READ AGREEMENT DRAFT

[Umesh Kadam]

Dear All,

 

As per my earlier experience, i think the speed of project is well in limit, Builder is doing well. normaly all the sites gets completed within 6 months approx. late from the due date, this could be a same case,

 

i have submited so far 20% amount and likely to apply for an agreement before which i called for a review of agreement draft copy.

 

after reviewing the same, i could see some points which are not in favour of buyer, some are as below:-

 

Page 8 =P]         While sanctioning the said plans concerned local authority and/or Government has laid down certain terms, conditions, stipulations and restrictions which are to be observed and performed by the Promoter and the Flat/Unit Purchaser while developing and using the said land and the said buildings and upon due observance performance of which only the completion and occupation certificates in respect of the said buildings shall be granted by the concerned local authority.  

 

Page 10 = The Flat Purchaser/s shall not be entitled to claim possession of the said flat until the Flat Purchaser pays all dues payable under this agreement in respect of the said flat to the Promoter and has paid the necessary deposits, maintenance amount / deposit, service tax and other taxes and signed the possession documents, bonds, receipts etc. After receipt of the completion certificate from the Concerned Authority, the Certificate issued by the structural consultant shall cease to be valid and shall become ineffective in case of any addition and/or alteration to the building, any damage caused to the building by accident, any tampering with the geometrical section/s of all the buildings for any purpose whatsoever, any overloading of the building, lack of maintenance by the purchaser/s association, any event of force majeur, act of God, any natural calamity or manmade occurrences which could not have been envisaged while designing the building for which the building is not designed, any act that is detrimental to the building as a whole, failure to communicate to the concerned authorities about deformities in time.

 

Page 11 = It is hereby agreed that the time for payment as specified above is the essence of the contract and on  failure of the Flat Purchasers to pay the same on due dates, it shall be deemed that the Flat Purchaser/s  has/have committed breach of this Agreement and the  Promoter shall be  entitled to take such action as  he/she/they is/are entitled to take in case of breach  of this Agreement and also to terminate this Agreement.

 

Page 12 = If in case of breach of the terms of the agreement on the part of the purchaser, the Promoter suffers any loss or damages arising from or as a result of the breach then the Promoter shall be entitled to the said damages and in case of termination of the agreement by the Promoter due to the breach committed by the purchaser, the Promoter shall be entitled to get itself reimbursed from the amount repayable to the purchaser. In case of termination of the agreement the said damages shall not be less than Rs.1,00,000/-.

 

in addition to above points, builder will be charging 12% interest per anum to defaulter.

Builder will increase the price in two years if the Raw material prices gets increases =

 

these are consolidated points which are need to review and remove, i consulted with Lawyer .

 

 

thanks,

with warm regards,

Umesh Kadam

Pune

9881144137