Hi All,
I need help from people here regarding Escalation clause. Recently I booked an apartment from a prominent builder. At the time of booking or in the marketing materials or anywhere during the pre-launch/post launch builder has not mentioned about this clause but now at the time of agreement suddenly this clause was mentioned.
As per this clause if there is an increase/decrease in the price of the materials used in the construction work and/or labor charges the same shall be recoverable from the buyer. This will not exceed beyond 8.5% of the value of home.
Please discuss your views on this also specifically is this common practice in Bangalore RE.
I need help from people here regarding Escalation clause. Recently I booked an apartment from a prominent builder. At the time of booking or in the marketing materials or anywhere during the pre-launch/post launch builder has not mentioned about this clause but now at the time of agreement suddenly this clause was mentioned.
As per this clause if there is an increase/decrease in the price of the materials used in the construction work and/or labor charges the same shall be recoverable from the buyer. This will not exceed beyond 8.5% of the value of home.
Please discuss your views on this also specifically is this common practice in Bangalore RE.