Some question related to builder buyer agreement with Signature Global GRAND IVA

Q: I have some doubt in Builder Buyer Agreement of Signature Global Grand IVA project. I am asking below questions since 28th July'16 but they are not giving reply.

Point 3.6: "the Allottee agrees that the Developer shall be liable only to refund the amount received from him/her without any interest or compensation whatsoever".
Question: Developer is charging @ 15% per annum from due date, if Allottee does not pay any demand on time. Is there any penalty clause on Developer, if Developer not able to deliver the flat in 48 months without any FORCE MAJEURE mentioned in the Agreement?

Point 3.7: "The Allottee, before taking possession of the said flat, shall completely satisfy himself regarding the construction, facilities and amenities in respect thereof and hereby agrees not to raise to any dispute on such account thereafter, either individually and/ or by joining as member(s) in the society/association and or otherwise, in any capacity. The Allottee, after taking the possession of the Said flat, shall make no claim against the developer in respect of any item of work in the Said flat, which may be said not to have been carried out or for non - compliance or any design, specifications, building materials or any other reason whatsoever or on account of any Common Services and Facilities".
Question: How can I assure that Developer would not compromising with quality of construction (internal as well external of flat), facilities and amenities? Who will be responsible for quality check of materials as well as construction, facilities and amenities?

Point 4.3: "The charges for providing external electrification, electric wiring in the said flat, firefighting measures/equipment in the common areas as prescribe in the existing firefighting code/regulation and power backup, shall be payable by the Allottee in addition to the basic Total Cost, as prescribe herein."
Question: What would be the total or near about cost because noting is mentioned about the cost in agreement?

Point 7.6: "The Insurance of said Unit as well as the interior/contents inside the said Unit shall be the responsibility of the Allottee(s) and Developer shall not, in any case, be held liable for any damage or loss occurred on account of any theft, loss, neglect or omission of the Allottee(s) in the regard".
Question:What would happen, if internal plaster start creating problem. seepage in the said Unit. few months after possession because, as per point
number 3.7, I can't check construction and material quality before and after the possession?

Point 23:
Question: Does it means that I can't choose Arbitrator and Arbitrator decision shall be final and binding upon the parties (Allottee and Developer)? It is very much possible that I would not be satisfy with Arbitrator's decision because Developer will only choose the Arbitrator. What would happen, if I am not satisfy with Arbitrator's decision?

sandeep, Apartment Resident

6th July 2016

Builder Review in Signature Global Grand Iva, Sector-103, Gurgaon

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Replies (10)

Kindly join facebook group
https://www.facebook.com/groups/269620413389450/

sandeep, Apartment Resident

16th August 2016

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PropKeep, Delhi

27th October 2016

We all buyers should create group at FB as well as Whats App - Grand Iva Buyer Group

vivas sh,

16th August 2016

Comment

Kindly join facebook group
https://www.facebook.com/groups/269620413389450/

sandeep, Apartment Resident

16th August 2016

Thanks a lot for showing so much interest in this post. I am sure that after such type conditions, we can't do any thing in future, if anything happen wring with us.

sandeep, Apartment Resident

8th July 2016

Comment

Hi all,
This is for all homebuyers, If you are about to get possession of an apartment that you had booked yrs ago, thoroughly check what you are getting against what you have paid for. If it appears that the building and apartment has all the amenities, size of rooms is as per approval provided, fittings are as per agreement, and other details are in order, go ahead and take possession. But if things don’t match, raise all issues with the developer. The buyer should make a list of the deviations, short-falls and flaws. If these can be corrected, the buyer should demand that this be done immediately.

Sandeep Mhatre, Mumbai

8th July 2016

Comment

What is meaning of below condition in builder buyer agreement and most important that they are giving any reply after so many reminders:
"The Allottee, before taking possession of the said flat, shall completely satisfy himself regarding the construction, facilities and amenities in respect thereof and hereby agrees not to raise to any dispute on such account thereafter, either individually and/ or by joining as member(s) in the society/association and or otherwise, in any capacity. The Allottee, after taking the possession of the Said flat, shall make no claim against the developer in respect of any item of work in the Said flat, which may be said not to have been carried out or for non - compliance or any design, specifications, building materials or any other reason whatsoever or on account of any Common Services and Facilities".

sandeep, Apartment Resident

8th July 2016

As far as construction quality is concerned, since it is not possible for a buyer to check all the aspects of construction, he can avail of the services of independent auditors.

A proactive measure such as a 'third-party audit' can be extremely beneficial as it provides a safeguard against unpleasant surprises. In India, consumers can approach auditors registered with the Quality Council of India for an inspection to determine if materials used in the construction meet all safety norms.

Whether you do it yourself, seek services of a professional or rely on third-party audit certifications, be alert about the quality of the property being delivered to you.

Shobha Bharadwaj, Mumbai

8th July 2016

Comment

Kindly read below point in builder buyer agreement:

"The Allottee, before taking possession of the said flat, shall completely satisfy himself regarding the construction, facilities and amenities in respect thereof and hereby agrees not to raise to any dispute on such account thereafter, either individually and/ or by joining as member(s) in the society/association and or otherwise, in any capacity. The Allottee, after taking the possession of the Said flat, shall make no claim against the developer in respect of any item of work in the Said flat, which may be said not to have been carried out or for non - compliance or any design, specifications, building materials or any other reason whatsoever or on account of any Common Services and Facilities".

sandeep, Apartment Resident

8th July 2016

Hi Sandeep,
In cases where the end product delivered to the allottee is of substandard quality the allottee has the remedy to file a consumer complaint in the consumer forum against the allottee for deficiency in services. In such cases the consumer forums have ordered the builders to remove the defects and also pay compensation to the allottee. The allottee also has an option to file a civil suit against the builder claiming damages for breach of obligations.

Sarith, Noida

8th July 2016

Comment

sandeep, Apartment Resident

8th July 2016

Hi Sandeep!!
Take possession of flat under protest in case of delay in delivery of possession by the builder, the legal options that are available to the allottee are to file a consumer complaint or file a civil suit against the builder for the refund of amount paid to the builder and the interest thereon.

Anwar Mohammed, Delhi-NCR

8th July 2016

Comment

Nothing is mentioned in builder buyer agreement about any kind of penalty on builder, if there is any delay. I asked it on mail but they are not giving any reply.

sandeep, Apartment Resident

8th July 2016

Hi,
No..you will not get any money from builder as penalty if he delays possession by even 5-7 yrs. You will be free to challenge this in court and you know the Indian judicial system, truly Pathetic. You will waste time, energy, money and at last will gain nothing. Even after 8-10 yrs, court gives a judgement in your favor, then it will "Penalty clause to be paid plus 50,000 Rs extra". Are you satisfy with the judgement.

Jitendar, Gurgaon

8th July 2016

Comment

I agree with you Jitendra. Remember the builder has team of experienced lawyers who are permanently hired by them, and not to forget political connections and solid buying power. And by the way if you are in a dream world that India judges are not for sale then please wake up, go through the right channel with the right payment and you can get judgement in your favor. Since 2008 to till date around 50000+ appartments have been stalled. You are free to check how many have got penalty money.

Naveen, Gurgaon

8th July 2016

I think you should check your agreement, there is a penalty clause for builder, if the project is getting delay by more than 36 months plus 6 month grace period, then builder has to pay delay penalty which is somewhere around 9-15% of paid amount. But very few developers have mentioned clauses which helps buyers, all clauses are for the benefit of the builder. And if you are filing suit against the builder then it will take 8-10 yrs to get judgement till then you will have top pay loan EMI to the bank and rent for your home.

Naveen, Gurgaon

8th July 2016

Comment

@Naveen: I check and read whole agreement thoroughly. I don't penalty clause in the agreement. I just let you know that I had already send more than 10 mails to Signature Global but they didn't reply.

sandeep, Apartment Resident

8th July 2016

thanks for sharing this info.

liyans, Kolkata

7th July 2016

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