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Real Estate Essay

4040 words - 17 pages

REAL ESTATE AND HOUSING ASSOCIATION OF BANGLADESH Bye- Laws on Code of Business Conduct REHAB is committed towards the enhancement and growth of the Real Estate Sector of Bangladesh. REHAB members recognise that for sustainable long term growth of this sector, they must conduct their business with a high degree of professionalism, fairness, integrity and ethics. In recognition of the member’s responsibility and obligation to Customers, Land Owners, fellow members, the public and the country, the Executive Committee of the Real Estate Housing Association of Bangladesh 2008-2009 exercising the power conferred upon it under clause VI. B of the Memorandum and Articles of Association of the Real ...view middle of the document...

A. Code of Business Conduct with Customers:
01. REHAB members shall not commence or run construction work of the building or development work of the land project without obtaining the plan approval from the appropriate authority of the Government like RAJUK, CDA, KDA, RDA etc. 02. REHAB members will not enter into any agreement for sale of an apartment or plot of land with any customer nor advertise any project with the intent to sell without getting the plan of the building or the land project approved by the competent authority of the Government, that is RAJUK, CDA, KDA, RDA etc. 03. REHAB members may issue letter of allotment and may execute deed of agreement with customers in accordance to their own format or in accordance with the standard format of such agreement as prepared by REHAB. However, the said deed of agreement must clearly specify the size, price of apartment/ (plot of land), the price of the parking space (if any), the cost of utility connections (these may be charged at actual or a fixed amount may be mentioned) and the amount for reserve fund for the apartment owners association. The deed of agreement must also state whether the customer or the REHAB member will pay for gains tax, registration fees, stamp duties and other known or unknown government levies e.g. VAT that may be imposed from time to time. The schedule of payment to be made by the customer must be clearly shown and the consequence of default/delay in payments by the customer must be specified. However, for delay/defaults in payment of installments by the customer, the REHAB member may charge

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interest on the installment amount delayed at maximum 2% (two percent) per month. The said deed of agreement must also stipulate the consequence of delay in handover of the apartment/ ( plot of land) to the customer on account of the REHAB member. The said deed of agreement must also outline the consequence of the project being abandoned by the REHAB member. The procedure for settlement of dispute between the customer/ REHAB member through mediation as stipulated in section E of this Bye-laws must be mentioned. 04. The gross area of the flats as mentioned in the deed of agreement shall mean the area of the apartment measured from outside perimeter of the apartment plus the proportionate share of the common area meaning stair landing area, reception area, committee room area, drivers waiting room, mosque etc. 05. If at the time of handover of the apartment to the customer it is found that the gross area of the apartment is more or less than the originally agreed area beyond a tolerance limit of 2% (two percent)], then either party shall be liable to compensate the other. However, the customer reserves the right to get refund of his money if he does not wish to accept the larger apartment (beyond 2% tolerance). The REHAB member will refund this money within 3 months from the date of a written request to this effect from the customer. 06. REHAB members...

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