Events of Default by the applicant:
a. Failure by the Applicant to make payments within the stipulated time frame as per the agreed payment plan, despite having been issued notices by the Company.
b. Dishonour of any cheque(s), including post-dated cheques, provided by the Applicant to the Company, for any reason.
c. Failure of the Applicant to execute the Agreement, conveyance deed, maintenance agreement, or any other necessary documents as per the terms stipulated by the Company.
d. Failure by the Applicant to take possession of the Plot within the time specified.
e. Failure to pay taxes, stamp duty, registration charges, legal charges, or any other charges as per the Agreement/Application.
f. Any other breach of the terms and provisions under Agreement/Application/Policy by the Applicant.
Remedies in Case of default by Applicant:
a. In the event of default by the Applicant as outlined above, the Company shall have the following rights, at its sole discretion:
b. The Company shall be entitled to charge interest at the rate of MCLR (Marginal Cost of Lending Rate) +2%, on the outstanding dues, including any overdue payments, and to demand immediate settlement of the amounts due. If the Applicant fails to make the due payment within 30 (thirty) days from the date of notice issued by the Company, the Company shall have the right to cancel the allotment of the Plot, without the need for any further action on the part of the Company. In such a case, the Applicant shall have no claim or lien on the Plot, and the Company will be entitled to re-sell, transfer, or otherwise dispose of the Plot as it sees fit.
c. In the event of delayed payments by the Applicant, any payment received will first be adjusted towards any accrued interest, and the remaining amount will be applied towards the outstanding principal sum.