INNOVATIVE HOLDINGS LIMITED is the exclusive developer for planning, implementing and allotment of residential / commercial plots and all facilities of the Purbachal East Wood City as a modern city consisting of well communications system, educational institutions, Hospitals, commercial complex, parks, other features and facilities.
1. Application for allotment of plot is required to be made on the prescribed APPLICATION FORM duly signed by the applicant/s with the Booking Money and relevant document/s (NID and PHOTOGRAPH). However, INNOVATIVE HOLDINGS LTD has the right to accept or reject any application without assigning any reason thereto.
2. When an application for allotment is accepted, Innovative Holdings Ltd., will hand over a copy of Application Form duly signed by the appropriate authority to the applicant(s). The applicant/allot tee shall then start making payment as per the schedule of payment. Allotment of plot(s) is made on the first come first served basis.
3. All types of payments like Booking Money, Down Payment (DP), installments and payments for all additional works and other charges shall be made by Bank Draft, Pay Order or A/C Payee Cheque in a favor of “ Innovative Holding Ltd ” for which Company Printed Money Receipt will be issued. In case a cheque is bounced from the bank (for the fault of account holder) a sum of Tk. 500/- is to be realized from the client for each time the cheque is bounced.
4. Payment of installments and all other charges/fee are to be made as per agreed payment schedule. INNOVATIVE HOLDINGS LTD may issue reminders to the allottee/s but notwithstanding issuance of reminders, the allottee/s must follow the schedule of payment.
5. Delay of payments beyond the due date as per payment schedule will make the allottee/s liable to pay delay charges of 2% per month from the due date of payment on the amount of payment delayed. If the payment is delayed beyond 60 days Innovative Holdings Ltd shall have the right to cancel the allotment as it may be deemed that allotee does not want to continue. In such an event 10% will be deducted as cancellation charges from the paid amount and the balance amount will be refunded to the alllottee/s after 90 days of such cancellation.
6. Both INNOVATIVE HOLDINGS LTD and the ALLOTTEE will be required to enter into an agreement for sale safeguarding the interest of the allottee /s as well as INNOVATIVE HOLDINGS LTD. Deed of Agreement will be executed on payment of 30% of total land value or on payment of 12 Installments.
7. Utility Connection fees/charges, land development charge, security deposits and other incidental expenses relating to gas, water sewerage and electric connection are not included in the price of plot. The allotee/s is required to make payment in respect of the above mention fees in advance and INNOVATIVE HOLDINGS LTD after receipt of the above mentioned payment will start to do the works.
8. INNOVATIVE HOLDINGS LTD. may cancel an allotment on 3 non-payments of installments disregarding of reminders and after expiry of final intimation to allotee/s by registered post sent at the address given in the Application Form.
9. The possession of each plot / land shall be duly handed over to the allotte/s on completion of the block /project and on full payment of installments and other charges and dues. Till then the possession will rest with INNOVATIVE HOLDINGS LTD.
10. The allottee/s shall pay stamp duties, registration fee, documentation charges and any other taxes and expenses likely to be incurred related to the Deed of Agreement, Allotment, Sale Deed Registration.
11. After taking over the plot /land, the owner/allottee/s must take prior permission from INNOVATIVE HOLDINGS LTD. For any development within the project. Failure to do so will make the allotee/s solely liable.
12. The schedule of implementation has been methodically prepared to ensure both high quality and smooth progress of the project development works.
13. The completion period of the project may be affected by unavoidable circumstances which is beyond the control of INNOVATIVE HOLDINGS LTD. like force measure, natural calamities, political disturbance, materials scarcity, price escalation, strikes or change in the fiscal policy of the state etc. In such circumstances for which Innovative Holdings Ltd. will take standard grace period to complete the project and handover the possession to its Allottees. The time of handing over may be extended according to a mutual understanding between both the Parties.
14. If, for any reason beyond the control of INNOVATIVE HOLDINGS LTD, implementation of “Purbachal East Wood City” is abandoned, INNOVATIVE HOLDINGS LTD. will refund to the allottee/s the booking money, down payment and all installments deposited within 180 (one hundred and eighty) days from the announcement made to this effect. In this eventuality, the allottee/s will not entitle to any claim or compensation whatsoever.
15. For transferring the ownership/s, the allottee/s. needs to pay a sum of BDT 5,000/-per katha amongst the family members and BDT 25,000/- per katha for the others. A Fees of Tk. 5000/- to be charged in case of closing a file and transferring amount from the said closing file to another file.
16. The allottee/s after full payment of dues will elect a Board of Management, among themselves (allotees) for managing the general affairs in the common interest. A certain amount of money to the reserved fund of the Board of Management has to be deposited by the allottee/s as decided by the Board of Management during that time.
17. Reasonable change may be done at the sole discretion of Innovative Holdings Ltd in the Project Layout Plan and facilities including road size increase or decrease may be changed in the greater interest of the project or due to unavoidable circumstance. In such situation, if the allottee/s is dislocated, the company will try to re-allot a plot to the allottee/s keeping in view of the previous plot size, without any compensation.
18. Innovative Holdings Ltd. will manage and upgrade all the common utilities and other facilities of the project from time to time for which the plot owners will have to pay a certain amount of money for this purpose to Innovative Holdings Ltd.
19. In case of any difference or dispute arises between the parties shall be solved by amicable settlement, in case of failure to settle the dispute, shall be solved by Arbitration in accordance with the Arbitration Act.