Terms & Condition

For allotment of apartments applicants have to apply on the prescribed application form duly signed by the applicant with the earnest money. Right of acceptance or rejection of any application is preserved by the Nova Holdings Ltd.(NHL) without showing any reason. A letter of allotment will be issued on acceptance of the application so that the applicant/allottee can start making payment as per the schedule of the payment. Allotment of apartments are made of first come-first serve basis.

Payments of earnest money, installments, car park costs, additional works and other charges shall be made by bank draft or Pay Order against which the respective receipt will be issued. Bangladeshi residents in abroad may remit payments in foreign exchange by TT or DD.

Payments of installments and other charges are to be made on due dates. In this case the NHL may issue reminders but it is the duty of the allottee to pay all the payments before or on due date to ensure the timely completion of construction works.

The NHL has the right to cancel the allotment due to non payments of dues by the allottee as per the beyond schedule 30 (thirty) days or giving by the allottee 30 days notice of cancellation. However such notice is not mandatory on the NHL if the allottee has defaulted on the payment on the due date by more then 30 days on two occasions. In such situation, if the 3rd default of more than 30 days, the NHL has the right to cancel the allotment without giving any notice. The cancellation may be done by the allottee also. Forfeiting 10% of the amount paid by the allottee the NHL will refund the amount after selling the flat in such cases. In case of having any delay in payment the NHLwill be leaded to charge interest on amount delayed at 2.5% per month.

After making payment of the earnest money, the allottee must take subsequent payment of the 1st installment as per the payment schedule made by the NHL. In case of the failure of the allottee to make the payment of the first installment by the stipulated time after payment of the earnest money or wishes to cancel the allotment then it will be canceled and his/her money will be refunded forfeiting 10% of the total amount paid.

The price of the apartment will not include Connection fees/ charges, security deposits and other incidental expenses related to gas, water, sewerage and electric connections etc. These payments will be made by the NHL directly to the authorities concerned, on the allot tee's account. On actual cost basis the allottee will be billed proportionately.

For the larger overall interest or due to unavoidable reasons the NHLpreserves the right to change any specifications, design and/or layout of the apartments and other facilities.

On completion of the work and full payment of installments and other charges, the possession of the apartment shall be duly handed over to the allottee.

The allottee will not have any right to carry out any works or set up any furniture before completion of full payment and taking over the possession. Stamp duties, registration fees, value added tax, documentation charges and other miscellaneous taxes and connection will be paid by the allottee. Only the actual amount will be charged.

If the purchaser wants to avail loan from any financial institution the NHLwill do all that if possible to help secure the loan. However the final decision regarding the grant of loan rests with the financial institution and with the compliance of their requirements. The purchaser will sign in all the required papers and documents. He/She must attend the registration office for the registration of the mortgage deed. The client will be responsible to pay as per the schedule installments either she/he gets loan or not.

To undertake any internal changes within the apartment complex the allottee will have to consult with the company after taking over of apartment or the project. Failure to do so will be at sole risk of the allottee. To undertake any internal changes within the apartment complex the allottee will have to consult with the company after taking over of apartment or the project. Failure to do so will be at sole risk of the allottee.

The construction work period may lengthen due to unavoidable reasons beyond the control of the NHL, like force majeure, natural disasters, political, disturbance, strikes, changes in the fiscal policy of the state etc.

The car parking space will be allotted on first come first serve basis in accordance with the date of apartment booking and clearance of all the dues.

An Owner's association will be formed to manage the common facilities like the supply of electricity, water and the sewerage and the maintenance of the building etc. For the overall interest all allottees must become member of Association after full payments of installments and dues. An amount of Tk.50, 000.00 (Fifty Thousand) has to be deposited by each allotee (For each allotment of the apartment) in the Reserve Fund at initial stage for the management expenses of the complex.