I had booked a commercial shop at pre-launch stage in 2012 Dec and paid 25% of the total cost as booking amount. I had signed an application form at that stage. After that, I have paid further installments upto 50% of the final cost.
The builder has now (in Oct 2015) sent me a buyers agreement which states that possession will 36 months after signing of the buyers agreement or 36 months after building plans are sanctioned, whichever is later.
This is not acceptable to me along with a few other terms and conditions like penalty for late payment.
There is no mention of the following points in the agreement:
Ø No where mentioned that when Developer with handover the project and the date of possession with grace period?
Ø What are the penalty charges if they will delay the project?
Ø There are so many hidden charges applicable on such Unit like EDC/ IDC Charges, Preferential Location charges(PLC), External Electrification Charges, Electric Connection, Water Service Connection, Maintenance, Power Backup, Pollution Control Device, Firefighting, IFMS, Property Tax, Service Tax, Registration, Car Parking charges etc.
Ø What are the facilities they will provide like plastered, Painted, Glass, Door, Electricity & Water Connection at the time of possession?
Ø No Pillar, Beam, Column, Slab, Staircase, Mumties, should be there in shop at the time of possession, take proper measurement with the help of Technical team.
Ø What are the Transfer Charges, Holding and Non Occupancy Charges?
Ø How Developer will help the Allottee to lease out the Unit & what are the terms and conditions for the same?
Ø What is the Insurance of the Structure of the building , plant, Machinery , Equipment etc. against Public Liability, Fire, Earthquake, Riots & Civil Commotion, Militant action etc.?
Ø What are the other rights, facilities & interest will be provided to Allottee like Use of all common areas like Atrium, passage, staircase, lifts, garden, lawns, water storage tanks, Connected Electrical Load generators, A.C equipment, CCTV, Fire Fighting Installed, Signage/ Signboards etc.
How can I ensure that buyers agreement is a balanced one?
If the builder and I cannot agree on the terms and conditions of the buyers agreement, can I cancel the booking and get my money back?