Introduction
We thank you for considering the decision to buy
commercial space in JAMY PLAZA. We believe that our customers make this decision because they value excellence and integrity. This shared sense of values
gives us the best possible clients. We, Jamy Builders &
Enterprises (P) Ltd., welcome you to become a part of a tradition built on trust, with mutual respect for each other’s rights and obligations.
A brief outline of the terms and conditions governing your interactions with
Jamy Builders & Enterprises (P) Ltd., which will help us to interact with confidence and dignity. We hope the information will be useful for you and will enable you to make wise decisions about the many aspects of owning a
suitable commercial space in a much sought locality.
Investment in an commercial space is a major commitment. It is important for you to know your rights and obligations when you take this step.
The smooth and satisfactory completion of your commercial space will be facilitated considerably through prompt
installment and tax payments. Interest at 18% will be charged on all arrears of payments.
The Super Built Area of the commercial space includes a share of the common areas in the building. The boundaries of your
commercial space extend to one half part in depth of the joints between the ceilings and the floors above and below and to one half part of the width of internal
walls and total width of external walls.
Documentation
There are two principal documents for your
commercial space. The first is an unregistered, stamped agreement between you and
Jamy Builders & Enterprises (P) Ltd. which lists mutual obligations for constructing your
commercial space. The second is a registered sale deed which transfers an undivided share in the land into your name. This deed will be registered just before handing over, when full payment has been received. The contract value for your
commercial space covers the cost of the undivided share in land and the cost of construction of the
commercial space.
Right to add
Further Constructions
Jamy
Builders & Enterprises (P) Ltd. has the right to add further constructions, or to make minor alterations to dimensions and details, within the bounds of public rules and while respecting the rights of the clients. The client shall not put up any constructions other than those described in the agreement.
The building is being built as per sanctioned plans. the title deeds and
plans can inspected at the head office of Jamy Builders &
Enterprises (P) Ltd. Due notice must be given to Jamy
Builders & Enterprises (P) Ltd. if you assign your rights to the
commercial space to a third party. In that case, the buyer is liable to pay an assignment fee, not exceeding Rs.50/- per
sq.ft. of Super Built Area space as determined by Jamy
Builders & Enterprises (P) Ltd. from time to time.
Non
Performance of the Client
In case of non-performance of the client in making payment,
Jamy Builders & Enterprises (P) Ltd. has the right to cancel the allotment and to allot the
commercial space to a third party. Jamy Builders & Enterprises
(P) Ltd. will refund the amount to the client after realising funds through sale of the said
commercial space to a third party. The amount paid will be refunded without interest, after deducting 2% of the construction contract value.
Maintenance
Deposit
A maintenance deposit and maintenance charges
are collected by
Jamy Builders & Enterprises (P) Ltd. The building will be maintained by
Jamy Builders & Enterprises (P) Ltd., on behalf of the owners, for a period of six months
or more after handing over the first
commercial space. Subsequently, the maintenance will be handed over to an Owner’s association after deducting any amounts for expenses incurred.
The terms and conditions stated will form the nucleus of the agreement to be executed by you with regard to the
commercial space.
Income
Tax Clearance
Under Section 230 A of the Income-tax Act, 1961, all sale deeds above a prescribed value should be cleared by the Income-tax Officer. The Registrar will register the property only after receipt of this Income Tax Clearance Certificate. Irrespective of the value shown in the document, the Sub-Registrar will determine the market value of the property to determine the stamp duty for registration. While the buyer’s presence is not necessary, the seller, or his power of attorney holder, must be present for registration.
Force Majeure
Delivery dates indicated are subject to Force Majeure. While every effort is made to obtain electrical, sanitary and water connections within the stipulated delivery dates, the builder does not accept responsibility for delays beyond their control. Any expenses incurred for providing temporary supplies for the occupation of the premises shall be met by the Client. Delay in sanctions or clearances from Governmental or statutory authorities shall not be construed as delay.
Withdrawal,
Assignment or Cancellation
However, due to personal reasons, a client may wish to assign the
commercial space to a third party before completion, or to withdraw from the project.
Jamy Builders & Enterprises (P) Ltd. also reserve the right to cancel the allotment if payments are delayed beyond the dates indicated in the schedule of payments. Such withdrawal, assignment or cancellation causes serious inconveniences, with expenses incurred in accounting, documentation and extra works.
When a client assigns his right to a third party, the assignment should be in writing and the client must pay an assignment fee, not exceeding Rs. 50 per
sq.ft., to be determined by the builder from time to time.
In the event of withdrawal or cancellation, the commercial space will be re-allotted. Only after re-allotment to a third party, the amounts paid will be refunded without interest, after deducting two percent of the construction contract value.
All Refunds shall be remitted only in Indian Rupees.
Owner's
Association
Jamy
Builders & Enterprises (P) Ltd. will assist the owners to form an Owner’s Association while handing over possession of the
commercial space. You are required to become a member of this Association. A Maintenance Deposit is collected to provide contingency funds to the Association to meet unexpected expenses. These Deposits are non-refundable. The builder will hand over the Maintenance Deposit to the Association, after deducting any amounts for expenses incurred.
The Owners Association manages the staff, security and accounts for the building and organises maintenance and repairs to the common areas, exteriors and services for the building. Maintenance charges should be promptly paid by each owner to ensure trouble free service. The Association has the right to remove common benefits or amenities from a client for defaults in payment due for common
expenses. Monthly electricity charges and individual taxes for the apartment are directly payable by the Client to the concerned Authorities.
Jamy
Builders & Enterprises (P) Ltd. offers its services even after handing over your
commercial space. We offer the services of our trained construction staff and workmen for routine maintenance, housekeeping and upkeep of your
commercial space.
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