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- I feel all the agreements talk on same line if not verbatim. See few more below- every statement safegaurds only builder's interest.
i) the collections towards the Corpus Fund shall be deposited and
maintained in a separate bank account and the same shall be invested in such
manner as the Promoters may deem fit provided such investments get a
minimum return equivalent to the interest at the bank rate on Fixed Deposits,
and the Purchaser/s shall have no right to question or dispute the same,
ii) the income of the Corpus Fund shall be utilized towards the outgoings,
costs, charges and expenses and incidental to the services to be provided by
the Promoters by way of management, upkeep, security and maintenance of
the said Lands and the said Wing/s and amenity areas,
iii) The Promoters shall be entitled but not bound to use the principal
amount collected from the Purchaser/s towards the Corpus Fund to meet the
shortfall in the payment of any expenses and outgoings,
iii)the Promoters shall be entitled to sell the set back terrace/open terrace
or any portion/s thereof in any part of the said Wing/s to any person/s of their
choice on „ownership‟ basis like other Premises for use
iv)the Promoters shall be at liberty and entitled to complete any
part/portion/floor of the said Wing/s and apply for and obtain part-Occupation
Certificate thereof, and give possession thereof to the acquirers of such
premises, and the Purchaser/s herein shall not object to the same; in such
event, however, if the Purchaser/s take/s possession of his/her/their Premises in
such part-completed part/portion/floor and the remaining work is carried on by
the Promoters or its agents or contractors with the Purchaser/s occupying the
Premises, his/her/their will not obstruct or object to the carrying on of such
works even if the same shall cause any nuisance or annoyance to him/her/them,CommentQuote0Flag
- Originally Posted by bhurajI feel all the agreements talk on same line if not verbatim. See few more below- every statement safegaurds only builder's interest.
Two technical problems I see in this whole scenario.
1> Builders apply loading onto builtup/carpet area with the justification to cover for the cost of the amenities and common areas.
But technically for all practical purposes if builder is whole and sole arbiter for them does that justification not fall apart. Purchaser anyways not (albeit collectively) owning these things, then why charge him
2> Builder wants to perpetuate not only ownership but also future development and associated rights onto the land/property at large. Which is big concern.
These two things actually change the definition of what purchaser is owning fundamentally IMHO
I am just wondering in civilized society governed by rule of law and equality and all those ideals, should there not be a non partisan, unprejudiced, objective mechanism/system to enforce right of both consumer and producer? Quite frankly such a hugely lop sided content of the legal document looks like a throwback in ancient time.CommentQuote0Flag
- Looks like GK Builders agreement :)
I am not a fan of apartment formation. Co-operative Society formation is the right thing to go for. Atleast things are in control of the society and the builder has no role to plan after the society is handed over and conveyance is completed.
I suggest you consult a lawyer to get some guidance.CommentQuote0Flag
- This may help.
Booking agreement checklist: