Announcement

Collapse
No announcement yet.

What is written in your buyer agreement

Collapse
X
Collapse

What is written in your buyer agreement

Last updated: March 30 2013
16 | Posts
4680 | Views
  • Time
  • Show
Clear All
new posts

  • What is written in your buyer agreement

    Hi Friends,
    Let’s start this thread to know what builder write in their buyer agreement than what promise in brochure. Buyer agreement is the only binding agreement using which you can challenge the builder.
    1. No. of Lift in your tower
    2. No. of Swimming pool
    3. No. of Gym
    4. Brand name of fittings
    5. Brand of tiles (Might be 2-3 brand not equivelent)
    6. Specification of staircase/common area
    7. Brand of Lift
    8. Facilities/Equipment provided in Club
    9. Built-up area (Not Super built up)
    10. Carpet Area
    11. Any other specific quality parameter mentioned in agreement
    12. Which builder have written about transferring land of project to GHP society
    13. Height/width of doors/Window/Ceiling of your flat
    14. Completion date as specific date month or 36 month from buyer agreement

    Please read your agreement and update all with builder name. We can not find an honest builder but atleast choose best among them.
  • #2

    #2

    Re : What is written in your buyer agreement

    Thanks Chandra........interesting as well as educative.
    More items could be;

    1. layout plan & floor plans as attachments

    2. no of towers & floors

    3. Maintenance charges



    Originally posted by chandra2034 View Post
    Hi Friends,
    Let’s start this thread to know what builder write in their buyer agreement than what promise in brochure. Buyer agreement is the only binding agreement using which you can challenge the builder.
    1. No. of Lift in your tower
    2. No. of Swimming pool
    3. No. of Gym
    4. Brand name of fittings
    5. Brand of tiles (Might be 2-3 brand not equivelent)
    6. Specification of staircase/common area
    7. Brand of Lift
    8. Facilities/Equipment provided in Club
    9. Built-up area (Not Super built up)
    10. Carpet Area
    11. Any other specific quality parameter mentioned in agreement
    12. Which builder have written about transferring land of project to GHP society
    13. Height/width of doors/Window/Ceiling of your flat
    14. Completion date as specific date month or 36 month from buyer agreement

    Please read your agreement and update all with builder name. We can not find an honest builder but atleast choose best among them.

    Comment

    • #3

      #3

      Re : What is written in your buyer agreement

      Any other? like cancellation clauses, re-sale clauses etc?

      Comment

      • #4

        #4

        Re : What is written in your buyer agreement


        UP Apartment Act 2010


        CHAPTER II
        DUTIES AND LIABILITIES OF PROMOTERS

        Section 4 (1)
        Any promoter who intends to sell an apartment, shall make a full and true disclosure in writing of following to an intending purchaser and the Competent Authority:-
        (a) rights and his title to the land and the building in which the
        apartments have been or proposed to be constructed;
        (b) all encumbrances, if any, on such land or building, and any right,
        title, interest or claim of any person in or, over such land or
        building;
        (c) the plans and specifications approved by or submitted for
        approval to the local authority of the entire building of which
        such apartment forms part;
        (d) detail of all common areas and facilities as per the approved layout
        plan or building plan;
        (e) the nature of fixtures, fittings, and amenities, which have been or
        proposed to be provided;
        (f) the details of the design and specifications of works or and
        standards of the material which have been or are proposed to be
        used in the construction of the building, together with the details
        of all structural, architectural drawings, layout plans, no
        objection certificate from Fire Department, external and internal
        services plan of electricity, sewage, drainage and water supply
        system etc. to be made available with the Association;
        (g) all outgoings, including ground rent, municipal or other local
        taxes, water and electricity charges, revenue assessments,
        maintenance and other charges, interest on any mortgage or
        other encumbrance, if any, in respect of such land, building and
        apartments;
        (h) such other information and documents as may be prescribed.

        (2) Every promoter shall,
        (a) specify in writing the date by which, construction of the
        apartment is to be completed subject to force majeure clause and
        intimation sent to such purchaser;
        (b) declare the penalty for delay in completion of the building and
        also penalty in the event of non-payment of instalment by the
        purchaser;
        (c) declare the conditions for cancellation or withdrawal of
        allotment and the extent of compensation either way in the event
        of violations of any of the conditions.
        (d) give the intending purchaser, on payment of photocopying
        charges, true copies of the documents referred to in this section.

        There is much more U/s 12 (1) under the said Act.

        Comment

        • #5

          #5

          Re : What is written in your buyer agreement

          Real good thread . Keep them coming, guys .
          Download our Android App! | Please Read IREF Rules | FAQ's

          Comment

          • #6

            #6

            Re : What is written in your buyer agreement

            Very informative......

            Comment

            • #7

              #7

              Re : What is written in your buyer agreement

              This is the kind of information, i think one should expect on IREF. Really nice thread.

              Comment

              • #8

                #8

                Re : What is written in your buyer agreement

                Some one in another post elsewhere has an interesting question. Has any builder in its BBA mentioned or made reference of UP Apartment Act, 2010?

                Those who have signed BBA in last 6 months may respond.

                Comment

                • #9

                  #9

                  Re : What is written in your buyer agreement

                  Originally posted by VKinNCR View Post
                  Some one in another post elsewhere has an interesting question. Has any builder in its BBA mentioned or made reference of UP Apartment Act, 2010?

                  Those who have signed BBA in last 6 months may respond.

                  Yes I own the statement.

                  1. People who have booked in 3C , Logix , Assotech , Paras, ABC,XYZ and all so called glorified builder please compre your agreements with UP Apartment Act 2010. you yourself will come to know that all these builders are no where near the said ACT with regards to their dealing , agreements.

                  2. How many builders specify :
                  i) Month of Scheduled delivery of flat. They specify 3 years time (including say grace period of 6 months , for example). they say this to all buyers. The agreement made on March 2010 and Dec. 2010 both say 3 years. Now this clause is useful when calculating the penalty pyable by builder to each one of buyer (penalty will be different based on date of booking form which 3 years are calculated).
                  Thus no where builder commits to any buyer , that the project will be ready by say Dec. 2013.

                  Take a real life example. I book a flat in a tower in month of March 2010. Another person books a flat on the same floor in same tower in Dec 2010. Now te completion " duration" informed to me in my agreeemen tis March 2013 but for another guy it becomes Dec 2013.But is common sense, building will get ready at " a given point in time" irrespective of which buyer booked a flat in it and when ... This is a big flaw.

                  I had fought with one builder with this issue and aksed him to mention " month & year of completion , which ofcourse has to be same for all agreemtns irrespective of when they were booked.No success..

                  3. How many builders ( so called renowned in this very forum ) provide height between floor & ceiling .

                  4. How many buiders ( so called renowned in this very forum ) provide break up of carpet , built up and super area.

                  5. How many builders (again, so called renowned in this very forum ) write in agreement that this is based on UP APT ACT 2010.

                  6. How many builders specify all the details in their glossy brochures in the
                  agreement. This is beacuse glossy brochures have a foot note ( all features may change without noitce.).

                  People who buy saying so and so builder is excellent track record. Why don't such builders follow latest aprtment ACT.

                  Hence a request to all the people who write pages and pages about 3C / Logix/ Gaur / JP / ABC / XYZ .... have you any answer to my question s above ?


                  sbajaj , Zohaib , nibha, munish, where are you … please provide your views.
                  Zohaib, I have heard a lot of praise from you about JP - Greater Noida Project .. does JP provide builder buyer agreement and follow as in compliance to UP Apartment Act 2010 ?

                  Hi people advocating 3C in this forum ….( the Noida section is full of praises for 3C ), does 3C provide builder buyer agreement and follow as in compliance to UP Apartment Act 2010 ?


                  Let us keep a protocol… when ever we say falana falana builder is good , we should first confirm for ourselves that builder is compliant to Apartment ACT 2010.

                  As seniors / experienced it becomes imperative to use words of praise cautiously.
                  Please write / Act reponsibly.

                  Comment

                  • #10

                    #10

                    Re : What is written in your buyer agreement

                    One more most importent point Chepter-II (5)
                    (5) An apartment may be transferred by the promoter to any person only after obtaining the completion certificate from the prescribed sanctioning authority concerned as per building bye-laws. The completion certificate shall be obtained by promoter from prescribed authority within the period of two years from the date of sale agreement. Provided that if the construction work is not completed within the stipulated period, with the permission of the prescribed authority; Provided furthar that if the completion certificate is not issued by the prescribed sanctioning authority within three months of submission of the application by the promoter complete with all certificates and other documents required, the same shall be deemed to have been issued after the expiry of three months. Explanation: For the purposes of this sub-section “completion” means the completion of the construction works of a building as a whole or the completion of an independent block of such building, as the case may be.
                    Last edited by KB Singh; April 19 2012, 05:09 PM. Reason: UP Apartment act 2010 Ref

                    Comment

                    Have any questions or thoughts about this?
                    Working...
                    X