Application for allotment of the apartment should be made in the company’s prescribed form duly filled by the applicant along with booking money. The company has the right to accept or reject any application without assigning any reason whatsoever.
The purchaser will make the payment as per the payment schedule mentioned in the purchase agreement. All payments should be made in the form of a Bank draft /Pay-order/ cheque in favour of Reliance Holdings Ltd. The purchaser is liable to pay a delay charge of 3% per month on the default amount. If the payment is delayed beyond 2 (two) months, Reliance Holdings Ltd. has the right to cancel the allotment. In case of cancellation or surrender of allotment of the apartment, a refund of the deposited amount will be made after deducting of 10% or one lac taka, whatsoever will be the lowest as an incidental charge.
RIGHTS OF RELIANCE HOLDINGS LTD.:
The company has the right to accept or reject any application for allotment. It also reserves the right to make changes in both the architectural and structural design of the project if necessary. In the event of unavoidable circumstances, the developer reserves the right to make a limited change in the specification, design and layout of the apartment. In the highly unlikely event of a dramatic price increase of the construction materials which would be beyond our control as happened during the first quarter of 2022, it will be the joint responsibility of the developer and client to mutually resolve the issue of additional cost that may put the project in a difficult scenario.
PROJECT HAND OVER:
The possession of each apartment shall be handed over to the allottee/purchaser after full payment of installment and on completion of the apartment. The completion of the project may be affected by unavoidable circumstances beyond the control of the company like natural calamities, political disturbance, strikes, acts of God and changes in Govt. policy, etc. In such case, the allottee/purchaser shall not demand any compensation.
TOTAL COST OF FLAT:
The total cost of the flat includes:
(a) Cost of apartment
(b) Utilities connection Charge/fees like water, sewerage and electricity etc.
(c) Parking facility
TRANSFER OF OWNERSHIP:
The apartment along with a proportionate share of land will be registered in favour of each allottee/purchaser as per current rules & regulations of the Government of Bangladesh. If the allottee wants to change the name of the owner during registration of the flat, a sum of Taka.1,00,000/= (One Lac) is to be deposited to Reliance Holdings Ltd. as a transfer fee.
The buyer will pay stamp duties, registration fees, taxes, legal govt. charge, vat and other miscellaneous expenses that will be incurred in connection with the registration of the flat.
The buyer must undertake to become a member of the owner’s association which will be formed by the owners of the apartments with the view to maintain the general affairs of the complex for the common interest. Each apartment owner must initially deposit Tk. 50,000/- to the company’s account for the formation of owner’s association before registration of the flat. The company will transfer the whole deposited amount along with accounts of expenditure to the owner’s association.
The buyer and the developer will have to sign a formal legal agreement mentioning the terms & conditions in detail many of which have not been covered here.