HANDING OVER CHARGE OF A BRAND NEW PROJECT

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 MODE OF CONVEYANCE

As per the CREDAI (Confederation of real estate Developers Associations of India) code of conduct, a member: 

1.Shall clearly indicate in his agreements, the kind of conveyance planned to be settled i.e. whether or not undivided right or the unit as an entire or by suggests that of the other theme and conjointly mention either the extent of divided or undivided right in sqft/sqmtrs or the proportion of undivided right and in any case shall lookout to make sure that combination of divided or undivided right in land assigned to any or all the units of a project shall not be in more than the extent of land. 

2.Shall allot specific interest and / or car in land for each automobile parking zone.

3.Shall build accessible the copies of title documents to the purchasers for the asking. 

4.Shall incorporate a condition in his agreement to the impact that each one the covenants aside from those specific to a selected unit like rate, area etc. shall be common to any or all the purchasers of a selected project. If the developer intends to order some specific rights like allotment of ground area for garden (in the natural event area), for personal use of some units, such intention shall even be mentioned altogether the agreements relating the project. 

Possession

The developer ought to guarantee timely completion, physical possession, as committed to purchaser. It shall be builder's responsibility to get completion/occupation certificate from the bureau. Developer shall incorporate in his agreements, a clause that the delivery / possession of the flat shall be to the shopper against complete settlement of the whole thought and every one different parts of sale value / quotation. 

Defect Liability period

Developer shall incorporate in his agreements, a clause for defect liability for a minimum amount of twelve months or as per prevailing laws (whichever is more) from the date of redeeming of possession or intimation to their purchasers relating to the readiness handy over possession, that ever is earlier and which shall be restricted to the defects within the construction (i.e. structure) and not on the bought out materials most of that are lined underneath varied pledge periods by the makers themselves. However, within the event of continual drawback with the bought out materials, the member shall co- operate with the emptor in checking out the problem. This defect liability shall not cover calamity things like harm ensuing from war, flood, earthquakes etc. 

Formation of a Society or a Body corporate

The developer ought to take steps for registration of Co-operative Housing Society or the other body company as is also set upon by the developer within the interest of the flat purchasers. 

Society Account / different Deposits like stamp duty.

The developer shall maintain separate account in respect of any sums received by him from the flat purchases as Advance or Deposit, sums received on account of the capital for promotion of a Co-operative Housing Society/Apartment Association or an organization or towards the out goings, legal charges, etc., and shall utilize the said amounts just for the aim that they need been received. Such accounts ought to be to the Society/Association/Company not later than three months from redeeming the charge of building to such Society/Association / Company a amount on months from the date of ultimate conveyance, whichever is later. 

Transfer Charges

If a transfer charge is to be charged it should be corn get in the agreements and will not exceed over a pair of the acquisition value for transferring the rights of the flat emptor underneath associate agreement purchasable. Any such consent by the developer to the flat emptor for transferring his rights underneath agreement of sale shouldn't be immoderately withheld, provided the flat emptor pays, and / or is prepared and willing to pay full quantity of thought underneath the agreement purchasable alongside transfer fees as aforementioned and different dues collectible. 

Transfer of Title

The developer shouldn't extraordinarily delay the execution of the conveyance or the other similar instrument in favor of the common organization of the flat holder, once the event and sale of entire theme and in any case amounts collectible by the purchaser’s are paid to the developer. 

Disclosure

1.A member might disclose in his brochures / hand-outs / advertisements or the other subject matter material that he belongs to an association that could be a member of CREDAI.

2.May incorporate a clause in his brochures and or agreements that a similar is subject to arbitration by the selected committee of Arbitrators appointed by the member Association of CREDAI.

Inspection by Client: The developers shall incorporate necessary clause within the agreement so as to modify the shopper explanation the rights to examine the premises throughout the course of construction.

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BMRDA Approved Layouts

Anekal
Bannerghatta Road
Devanahalli Road
Electronic City
Hosur Road
Indira Nagar
Kanakapura Road
Koramangala
Sarjapur Road
Vijayanagar
Whitefield