NAME OF THE PROJECT
Name of the Project is “Union Complex”, a project of M/s AYQ Developers (Pvt.) Limited (“the Company”), which is being built/constructed at 19-KM, Ferozepur Road, Opp. Metro Bus Station No.25, Lahore. The Company shall construct “Union Complex”, as per design, Apartments/Commercial Units are being offered for sale on ownership basis.
BOOKING
All Pakistani citizens and overseas Pakistanis are eligible to apply for the booking of offered residential/commercial units.
ALLOCATION
Allocation of a particular number of Apartment/Commercial Unit in the Project is provisional, which will be confirmed after receiving full and final payment. The Company will hand over the possession of the gross area to the Allottee, including the circulation area, which may vary at the time of possession. A dedicated free parking area will be provided to 2-Bed and 3-Bed Apartments. However, Parking for Studio and One Bedroom apartment can be purchased if required by the Customer/Allottee
BOOKING & INSTALLMENT PAYMENTS
Applicant/Allottee is under obligation to make payment of each and every installment promptly on due dates as per Annexure-I of the schedule of payment after booking the residential apartment/commercial unit. All payments of booking and installments shall be made in Silkbank Limited Account No. 0066-2009870663 or IBAN No. PK23 SAUD 0000 6620 0987 0663 favoring M/s AYQ Developers (Pvt.) Limited through Pay Order or Online transfer. Copy of Pay Order or Payment Transfer Receipt must be sent to the company through courier or email booking@unioncomplex.com. Price is fixed and there is no change, provided the installments should be paid by the allottee/applicant strictly in accordance with the mode of payments as per the Schedule of Payment. The price of Apartment/Commercial Unit as given in attached payment schedule, does not include registration fee, documentation charges, connection and cost of the meter charges of electricity, water and sewerage and others, which shall be paid by the Allottee/Purchaser in cash (non-refundable) to the Company within Fifteen (15) days on demand.
SURRENDER OF APARTMENT/COMMERCIAL AREA
In case of failure to pay the due installment, demand notice of Thirty (30) days shall be served to the buyer by registered post/acknowledgment due or urgent mail service and/or TCS or any renowned courier service at his given address. If the payment is not received within the stipulated period, the Company shall have the right to cancel booking/allotment/allocation without assigning any reasons. The amount received by “M/s AYQ Developers (Pvt.) Ltd” on behalf of Union Complex till that time may be refunded after twelve (12) months from the date of cancellation, in the manner as it was received, after deducting 10% of the total price of the apartment, as service charges. In case any applicant wishes to surrender his/her Apartment/Commercial Unit, the amount can be refunded after twelve (12) months from the date of surrender, in the manner it was received but subject to deduction of 10% of the price of the Apartment/Commercial Unit, as service charges.
ESCALATION IN PRICES
Allottee shall have to pay the difference in the cost of Apartment/Commercial Unit regarding the escalation of price towards the basic cost of the unit due to unavoidable circumstances beyond the control of the Company.
CHANGE IN THE NAME AND PLANS
That the Company reserves the right to change the name of the Project, at any stage for any reason whatsoever, which can be notified to the Allottee(s) by the Company and is also entitled to make changes in the building plans of the Project. The Company retains and reserves the right at all times to make any changes in designs and specification at the sole discretion of the Company. The use of exterior walls, front and common areas is reserved by the Company for any commercial or other use at the discretion of the Company.
TRANSFER
The Allottee shall not sublet, sell, transfer or assign the unit prior to taking over the possession of the Apartment/Commercial Unit without prior written consent of the Company, but subject to the clearance of outstanding dues and other charges payable prior to the date of transfer. Transfer fee at the rate of 1% of the sale price will be charged by the Company at the time of transfer.
UTILITY SERVICES BY UTILITY DEPARTMENTS
The Company will arrange/provide all the utility lines/connections against payment; however, in case of interruption/disruption, maintenance expenses will be charged from all the occupants equally. The Company shall not be responsible for any delay in respect of the supply of individual connection of electricity, water, sewerage etc, from the concerned authorities/agencies. The Company will make every effort to apply in time to the authorities concerned for the utility services. In case of delay by the concerned authorities/agencies in providing permanent electricity connection/meter in the units booked by the Allottee, the Company shall provide electricity to the allotted unit through generators for the interim period against charges at pro-rata commercial rates from the Allottee(s). The sub-meters of all the utilities will be installed at the Allottees’ cost. The Allottees shall be bound to pay to the Company on demand any excess amount of electricity, water and sewerage connection etc. payable to the respective department or cost incurred by the company. The Allottees shall be responsible for the payments of all the utilities i.e. water, sewerage, electricity, telephone etc. and property and other taxes of concerned authorities/agencies; however, the Company shall not be responsible for any consequences for the non-payment of such bills by the Allottee.
POSSESSION
The Company may deliver the possession of the Apartment/Commercial Unit after receiving complete price of the same along-with other charges from the Applicant/Allottee. The Project will be completed within 36 months from the start of construction and possession will be handed over to prospective Applicant, accordingly. The Allottee will be under obligation to take possession of the Apartment/Unit, when notice of possession is given by the company; however, the Applicant shall be liable to pay all taxes, charges for electricity, gas connections, registration of sale deed, legal fees and other service charges. However, if the Project is completed before the payment plan and possession is handed over, then the transfer of Apartment/Commercial Unit will be transferred on full payment along with other cost and charges of the transfer etc.
COMPLETION
The construction of the Project is expected to be completed within a specified period. However, if for reasons of force-majeure, which includes Act of God, riots, war (declared or undeclared), civil commotion, natural disaster, hostilities, fire, flood, earthquake, explosions, blockades and any other calamities which are beyond the control of the Company. This also includes changes in the fiscal policies of the government. In such conditions, the company shall be at liberty to revise/interrupt the construction schedule. It is clearly understood that in such an eventuality the Allottee will not claim interest or damages of any nature whatsoever from the Company.
DEFAULT AND DISPUTE
That in case of any default in payment (as per attached schedule), the Company shall have an exclusive right to extinguish/rescind this agreement/agreement to sell forthwith without notice and the paid amount may be refunded after Twelve (12) months, after the re-sale of the Apartment, subject to deduction of 10% of the sale price.
That any default by the Applicant shall be dealt accordingly, which may lead to cancel and re-sale of such Apartment/Commercial Unit, as per the Company policy and the terms & conditions agreed between the Applicant and the Company in this agreement and/or agreement to sell. However, in case of any dispute or difference regarding any matter touching the interpretation of any clause or performance of this agreement/agreement to sell, then it shall be referred to the sole arbitrator, namely, Mr. Abdul Hameed Chohan, Advocate Supreme Court of Pakistan, having address at Office # 204-207, 2nd Floor, National Tower, 28-Egerton Road, Lahore, whose decision on all the issues/disputes shall be final and binding on the parties.
MISCELLANEOUS
The Company shall not be responsible for non-delivery of any letter or notice etc. due to any reason whatsoever or change of the Allottee’s address. For all contacts and correspondence, the Company will use the Allottee’s last given address as per record. Any change in address must be notified by the Allottee to the Company in writing. The Applicant also agrees:
(i) To maintain the Apartment/Commercial Unit on his/her own cost in good condition and shall not do any act to endanger, damage, or impair the building and the common area of the “Union Complex” or do any act against the law, bye-laws and regulations of the concerned Government Authorities/Agencies.
(ii) Not to bring inside the Project or Apartment/Commercial Unit of the Project any goods and/or machinery which are hazardous/and combustible/flammable and shall not use the unit for any purpose other than for which it is constructed and allotted.
(iii) To pay all taxes etc. levied by the Federal/Provincial Government, Local Bodies and Municipal Bodies and/or any other authorities/agencies including those existing at present and those that may be levied by the above-mentioned and/or other authorities in the future.
(iv) Not to make any partitions, alteration, additions, or any holes, attachment, or adhesions of any nature without the consent of the Company on the covered area, which includes ancillary and services area such as wall, passages, corridors, staircase, balcony, lifts, underground and overhead tanks etc., and these restrictions will continue even after taking possession of the unit by the Applicant.
(v) Not to use the apartment for any other purposes other than the residence.
(vi) Not to use his/its Commercial Unit for any illegal/prohibited business activity except for approved trades including Local and Imported Fabrics, Toys, Bridal Dresses, Ready-made Garments, Children ware, Crockery & Cutlery, Shoes & Leather, Gift Shop, Curtains, Rugs, Restaurant/Coffee shop.
(vii) Not to use an Apartment for storage of goods or for business activity.
(viii) Not to misuse the amenities provided by the Company nor he/she will cover/encroach upon the areas or lobbies.
(ix) To use the commercial unit for the purpose as specified and approved by the Company.
(x) Allottees will visit the office of the Company/Office of the authorities/agencies, as and when, is required by the management of the company for completing the transfer formalities, as well as, connections of the utilities.
(xi) That all the rights to use and retain roof top are vested with the company, therefore, the Occupants/Allottees will have no right to claim or any interest over the rooftop. The company has/will have the complete right to use the roof top for erecting additional floors, fixing neon-sign and the Applicant binds himself/herself not to raise any objection or claim over the roof of the building.
(xii) The Company shall have the first lien, claim and charge regarding installation and fixation of the fixtures, fittings and any types of contents in the Apartment/Commercial Unit, at the cost of the Applicant/Allottee.
(xiii) All serial numbers and/or other identification numbers and marking given in the layout plans, booking and/or allocation letters pertaining to units are on adhoc, temporary and tentative basis and the Company has/have the right to amend/change/renumber the same if found necessary.
(xiv) Prior to taking over the physical possession of the allotted apartment/unit, a Six (6) months advance expense on account of maintenance charges i.e. services utilities, salaries of caretakers, watchmen (chowkidars), plumbers, electricians, air-condition maintenance etc. and also other administrative overhead charges shall be paid by the Allottee to the company. Subsequently, the allottee shall pay monthly maintenance charges regularly without any default, otherwise surcharge will apply on the delayed payments.
(xv) The Allottee shall inform the Company in writing about his/her change of address within Fifteen (15) days, however, in case of default or cancellation of apartment/unit, the address mentioned in the application form shall be treated as the final address. All letters shall be sent by the Company through registered post/acknowledgment due or urgent mail service and/or TCS or any renowned courier service. Non-availability reported by the above agencies of the Allottee at the address given shall be deemed as valid service of the notice/letter.
(xvi) The allotment shall be liable to cancellation in case Two (2) installments are not paid consecutively/continuously.
(xvii) The Allottee is not permitted to install or hang any kind of neon-sign or display board in front of the allotted unit. However, standardized sign on commercial units can be displayed with the prior permission of the company management.
(xviii) The completion period of Apartment/Commercial Unit will be according to the specified schedule and possession of the Apartment/Commercial Unit shall be handed over subject to the clearance of full payment of Unit.
ABANDONMENT OF THE PROJECT/APARTMENT/UNIT
That if for any reason, the Project is abandoned, the Company shall refund the amount received from the Allottees within the earliest convenience of the Company. However, it is clearly understood that in such eventuality, the Allottees shall not be entitled to claim as damages, interests/mark-up or profit etc. of whatever nature.
If any investor/buyer purchases/booked more than one Apartment/Commercial Unit, and fails to pay the remaining amount/installment, the amount received shall be adjusted towards the price of another booked Apartment/Commercial area accordingly on a pro-rata basis. The allocation/adjustment of the revised apartment/commercial unit will be at the sole discretion of the company.
If the buyer fails to pay Two (2) consecutive installments, his Apartment/Commercial Unit would stand rescinded automatically and his total amount paid in installments would be refunded after Twelve (12) months (in the manner it was received) after 10% deduction of the sale price. However, it would be the option of the company to allow the deposit of a delayed amount with surcharge.
