Commercial Property

GETTING A COMMERCIAL PROPERTY

In most of the Housing Colonies, shopping booths and commercial sites have been planned for the convenience of the residents of the colonies. These commercial properties are disposed off through open auction or inviting sealed quotations. Mode of Recovery and general terms and conditions are as follows:-

MODE OF RECOVERY

GENERAL TERMS AND CONDITIONS

MODE OF RECOVERY:

In case of Auction:-

25%of the total bid is required to be deposited at the fall of the hammer on the spot.

Another 15% of the bid amount is required to be deposited within thirty days from the acceptance of the bid failing which 25% amount deposited at the time of auction is liable to be forfeited.

Balance 60% is payable either in lump sum without any interest within sixty days of the issue of the allotment Letter.

In sixteen half yearly equal installments with interest. First half yearly installment is payable after six months from the date of auction.

(B) In Case of disposal by inviting sealed quotations:-

15% of the quoted amount is payable with quotation.

25% of the quoted amount is payable within thirty days of the acceptance of the quotation failing which 15%amout deposited with quotation is liable to be forfeited.

Balance 60%is payable either in lump sum without interest within Sixty Days from the acceptance of quotation.

In Sixteen Half Yearly equal installments with interest. At present the rate of interest is 20.5%. The first half yearly installment is payable after Six Months from the date of Issue of the allotment Letter.

GENERAL TERMS AND CONDITIONS APPLICABLE IN CASE OF AUCTION/INVITING SEALED QUOTATIONS:-

The bidder/quotationer should be major.

The property is auctioned on AS IS WHERE IS BASIS.

No division/amalgamation of property is allowed.

No transfer is permissible till full payment is made where after the property is transferred in the name of the purchaser through conveyance deed.

Expenses on Conveyance deed is to be borne by the purchaser.

No person is authorised to give bid on behalf of the other unless he holds general power of attorney/special power of attorney.

No obnoxious trade is allowed in the property.

No construction is allowed on the first floor unless specially permitted in this regard.

Verandah in front/side of the shops is to be used only for public passage.

No payment is accepted by cheque.

Nonpayment of instalments on due dates attracts penalty up to 25% of the amount due.

Construction of the site is to be completed within two years from the date of auction as per building bye laws after getting plans approved from the competent authority failing which Chief Administrator Housing Board Haryana is competent to resume the site/constructed portion and to forfeit whole or in part the amount deposited. Extension in the period of construction will be allowed by the Chief Administrator as per policy of Haryana Urban Development Authority as ammended from time to time.

In Case of any dispute, the matter shall be referred to the Chief Administrator, Housing Board Haryana or any Officer appointed by him for arbitration and decision of the Chief Administrator or Officer Appointed by him shall be binding on both the parties.

In case of violation of any of the conditions, the Chief Administrator, Housing Board, Haryana is Competent to cancel the sale, resume the property and forfeit the amount deposited.