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General
Terms & Conditions:
Mantaka
Real Estate (Pvt.) Limited
(hereinafter MREL)
will make allotment of all apartments, car parking spaces and common amenities
of "Castle Mantaka"
as detailed in this brochure, subject to the following Terms and Conditions :
Application
and Allotment(s):
Interested buyers need to apply for allotment on prescribed application form
along with the down payment (10%
of the cost) and other
necessary papers.
On acceptance of application,
payment and other papers, MREL
will issue an allotment letter in favour of the applicant, along with the "Schedule
of Payments" for balance
amount. Buyers willing to make one time payment will be rewarded with
substantial rebate as stated in the price list and payment schedule. The
buyer is not entitled to transfer the apartment to a third party until the
apartment is handed over to them.
Payment:
All payments should be made in favour of "Mantaka
Real Estate (Pvt.) Ltd."
in the form of A/C payee cheque, demand draft or pay
order. Bangladeshis
residing abroad may remit payments
in foreign exchange by TT or DD
as per exchange rate on the date of instalment
due. The Allottee
must strictly adhere to the "Schedule
of Payments" to ensure
timely completion of the project. Any delay in payments up to two
months will make the Allottee
liable to a fine of 2%
per month on the payment delayed. In case of non-payment beyond two
months, MREL reserve
the right to cancel the allotment. In such an event the amount paid by the
Allottee
will be refunded after deducting Taka
One Lakh Fifty Thousand Only,
as a "Service
Administration Charge".
MREL's
Right:
The company has
the right to accept any
application for allotment. It also reserves the right to make minor
changes in
specification, design or layout, etc., due to unavoidable reasons or in the
greater interest of the project.
Possession
and Land Transfer:
The possession and title of
the apartments will be made on or
before May
2006 except for reasons beyond
the control of MREL
viz. Force Majeure, Natural Calamities, Disturbances,
Strikes,
Acts of God etc. The hand over will only be made after receiving the instalments
and all other charges/dues in full. Each Allottee
will also own a proportionate, undivided and undemarkated share of the land on
which "Castle Mantaka"
is situated and also the specific Apartment. The Allottee
shall bear all costs related with stamp duties,
taxes, VAT, etc., including legal and miscellaneous expenses likely to be
incurred in connection with land and apartment transfer.
Service
Facilities Cost:
All connection fees, charges, security deposits and other incidental expenses
relating to gas, power, sewerage, water connection etc., will be on the
individual Allottee's
account. Each Allottee
will be charged proportionately.
Deed
of Agreement:
With a view to safeguard the short/long term interest of the Allottee
as well as MREL
and other Allottees
of "Castle Mantaka",
MREL
and the Allottees
will have to agree and sign up a deed of agreement prior to hand over of the
possession.
Abandonment
of Project:
If for any any reason beyond MERL's
control such acts of God, economic depression, policy of the Government, MERL
is forced to abandon the project, the company (MERL)
will refund the entire money deposited so far by the Allottee
within 180
days from the announcement being made to this effect. Allottees
will not be entitled to any other claim whatsoever.
Welfare
Society:
In the interest of all of the occupants of the "Castle
Mantaka" complex, an
"Owner's Welfare Society"
will be formed by the collective owners of the apartments. Each buyer
shall have to be a member of the "Owner's
Welfare Society" and must
deposit Taka Twenty Five
Thousand Only to the reserve
fund before taking possession of their apartment(s).
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