Documentation There are two principal documents for your apartment.
The first is an unregistered, stamped agreement between
you and the company which lists mutual obligations for constructing
your apartment. The second is a registered sale deed which
transfers an undivided share in the land into your name.
This deed will be registered just before handing over, when
full payment has been received. The contract value for your
apartment covers the cost of the undivided share in land
and the cost of construction of the apartment.
The Builder / Client Agreement Investment in an apartment is a major commitment. It
is important for you to know your rights and obligations
when you take this step. The following is a brief summary:
The smooth and satisfactory completion of your flat will
be facilitated considerably through prompt installment and
tax payments. Interest at 15% will be charged on all arrears
of payments. The built area of the apartment includes a
share of the common areas in the building. The boundaries
of your apartment extend to one half-part in depth of the
joints between the ceilings and the floors above and below
and to one half part of the width of internal and external
walls. Devinarayan has the right to add further constructions,
or to make minor alterations to dimensions and details,
within the bounds of public rules and while respecting the
rights of the clients. The client shall not put up any constructions
other than those described in the agreement. The building
is being built as per sanctioned plans. You can inspect
the title deeds and plans. The residential apartments are
not to be utilised for any commercial purposes. The terms
and conditions stated will form the nucleus of the agreement
to be executed by you with regard to the apartment.
Registration Under Section 230 A of the Income-tax Act, 1961, all
sale deeds above a prescribed value should be cleared by
the Income-tax Officer. The Registrar will register the
property only after receipt of this Income Tax Clearance
Certificate. Irrespective of the value shown in the document,
the Sub-Registrar will determine the market value of the
property to determine the stamp duty for registration. While
the buyer's presence is not necessary, the seller, or his
power of attorney holder, must be present for registration.
No-Objection Certificate for Transfer of property Under the provisions of Section 269UC of Chapter XXC,
no transfer of any immovable property of a value exceeding
Rs. 10 lakhs can be effected unless particulars in Form
37-I are filed within 15 days from the date of the purchase
agreement. The Appropriate Authority under the Central Board
of Direct Taxes (CBDT) has revised the threshold limit as
under: Madras, Ahmedabad, Bangalore, Calcutta, and Pune:
Rs. 25 lakhs Bombay: Rs. 75 lakhs, New Delhi: Rs. 50 lakhs.
Other notified cities: Rs. 20 lakhs. The Appropriate authority
then, within two calendar months from the end of the month
in which the application under Form 37-I was submitted will
issue either a no objection certificate or a purchase order.
Delivery Dates Delivery dates indicated are subject to Force Majeure.
While every effort is made to obtain electrical, sanitary
and water connections within the stipulated delivery dates,
the builder does not accept responsibility for delays beyond
their control. Any expenses incurred for providing temporary
supplies for the occupation of the premises shall be met
by the Client. Delay in sanctions or clearances from Governmental
or statutory authorities shall not be construed as delay.
However we at Devinarayan ensure that the Deliveries are
affected per schedule which could enable the client to utilize
the asset.
Withdrawal Agreement or Cancellation We are proud to record that 95% of our clients remain
with us till the completion of their homes. However, due
to personal reasons, a client may wish to assign the apartment
to a third party before completion, or to withdraw from
the project. Devinarayan reserves the right to cancel the
allotment if payments are delayed beyond the dates indicated
in the schedule of payments. Such withdrawal, assignment
or cancellation causes serious inconveniences, with expenses
incurred in accounting, documentation and extra works. When
a client assigns his right to a third party, the assignment
should be in writing and the client must pay an assignment
fee, not exceeding Rs. 50 per sq. ft., to be determined
by the builder from time to time. In the event of withdrawal
or cancellation, the apartment will be re-allotted. Only
after re-allotment to a third party, the amounts paid will
be refunded without interest, after deducting two percent
of the construction contract value. Refunds shall be remitted
only in Indian Rupees.
