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 18% 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. 60 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 effected per schedule which could enable the client to utilize the asset.

WITHDRAWAL, ASSIGNMENT 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.