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LEGAL ASPECTS

SECTIONS
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  Mutual Rights and Obligations
  Documentation
  The Builder/Client Agreement
  Registration
  Force Majeure
  Withdrawal, Assignment, or Cancellation
 
   MUTUAL RIGHTS AND OBLIGATIONS BACK TO TOPTop
We thank you for considering the decision to buy an Si home. We believe that our customers make this decision because they value excellence and integrity. This shared sense of values gave us the best possible clients, who enabled Southern Investments to build a proud record of contributing to the quality of urban life for over four decades. We welcome you to become a part of that tradition which is built on trust, with mutual respect for each other's rights and obligations.

The following pages give a brief outline of the terms and conditions governing your interactions with a builder, 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 beautiful and convenient home.

   DOCUMENTATION BACK TO TOPTop
There are four principal documents, which includes The Builder / Client Agreement for your apartment, namely :
  1. An Allotment letter stating the details of the undivided share of land for holding your Apartment and Car Park Slot, Apartment Number, Built Area of the Apartment, common area, etc., alongwith the contract value with a Payment Schedule. The contract value for your apartment covers the cost of the undivided share in land and the cost of construction of the apartment and the Car Parking Slot;

  2. A Land Agreement (unregistered) between you and the Builder setting out the terms and conditions to be complied with in order to get the undivided share in the land proportionate to the apartment and car park slot being constructed to be registered in your name;

  3. A Construction Agreement (unregistered) between you and the Builder, setting out the terms and conditions to be complied with and the list of mutual obligations for constructing your apartment.

  4. A registered Sale Deed by which the undivided share of land and the Apartment constructed is transferred in your name. This deed will be registered just before handing over, after full payment has been received.

   The BUILDER / CLIENT AGREEMENT BACK TO TOPTop
Investment in an apartment is a major commitment. It is important for you to know your rights and obligations when you take this step. The following is a brief summary:
 
The smooth and satisfactory completion of your flat will be facilitated considerably through prompt instalment and tax payments. Interest at 9% will be charged on all arrears of payments.
The built area of the apartment includes a share of the common areas in the building. The boundaries of your apartment 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 and external walls.
Si (Southern Investments Pvt. 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. You are permitted to inspect the title deeds for the land on which the building is constructed at all reasonable time and on prior appointment with the Builder at their Office.
If the sale deed is registered before the full amount is paid, the sale deed will be retained by Si as collateral security till the full and final settlement of accounts.
You must give due notice to Si if you assign your rights to the apartment to a third party. In this case, you are liable to pay an assignment fee, not exceeding Rs.50/- per sft. of built space as determined by the Builder from time to time.
The residential apartments are not to be utilised for any commercial purposes.
In case of non-performance of the client in making payment, Si has the right to cancel the allotment and to allot the apartment to a third party. Si will refund the amount to the client after realising funds through sale of the said apartment to a third party. The amount paid will be refunded without interest, after deducting 2% of the construction contract value.
Maintenance deposit and maintenance charges is collected by Si. The building will be maintained by Si, on behalf of the owners, for a period of six months after handing over the first apartment. Subsequently, the maintenance deposit collected from the clients will be handed over by the Builder to the Owner's Association, after deducting any amount for expenses incurred.
The terms and conditions stated will form the nucleus of the agreement to be executed by you with regard to the apartment.
 
   REGISTRATION BACK TO TOPTop
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.

   FORCE MAJEURE BACK TO TOPTop
Delivery dates indicated are subject to Force Majeure conditions and other unforeseen conditions including adverse market conditions affecting the construction industry. As a reputed Builder, Southern Investments has an impeccable record for delivery of many buildings in many cities to satisfied clients. 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 BACK TO TOP
We are proud to record that 95% of our clients remain with us till the completion of their homes. However, due to personal reasons, a client may wish to assign the apartment to a third party before completion, or to withdraw from the project. Southern Investments 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 Sft., to be determined by the Builder from time to time.

In the event of withdrawal or cancellation, the apartment 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. Refunds shall be remitted only in Indian Rupees.

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