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25 April, 2010

JULY TO DECEMBER -
2009
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     Legal information
Application for allotment of apartments should be made on the prescribed application form duly signed by the applicant along with the Earnest Money. The Company has the right to accept or reject any application without assigning any reason thereto.

On acceptance of an application, the Company will issue an allotment letter to the applicant on the receipt of which the applicant/allottee shall start making payment as per the Schedule of payment in this Brochure.

Payments of earnest money, installments, car park price, additional works and other charges shall be made by Bank Draft or Pay Order against which respective receipts will be issued, Bangladeshi residing abroad may remit payments in foreigh exchange by TT or DD.

Payments of installments and all other charges are to be made on due dates. To ensure timely completion of construction.

In case of delay in payments beyond the due date, the alottee is liable to pay a delay charge of 3% per 30 days. If the payment is delayed beyond 60 days, the Company shall have the right to cancel the allotment to the Allottee.

If any client wants to cancel the allotted flat for the sake of his own interest, in that case the company will refund the amount to the client after selling that particular flat. The amount is payable after deduction Tk. 1,00,000/- (One Lac) and amount will be paid as per receiving the payment from the new client.

If any client wants to transfer/change his allotted flat with another flat in the same project, in that case he should apply to Managing Director with application fee Tk. 25,000/- (Twenty five thousands). The management also reserves the right to accept or reject the application.

Utitity charges are not included with the flat value. These payments will be made by the Company directly to the authorities concerned, on the allottee's account. The allottee will pay the amount.

Limited changes in the specifications, design and/ or layout of the apartment and other facilities may be made by the Company larger overall interest or due to unavoidable reasons.

The possession of each apartment shall be handed over to the allottee / purchaser on completion of apartment and after full payment of installment, other charges / dues. Until and unless the dues are not cleared, possession of the apartment will be hold by the company.

After registration, the flat owner, in respective of the floor becomes the proportionate owner of the land on which the building is to be constructed. The allottee will pay stamp duties, registration fees, value added tax, documentation charges and other miscellaneous taxes and expenses to be incurred in connection with the Deed of Conveyance (Sales Deed). Only the actual sums shall be charged.

If the purchaser want to avail loan from any financial institution the Company will do all that is possible to help secure the loan. However, the final decision regarding the grant of loan rests with the financial institution and with the compliance of their requirements. All the necessary papers for grant of the loan must be signed by the purchaser and he / she must attend the Registration office for the registration of mortgage deed. In respective of the loan being sanctioned or not, the client will be liable to pay as per schedule installments.

After taking over of apartment or the project, the allottee's must consult the Company prior to undertaking any structural or layout changes within the apartment complex. Failure to do so will be at the sole risk or the allottee.

The flat Building no-1 will be handed over to the allottee on December 2005 with the provision of 3 months grace period. On the other hand, the flat of the building no-2 will be handed over to the allottee on May 2006 with the provision of 3 months grace period.

The completion period of the construction of the project can be affected by unavoidable circumstances beyond the control of the Company, like force majeure, natural calamities, political disturbance, strikes and changes in the fiscal policy to the state etc.; In that case allottee/purchaser cannot demand any compensation.

For the management of common facilities like the supply electricity, water and sewerage and the maintenance of the building etc. an Owner's Association will be formed. All allottees, after full payment of installments and dues must become members of this Association for the common interest. Each allottee (for each allotment of apartment) must initially deposit Tk. 20,000 (Taka Twenty thousand) only in the Reserved Fund for the management expenses of the complex.

In case of any additional work, additional payment should be made by the buyer.

     
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