Details of the Flexible Payment System

(All terms are subject to change without notice)

To assist genuine buyers Gulmohar Estate offers this unique plan for those who qualify. We have a few sites earmarked for installment purchase system on a purely first come first served basis. There are only 6 sites under this scheme and the rest of the sites are not available under this scheme.

The advantage to the buyer is that he need not suffer price increases as he will be offered a firm price despite the time taken to pay for the land. In other words it gives an excellent investment opportunity for the buyer as he can achieve price appreciation over the years without having to invest all the amount up front.

Besides, the buyer also has the option to 'sell' the site any time to another person who can continue the balance payments. The buyer can seek refund in case he is unable to continue.

A formal contract will be entered into with the following terms

The buyer will identify a site and seek to 'book' it for his purchase and pay 50 percent of the amount due. The balance due is payable within either 2 or 3 years as may be needed. The site in question will be reserved for the buyer as long as his EMIs are paid in time.
A surety will be required to confirm the payment by the buyer in time. The Estate will always have rights to seek balance payments and specific performance of the contract.
The Estate will reserve the specific site for the buyer as long as the installments are being paid in time. Any time prior to registration the buyer can assign his rights to any other person but he must ensure that the new buyer builds only a residential building.
All buyers will pay a legal and documentation fee of Rs. 25,000 which will be refunded against the last installment due if the buyer is prompt and has no defaults in his dealings.
Any time during the period after the first 6 months, the buyer can seek refund of the amounts paid except for the documentation and administration fee of Rs. 25,000. The Estate will refund within 3 months of such request without interest.
The EMI shall be payable in post dated cheques. In case of any default a fee of Rs. 1500 shall be payable as the dishonour charges together with interest at 24 percent till the payment due is settled.
In case of any default in payment, the Estate will notify and give 30 days to rectify the situation. If not rectified at that time, the Estate will have instant rights to take over the land by returning the amounts paid and resell the sites to an alternate buyer.
The interest rate is 10 percent flat for amounts due. The buyer can pay up the balance at any time and request for registration.
At the discretion of the Estate, a termination fee of 20 percent of the land value shall be chargeable on all deals at the time of registration. This fee will be waived in special circumstances. (Please ask for details)
The Estate will take care of the security of the land and inform the buyer of any changes in law or other enactments.
Normally it is possible to construct a house on land only after registration, but in exceptional cases if the plan is approved by the Estate, the Estate will allow the buyer to build a house with his funds on the understanding that in case of any default, the Estate will possess back the land and the building therein to cover the balance amount due.
The buyer can also get the Estate to construct a compound wall or fence to protect the site by paying in advance the cost of works.

*Note: This is not a legal document for sale. All specifications and terms are subject to change without notice.

Website designed and maintained by Krish & Co