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GENERAL TERMS & CONDITIONS :
Application for allotments of flat should be made on the prescribed “APPLICATION FORM” duly signed by the applicant along with the “Earnest Money/ Booking Money”.
The Company will issue an Allotment Letter to the Applicant after acceptance of the application. The Applicant/ Allottee shall then start making payments as per the Schedule of Payment. Allotments of apartments are made on first come first served basis. No request will be consider without any booking for flat.
All sorts of Payments such as earnest money, installments, car park costs, additional works and other charges shall be made by Bank Draft or Pay Order or Account Payee Cheque or in Cash, in favor of THE COMPANY or in any other Accounts requested by the Competent authority of the Company, for which respective receipts will be issued. Non-Residents may remit payments in foreign currencies by TT or DD or through any other Legal Channel.
Payments of installments, Car Park and all other charges are to be made on due dates. The Company may issue reminder to the Purchaser, but, notwithstanding the issue of reminders, the Purchaser must adhere to the Schedule of Payments to ensure timely completion of construction.
Delay in payments for Installments will make the Purchaser liable to pay a delay charge of 2% per month on the amount of payment delayed. But it must not be delayed beyond the next installment. If any Purchaser fails to pay 02 (Two) subsequent installments within the scheduled time, the company shall have the right to cancel the allotment of Apartment without any further notice.
An Agreement will be made between the Company and the Purchaser for safeguarding the interest of the Purchaser as well as the company after payment of minimum 30% of the apartment price including Car Parking and Utility connection charge (if taken).
Connection Fees/Charges, Security Deposits, Car Parking cost if any and other incidental expenses relating to gas, water, sewerage and electric connection are included in the price of the apartment. The Company will make these payments directly to the authorities concerned, on the Purchaser’s account. The Purchaser will be billed proportionately on actual cost basis.
Developer shall install water, sewerage, electric, gas and other utility connections on the basis of the estimated requirements of the Apartment from the concerned authorities on actual cost basis. Developer will not be liable for any shortage in supply / services of utility facilities or low capacity of supply from the authorities. Upon availability of services Developer will install the said facilities on behalf of Apartment Owner before or after completion of the Apartment complex.
Developer will carry out any rectifications, modification or any changes of layout plan for the greater interest of the Apartment Complex after post completion of the project as per the Developer’s continuous schedule work. Limited charges in the specifications, design and / or layout of the apartments and other facilities may be made by the Company in larger over-all interest or due to unavoidable reasons.
Under no circumstances possession of the Apartment along with proportionate and undemarcated land area of each apartment shall be given/ handed over to the Purchaser before the completion of the construction in all respects and payment of the entire cost of construction of Apartment and charges and dues required to be made to the Developer under this Agreement or any other subsequent agreement between the parties hereto. Till then the possession will rest with the Company.
The Purchaser will pay Registration Fees, Stamp and Stamp Duties, Gain tax (Land tax), Value Added Tax (VAT), Local Government Tax, Apartment Tax etc., (Actual cost or charges shown in allotment letter) Documentation Charges and any other taxes and expenses relating to DESA, CITY Corporation and other relevant authorities likely to be incurred in connection with the Deed of Agreement, Allotment, Registration, Transfer Fee etc. Only the actual sums shall be charged.
The Developer may arrange loan (If requested) from any bank or financial institution(s) for the purchaser the company will do all that is possible to help secure the loan. However, the final decision regarding the grant of loan rest with the financial institution and with the compliance of their requirements. The purchaser must sign all the necessary papers for grant of the loan and he/she must attend the registration office for the registration of the mortgage deed. Irrespective of the loan being sanctioned or not, the client will be liable to pay or not pay as per schedule installments. On the Other Hand Client may avail loan up to 30% from the Company’s own fund with 7% interest and 2 % Service Charge. Rate of Interest with Service charge will be calculated as per Flat Rate interest basis.
The measurement of net area of the Apartment and proportionate share of the areas of common use at the project may have minor variation up to limit of 2% for which no changes in the cost price of the Apartment shall be made and neither the Developer nor the Purchaser shall have any claim against each other. If the limit up to more than 2% and onwards, then either party shall be liable to compensate each other only for additional increase / decrease of Floor area.
The Purchaser must consult The Company. prior to taking any structural or layout changes within the apartment complex. Failure to do so will be at sole risk of the Purchaser. The Purchaser shall not engage anyone for undertaking any kind of work within the Apartment Complex during the construction period without consent of the Developer.
The Developer shall erect, build and completely finish the construction of the project on the scheduled property with materials of standard quality in good and professional manner in accordance with the Approved Plan and Developer’s declared specifications mentioned in the brochure. Developer shall also earmark, demarcate allot reserved car parks as per the availability of the building plan and space at his own discretion. Till delivering of Apartment and Car Park spaces to the respective clients and owner, Developer will control of spaces of the Apartment Complex.
The Developer agrees to complete the construction of the project as per the scheduled time to be mentioned in the Brochure. The completion period of the construction of the project can be affected by unavoidable circumstances beyond the control of the Company like force measure, natural calamities, political disturbances, material scarcity or price escalation, strikes, changes in the fiscal policies, non-payment of scheduled installment from purchaser etc. However, if the construction is delayed due to the negligence of the company, the Purchaser will receive a negotiated amount to be mentioned in the Deed of Agreement as delay charge till hand over.
The Developer shall supply the list of specified items to be used for construction, flooring, bathrooms, kitchen, electrical fittings and accessories, internal and external paints and all other relevant items etc. prior to the initiation of such works. If the purchaser desires to have any change, purchaser shall within 30 days of receiving the list, inform in writing his choice to the Developer and agree to pay additional costs if any for the items of his choice and additional work. For quality reason Developer cannot accept the low graded materials other than specified items.
The Developer will ensure the registration and transfer of the property as well as the apartment to the respective client upon receiving of all due payments and Developer will notify purchaser to take vacant possession of his said allotments as pre-schedule time, failing to do so will liable to pay Tk. 400 per day only from the date of the Welcome Meeting for maintaining cleaning, guarding, protecting and care taking of the project. Till receiving the all dues from purchaser the possessions will rest with the Company.
If for any reasons of act of God, natural calamity, earthquake, flood, famine, act of enemy, war, military operations of any nature, blockade, strike, embargo etc. and for other reasons beyond the control of the Developer the implementation of the project is abandoned, it does not become possible to proceed with building project and to complete the construction of the demised apartment, the Developer shall inform the Purchaser and refund EARNEST MONEY (if any) and all installments deposited within 90 (Ninety) days from the announcement date made to this effect. Whereupon the parties hereto shall, by mutual discussion and consent make such additional arrangement as may be necessary to protect the interest of the parties.
If for any reason, the allotment is cancelled, the developer will refund the actual money deposited by the Purchaser after deducting the cancellation charge of 5% on Total Payable Amount to the Developer. Other relevant expenses will be charged in addition to cancellation charge on actual basis from Purchaser’s accounts. After deduction of said charge, the money will be refunded as per the same schedule of installments deposited by the Purchaser. The Installments will start after the apartment has been sold out to another purchaser.
The Purchaser shall not sell, transfer, convey, mortgage, charge or in any way encumber, deal with or dispose off the rights and interest in the Apartment or any construction made in connection with the Apartment and the Property during the continuance of this Agreement and until all dues of whatsoever nature to the Developer are fully paid up after completion / handed over Apartment in all aspects, and any such action on the part of the Purchaser without the prior written consent of the Developer.
The Purchaser, after full payment of dues will elect a BOARD OF MANAGEMENT from among themselves for managing the general affairs in the common interest. Each Purchaser including Land Owner must deposit the fixed amount (To be mentioned in the project Brochure) only for each Apartment towards the Reserve Fund for initial common service expenses of the complex. All Apartment Owners including Tenant (If any) shall abide by the rules and regulations of the above said Management Board.
The Purchaser or the Apartment Owner’s Association of which the Purchaser will become a member will not have right to make any changes to the exterior elevation of the building or change the name of the building as shown in the brochure of the project or change or remove the logo of the building name or the logo of the Promoter/Developer on the front entrance of the building.
More other detail Terms and Conditions will be highlighted in SALES DEED OF AGREEMENT of Flat.
 
 
 
 

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