1. That the developers have agreed to pay a sum of Rs. ……………… (Roupies…………… only) as a guarantee of good compliance with the terms of this agreement and the successful completion of the project. However, this amount of security will be adjusted in exchange for consideration when the building is completed. The developer agreed to raise the subsection of the basement, ground floor, ground floor, second floor and terrace on the land under that land, according to the construction plans agreed between the owner and the developers, which may be sanctioned by the competent authority. Planning plans should comply with local regulations and full information should be made available to the owner. Various elements such as building structure, electrical wiring, plumbing, drainage, septic tank, water tanks and gutters, access to the road, landscaping and full description should be included in the agreement, so there will be no ambiguity. 11. The owner undertakes to execute, sign and provide the document that may be required for the transportation of the first and second floors of this property for the benefit of the developer`s buyer or candidate, if the construction has been completed by the developer and the full consideration has been paid to the owner. It is expressly mentioned and it is agreed that the owner cannot claim compensation for the execution of the above documents and that all costs related to the transfer of the first and second floor of this property are covered and paid for by the purchaser.
3. If the owners do not complete this work within the time frame set out in the above provision, the owners pay on the owner`s choice, but without prejudice to the other legal rights of the owner and other provisions of the owner, damages liquidated to the tune of Rs………. per day (but subject to a ceiling of 2% of the total amount of the contract payable by the owner under this agreement) for the period between the specified period for completion of the work. The owners expressly agree and authorize the owner to deduct, if necessary, from such liquidated damages from a staggered payment due and to pay to the owners within the meaning of this agreement. 2. If the developer is late in paying a payment on the due date, the owner is allowed to terminate the contract and cancel all funds paid. In the event of termination, the land development licence is revoked and, within a month of this period, the developer will remove all buildings, structures and materials that will be brought to the land and, late, and absolutely returned to the owner and assigning him a vest, and the developer will not be entitled to compensation or damages. YES, It is very important to get a construction contract even before the construction of a house, because it clearly mentions the conditions agreed between the two parties such as owners/contractors/work contractors. If the owner does not complete the work within the prescribed time frame, the information is immediately made available to the owner. The reason for the lengthening of the time should be communicated to the owner.
After several meetings with different contractors/builders to build your dream home and through several building quotes, after which you choose the contractor you think is the right person for building your home in Bangalore.