Legal Ownership:

• Each apartment owner is entitled to the exclusive ownership and possession of his/her apartment.
• The ownership (Lal Poorja) shall be handed over through the concerned Land Revenue Office after all dues to AIC have been cleared.
• The Ownership will be ultimately transferred to the Apartment Owner in accordance to the Joint Apartment Ownership Act.
• Until such time, the owners are liable to follow the provisions of the sales agreement.
• Various regulations based on the usual practices of Joint Ownership Act in India have been adopted.

• Any tax, charge etc. to be paid to the Government offices, municipal authorities or any other statutory or legal authorities for the necessary approval to construct the residential complex shall be paid for by Ace.
• The Apartment owner shall pay all types of taxes, fees, charges etc. payable in respect of the transfer of the ownership of the residential units (expected to be 2% of the value of the apartment) or in respect of the use of the residential complex.

• The building will be insured, the management committee shall maintain an insurance policy and every apartment owner shall pay an annual premium. (The management committee will decide the policy as requested, which is expected to be at Rs. 2 for every Rs. 1,000 of the value of apartment as per current insurance rates.

Disposition Or Reconstruction In Case Of Destruction Of Damage:

• The property is deemed to be owned in common by the apartment owners.
• The property may be reconstructed through compensation on insurance policy and/or contribution of the owners.
• The property shall be subject to an action of partition at the suite of any apartment owner, in which event the net proceeds of sale together with the net proceeds of the insurance on the property shall be considered as one fun and shall be divided among all the owners, on the basis of the type of apartment originally owned.

All units shall be handed over with standard fittings. Upscale choice of finishing is available upon request. Intended for sales property will be under the exclusive ownership of the buyer.