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General Terms & Conditions of Allotment

Advanced Development Technologies Ltd is the exclusive developer and builder for planning, implementing and
allotment of all facilities of the project. As modern and luxurious apartment complex, consisting of self-contained
apartments, reserved car parking, other features etc described in details in this brochure of the project.

1. Applications for allotment of apartments should be made on the prescribed application form duly signed by the applicant along with the Earnest Money. Advanced Development Technologies Ltd has the right to accept or reject any application without assigning any reason thereto.

2. On acceptance of an application, Advanced Development Technologies Ltd will issue an allotment letter with specific terms and conditions to the applicant. The applicant/allotted shall then start making payments as per the Schedule of Payment. Allotment of apartments are made on first come first served basis.

3. All payments of earnest money, installments, additional works and other charges shall be made by Bank Draft or Pay Order or A/c Payee Cheque in favor of “Advanced Development Technologies Ltd” for which respective receipts will be issued. Bangladeshis residing abroad may remit payments by TX or DD.

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4. Payments of installments, car park costs and all other charges are to be made on due dates. Advanced Development Technologies Ltd may issue reminders to the allotted but, notwithstanding the issue of reminders, the allotted must adhere to the Schedule of Payment to ensure timely completion of construction.

5. Delay in payments beyond the due date will make the allottee liable to pay a delay charge of 0.1% per day on the amount of payment delayed. If the payment is delayed beyond 30 days Advanced Development Technologies Ltd shall have the right to cancel the allotment. In such an event the amount paid by the allottee will be refunded after deducting the Earnest Money.

6. Advanced Development Technologies Ltd and the allottee will be required to execute an agreement for safeguarding the interest of the allottee as well as Advanced Development Technologies Ltd.

7. Connection fees/charges, security deposits & other incidental expenses relating to gas, water, sewerage and electric connections are not included in the price of apartments. These payments will be made by Advanced Development Technologies Ltd directly to the authorities concerned, on the allottee’s account. The allottee will be billed proportionately on actual costs basis.

8. Limited changes in the specifications, design and/or layout of the apartments and other facilities may be made by Advanced Development Technologies Ltd in larger overall interest or due to unavoidable reasons.

9. Advanced Development Technologies Ltd may cancel an allotment on non-payment of installment in disregard of reminders and after final intimation to allottee by registered post at the address given in the application form.

10. The possession of each apartment shall be duly handed over to the allottee on completion and on full payment of installments and other charges and dues and till then the possession will rest with Advanced Development Technologies Ltd.

11. The allottee will pay stamp duties, registration fee, documentation charges and any other taxes and expenses likely to be incurred in connection with the Deed of Agreement, Allotment, Registration, Transfer etc. Only the actual sums shall be charged.

12. After taking over of apartment or the project, the allottee(s) must consult Advanced Development Technologies Ltd prior to undertaking any structural or layout changes within the apartment complex. Failure to do so will be at the sole risk of the allottee(s).

13. The Schedule of Implementation has been methodically prepared to ensure both high quality and smooth progress of work. Construction is scheduled to be completed within 24 months.

14. The completion period of the construction of the project can be affected by unavoidable circumstances beyond the control of Advanced Development Technologies Ltd like force majored, natural calamities, political disturbances, materials scarcity or price escalation, strikes and changes in the fiscal policy of the state etc.

15. If, for any reason beyond the control of Advanced Development Technologies Ltd the implementation of the project is abandoned, Advanced Development Technologies Ltd will refund to the allottee the Earnest Money and all installments deposited within 60 (sixty) days from the announcement made to this effect. In this eventuality, the allottee will not be entitled to any claims or damage whatsoever.

16. The allottees, after full payment of dues, will elect from among themselves a Board of Management for managing the general affairs in the common interest. Each allottee must deposit Tk 25,000 for each allotment of apartment towards the Reserve.

 

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