Terms & Conditions

  • 1. All payments are to be made according to the Category / Size of the Property, as per schedule of payments in favor of “IQ Properties (Pvt.) Ltd. – ARY RESIDENCIA” at designated ARY Residencia offices or bank branches. Processing Fee (non-refundable) and the Token has to be submitted along with the duly filled Booking Form.
  • 2. One Booking Form can be used for seeking allotment of one House only.
  • 3. Processing Fee paid is non-refundable and not part of the Total Amount.
  • 4. A House once allotted or transferred cannot be surrendered or applied for cancellation by the Applicant and all amounts paid on account thereof shall be NON-REFUNDABLE. However, in case the allotment of a House is cancelled by ARY Residencia on the basis of Para # 5 hereinbelow, or any other reason whatsoever, then the submitted payment will be refunded with 25% deduction, without any profit, interest or markup, however, the processing fee already paid is non-refundable.
  • 5. Installments received after the due date from the allottees/applicants will only be accepted with surcharge @ 1.5% per month (which will be taken as @ 0.5% daily). Provided that if any allottee fails to pay 2 successive installments within the prescribed period, the allotment is liable to be cancelled. In the event of cancellation of the House by ARY Residencia, the submitted payment will be refunded with 25% deduction, without any profit, interest or markup, however the processing fee already paid is non-refundable.
  • 6. No applicant shall be entitled to claim or receive any interest/mark up against the amounts paid by him to IQ Properties (Pvt.) Ltd. – ARY Residencia.
  • 7. For each preferential location i.e. corner, park facing, west open and boulevard, applicants will pay 10% premium per each preference. In case of multiple preferences in location, the applicant will pay in multiples of 10%, 20%, 30% and 40%. For example, west open, boulevard, corner and park facing house will be charged 40% in addition to the total amount.
  • 8. A House allotted to an applicant shall not be used by the allottee for any purpose other than that applied or meant for.
  • 9. No further construction or modification to any constructions can be done without the prior approval of ARY Residencia.
  • 10. The exact size and location of the House will remain tentative and subject to adjustment in accordance with demarcation / measurement of the House at the time of handing over of possession.
  • 11. In case of extra area (over and above the allotted area) with any House, proportionate extra amount will be charged in addition to the total amount. Likewise, in case of lesser area, proportionate amount will be adjusted accordingly.
  • 12. The transfer of the House allotted to an applicant shall only be allowed after receipt of updated payment / charges. All registration / mutation charges shall be borne by the allottee.
  • 13. In case of a transfer of the House, first the allottee will be bound to clear all committed / outstanding dues till that time with ARY Residencia before the transfer.
  • 14. All registration/ mutation charges shall be borne by the allottee along with any other government tax in vogue.
  • 15. ARY Residencia reserves the right to re-allot / sell a House cancelled from the name of the allottee due to nonpayment of dues, or any reason whatsoever, to any other applicant or person and the ex-allottee shall have no right to such a house. ARY Residencia’s decision in this regard shall be final. Any dispute shall be resolved in accordance with para # 18 below.
  • 16. Development charges include the charges of internal development for roads, footpaths, main water supply and sewerage but does not include the cost/ charges of provision of electricity, sui-gas, telephone, mosque, maintenance & transport system etc. Provision of utility & service charges shall be obtained later.
  • 17. In addition to the dues specified above, and any dues payable under applicable laws, the allottee will be liable to pay escalation and other charges at the rates to be specified by ARY Residencia from time to time to accommodate escalations in the cost of raw material and provision of other amenities/ services for urban development.
  • 18. In case of any dispute between the allottee and ARY Residencia, the dispute will be referred to arbitration by an authorized officer of IQ Properties (Pvt.) Ltd., whose decision shall be final and binding on the parties to the dispute.
  • 19. Every applicant will abide by these Terms and Conditions in addition to the by-laws, rules and regulations governing allotment, possession, ownership, construction and transfer of houses, enforced from time to time by IQ Properties (Pvt.) Ltd. and any other Authority/ Department competent to do so, in accordance with applicable laws.

Contact

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Madina City Mall, Abdullah Haroon Road, Karachi

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IQ Properties