1. All payments shall be made in favour of “CCI Projects Pvt. Ltd.” (herein after referred to as “the Company”)
2. Stamp duty and Registration charges and any other charges on all the documents/agreements as may be levied pursuant to the allotments/purchase of the residential apartment / residential unit shall be solely borne and paid by the Intending Allottee(s).
3. The Intending Allottee(s) agree(s) to pay to the Company GST and all other levies, duties and cesses or any other direct / indirect taxes which may be levied for this transaction as and when demanded from time to time.
4. The Intending Allottee(s) agrees that, in the event allotment of residential apartment / residential unit is made, he/she shall not transfer the residential apartment / residential unit to any other party till possession (“lock in period”). In the event the Intending Allottee(s) is desirous of transferring such residential apartment / residential unit and/or its rights hereunder prior to Allotment Letter and / or prior to execution and registration of the Proforma agreement for sale and / or prior to making full and final payment, then, the Intending Allottee(s) shall be entitled to effectuate such transfer only with the prior written permission of the Promoter. For the grant of the permission, the Promoter shall be entitled to levy transfer fee at the rate of 5% (five percent) of the Agreement value.
5. “It is expressly agreed that, ‘time shall be the essence of the contract,’ for payment of each and every instalment of the Allotment price, as referred to in Annexure-2.
6. In the event the Intending Allottee(s) does / do not make payment of any instalment of the Sale Consideration as specified in Annexure 2 (prior to Allotment Letter and / or execution and registration of the Proforma Agreement for Sale) and/or in the event the Intending Allottee(s) refuses to execute and register the Proforma Agreement for Sale, then and without prejudice to the rights and remedies available to the Promoter including the right to charge interest at the prevailing rate of State Bank of India Highest Marginal Cost of Lending Rate plus 2% (two
percent) thereon for every month of delay in making payment of the Sale Consideration / parts thereof (“the Interest Rate”), the Promoter shall be entitled to at his own option and discretion, terminate this booking, without any reference or recourse to the Intending Allottee(s). Provided that, the Promoter shall give notice of 15 (fifteen) days in writing to the Intending Allottee(s) (“Default Notice”), by Courier / E-mail / Registered Post A.D. at the address provided by the Intending Allottee(s), of its intention to terminate this booking with detail/s of the specific breach or breaches of terms and conditions in respect of which it is intended to terminate the
booking. If the Intending Allottee(s) fails to rectify the breach or breaches mentioned by the Promoter within the period of the Default Notice, including making full and final payment of any outstanding dues together with the Interest Rate thereon, then at the end of the Default Notice, the Promoter shall be entitled to terminate this booking by issuance of a written notice to the Intending Allottee(s) (“Promoter Termination Notice”), by Courier / E-mail / Registered Post A.D. at the address provided by the Intending Allottee(s). On the receipt of the Promoter
Termination Notice by the Intending Allottee(s), this booking shall stand terminated and cancelled. On the termination and cancellation of this booking in the manner as stated in this clause, the Promoter shall be entitled to forfeit either (a) Earnest Money paid by the Intending Allottee(s) or (b) 10% (ten percent) of the Sale Consideration and all other outgoings and expenses incurred by the Promoter or (c) the actual loss incurred by the Promoter on the resale and / or disposal off the residential apartment / residential unit to a third party purchaser;
whichever is more (“Forfeiture Amount”). Within a period of 30 (thirty) days of the resale and / or disposal off the residential apartment / residential unit to a third party purchaser, the Promoter shall after deduction of the Forfeiture Amount refund the balance amount, if any, of the Sale Consideration to the Intending Allottee(s). Upon the termination of this Letter, the Intending Allottee(s) shall have no claim of any nature whatsoever against the Promoter and any person acting on behalf of the Promoter and/or on the said residential apartment / residential unit and the Promoter shall be entitled to deal with and/or dispose off the residential apartment / residential unit in the manner as it deems fit and proper.
7. The Intending Allottee(s) has /have applied for allotment of a residential apartment / residential unit with full knowledge and understanding of all the laws / notification and rules applicable to this area in general and the residential project in particular which have been explained by the Company and understood by him / her.
8. The Intending Allottee(s) has / have satisfied himself / herself about the interest and title of the Company in the land on which the residential apartment / residential unit is being constructed and has / have understood all the limitations and obligations, in respect thereof.
9. The areas shown in the Company’s sale literature as areas under various heads are as per the calculation of the Company’s architect. The Intending Allottee(s) shall not raise any objection or demand any explanation regarding the same since the price is on lump sum basis.
10. The Intending Allottee(s) shall also pay, when called upon to execute and register the Agreement for Sale, the stamp duty, registration charges, GST and all other levies, duties, cesses, and all other incidental and legal expenses for execution and registration of agreement, sale deed and for formation of the society of the residential apartment / residential unit, forthwith upon such demand by the Company/Firm.
11. The Intending Allottee(s) shall be liable to bear and pay his / her / its proportionate share i.e. in proportion to the carpet area of the residential apartment / residential unit, of outgoings including inter-alia, local taxes, betterment charges, other indirect taxes of every nature, or such other levies by the MCGM or other concerned local authority and / or Government water charges, insurance, common lights, repairs and salaries of clerks, bill collectors, chowkidars, sweepers and all other expenses necessary and incidental to the management and maintenance of the Project and / or the Promoters Land. The Intending Allottee(s) further agrees that till the
Intending Allottee(s)’ share is so determined by the Promoter at its sole discretion, the Intending Allottee(s) shall pay to the Promoter provisional monthly contribution, as demanded by the Promoter, per month towards the outgoings. The amounts so paid by the Intending Allottee(s) to the Promoter shall not carry any interest and shall remain with the Promoter until the Society Conveyance is duly executed and registered. On execution of the Society
Conveyance, the aforesaid deposits less the deductions, shall be paid over by the Promoter to the Society.
12. The Intending Allottee(s) shall get his / her complete address registered with the Company at the time of application. It shall be his / her responsibility to inform the Company by registered A/D letter about all subsequent changes, if any to his/her address, failing which all demand notices and letters posted at the first registered address will be deemed to have been received by him/her at the time when those should ordinarily reach such address and the Intending Allottee(s) shall be responsible for default in payment and other consequences that might occur there from.
13. The Intending Allottee(s) agrees that considering the nature of work, if the completion of the residential apartment / residential unit in general is delayed due to force majeure then he/ she shall not claim any interest or compensation of any form whatsoever from the Company.
14. The Intending Allottee(s) agrees that, if as a result of any legislation, order or rules, the Company, after allotment is unable to complete the residential apartment / residential unit and / or to deliver possession thereof to the Intending Allottee(s), the only responsibility and the liability of the Company will be to pay to the Intending Allottee(s) or the other persons who have purchased or who may purchase hereafter the residential apartment / residential unit and other portions in the said complex(s), the total amount (attributed to the residential apartment / residential unit)that may have been received by the Company, at the time and in
the manner as may be decided by the Company and as aforesaid neither party shall have any right or claim against the other under or in relation to this transaction.
15. In case there are joint Intending Allottee(s) all communications shall be sent by the Company to the Intending Allottee(s) whose name appears first and at the address given by him, which shall for all purposes as served on all the Intending Allottee(s) and no separate communication shall be necessary to the other named Intending Allottee(s). The Intending Allottee(s) has agreed to this condition of the company/ firm.
16. No right, title and /or interest shall be created/vested in the favour of the Intending Allottee(s) on making this Application for the residential apartment / residential unit and / or under this application.
17. Mumbai courts alone shall have jurisdiction in all matters arising out of / touching and / or concerning these transactions.
I /We have fully read and understood the above mentioned terms and conditions and agree to abide by the same.