DEVELOPER’S SALE AGREEMENT

In most urban areas the construction of ownership apartments is governed by the enactments relating to regulation of construction, sale, management and transfer in relation to the prospective buyers of the apartments under construction.

After obtaining all the development rights and authority under the Development Agreement, the Developers start its construction activity over the land preferably through Building Contractor and look forward to sell the residential/commercial units in the proposed building to the buyers who approach with their needs and requirements.

When the offer of the Developers and the needs of the buyers gets harmonised the same are translated into an Agreement for Sale which deed is formulated in terms of enactments governing regulation of construction, sale, management and transfer of flat/apartments.

An Agreement for Sale under such Enactments mainly contains the following particulars:

(i)   If the building is to be constructed the liability of the Developers to construct it according to the plans and specifications approved by the local authority where such approval is required under any law for the time being in force;

(ii)   The date by which the possession of the residential/commercial units is to be handed over to the purchaser;

(iii)    The extent of the carpet area of the residential/commercial units including the area of the balconies which should be shown separately;

(iv)   The price of the residential/commercial units including the proportionate price of the common areas and facilities which should be shown separately, to be paid by the purchaser of residential/commercial units; and the intervals at which instalments thereof may be paid;

(v)      The precise nature of the organization to be constituted of the persons who have taken or are to take the residential/commercial unitss;

(vi)     The nature, extent and description of the common areas and facilities;

(vii)     The nature, extent and description of limited common areas and facilities if any;

(viii)     Percentage of undivided interest in the common areas and facilities appertaining to the residential/commercial units agreed to be sold;

(ix)     Statement of the use for which the residential/commercial units is intended and restriction on its use, if any;

(x)      Percentage of undivided interest in the limited common areas and facilities if any, appertaining to the residential/commercial units agreed to be sold;

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