Common use of Lease of Land in case of Apartments Clause in Contracts

Lease of Land in case of Apartments. In case of appartment, built-up area shall be allotted to the person with whom the Lease deed for the dwelling unit has been executed, by the Developer, as per applicable laws, on a lease of 30 years The initial lease period shall be 30 years , which shall be renewed for two such terms each of 30 years. Annual Lease rent at the rate of 2% of the notional premium determined by NRDA in consideration of the pro rata Development Premium of the land parcel which is covered area by an appartment/plot/dweeling unit, shall be collected by Owners Association/Housing Society from members of Owners Association/Housing Society and shall be paid by Owners Association/Housing Society to the NRDA in advance. Such annual lease rent shall be increased maximum upto 100% percent at the each renewal. The developer shall develop the project as per the terms of this agreement. He shall even execute the lease deed as per clause 4.1 of this agreement. Once all the units are sold and all obligations as per this agreement are fulfilled by Developer then Conveyance deed shall be executed between the Owners association/housing society of the project and NRDA with Developer as a confirming party to the said Conveyance deed. The society shall issue a membership certificate to all the owners of the dwelling units/flats/plots. All cost towards execution of Conveyance deed shall be the liability of the developer and/or Owners association/housing society as mutually agreed between them. The annual lease rent in case of the common facilities like open area, circulation area, green spaces, land for Recreation Club and Community Centre,shall be paid in advance by Owners Association/Housing Society at the rate of 2% of the notional premium determined by NRDA. The lease deed will clearly specify that only the land has been provided by NRDA to the Developer and the Developer is solely responsible for construction and development, their quality, timely delivery of Residential Units, and all claims/liabilities and compensation towards defects/delay or any consumer greviences whatsoever. All expenses in respect of execution and registration of the Lease Deed or Agreement to Lease, as the case may be, including the Stamp Duty and registration fee, shall be borne by the Residential Unit purchasers.

Lease of Land in case of Apartments. In case of appartment, built-up area shall be allotted to the person with whom the Lease deed for the dwelling unit has been executed, by the Developer, as per applicable laws, on a lease of 30 years The initial lease period shall be 30 years , which shall be renewed for two such terms each of 30 years. Annual Lease rent at the rate of 2% of the notional premium determined by NRDA in consideration of the pro rata Development Premium of the land parcel which is covered area by an appartment/plot/dweeling unit, shall be collected by Owners Association/Housing Society from members of Owners Association/Housing Society and shall be paid by Owners Association/Housing Society to the NRDA in advance. Such annual lease rent shall be increased maximum upto 100% percent at the each renewal. The developer shall develop the project as per the terms of this agreement. He shall even execute the lease deed as per clause 4.1 of this agreement. Once all the units are sold and all obligations as per this agreement are fulfilled by Developer then Conveyance deed shall be executed between the Owners association/housing society of the project and NRDA with Developer as a confirming party to the said Conveyance deed. The society shall issue a membership certificate to all the owners of the dwelling units/flats/plots. All cost towards execution of Conveyance deed shall be the liability of the developer and/or Owners association/housing society as mutually agreed between them. The annual lease rent in case of the common facilities like open area, circulation area, green spaces, land for Recreation Club and Community Centre,shall be paid in advance by Owners Association/Housing Society at the rate of 2% of the notional premium determined by NRDA. The lease deed will clearly specify that only the land has been provided by NRDA to the Developer and the Developer is solely responsible for construction and development, their quality, timely delivery of Residential Units, and all claims/liabilities and compensation towards defects/delay or any consumer greviences whatsoever. All expenses in respect of execution and registration of the Lease Deed or Agreement to Lease, as the case may be, including the Stamp Duty and registration fee, shall be borne by the Residential Unit purchasers.. Free Hold of Property : Provided further that, subject to the provisions of the lease agreement/development agreement/lease deed and on completion of development of complete infrastructure on the demised parcel of land as per approved plan and on completion of construction of 80% (eighty Percent) of total residential units thereon, as per approved plan, the lessee may request to the Authority, by written application to convert the period of lease of 30 years to free hold ownership. On receipt of such application and after verification, the Authority shall convert the lease to free hold ownership on following terms and conditions:-

Lease of Land in case of Apartments. Commercial Units In case of appartmentapartment, built-up area shall be allotted to the person with whom the Lease Sale deed for the dwelling dwelling/commercial unit has been executed, by the Developer, as per applicable laws, on a lease of 30 years years. The initial lease period shall be 30 years years, which shall be renewed for two such terms each of 30 years. Annual Lease rent at the rate of 2% of the notional premium determined by NRDA in consideration of the pro rata total Development Premium of shall be divided proportionally over the land parcel which is covered carpet area allotted to residential/commercial unit owners with whom the Sale deed has been executed by an appartment/plot/dweeling unitthe Developer, the same shall be collected by Owners Owners’ Association/Housing Society from members of Owners Owners’ Association/Housing Society and shall be paid by Owners Association/Housing Society to the NRDA in advance. Such annual lease rent shall be increased maximum upto up to 100% percent at the each renewal. The developer shall develop the project as per the terms of this agreement. He shall even execute the lease deed as per clause 4.1 of this agreement. Once all the units are sold and all obligations as per this agreement are fulfilled by Developer then Conveyance deed shall be executed between the Owners Owners’ association/housing society of the project and NRDA with Developer as a confirming party to the said Conveyance deed. The society shall issue a membership certificate to all the owners of the dwelling units/flats/plots. All cost towards execution of Conveyance deed shall be the liability of the developer and/or Owners Owners’ association/housing society as mutually agreed between them. The After completion of the time period for sale of Residential/Commercial units as per clause no. 4.3, the unsold units/built up area shall be allotted on lease to the Developer for which the annual lease rent in case of the common facilities like open area, circulation area, green spaces, land for Recreation Club and Community Centre,shall be paid in advance by Owners Association/Housing Society at the rate of 2% of the notional premium determined by NRDADeveloper. The lease deed will clearly specify that only the land has been provided by NRDA to the Developer and the Developer is solely responsible for construction and development, their quality, timely delivery of Residential Residential/Commercial Units, and all claims/liabilities and compensation towards defects/delay or any consumer greviences grievances whatsoever. All expenses in respect of execution and registration of the Lease Deed or Agreement to Lease, as the case may be, including the Stamp Duty and registration fee, shall be borne by the Residential Residential/Commercial Unit purchasersbuyer.