Common use of Nomination Fees Clause in Contracts

Nomination Fees. The Allottee shall pay a sum calculated @ Rs.100/- per sq.ft. of the total carpet area of the apartment and the pro rata share in the common areas plus applicable taxes, as and by way of nomination fees to the Promoter. It is clarified that inclusion of a new joint Allottee or change of a joint Allottee shall be treated as a nomination. However nomination fees shall not be payable in case of nomination in favour of parents, spouse, brother, sister or children of the Allottee. Any additional income tax liability that may become payable by the Promoter due to nomination by the Allottee because of higher market valuation as per the registration authorities on the date of nomination and/or the extra registration fees to be paid to the registration authorities due to nomination, shall be compensated by the Allottee paying to the Promoter agreed compensation equivalent to the income tax payable on such difference at the highest applicable tax rate at the prevailing time or the estimated extra registration fees. Such amount shall be payable by the Allottee on or before nomination. The Allottee shall also be liable to pay the legal fees of Rs.5000/-, 7500/- and 10,000/- only would be payable by the Purchasers in respect of 2BHK, 3BHK and 4BHK units respectively to the Advocates of the Promoter for preparation of the Nomination Agreement. The Allottee admits and accepts that he shall not be entitled to nominate or assign his rights under this Agreement save in the manner indicated above.

Nomination Fees. The Allottee shall pay a sum calculated @ Rs.100/- per sq.ft. 2% of the total carpet area of Total Price as the apartment and the pro rata share in the common areas Nomination Fees, plus applicable taxes, as and by way of nomination fees taxes to the Owner/Promoter. It is clarified that inclusion of a new joint Allottee allottee or change of a joint Allottee allottee shall be treated as a nomination. In case of companies and other business entities, change in the ownership of the companies and these business entities would also be treated as a Nomination. However nomination fees shall not be payable in case of nomination in favour of parents, spouse, brother, sister spouse or children of the Allottee. Any additional income tax liability that may become payable by the Owner/Promoter due to nomination by the Allottee because of higher market valuation as per the registration authorities on the date of nomination and/or the extra registration fees to be paid to the registration authorities due to nomination, shall be compensated by the Allottee paying to the Promoter agreed compensation equivalent to the Owner/Promoter. The income tax payable on payableon such difference at the highest applicable tax rate at the prevailing time or and the estimated extra registration feesfees will be compensated by the Allottee to the Owner/Promoter. Such amount shall be payable by the Allottee on or before nomination. The Allottee shall also be liable to pay the legal fees of Rs.5000/-, 7500/- and 10,000/- only would be payable by the Purchasers in respect of 2BHK, 3BHK and 4BHK units respectively to the Advocates of the Promoter for preparation of the Nomination Agreement. The Allottee admits and accepts that he shall not be entitled to nominate or assign his rights under this Agreement save in the manner indicated above. The Allottee shall provide No Objection Certificate from the Bank and/or a letter of release of charge/ mortgage/ security regarding the said Unit including the documents pertaining to the said Unit.