association of Purchaser. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the [Flat/Unit] Flat and the Garage (i) in accordance with the terms of this Agreement, duly completed by the date specified herein; or (ii) due to discontinuance of his it’s business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason reason; the Developer shall be liable, on demand to the Allottee/Purchasers, in case the Allottee/Purchaser 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/Unit]Flat and the Garage, with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act but not the taxes, if any paid by the Purchaser/ Allottee for the refund of which the Purchaser/ Allottee shall have to apply directly to the concerned authorityAct. Provided that where if the Allottee/Purchaser does not intend to withdraw from the Project, the Developer shall pay the Allottee/Purchaser interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the [Flat/Unit]. Provided further that if Flat and the said Flat/Unit is completed in all respect, as/ within the date written herein, then the Purchaser/ Allottee will not be entitled to exercise its aforementioned right of withdrawalGarage.
Appears in 1 contract
Samples: Agreement for Sale
POSSESSION OF THE FLAT. UNIT Schedule for possession of the said [Flat/Unit]: The Developer agrees and understands that timely delivery of possession of the [Flat/Unit] is the essence of the Agreement. The Developer, based on the approved plans and specifications, assures to hand over possession of the [Flat/Unit] on, ,_ unless the delay or failure due to war, flood, drought, fire, cyclone, earthquake, non availability of raw material, labour strikes or disruptions of any nature,non availability of completion certificate due to departmental issue, any statutory order, rule, notification, or order or direction of any Court 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 Allottee/Purchaser agrees that the Developer shall be entitled to the extension of time for delivery of possession of the [Flat/ Unit], provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee/Xxxxxxxxx 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 Allottee/Purchaser the entire amount received by the Developer from the allotment within 45 days from that date, less the taxes, if any. For the refund of any taxes, the Purchaser/ Allottee shall be required to apply directly to the concerned authority. After refund of the money paid by the Allottee/Purchaser, Allottee/ Purchaser 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 .It is specifically mentioned that when the flat is purchasing by way of obtaining loan from any bank or any financial institution, refund will be subject to the clearance from the banking authority has to provided a documents which will reflect that on refund of the entire deposit amount the bank in all aspects have no right claim over the sale unit/ Flat. Procedure for taking possession – The Developer, upon obtaining the occupancy certificate from the competent authority shall within a period of 30 days offer in writing to take over possession of the [Flat/Unit], to the Allottee/Purchaser in terms of this Agreement and the Purchaser/ Allottee shall be liable to take such possession of the unit within with in 01 (One) months from the date of issue of such notice by executing necessarynecessary intemnities, undertakings and such other documentation i.e., e.g “registration of deed deed, as prescribed in this agreement hereafter referred to as the “ Possession date”. Irrespective of whether the Purchaser/ Allottee takes possession of the said flat/unit within the possession date or not, the Purchaser/ Allottee shall be deemed to have taken possession of the said flat/ unit on the possession date and maintenance charges and other applicable charges in respect to the said project and/or said building/s determined by the Developer shall be applicable from such date when the possession becomes due. The Purchase/Purchase / Allottee undertake and agrees to pay the maintenance charges as determined by the developer on and from the date possession taking notice issued by developer, irrespective of whether it takes possession or not given possession for non-non- registration of the conveyance. During the time of execution of the deed of conveyance in respect of the said flat, the Purchaser/Allottee will solely liable for payment of the Stamp Duty, Registration Fees and other ancillary charges including legal fees and taxes which applicable on the said transactiontransaction . The Allottee/Purchaser before taking possession of the said Flat/Unit shall make over the payments and/or charges on demand by the Developer in terms of the this present agreement without any deduction and/or delay. In the event of any delay in payment and/or short payment the Developer shall be at liberty to charge interest and Purchaser/ Allottee shall be liable to pay interest until payment is made in full. Possession for Fit-Out: In case the Purchaser/Allottee seeks permission for carrying out , fit-out within the said Unit/Flat, he will be permitted to do so only upon receiving the completion certificate ( or at least after application for grant of CC is made)and upon payment of the entire consideration and Extras and Deposits as provided herein and also the requisite Stamp Duty and Registration charges payable on registration which shall be kept deposited by the Developer in a designed account till registration. During this time the Purchaser/Allottee will not be entitled to use the apartment, till completion certificate is received and deed of Conveyance is executed. Failure of Allottee/Purchaser to take Possession of [Flat/Unit]: Upon receiving a written intimation from the Developer, as per the procedure of taking possession written in the preceding clause the Allottee/Purchaser shall take possession of the [Flat/Unit] from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, including payment of the amounts specified in this agreement whereupon the Developer shall give possession of the [Flat/Unit] to the Allottee/Purchaser. In case the Allottee/Purchaser fails to take possession within the time mentioned in the preceding clause for taking possession, such Allottee/Purchaser shall continue to be liable to pay maintenance charges as applicable. Possession by the Allottee/Purchaser – After obtaining the occupancy certificate and handing over physical possession of the [Flat/Unit] to the Allottee/Purchasers, it shall be the responsibility of the Developer to hand over the necessary Xerox copy documents and plans, including common areas, to the association of the Allottee/Purchasers or the competent authority, as the case may be, as per the prevailing laws and Rules. Cancellation by Allottee/Purchaser – The Allottee/Purchaser shall have the right to cancel / withdraw his allotment in the Project as provided in the Act : Provided that where the Allottee/Purchaser unilaterally intends to cancel/withdraw from the intended purchase of unit under the above project, the Developer herein entitled to forfeit the booking amount paid for the Purchaser. The balance amount will be refunded to the Purchase / Allottee, after deducting the due payment of the purchaser on account delay in making any payment of installments or others. The balance amount of money if paid by the Allottee/Purchaser shall be returned by the Developer to the Allottee/Purchaser within 45 days from such cancellation, less the taxes, if any. For the refund of any taxes, Purchaser/ Allottee shall be required to apply directly to the concerned authorities. Compensation– The Developer shall compensate the Allottee/Purchaser 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 provision shall not be barred by limitation provided under any law for the time being in force. But such liability shall cease with the handing over possession of the Unit/Flat to the Purchaser/Allottee and common areas and the common purpose to the Association of Purchaser. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the [Flat/Unit] (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 Allottee/Purchasers, in case the Allottee/Purchaser 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/Unit], with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act but not the taxes, if any paid by the Purchaser/ Allottee for the refund of which the Purchaser/ Allottee shall have to apply directly to the concerned authority. Provided that where if the Allottee/Purchaser does not intend to withdraw from the Project, the Developer shall pay the Allottee/Purchaser interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the [Flat/Unit]. Provided further that if the said Flat/Unit is completed in all respect, as/ within the date written herein, then the Purchaser/ Allottee will not be entitled to exercise its aforementioned right of withdrawal.
Appears in 1 contract
Samples: Memorandum of Agreement
POSSESSION OF THE FLAT. UNIT Schedule for possession of the said [Flat/Unit]: Said Flat- The Developer Promoter agrees and understands that timely delivery of possession of the [Flat/Unit] 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 [Flat/Unit] onSaid Flat 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 June, 2023 (“Completion Date”), unless the there is delay or failure due to war, flood, drought, fire, cyclone, earthquake, non availability of raw material, labour strikes or disruptions of any nature,non availability of completion certificate due to departmental issue, any statutory order, rule, notification, or order or direction of any Court 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 Allottee/Purchaser Allottee agrees that the Developer Promoter shall be entitled to the extension of time for delivery of possession of the [Flat/ Unit], provided Flat. Provided that such Force Majeure conditions are not of a nature which make it impossible for the contract to be implemented. The Allottee/Xxxxxxxxx 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 Allottee/Purchaser Allottee the entire amount received by the Developer Promoter from the allotment within 45 days from that date, less . The Promoter shall intimate the taxes, if any. For the refund of any taxes, the Purchaser/ Allottee shall be required about such termination at least thirty days prior to apply directly to the concerned authoritysuch termination. After refund of the money paid by the Allottee/Purchaser, Allottee/ Purchaser 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 .It Agreement. The Possession Date has been accepted by the Allottee. However, if the Said Flat is specifically mentioned 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 when the flat payment obligations of the Allottee is purchasing by way linked inter alia to the progress of obtaining loan from 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 bank time, under the provisions of the applicable laws, the Common Areas and/or the land comprised in the Project Property or any financial institution, refund will part thereof are required and to be subject transferred to the clearance from association of Allottee, then the banking authority has Promoter and/or the Owners, as per their respective entitlements, shall be entitled to provided a do so and the Allottee shall do all acts, deeds and things and signs, executes and delivers all papers documents which will reflect that on refund 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 entire deposit amount Project (including the bank Allottee herein) proportionately and the Promoter and/or the Owners shall not be liable therefore in all aspects have no right claim over any manner whatsoever and the sale unit/ FlatAllottee 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 within a period of 30 days offer in writing to take over the possession of the [Said Flat/Unit], to the Allottee/Purchaser Allottee in terms of this Agreement and the Purchaser/ Allottee shall to be liable to take such possession of the unit taken within 01 (One) two months from the date of issue of such notice by executing necessary, undertakings completion certificate subject to payment of all amount due and such other documentation i.e., “registration of deed as prescribed in payable under this agreement hereafter referred to as the “ Possession date”. Irrespective of whether the Purchaser/ Allottee takes possession Agreement and Registration of the said flat/unit within Deed of Conveyance. The Promoter agrees and undertakes to indemnify the possession date or not, the Purchaser/ Allottee shall be deemed to have taken possession in case of failure of fulfillment of any of the said flat/ unit provisions, formalities, documentation on part of the possession date and maintenance charges and other applicable charges in respect to the said project and/or said building/s determined by the Developer shall be applicable from such date when the possession becomes duePromoter. The Purchase/Allottee undertake and agrees Allottee, after taking possession, agree(s) to pay the maintenance charges (as provided on Schedule H below) as determined by the developer on and from the date possession taking notice issued by developer, irrespective of whether it takes possession or not given possession for non-registration of the conveyance. During the time of execution of the deed of conveyance in respect of the said flat, the PurchaserPromoter/Allottee will solely liable for payment of the Stamp Duty, Registration Fees and other ancillary charges including legal fees and taxes which applicable on the said transaction. The Allottee/Purchaser before taking possession of the said Flat/Unit shall make over the payments and/or charges on demand by the Developer in terms of the this present agreement without any deduction and/or delay. In the event of any delay in payment and/or short payment the Developer shall be at liberty to charge interest and Purchaser/ Allottee shall be liable to pay interest until payment is made in full. Possession for Fit-Out: In case the Purchaser/Allottee seeks permission for carrying out , fit-out within the said Unit/Flat, he will be permitted to do so only upon receiving the completion certificate ( or at least after application for grant of CC is made)and upon payment of the entire consideration and Extras and Deposits as provided herein and also the requisite Stamp Duty and Registration charges payable on registration which shall be kept deposited by the Developer in a designed account till registration. During this time the Purchaser/Allottee will not be entitled to use the apartment, till completion certificate is received and deed of Conveyance is executed. Failure of Allottee/Purchaser to take Possession of [Flat/Unit]: Upon receiving a written intimation from the Developer, as per the procedure of taking possession written in the preceding clause the Allottee/Purchaser shall take possession of the [Flat/Unit] from the Developer by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, including payment of the amounts specified in this agreement whereupon the Developer shall give possession of the [Flat/Unit] to the Allottee/Purchaser. In case the Allottee/Purchaser fails to take possession within the time mentioned in the preceding clause for taking possession, such Allottee/Purchaser shall continue to be liable to pay maintenance charges as applicable. Possession by the Allottee/Purchaser – After obtaining the occupancy certificate and handing over physical possession of the [Flat/Unit] to the Allottee/Purchasers, it shall be the responsibility of the Developer to hand over the necessary Xerox copy documents and plans, including common areas, to the association of the Allottee/Purchasers or the competent authorityallottees, as the case may be, as per be from the prevailing laws and Rulesdate of the issuance of the completion certificate for the Project. Cancellation by Allottee/Purchaser – The Allottee/Purchaser promoter shall have hand over the right to cancel / withdraw his allotment in photocopy of completion certificate of the Project as provided in the Act : Provided that where the Allottee/Purchaser unilaterally intends to cancel/withdraw from the intended purchase of unit under the above project, the Developer herein entitled to forfeit the booking amount paid for the Purchaser. The balance amount will be refunded to the Purchase / Allottee, after deducting Allottee at the due payment time of conveyance of the purchaser on account delay in making any payment of installments or others. The balance amount of money if paid by the Allottee/Purchaser shall be returned by the Developer to the Allottee/Purchaser within 45 days from such cancellation, less the taxes, if any. For the refund of any taxes, Purchaser/ Allottee shall be required to apply directly to the concerned authorities. Compensation– The Developer shall compensate the Allottee/Purchaser 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 provision shall not be barred by limitation provided under any law for the time being in force. But such liability shall cease with the handing over possession of the Unit/Flat to the Purchaser/Allottee and common areas and the common purpose to the Association of Purchaser. Except for occurrence of a Force Majeure event, if the Developer fails to complete or is unable to give possession of the [Flat/Unit] (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 Allottee/Purchasers, in case the Allottee/Purchaser 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/Unit], with interest at the rate specified in the Rules within 45 days including compensation in the manner as provided under the Act but not the taxes, if any paid by the Purchaser/ Allottee for the refund of which the Purchaser/ Allottee shall have to apply directly to the concerned authority. Provided that where if the Allottee/Purchaser does not intend to withdraw from the Project, the Developer shall pay the Allottee/Purchaser interest at the rate specified in the Rules for every month of delay, till the handing over of the possession of the [Flat/Unit]. Provided further that if the said Flat/Unit is completed in all respect, as/ within the date written herein, then the Purchaser/ Allottee will not be entitled to exercise its aforementioned right of withdrawalsame.
Appears in 1 contract
Samples: Agreement for Sale