Chapter 8: Marketing & Sale
- CONTENTS OF AN ADVERTISEMENT
(1) Notwithstanding anything in rule 27, a sponsor shall not advertise the sale of plots or housing units in print or electronic media or in any other manner, without prior approval of the Authority.
(2) The Authority may, within fifteen days after the fulfillment of the conditions prescribed for the purpose, grant a no-objection certificate to a sponsor under sub-rule (1).
(3) The contents of the advertisement shall include:
(a) Total area of the scheme along with location plan;
(b) The total number of residential and commercial plots with the area;
(c) Detail of public building sites;
(d) Detail of mortgaged plots;
(e) Period for completion of development works;
(f) Name of sanctioning authority and sanction number and date;
(g) Procedure of allotment through balloting or otherwise; and
(h) Details of plots to be sold.
- EXECUTION OF THE AGREEMENT
(1)A sponsor shall execute a registered agreement with the allottee at the time of booking of a plot or constructed house.
(2) The agreement shall also include the following terms and conditions:
(a) The number of the allotted property shall not be changed without poor consent, In writing, of the allottee;
(b) A sponsor shall ensure that an allottee becomes a member of a resident association and Is bound to pay management and maintenance charges on regular basis;
(c) Allotment of a property shall not be cancelled without prior notice of at least 15 days, sent to the allottee through registered post indicating the reasons for such cancellation;
(d) The date of handing over possession of the property shall be indicated;
(e) Notwithstanding anything in the contract, in case of delayed handing over of possession of the plot or property beyond the stipulated date, the sponsor shall be liable to pay an amount equivalent to 2% per month of the amount paid by the allottee;
(f) In case the cancellation of property is due to the non-payment of installment of the price of the property, at least one opportunity for making the required payment shall be given to the allottee;
(g) In case of non-payment of development charges, at least two opportunities for making the required payment shall be given to the allottee;
(h) In case of cancellation due to default of the allottee, ten percent of the price of the property shall be deducted and the balance amount shall be refunded within six months of cancellation;
(I) development charges per plot shall be clearly defined in the terms and conditions and shall not be increased without written permission of the Authority; and
(j) On payment of full installments, the sponsor shall immediately execute the sale deed In favor of the allottee.
(3) The sponsor shall submit to the Authority a copy of every booking agreement duly registered.
(4) All information regarding allotment and sale of plots shall be provided periodically by the sponsor to the Authority and, If so required by the Authority, the updated information shall be published on the website of the sponsor and the Authority.
- EXECUTION OF SALE DEED
The sponsor, on receipt of full payment of a plot or property, shall immediately execute the sale deed in favor of the purchaser or allottee.