Terms & conditions (acc. to main projects scheme)

♥ A p p l i c a t i o n  p r o c e d u r e  a n d  a l l o t m e n t s:

• Application for allotment of apartments shall be made on the prescribed application form duly signed by the applicant with the booking money. The company has the right to accept or reject any application without assigning any reason. Allotment will be made on ‘First come first serve basis’.

Up on acceptance of application, Down Payment & other necessary papers, Urban American Development Company Ltd. will issue an Allotment Letter in favor of the Applicant. This will include the payment schedule, which the buyer should follow on receiving the allotment letter. Buyer(s) willing to make one time payment will be rewarded we substantial rebate. The buyer is not entitled to transfer the apartment to third party till the apartment is handed overt to him.

♥ Mode of payment:

All payment should be made by account Pay Cheque Payments or bank drafts of payment order in favor of Urban American Development Company Ltd. Buyers residing Abroad may remit payment by FTT or FDD. Receipt will be issue for respective payment.

♥ Signing of deed of agreement:

Applicant, after being furnished with the acknowledge of receipt of payment of booking money and after being issued the allotment letter, shall be notified by the company to executive deed of a agreement with company in company’s standard form in respect of the allotment within 30 days from the date of notification. The cost of stamp, etc. for the said agreement shall be borne by the allottee.

♥ Delay charges:

Urban American Development Company Ltd. expect the buyer to strictly adhere the payment schedule settled earlier In case of genuine ground of delay of payment of installment by the allottee beyond the due date, the allottee shall be liable to pay delay charge of 2% per month on the defaulted amount if the payment is delayed by 30 days, subject to timely intimation given by the allottee in written to the company seeking specific period of extension of time for payment. The extension, in no case, shall be for more than 60 days and will be subject to approval of the company.

♥ Cancellation of allotment:

If the Payment is delayed beyond 60 days, Urban American Development Company Ltd. has the right to cancel the allotment. In case of cancellation or surrender of apartment, due refund will be made after deducting 10% of the total sale price only after re-sail of the Apartment.

♥ Utility charges:

• Connection fees/charges, security deposits and other incidental expenses relating to gas, water, sewerage and electric connections are not included in the price of apartments. These payment will be made by the company directed to the authorities concerned, on the allottee’s accounts. The allottee will be billed proportionately on actual cost basis.

♥ Documentation charges:

The Buyer will bear all cost relating to registration including VAT charges, gain taxes, income tax and other cost as would be decided by any other authority. The developer will not bear any cost whatsoever relating to this effect.

♥ Ownership association:

Each allottee shall pay Tk. 25,000.00 as membership subscription of the said association to the company before taking over the possession of their respective space against money receipt for the purpose.
There shall be a constitution of the association which shall be written by the company and acceptable to all. The registration of the association and other formalities shall be observed by the allottee under the Co-operative Society Act 1940 to serve the common service such as lift, security, maintenance of the building, WASA etc.
There shall be a bank account of the association in any schedule bank in Chittagong which shall be operated by the authorized person of the executive committee as per constitution.

♥ Company's Right:

The company has the right to accept any application for allotment. It also reserves the right to make minor changes in both architectural and structural design of the project. Limited change can be made in specifications for overall interest of the project.

♥ Handover the Project:

The possession of each apartment and parking space shall be duly handed over to the allottee on completion and on full payment of installments and other charges and dues. Prior to this the possession of the apartment will remain with the company.

♥ Transfer of Ownership:

Proportionate share of indivisible land as well as apartment will be registered in favor of each allottee as per the current rules & regulation of CDA.

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