1. Definitions & Interpretations:
In this Request for Reservation, the following words and expressions, when capitalized, shall have the meanings assigned herein. When not capitalized, such words and expressions shall be attributed to their ordinary meaning.
- “Agreement” shall mean the “Agreement for Sale” to be executed inter alia, by and between the Applicant(s) and the Promoter as per the standard format to be provided by the Promoter in respect to the Residential Flat.
- “Applicant(s)” shall mean the person(s) applying for a Request for Reservation of the Residential Flat with or without Covered Car Parking space/s, whose particulars are set out in this Request for Reservation.
- “Application” shall mean this Request for Reservation including all the Annexures attached hereto.
- “Applicable Laws” shall mean the Laws of India as applicable in the State of Maharashtra.
- “Carpet Area” shall mean carpet area of the Residential Flat as defined under The Real Estate (Regulation and Development) Act, 2016.
- “Company” or “Promoter” means Piramal Estates Private Limited, a Company registered under the Companies Act, 2013 and having its registered office 8th Floor Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013. GSTIN No.:27AACCA7777K1Z5.
- “Covered Car Parking Space(s)” shall mean an enclosed or covered area on the said Project Land hereunder written for parking of vehicles of the Applicant(s) which may be in basements and/or stilt and/or podium and/or space provided by mechanized parking arrangements but shall not include a garage and/or open car parking space(s).
- “Earnest Money/ EM” shall mean 10% of the Sale Consideration.
- “Force Majeure Events” shall include the following:
Non availability of steel, cement, other building material, water or electric supply; and/or
War, civil commotion or any terrorist attack/ threat; and/or
Any strike, lock-out, bandh or other like cause; and/or
Act of god, which includes earthquake, cyclone, tsunami, flooding and any other natural disaster or unforeseen naturally accruing event; and/or
Any change in law and/or changes in the policies of the Government from time to time;
- “Interest” shall mean the highest Marginal Cost of Lending Rate of State Bank of India (hereinafter referred to as “SBI MCLR”) plus two percent and in case the SBI MCLR is not in use then it would be replaced by such benchmark lending rates as fixed by SBI from time to time for lending to the general public plus two percent.
- “GST” shall mean The Goods and Service Tax Act, 2017 as may be amended or replaced from time to time.
- “Maintenance Charges” shall mean charges and taxes/levies to be paid by the Applicant(s) in respect of maintaining the Towers and Common Areas contained within the said Project Land.
- “Maintenance Company” shall mean the Promoter and/or any agency to be appointed by the Promoter for managing the affairs and management post construction until such management is handed over to the association of the Promoter.
- “Payment Details” mean the payment plan of the Sale Consideration payable by the Applicant(s) to the Promoter as per the Clause 5 of this Request for Reservation.
- “Project” shall mean and include the Tower, Common Areas and related amenities and also the Covered Car Parking Space(s) as being developed by the Promoter on the said Project Land and registered under RERA bearing registration No. P51700024580. The name of said Project is “Vaikunth Cluster 3 – Tower 2”.
- “Project Land” shall mean all those pieces and parcels of land admeasuring approximately 40,732.88 square meters or thereabout and bearing C.S. Nos. No 7/1 to 14 8/1to37 39to42 9/1to17 10/2to9 10/10A 10/10B 10/11to18 99/13B 15B 100/14A situate, lying and being at Village Balkum, Taluka Thane, District Thane.
- “Provisional Reservation” means that the reservation of the Residential Flat under this Request for Reservation is subject to cancellation by the Promoter at their sole discretion anytime between the date of this Request for Reservation and the date of execution and registration of the Agreement without assigning any reason whatsoever. Provided however in such an event the Promoter undertake to refund the entire amount received from the Applicant(s) including any taxes borne by the Applicant(s) while making such payment.
- “Residential Flat” means the residential flat applied for by the Applicant(s), details of which have been set out in Clause 3(a) & 3(c) of this Request for Reservation including the Covered Car Parking. The said Residential Flat shall contain the fixtures, fittings and the amenities as set out in the Annexure C hereto.
- “Sale Consideration” shall mean sale price of the Residential Flat specified in Clause 5 of this Request for Reservation.
- “Tower” shall mean the Building/Complex to be known as Vind comprising the said Project being constructed on the said Project Land.
For all intents and purposes and for the purpose of the terms and conditions set out in this Request for Reservation, singular includes plural and masculine includes feminine gender.
- Terms & Conditions:
The Applicant(s) is/are required to sign all pages of this Application for Request for Reservation as a token of their acceptance of the same.
- The Applicant(s) agree to abide by all Applicable Laws.
- The Applicant(s) are aware that the expression “Request for Reservation” wherever used herein, shall always mean “Provisional Reservation” till execution and registration of the Agreement in respect of the Residential Flat.
- The Applicant acknowledges that the current request by the Applicant is on proposed plans as disclosed to the Applicant. The Applicant understands that the call for payment of stamp duty and registration of Agreement only upon the Company receiving approvals for proposed plans.
- The Applicant(s) authorises the Company(s) to send, service and progress updates on the Residential Flat by SMS, email and letter. Applicant(s) have authorised the Company(s) to call, and give updates and promotional communication even though the Applicant may be registered under ‘do not call’ category with the service provider.
- The Carpet Area of the Residential Flat is approximate and the actual carpet area may vary from the carpet area mentioned herein due to design and construction exigencies. The Carpet Area of the Residential Flat to be constructed shall be intimated to the Applicant on/before the execution of the Agreement. In the eventuality, there is any increase or decrease in the Carpet Area of the Residential Flat stated herein to a variation cap of (+/-) 5%, in such a scenario the Sale Consideration shall be accordingly adjusted in the Agreement.
- The said Carpet Area of the Residential Flat may be further confirmed by the Company to the Applicant, after the execution of the Agreement, once the construction of the concerned Tower is completed and the Occupation Certificate is granted by the Thane Municipal Corporation, by furnishing details of the changes, if any, in the Carpet Area subject to a variation cap of (+/-) 3% (three percent). The total Sale Consideration payable on the basis of the Carpet Area of the Residential Flat, shall be recalculated upon confirmation by the Company. If there is variation in the area within the cap of (+/-) 3% (three percent) then, neither Parties shall have any claim or demand against each other. If there is any reduction in the Carpet Area beyond the defined limit of 3%, then, the Company shall refund the excess Sale Consideration paid by the Applicant in proportion to the area reduced within 45 (forty-five) days with Interest Rate, from the date when such an excess amount was paid by the Applicant. If there is any increase in the Carpet Area beyond the defined limits of 3% allotted to Applicant, the Company shall demand additional amount from the Applicant towards Sale Consideration, which shall be payable by the Applicant prior to taking possession of the Residential Flat. It is clarified that the payments to be made by the Applicant towards additional Sale Consideration shall be proportion to the area increased.
- The Company will not entertain any request for modifications in the internal layouts, fittings, flooring etc., of the Residential Flat and also in the exterior façade of the Tower.
- All correspondence will be made with the Applicant(s) at the address for correspondence as indicated in Clause 2 (a) of this Request for Reservation, unless changed by the Applicant(s) by placing a formal request to the Company.
- The Applicant(s) has applied for the Residential Flat as per details provided in Clause 3 (a) & 3(c) of this Request for Reservation.
- The Applicant(s) are aware that the Sale Consideration indicated in Clause 3(b) of this Request for Reservation is exclusive of charges towards (a) taxes including GST, (b) condominium entry fees/society formation charges, infrastructure charges, clubhouse membership fee, legal service and documentation charges which shall be applicable as stated herein above in Clause 5 (Annexure-A) under the head Other Charges and (c) Maintenance Charges and corpus fund as mention in Annexure-A. The said Other Charges also includes (i) proportionate share of taxes and other charges/levies in respect of the Society and Apex Body as applicable; and (ii) Proportionate Share of deposits of electrical receiving and sub-station provided/to be provided in layout of the said Property.
- The rates and taxes are subject to revisions as per statutory requirement as may be applicable from time to time without any prior notice.
- The Applicant(s) agree that stamp duty, registration fees in relation thereto as also any reimbursable expenses and / or any other service charges/ taxes / duties / levies / cess / deposits existing or imposed in future by Government or any other statutory / appropriate authorities whether prospectively or retrospectively as per statutory notification shall be borne and paid by the Applicant(s) alone and the Company shall never be liable, responsible and/ or required to bear and/ or pay the same or any part thereof.
- The Applicant(s) are aware and agree that timely payment of balance Sale Consideration for the Residential Flat, Other Charges, shall be the essence of this Request for Reservation.
- The Applicant(s) agree to pay all payments with respect to the Residential Flat immediately within 15 days from the date of raising of such demand by the Promoter. All payments should be made by way of cheque, payable at par/Demand Draft/NEFT/RTGS as instructed in the below mentioned accounts only unless, informed otherwise in writing by the Company.
|Account Name||Bank Name||Account No.||IFSC|
|Piramal Estates Pvt. Ltd. Cluster 3 Tower 2 Collection Ac||IndusInd Bank||251002099155||INDB0000001|
|Piramal Estates Pvt Ltd Statutory Levy Ac||IndusInd Bank||251002099151||INDB0000001|
- The Applicant(s) agree that in case of dishonour of any cheque payment made by the Applicant(s) all further payments have to be made via Demand Draft, NEFT or RTGS only.
- The Applicant(s) agree that in case of any cheque being dishonoured, to pay a sum of Rs. 1,500/- (Rupees One Thousand Five Hundred) forthwith. This is without prejudice to the right of the Promoter to charge Interest for delay and/or to cancel Provisional Reservation or any other remedies provided under the Applicable Laws. Any taxes on the above amounts shall also be borne and paid by the Applicant(s).
- Notwithstanding anything contained in this Request for Reservation and under the Applicable Laws, the Applicant hereby agrees that the provisional reservation of the said Flat in name of the Applicant herein will be confirmed by the Company, through a written intimation/confirmation, on or before 60 days from the execution of this Request for Reservation. The Company reserves the right to not confirm the provisional reservation of the said Flat in name of the Applicant. In the event the Company, on or before the expiry of the aforesaid 60 days:
- choose not to provisionally reserve the said Residential Flat in the name of the Applicant, the Applicant shall have the option either to (1) request for a full refund of the amounts paid till date (without any interest) for the said Residential Flat (including applicable taxes paid till date by the Applicant), which amount shall be refunded to the Applicant within 15 days from a written request from the Applicant; or (2) transfer the amount so paid till date (including applicable taxes paid till date by the Applicant) to any other available flat /unsold flat in Piramal Vaikunth and book the said available flat /unsold flat.
In any of the above scenarios, this Request for Reservation shall be treated as cancelled.
- confirms to provisionally reserve the said Residential Flat in the name of the Applicant, then the Applicant will have to make the subsequent payments, without any delay, demur or protest, as per the payment milestone stated in this Request for Reservation.
In the event the Applicant wishes to withdraw/rescind/cancel this Request for Reservation on or before the aforesaid intimation/confirmation by the Company, then clause 9 sub-clauses (t), (x) and (y) of this Request for Reservation will be applicable.
- The Applicant(s) agree that any default in payment of the Earnest Money/other Instalments / Other Charges payable under this Request for Reservation on or before the Due Date, shall be construed as a breach of Request for Reservation and without prejudice to any other rights, of the Promoter, including cancellation of Provisional Reservation the Promoter at its sole discretion/option may, continue with this booking and claim the amounts in default / arrears with Interest during the period of default i.e. from the Due Date till the date of payment.
- The Company shall call upon the Applicant(s) to pay the applicable stamp duty and registration charges and execute and register the agreement anytime before demanding sale consideration beyond 10%. In the event where the Agreement is not executed and registered by the Applicant(s) within a period of 30 days of receipt of intimation from the Company, the Company shall cancel/reject the Provisional Reservation of the Residential Flat and forfeit the Earnest Money or so much of the Earnest Money as is already paid and recover the balance Earnest Money from the Applicant(s) along with Interest and applicable taxes. Provided however the taxes and outgoings, including GST, if any, already paid (including on the forfeited amount) or due and payable by the Applicant(s) in respect of the said Residential Flat shall be borne by the Applicant(s) and the Company shall not be liable to refund/reimburse the same. The Applicant(s) shall not raise any objection in future whatsoever.
- The Applicant(s) shall not withdraw this Request for Reservation. If the Applicant(s) withdraw this Request for Reservation, the Company shall be entitled to forfeit the Earnest Money or so much of the Earnest Money as is already paid and recover the balance Earnest Money from the Applicant(s) along with Interest and applicable taxes Provided however the taxes and outgoings, including GST, if any, already paid (including on the forfeited amount) or due and payable by the Applicant(s) in respect of the said Residential Flat shall be borne by the Applicant(s) and the Company shall not be liable to refund/reimburse the same. The Applicant(s) agrees not to raise any objection in future whatsoever.
- The Applicant(s) shall not sell or transfer to any third party his right and interest in the said Residential Flat under the Request for Reservation and/or Agreement for Sale during the lock in period i.e. until the Possession Date or actual date of possession, whichever is earlier. Provided further that from the lock in period up till conveyance of the said Project to the proposed society, the Applicant shall be required to obtain a written consent in the form of a No Objection Certification from the Company along with payment of processing charges at the rate of 4% plus applicable taxes thereof on the agreement of resale, as a facilitation fee. The Company will have sole discretion whether to grant consent or not, or to grant consent with conditions.
- The Applicant(s) shall pay Development Charges towards any increase in charges which may be levied or imposed by the competent authority, local bodies/government from time to time.
- The Applicant(s) shall execute and register the Agreement within 30 days of receiving intimation from the Company in this regard, failing which the Promoter may terminate and/or cancel the Provisional Reservation of the Residential Flat and forfeit amounts and take other actions as stated herein.
- The Applicant(s) agree that if the Applicant(s) rescind/cancel/withdraw the Request for Reservation. the Company shall be entitled to forfeit the Earnest Money or so much of the Earnest Money as is already paid and recover the balance Earnest Money from the Applicant(s) along with Interest and applicable taxes. Provided however the taxes and outgoings, including GST, if any, already paid (including on the forfeited amount) or due and payable by the Applicant(s) in respect of the said Residential Flat shall be borne by the Applicant(s) and the Company shall not be liable to refund/reimburse the same. Applicant(s) agrees not to raise any objection in future whatsoever.
- Upon cancellation/ termination/ withdrawal/rescintion/cancellation of this Request for Reservation, the Company shall also be entitled to recover brokerage fee (where applicable) together with interest and applicable taxes.
- The Company shall upon rejection/ cancellation/ termination/ withdrawal/rescinding of the Request for Reservation as mentioned in the foregoing clauses, be entitled to deal, in any manner, with the Residential Flat including allotment and sale of the same to any third party on any terms and conditions the Company may deem fit, without any further reference to the Applicant(s).
- The Company shall endeavour to complete and give Possession of the said Residential Flat on or before 30th December, 2025 (“Possession Date“). PROVIDED THAT all amounts due and payable by the Applicant herein including the Sale Consideration have been paid in full and the Applicant has otherwise complied with the terms and conditions of this Request for Reservation and the Agreement PROVIDED FURTHER that the Company shall be entitled to extension of time for giving delivery of the said Flat(as permitted by the Authority), if the completion of the said Building in which the said Flat is situated, is delayed interalia on account of any or all of the following factors:-
- Any force majeure events;
- Any notice, order, rule, notification of the Government and/or other public or local or competent authority and/or any other change in law; and/or;
- Any stay order / injunction / prohibition order issued by any Court of Law, and/or any other judicial or quasi-judicial authority, competent authority, TMC, statutory authority;
- Any other circumstances that may be deemed reasonable by the Authority.
- The Agreement, for the Residential Flat will be drafted by the Solicitors/ Advocates of the Company and shall be in such form and contain such particulars as may be required under extant Law/s.
- The Applicant(s) declare and affirm that in case of joint applicant(s), failure to pay by any one shall be deemed as failure to pay by both and all the applicant(s) shall be treated as one single person for the purpose of this Request for Reservation and both shall be liable for the consequences jointly as well as severally.
- The Applicant(s) agree that the Company shall have the right to raise finance/loan from any financial institution/bank by way of mortgage/charge/securitization of receivables of the said Residential Flat and creating a charge on the said Project Land, subject to the said Residential Flat being free of any encumbrances at the time of handing over possession. The Company/financial institution/bank shall always have the first lien.
- The Applicant(s) will have to be present in person at the time of execution of the Agreement, and to appear before the concerned Registrar, if necessary, at the time of registration of the Agreement to admit execution of the document before the concerned Registrar and/or the Sub-Registrar as the case may be. In cases wherein the Applicant(s) are unable to attend in person for execution of the Agreement, and to appear before the concerned Registrar at the time of registration of the Agreement, a registered Power of Attorney (POA) in favour of his/ her/ their authorised representative may be submitted.
- In the event, the Applicant does not co-operate and/or does not provides full assistance for the execution and registration of the Agreement, then the same will be deemed to be the default of the Applicant. Consequently, the Company will not only refuse to accept any instalment/payment as per the Annexure A due to delay in the aforesaid but the Company shall also be entitled to charge interest on the instalment/payment which is not received by the Company on the due date. The said right of the Company shall be in addition to the other rights the Company may have as stated in this Request for Reservation.
- In case of a Society, Agreement shall be executed by its Secretary and/or President authorised in this behalf and in both the cases, certified true copy of the Resolutions have to be submitted in advance with the authorised Officer of the Company. In case of Partnership Firm or LLP, all the documents shall be executed by the Partners.
- For Non-Resident Indian if they are not present in person, Applicant(s) need to arrange to have the “Power of Attorney” duly attested by the Indian Embassy/Consulate in the country that he/ she/ they are residing. This document must be appropriately stamped by the Collector within 3 months upon receipt in India.
- This Request for Reservation made by the Applicant(s) is non-transferable.
- The Applicant(s) have clearly understood that the Agreement, upon its execution and registration shall supersede the terms and conditions set out in this Request for Reservation. In other words, if there is any inconsistency and repugnancy between the terms and conditions as contained in this Request for Reservation and the Agreement, the terms and conditions as contained in the Agreement shall always prevail.
- In order to provide necessary maintenance services, the maintenance of the Tower may be handed over to the maintenance agency or such other agency/ body/ company as the Company may deem fit. The Applicant(s) agrees to enter into a maintenance agreement with the Promoter or the maintenance agency appointed by the Promoter for maintenance and upkeep of the Tower (including common areas & facilities) and undertakes to pay the maintenance bills thereof. The Company reserves the right to change, modify, amend and impose additional conditions in the maintenance agreement at the time of its final execution. The Maintenance Charges shall become applicable/ payable, from the date of taking possession of the Residential Flat or expiry of 15 (fifteen) days from the date of issue of notice of possession, irrespective of whether physical possession has been taken or not.
- The Applicant(s) shall indemnify and keep the Company, its agents, representatives, estates and effects completely indemnified and harmless from and against all actions, claims, losses, damages, suits, proceedings, costs, charges and expenses which the Company may suffer or incur or be subjected to for non-payment, non-observance or non-performance of the said covenants and conditions to be observed and/or performed by the Applicant(s) as mentioned in this Request for Reservation.
- The Applicant(s) have inspected and accepted the plans of the Residential Flat/Tower with the specific knowledge that the specifications (as per the Brochure), plans, designs, measurements, dimensions, location of the Residential Flat and all other terms and conditions mentioned in this Request for Reservation are tentative and indicative in nature and are subject to change, alteration, modification, revision, addition, deletion, substitution or recast in the interest of the Project and/or subject to changes as may be necessary due to architectural and structural reasons duly recommended and verified by an authorised Architect or Engineer or any such changes are required to be made by the Promoter in compliance of any direction or order, etc. issued by, the competent authority or statutory authority, under any Applicable Laws.
- In case the Applicant(s) is residing outside India, the Applicant(s) shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934 and the Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Company with such permission, approvals which would enable the Promoter to fulfil its obligations under this Agreement. Any refund, if provided in terms of the Request for Reservation shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or the statutory enactments or amendments thereof and the Rules and Regulations of the Reserve Bank of India or any Applicable Laws. The Applicant(s) understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the Reserve Bank of India; he/she may be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.
- The Applicant(s) is/are fully satisfied with the title of the Company in respect of the Project Land and/or apartment/flats constructed and/or to be constructed thereon and the Applicant(s) shall raise no dispute in future with regard to the title of the Promoter.
- The Applicant(s) agrees and acknowledges that he/she/it has applied for Request for Reservation of the Residential Flat without reliance upon any representation concerning any potential for future profit, any future appreciation in value, any rental income potential, tax advantages, depreciation or investment potential and without reliance upon any the Company affiliation or any monetary or financial advantage.
- Arbitration: All disputes and differences arising out of this Request for Reservation shall be resolved by way of arbitration of a Sole Arbitrator to be appointed by both the parties mutually in accordance with the provisions of Arbitration and Conciliation Act, 1996 (as amended). Award given by the Arbitrator shall be binding on both the parties. Language of the arbitral proceedings shall be English. The place of Arbitration shall be Mumbai.
- Applicable Laws and Jurisdiction: This Request for Reservation and any outcome of it is subject to Indian Law, Mumbai jurisdiction.
- All communication shall be in writing.
- Stamp Duty & Registration Fees shall be payable by the Applicant(s) on actuals, but well in advance before the execution and registration of the Agreement.
- Any other Taxes/ levies/ charges etc., as and when demanded by Government/ statutory authorities, shall be paid by the Applicant(s) on demand.
- The terms, conditions, stipulations and provisions as stated herein are merely indicative with a view to acquaint the Applicant(s) and not exhaustive.