Payment Terms

(i) The following payment terms will be applicable for the allotment of the Plots:

• Specified EMD (approx. 10%) along with application.
• 20% of the Plot Price within 30 days from the date of allotment of specific Plot Numbers.
• Three equal Quarterly instalments of 20% each along with 12% interest per annum.
• Balance 10% on offer of possession.

(ii) No interest will be payable, if all the 03 Quarterly instalments (as mentioned at “C” above) are deposited within 90 days from the date of issue of allotment letters with specific Plot numbers.

(iii) In case a successful allottee wants to withdraw his application, within 7 days of the 2nd draw of lots, the same shall be allowed on forfeiture of 25% of the EMD.

(iv) Where a successful allottee does not deposit the first instalment of 20% within 30 days of allotment, the allotment shall be cancelled with forfeiture of the EMD.

(v) In case of delay in making payment of Quarterly instalments on due dates, 30 days’ grace period will be permissible. However, interest @ 15% p.a. will be charged on the amount of default for the period of default including the corresponding quarter period of 90 days.

(vi) In case the instalments are not paid even within the grace period of 30 days, the allotment shall automatically stand cancelled and the EMD will be forfeited, without any further notice or communication to this effect. Balance amount deposited will be refunded without any interest within 30 days from the date of cancellation.

(vii) Offer of Possession will be made only after:

• completion of development works in the Colony,
• obtaining Part Completion from the competent authority, and
• payment of all the dues by the Allottees.

(viii) The Conveyance Deeds will be executed on completion of the conditions/formalities as mentioned in the Offer of Possession Document, for which the Allottee will have to pay the Stamp Duty and registration charges, as applicable.

(ix) Third Party Transfers will be allowed on the request of the allottee only after depositing initial 30% (10% + 20%) payment against the price of the Plot on payment of the applicable transfer charges.