Plots in Bhiwadi - Page 13 - Indian Real Estate Forum

djvjain · 10-02-12

Glad, my posts help you.

I believe there is a google group for Piyush city, Bhiwadi owners. You can join it if you are an owner now.

jainie · 15-02-12

Today I went to piyush for transfer and came to know that they are getting signed an ominous sounding indemnity cum surety bonds which states like that if company suffers any loss due to thistransfer, indemnifier has to pay for it. There are many clauses in sort of technical language which I m not able to understand fully.

Pls advise should I sign it? Urgent responses will be appreciated.
Thanks.

djvjain · 15-02-12

Jainie,

Check the language more carefully as what the indeminifier would be for. If this is just for the transfer and not for the actual property then it is fine as company is trying to protect themselves in case something wrong happens at the time of transfer between you and the seller. You have to check the language carefully that this is not going farther than that. What option do you have in case you don't sign it?

Ask around with the brokers and check if this is a common thing for the plots. Also, show it to a lawyer and he should be able to tell you without charging lot of money.

jainie · 15-02-12

pls note below is the material of the indemnity cum surely bond.. i feel that i should sign it.
Deed of indemnity – cum- surety

This deed of indemnity cum surely at new delhi on this…day of..20.by..mr….s/o….r/o..(hereinafter referred to as the indemnifier)

Whereas mr…..s/o…r/o…….has assigned all his rights, claims and inerest in respect of the receipt #.....dated…which is regarding the plot#...., in the project titled…located at…having area of …at…floor..in favour of the indemnifier.

And whereas the indemnifier agrees to comply with all the terms and conditions of the application for advance registration made by the said mr…with the company and the said terms and conditions of the application/contract will be binding upon the indemnifier.

And whereas the indemnifier has agreed to give an idemintiy bond alongwith surely to the company and accordingl…mr…..s/o…r/o…hereby..declares himself to be a surely for the indemnifier and has agreed to indemnifiy the company in the indemnifier commits breach of terms or made any wrong statement causing loss to the company.

NOW THIS DEED WITENSSES THAT THE INDEMNIFIER AND SURETY FOR INDEMNIFIER DO HEREBY JOINTLY AND SEVERALLY COVENANT WITH THE COMPANY AS UNDER

jainie · 15-02-12

1. That the indemnifier agrees and undertakes to abide by all the terms and conditions of the allotment by the said company and to pay all the further demands of installments as agreed
2. The the indemnifier undertakes that in case the company suffers any loss on account of this transfer or as consequences of his wrong statements , then his property, legal heirs/ representatives, nominees and successors etc shall be liable to make good the loss sustained by the company or its employees.
3. That the indeminifier has stated he has entered into an MOU with mr…..for transfer of his allotment right,title and interest in respect of the aforesaid booking. The indenifier clearly understands the speculative nature of the real estate market and in case he duffer any loss in this transaction or due this transactioin then he will claim it from the company.
4. That the indemnifier has stated that the said transfer is as per the MOU between parties and the indemnifier has agreed to keep harmless, indemnify and keep indemnified the company, its successors, assigns and its estates, from and against all claims, demands, actions, proceedings, loss, damages, costs, charges and expenses which may be made or brought or commenced against the company or which the company may or may have to incurr or suffer as a result or on account of this transfer or right , claims and interest of provision registration /booking.
5. That the indemnifier further submits his surety so that in case the company suffers any loss and damages due to his breach or default or due to giving wrong statement in respect of this application for transfer thenthe indemnifier as well as surety will be liable to the company and its staff and employee to the extent of such loss and damages from the indemnifier.
In witness whereof, the indemnifier and surely have here unto set their hands on the day , month and year first above written.

…
…
….

jainie · 15-02-12

pls advise urgently because this has been introduced recently and i doubt anyone would have signed this. i asked company to show if someone signed but they couldnt really come up with any convincing answer.

djvjain · 15-02-12

Jainie,

As I explained you through PM this looks like another document from the builder to save his back. The good thing is that this bond is only related to the transfer and any harm from it. It is not a statement that builder won't deliver you the plot. It could have been possible that builder had trouble recovering money from buyers of new re-sale.

Still, you should get it looked at from a lawyer if not satisfied.

jainie · 16-02-12

thanks djvjain. GOD BLESS all with health wealth and happiness !

NKG100 · 22-02-12

Quote:

Originally Posted by sunnyb

Was the very first visit to Bhiwadi. Though there are few constructions from genesis like Mall and apartments near to development area in Bhiwadi. But didnt check much about them.

About 8kms from honda on that side, there was hardly any development work going on. Also have to cross toll to go there.

I would suggest you to go the place and do more ground work before investing.

If you dont have problem with coloured money, can look for farm land also on that belt.

Is it safe to pay for Genesis City while it is in soft launch from last 3 months to my knowledge. In case, approvals not come. At the same time, they increasing the price every month.

djvjain · 22-02-12

The project is very far with no approvals yet. I think it would be better if you pick something of your choice from the already running projects. Returns would be much better and earlier in my opinion.

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10-02-12	#121
djvjain Veteran Member Join Date: Nov 2010 Posts: 1,263 Thanks: 63 Thanked 52 Times in 44 Posts	Glad, my posts help you. I believe there is a google group for Piyush city, Bhiwadi owners. You can join it if you are an owner now.

15-02-12	#122
jainie New Member Join Date: Jan 2012 Posts: 30 My Mood: Thanks: 8 Thanked 7 Times in 5 Posts	Today I went to piyush for transfer and came to know that they are getting signed an ominous sounding indemnity cum surety bonds which states like that if company suffers any loss due to thistransfer, indemnifier has to pay for it. There are many clauses in sort of technical language which I m not able to understand fully. Pls advise should I sign it? Urgent responses will be appreciated. Thanks.

15-02-12	#123
djvjain Veteran Member Join Date: Nov 2010 Posts: 1,263 Thanks: 63 Thanked 52 Times in 44 Posts	Jainie, Check the language more carefully as what the indeminifier would be for. If this is just for the transfer and not for the actual property then it is fine as company is trying to protect themselves in case something wrong happens at the time of transfer between you and the seller. You have to check the language carefully that this is not going farther than that. What option do you have in case you don't sign it? Ask around with the brokers and check if this is a common thing for the plots. Also, show it to a lawyer and he should be able to tell you without charging lot of money.

15-02-12	#124
jainie New Member Join Date: Jan 2012 Posts: 30 My Mood: Thanks: 8 Thanked 7 Times in 5 Posts	pls note below is the material of the indemnity cum surely bond.. i feel that i should sign it. Deed of indemnity – cum- surety This deed of indemnity cum surely at new delhi on this…day of..20.by..mr….s/o….r/o..(hereinafter referred to as the indemnifier) Whereas mr…..s/o…r/o…….has assigned all his rights, claims and inerest in respect of the receipt #.....dated…which is regarding the plot#...., in the project titled…located at…having area of …at…floor..in favour of the indemnifier. And whereas the indemnifier agrees to comply with all the terms and conditions of the application for advance registration made by the said mr…with the company and the said terms and conditions of the application/contract will be binding upon the indemnifier. And whereas the indemnifier has agreed to give an idemintiy bond alongwith surely to the company and accordingl…mr…..s/o…r/o…hereby..declares himself to be a surely for the indemnifier and has agreed to indemnifiy the company in the indemnifier commits breach of terms or made any wrong statement causing loss to the company. NOW THIS DEED WITENSSES THAT THE INDEMNIFIER AND SURETY FOR INDEMNIFIER DO HEREBY JOINTLY AND SEVERALLY COVENANT WITH THE COMPANY AS UNDER

15-02-12	#125
jainie New Member Join Date: Jan 2012 Posts: 30 My Mood: Thanks: 8 Thanked 7 Times in 5 Posts	1. That the indemnifier agrees and undertakes to abide by all the terms and conditions of the allotment by the said company and to pay all the further demands of installments as agreed 2. The the indemnifier undertakes that in case the company suffers any loss on account of this transfer or as consequences of his wrong statements , then his property, legal heirs/ representatives, nominees and successors etc shall be liable to make good the loss sustained by the company or its employees. 3. That the indeminifier has stated he has entered into an MOU with mr…..for transfer of his allotment right,title and interest in respect of the aforesaid booking. The indenifier clearly understands the speculative nature of the real estate market and in case he duffer any loss in this transaction or due this transactioin then he will claim it from the company. 4. That the indemnifier has stated that the said transfer is as per the MOU between parties and the indemnifier has agreed to keep harmless, indemnify and keep indemnified the company, its successors, assigns and its estates, from and against all claims, demands, actions, proceedings, loss, damages, costs, charges and expenses which may be made or brought or commenced against the company or which the company may or may have to incurr or suffer as a result or on account of this transfer or right , claims and interest of provision registration /booking. 5. That the indemnifier further submits his surety so that in case the company suffers any loss and damages due to his breach or default or due to giving wrong statement in respect of this application for transfer thenthe indemnifier as well as surety will be liable to the company and its staff and employee to the extent of such loss and damages from the indemnifier. In witness whereof, the indemnifier and surely have here unto set their hands on the day , month and year first above written. … … ….

15-02-12	#126
jainie New Member Join Date: Jan 2012 Posts: 30 My Mood: Thanks: 8 Thanked 7 Times in 5 Posts	pls advise urgently because this has been introduced recently and i doubt anyone would have signed this. i asked company to show if someone signed but they couldnt really come up with any convincing answer.

15-02-12	#127
djvjain Veteran Member Join Date: Nov 2010 Posts: 1,263 Thanks: 63 Thanked 52 Times in 44 Posts	Jainie, As I explained you through PM this looks like another document from the builder to save his back. The good thing is that this bond is only related to the transfer and any harm from it. It is not a statement that builder won't deliver you the plot. It could have been possible that builder had trouble recovering money from buyers of new re-sale. Still, you should get it looked at from a lawyer if not satisfied.

16-02-12	#128
jainie New Member Join Date: Jan 2012 Posts: 30 My Mood: Thanks: 8 Thanked 7 Times in 5 Posts	thanks djvjain. GOD BLESS all with health wealth and happiness !

22-02-12	#130
djvjain Veteran Member Join Date: Nov 2010 Posts: 1,263 Thanks: 63 Thanked 52 Times in 44 Posts	The project is very far with no approvals yet. I think it would be better if you pick something of your choice from the already running projects. Returns would be much better and earlier in my opinion.