Section 23

Section 23 of the Assam Apartments (Construction and Transfer of Ownership) Act, 2006. All the promoters or builders who intend to construct an apartment building shall submit before a Competent Authority details about themselves and about building to be undertaken by them in following manner.

All the promoters or builders who intend to construct an apartment building shall submit before a Competent Authority details about themselves and about building to be undertaken by them in following manner. The Competent Authority shall display the same on notice board for the benefit of intending buyers of apartment. The Competent Authority after satisfying itself with the contents of said disclosures may allow the promoter to go ahead with the construction :- (a) Make full and true disclosure in writing of the nature of his interest in the land and on the building, if any, in which the apartments are to be constructed, and plan and specifications approved by the Local Authority as the case may be, or by the Urban Development Authority of the entire building of which the apartment forms a part ;

(b) Make full and true disclosure in writing of all encumbrances, if any affecting such land or building ;

(c) Disclosure and allow inspection of plans and the specification of Central Act No. 4 of 1882 the entire building of which the proposed apartments form part and furnish copies thereof.

(d) Disclosure in writing the particulars in respect of the materials, which have been or are proposed to be used in the construction of the building together with the details of all agreements entered into by him with the architects and contractors.

(e) Specifying in writing the date by which possession of the apartment is to be handed over to such transferee.

(f) Supplying in writing a list of all apartment which have already been taken or agreed to be taken together with their distinctive numbers, names and address of the transferee either actual or intended, the prices paid or charges by or upon the area and any other particulars or may be prescribed. 81016016 (g) Make a full and true disclosure in writing of all outgoings including ground rent, if any, municipal or other local taxes, taxes on income, water charges and electricity charges, revenue assessment, interest on any mortgage or other encumbrance, if any, in relation to the land, building and the apartments.

(h) Make a full and true disclosure in writing of such other information and documents including true copies of such documents as may be prescribed.

(i) Deposit Earnest money @ Rs.0.5% of the apartment building, construction cost (excluding land cost) in the form of bank guarantee, fixed deposit at Nationalize Bank as the case may be, with the Competent Authority of which 0.5% shall be returned after the .year from the date of completion of the building, subject to conditions that no complaints regarding construction defects is received within one year. The defects if any shall be rectified by the promoters or builders at his own cost. If defects are not rectified by the promoters immediately, the same shall be rectified by the buyers by utilizing the earnest money. In such event the earnest money shall be forfeited. Agreement before accepting advance payment inom

Section 23, The Assam Apartments (Construction and Transfer of Ownership) Act, 2006 (Act 21 of 2007).