Terms And Conditions

1. Booking Application Form (“Application/ Booking Application Form”): This Application constitutes an offer by the Applicant/s to acquire an apartment (“Apartment”) as mentioned in the Application and is not a concluded contract. The Application does not confer or constitute any right in favor of the Applicant/s for allotment. The Promoter reserves the right to accept or reject this Application at its sole discretion and without assigning any reason for the same. This Application and the terms thereof shall supersede all prior discussions and correspondence (written or otherwise) between the Applicant/s and the Promoter. The Application shall be accompanied with a self-attested proof of address and PAN card copy. If the Application is in joint names, both the Applicants need to sign the Application form.
2. NRI/Foreign National with Indian /Foreign Company: In the case of being an NRI/foreign national with an Indian/foreign company, the Applicant/s shall be solely responsible for complying with the necessary formalities as laid down in the Foreign Exchange Management Act (“FEMA”), Reserve Bank of India (“RBI”) Act and rules/guidelines made/issued there under and all other applicable laws including that of remittance of payments, acquisition/sale, transfer of immovable properties in India. In case any such permission is refused or subsequently found lacking by any statutory authority, the same shall constitute a breach of the terms hereof.
3. The 12 (twelve) months advance common area maintenance/maintenance charges rate is subject to revision at the time of registration and the same needs to be paid by the purchaser prior to the registration.
4. The Applicant/s understands that the Earnest Money Deposit (defined hereinbelow) is interest free earnest monies paid to the Promoter (subject to applicable cancellation charges in case of cancellation of the Application/allotment) and constitutes an expression of interest of the Applicant/s in purchasing an Apartment in the project “Embassy Sky Terraces” and in no manner to be considered as any assurances having been given by the Promoter for the sale of the Apartment.
5. The online / offline payment herein is subject to the rules and regulations of RBI as well as the rules and regulations of VISA/ MasterCard/ Maestro/ American Express or any other card network applicable and prevailing from time to time.
6. The said payment is subject to the risks involved in any electronic payment transactions including due to any technical failure in the payment gateway operations and the Promoter shall not be liable/responsible for any failure of any payment transactions or for any amounts debited from the Applicant’s account but not credited to the account of the Promoter due to any technical error in settlement or otherwise and the Applicant/s shall not have any claims against the Promoter for such transactions. In such instances, on enquiry the Promoter will inform the Applicant/s about such failed transaction to the Applicant/s (if any).
7. In case it is learnt that the Applicant/s has misrepresented any fact or information provided by him/her, the Apartment shall get automatically released and the Promoter shall be at liberty to offer the said Apartment to any other third party, irrespective of the refund of the payment to the Applicant. Such applications will be summarily terminated, and the said payment shall stand forfeited.
8. Earnest Money Deposit (EMD):
   1. The Applicant/s has deposited an Earnest Money Deposit (“EMD/ Earnest Money Deposit”) as mentioned in the Payment Details section of this Application. On the Application being accepted and the Promoter allotting the Apartment to the Applicant/s, this amount shall be part of the Booking Amount (defined hereinbelow). In the event of the Promoter rejecting the Application/not accepting this offer of the Applicant/s, the entire amount of EMD would be refunded within 45 working days of such rejection without any interest.
   2. The Applicant/s has been informed and is fully aware that before execution of the Agreement for Sale (“Agreement for Sale”), 10% of the total sale consideration (exclusive of deposits/additional charges) of the Apartment shall be paid as the Booking Amount (“Booking Amount”) within 15 days from the date of payment of EMD, failing which the Applicant/s shall be liable to pay an interest of SBI MCLR+2% on the delayed payment. During such instances, it would be at the discretion of the Promoter to accept the payment with interest and proceed with the sale proceedings or to cancel the booking and refund the EMD within 45 working days of such rejection without any interest.
   3. In the event of Promoter confirming the acceptance of the Application and calling upon the Applicant/s to execute an Agreement for Sale for the Apartment applied for and the Applicant/s failing to come forward to execute the Agreement for Sale within 15 days of such intimation, the Promoter at their discretion would be entitled to terminate this Application and on such termination the Promoter shall refund the amount within 45 working days after deducting an amount as processing fee as per the “Terms and Conditions of Cancellation” as set out hereinunder.
   4. Cancellation Policy with the applicable cancellation charges and refund of balance amounts for other scenarios of cancellation of the booking are fully described in the “Terms and Conditions of Cancellation” below.
9. All payments should be made by way of account payee cheques/demand draft in favour of EKRVPL EMBASSY SKY TERRACES COL ESC AC, payable at Bangalore.
10. The Applicant/s is aware that in the event of any of the EMD cheques not being honored/cleared, the Application for allotment shall be invalid/ be deemed to have been rejected.
11. All refunds will be made without interest by local cheques only, within 45 working days from the date of cancellation. The cheque for the Earnest Money Deposit will be posted to the address provided by the Applicant/s or in case of multiple applicants, the cheque shall be issued in favour of the first applicant and will be posted to the address declared by the first applicant alone.
12. The Applicant/s understand that the execution of this Application and any allotment of the Apartment pursuant to the said Application shall be on the condition that the use of the Apartment shall be for residential use only and shall not be altered.
13. This Application for allotment of an Apartment is not transferable to any other third party but transfer to family members (father/mother/wife/husband/son/daughter) would be allowed with prior approval of the Promoter. Post execution of the Agreement for Sale, transfer to any third party would be allowed only upon obtaining prior approval from the Promoter and upon payment of transfer fees as per the terms of the Agreement for Sale.
14. The Applicant/s understands that the Earnest Money Deposit is an interest free refundable earnest amount paid to the Promoter (subject to applicable cancellation charges in case of cancellation of the Application/allotment) and constitutes an expression of interest of the Applicant/s in purchasing an Apartment in the project “Embassy Sky Terraces” and in no manner to be considered as assurances having been given by the Promoter for the sale of the Apartment.
15. The Promoter reserves the right to change the pricing offered to other customers at its sole discretion without prior notice. The Applicant/s will not question the sale price of any other Applicant/s nor will the Applicant/s be entitled to compare the same with other Applicant/s.
16. Loan from financial institution to finance the said Apartment may be availed by the Applicant/s. However, if a particular institution/bank refuses to extend financial assistance on any ground, the Applicant/s shall not make such refusal an excuse for non-payment of further dues.
17. The Applicant/s agrees that in accordance with the Income Tax Act 194IA the Applicant/s shall deduct 1% /applicable TDS of the Total Consideration and remit in favour of the Promoter for all the installments to be paid by the Applicant/s under the Agreement for Sale. The Promoter shall not be held responsible for any non-payment/delay in remittance of TDS by the Applicant/s.
18. The Applicant/s is also fully aware that the development of the Project is being done in a phase-wise manner.
19. The Total Consideration is inclusive of land cost, construction cost, cost of providing power supply, cost of providing water and sewage connections, maintenance deposit/corpus fund, city infrastructure charges, advance maintenance charges for one year, cost towards clubhouse and amenities, GST as would be detailed in the Agreement for Sale to be executed. *** Additionals / Deposits such as Charges towards providing power, water and sewerage connection, maintenance deposit/corpus fund, will be payable by the Applicant as per demand raised by the Seller as per applicable timelines.
20. Revision in existing tax levies and fresh government levies, applicable during the contract period shall be paid by the Applicant/s.
21. The Total Consideration is exclusive of stamp duty, cess and registration expenses, etc.
22. Taxes have been computed based on the current rate applicable. All additional taxes / levies / cesses or any other statutory charges which may be imposed by the authorities from time to time, shall be payable by the Purchaser.
23. The Applicant/s further agrees that only after the Applicant/s executing Agreement for Sale and agreeing to abide by the terms and conditions laid down therein, would there be a concluded contract.
24. The Courts in Bangalore, Karnataka shall have the exclusive jurisdiction pertaining to this Application. IMPORTANT - The Income Tax Act, 1961 requires a purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more to deduct and pay withholding tax at the rate of 1% from the consideration payable to the Seller. He/ She is required to quote his or her PAN and Sellers PAN while making the payment. The PAN of Seller is AAICV0119N. Purchasers are requested to comply with the law and issue us the Form 16B. Form 16B is the TDS certificate to be issued by the Purchaser to the Seller in respect of the taxes deducted and deposited into the Government Account. Further details on this may be found at https://www.tin-nsdl.com/TDS/TDS-FAQ.php Purchasers are solely responsible for this compliance. Any disputes arising between the parties shall be governed by the laws of India and subject to exclusive jurisdiction of Courts in Bangalore, India. The cost towards stamp duty and registration are additional and shall be paid by the Purchaser at prevailing rates during the time of registration. I/We, the undersigned Applicant and Co-Applicant accept all the above terms and agree to pay the balance Application amount within stipulated time hereof, if any; and execute the Agreement for Sale within the stipulated time of the booking date, with payments as provided in the Payment Schedule. We further confirm that we have seen and understood the plans and specifications for the Apartment that we are hereby applying for.