Permission to Mortgage

1. GENERAL CONDITIONS FOR APPLICANT:

• At the time of deposit of full payment an Allotment Letter will be issued and an Agreement to Sell will be executed in favor of Allottee(s). Final Sale Deed shall be executed after obtaining a Completion Certificate from PIEDMC.
• The Allottee may at any time before the execution of the final Sale Deed in its favour can transfer the plot(s) to any third party after paying the requisite Transfer Fee as levied by BOD, PIEDMC from time to time and after obtaining No Objection Certificate (NOC) from PIEDMC and only after the full price of the Plot has been paid. However, subsequent transferee shall be bounded by the same terms and conditions as per this form and policies of PIEDMC as amended from time to time.
• Submission of booking form does not render entitlement to the rights of allotment, booking confirmation will be intimated subject to final approval.
• PIEDMC reserves the right to reject any Application without assigning any reason thereof and in case the application is rejected deposited amount will be refunded.
• The units established in Industrial Estates of PIEDMC are required to meet National Environmental Laws and standards and any other regulations set by the State.
• Any change in Nature of Business and/or Line of Production shall be permissible only after obtaining approval from PIEDMC.
• The Applicant(s) undertakes that the instant Pre-Conditions and/or any future Bye-Laws/Rules/Instructions/Policies, which PIEDMC formulates or issues from time to time shall be binding on him/them and shall be complied.
• Any false or misleading information/statement may result in rejection of Application and/or cancellation of Allotment.
• If area of the plot increases or decreases at the time of physical possession of the plot the price of the plot will be adjusted accordingly as per the rate on which plot is purchased.
• Allotted plots can be mortgaged by the Allottee(s) with any Bank or Financial Institutions only after obtaining Permission to Mortgage from PIEDMC.
• In case of demise of Allottee(s) after Allotment prior to execution of Agreement to Sell or final Sale Deed his/their legal heir(s), as declared by Court of Law shall be entitled to all rights available to Allottee(s) as the case may be. Such legal heir(s) shall be bound by the same terms and conditions and before entering into any supra-referred Agreement(s) shall give his/their similar undertaking(s).
• In case, legal heirs as decided by the Court of Law, do not intend to carry on with the project after transfer of ownership in their name, they will be allowed to resell their plot within six (06) months from the date of transfer.
• In any eventuality or violation of any terms and conditions of PIEDMC, PIEDMC shall have an exclusive right to re-posess plot from Allottee(s) at the price on which it was sold to him/them, after deducting, a penalty of 20% after recovery of any other outstanding liability(ies), dues and/or charges. Furthermore, the structure raised, or any other immoveable property thereon shall become the exclusive property of PIEDMC and shall stand transferred to PIEDMC.
• Early possession and handover is possible at customer’s request, however, 75% original price of the plot should have been paid. Balance lump sum payment option is available.

2. TIMELINES FOR PLOT AND CONSTRUCTION:

Note:  If timelines given above are not observed, PIEDMC reserves the right to cancel the Allotment and repossess the plot at any stage and the structure raised thereon shall become the property of PIEDMC.

3. OPERATION SCHEDULE:

• Construction shall commence within 06 months from the date of execution of Agreement to Sell and must be completed within 24 months from the date of execution of Agreement to Sell. In case the vendee has started construction within supra referred timelines but extended time is required due to certain requisites of the project, he may be given extended time subject to payment of Non Development Charges (NDC) and approval from PIEDMC, which will solely be the discretion of PIEDMC. Allottee shall be bound to take physical possession & execute Agreement to Sell within 15 working days of being intimated about the same by PIEDMC failing which PIEDMC reserves the right to cancel the allotment and subsequently re-possess the plot against refund of the price on which the plot(s) was purchased by Allottee(s) after deducting a penalty of 20% after recovery of any other outstanding liability(ies), dues and/or charges.
• If the construction has not been started within 06 months after the execution of Agreement to Sell and/or the same is not completed within 24 months from the execution of Agreement to Sell or any extended timeline as approved by PIEDMC, PIEDMC reserves the right to cancel the Allotment after deducting a penalty of 20% after recovery of any other outstanding liability(ies), dues and/or charges. In case of cancellation of the plot for any reason whatsoever, any structure existing thereon shall stand transferred to and become the property of PIEDMC.
• Management and Service or Operational and Maintenance or other charges shall be applicable as notified from time to time by PIEDMC.
• Any violation of Pre-Conditions, Board of Directors decisions, bye-laws and /or building regulations of PIEDMC may result in cancellation and subsequent re-possession of the plot against refund of the price on which the plot(s) was purchased by Allottee(s) after deducting a penalty of 20% after recovery of any other outstanding liability(ies), dues and/or charges.

4. DISCLAIMER:

If by reasons of Force Majeure, PIEDMC is wholly or substantially unable to carry out its functions/obligations under instant Application, Booking Letter, Agreement to Sell or final Sale Deed, the Applicant(s) shall not be entitled to claim any rights or benefits against PIEDMC.

Force Majeure constitutes but does not limit to war, rioting, floods, earth quake, lightening, terrorist acts, political changes, civil commotion, blockade, insurrection, strikes, go-slow, tribal or ethnic conflicts, epidemic or plague, labor issues, legal restrictions, industrial disturbances or any other event beyond the control of PIEDMC.