1. Payment Terms
The Purchaser must pay the total price of the land as agreed upon in the
schedule and any applicable Goods and Facilitation Charges.
Payment Options:
50% Down Payment: The Purchaser can pay 50% of the total price as a down
payment, with the remaining balance payable in multiple Equated Monthly
Installments (EMIs) as agreed upon with the Vendor.
Multiple EMI Option: The Purchaser can opt for a flexible EMI plan, subject
to approval by the Vendor.
Ready-to-Move Property: The Purchaser can take possession of a ready-to
move property upon completing 100% full payment of the total land price.
All payments must be made within the stipulated timelines to avoid penalties
or cancellation.
2. Facilitation Charges
Prior to taking possession, the Purchaser must remit the facilitation charges
demanded by the Vendor. Failure to comply within the stipulated time will
attract a penalty as per savings bank interest rates.
3. Possession
The Purchaser must take possession of the property as per sale agreement
being notified by the Vendor. Any delays will attract maintenance charges.
If the Purchaser fails to take possession after the property is ready, levy
charges and maintenance fees will apply until possession is taken.
4. Conveyance of Title
The Vendor guarantees that the property is free from all encumbrances,
attachments, or defects.
Upon full payment, the Vendor will execute a Conveyance Deed and transfer
ownership to the Purchaser. The Purchaser is entitled to peaceful and
uninterrupted possession.
5. Vendor Obligations
The Vendor shall:
Provide necessary amenities such as streetlights, security and generator
backup power for common areas.
Ensure the property has a clear and marketable title without defects.
Bear all liabilities for encumbrances, if discovered post-sale, and indemnify
the Purchaser.
6. Maintenance and Society Formation
The Vendor will facilitate the formation of a society to manage common
amenities until formal handover to the society.
Charges for maintenance and common utilities will be borne by the Purchaser
after possession.
7. Force Majeure
In the event of delays caused by unforeseen events such as natural disasters
or legal hindrances, the Vendor will be entitled to an extension of six months.
8. Dispute Resolution
Disputes arising from this agreement will be resolved amicably. Failing
resolution, arbitration under the Arbitration and Conciliation Act, 1996 will
apply.
9. General Terms
Amendments to this agreement require written consent from both parties.
If the Purchaser intends to assign the property to someone other than a blood
relation before the Deed of Conveyance, they will pay 1% of the total
consideration amount to the Vendor.