The bidder/participant(s) hereby agree(s) to participate in E-Auction/ Mega E-Auction (hereinafter referred as E-Auction/ KĀGAAY EVENT/S) organised by KĀGAAY TECHNOSOLV PVT LTD (KTPL), upon the terms and subject to the conditions set out below: -
- ELIGIBILITY CRITERIA:
To avoid any unnecessary hassles and rejections, it is advisable for potential bidders to check the financial eligibility criteria and accept terms and conditions before entering the KĀGAAY EVENTS. If any of the bidder(s) is participating without eligibility or with incorrect details, then they are disqualifying themselves from participating in the KĀGAAY EVENTS. Any bidder/participant(s) who enrols himself in an event, but is found to be ineligible or does not provide correct and proper details, is deemed to be disqualified from such an event with immediate effect and such a disqualified bidder/participant(s) shall not be entitled to any damages, refund of fees, registration charges, etc. and such charges, if paid shall be forfeited by KĀGAAY. Eligibility criteria for participation are given below. Participate based on your eligibility criteria.
- The age of bidder should be 18 years and above. He / She / It should be a ‘legal person’ and competent to contract as per provisions of The Indian Contract Act, 1872 and should not be disqualified from entering into a contract.
- Bidder is required to pay a ‘Non – Refundable Registration/Commitment Fees’ along with technology user charges for its ‘App / Application’, taxes as applicable shall be borne by bidder.
- Do not participate on behalf of your children or any person incompetent to contract. If you do so, KTPL will not be responsible for refund of registration fee and technology charges paid by you.
- Bidder should have valid PAN and AADHAAR Card before participating in E-Auction.
- Before participating in KĀGAAY EVENTS, ensure that he/ she /they have capacity to pay offered price. (Please refer Payment Schedule of Draft Agreement Published in RERA site). Bidder(s) may pay the bidding price/cost of property by availing home loan also subject to loan eligibility.
Note: Before registering for E-Auction, please carefully read all details of scheme, eligibility criteria, refund policy, general terms and conditions etc.
- For the purpose of this agreement, following definitions of words shall be applicable, DEFINITION: -
- Bidder/Participant: (i) Any Person who is competent to contract and who has participated with intent to participate in E-Auction.
- Successful Bidder: (i) Name of the bidder/s who has grabbed the property by paying Minimum Commitment Money/EMD.
- Customers: Bidder/participant(s) who have registered Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated, on or before dates mention herein.
- Minimum Commitment Amount/Earnest Money Deposit (EMD): It is non-negotiable assurance amount from bidder/participant(s) to KĀGAAY as a Pre Deposit Amount.
- Service Charges: Service Charges are paid to payment gateway for online payment. Also Service Charges are paid to other agencies involved in this process.
- Click at E-Auction icon.
- Read Terms & Conditions of E-Auction, pay the Non-refundable Registration fee & Technology charges with GST.
- Aadhaar Card number verification is mandatory for participation in the E-Auction.
- Aadhaar Card number will be verified by ‘KĀGAAY’ App. Bidder/Participant(s) has no role to play in this verification process except providing valid Aadhaar Card number.
- In case Aadhaar number verification fails after available attempts then the bidder is required to contact support services of KTPL. For contacting the support service please click on the phone icon or whatsApp icon displayed below message.
- On successful validation of individual Aadhaar number, the bidder can participate in E-Auction.
- Bidder/participant(s) has to pay Minimum Commitment Amount/EMD plus service charges via secured payment gateway available in KĀGAAY App. Payment can be done using different options like Credit/Debit Cards, Net Banking, Wallets, etc.
- However, before paying Minimum Commitment Amount/ EMD, bidder is advised to check his/ her financial credit score and loan eligibility. This facility is available in KĀGAAY app.
- Also, before paying Minimum Commitment Amount/ EMD, bidder is advised to check the payment schedule of particular property and calculate his/her funds in hand required for completion of property registration within prescribed time period.
- Bidder may opt to pay Minimum Commitment Amount/ EMD for more than one property listed on E-Auction.
- Once Minimum Commitment Amount/EMD is paid then only bidder is allowed to bid for the property of his choice.
- The property bidding price quoted by the bidder has to be equal to or more than bidding price offered by the owner or the financial institution.
- The bidder may opt to quit or enhance his/her bid for that particular property in case he/she is outbid by another bidder.
- The hike in bidding is as per the minimum hike amount specified for that particular property.
- The highest bidder of the particular property, at the close of E-Auction will be awarded with that particular property.
- All the bidders who have been out-quoted will get their minimum commitment amount/EMD as per return policy.
- Once credit score and loan eligibility is checked and bidder is confident of having his/her finance in place for completion of said deal of property within specific timelines then only he or she should pay the Minimum Commitment Amount/ EMD.
- Minimum Commitment Amount/ EMD can be paid via secured payment gateway available in KAGAAY App. It has different options like Credit/Debit Cards, Net Banking, Wallets, etc.
- In case grabbed property consideration amount is to be paid through home loan then Sanction Home loan Letter from any bank or financial institution needs to be submitted 2 days prior to registration of Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated. Before paying Minimum Commitment Amount/EMD, the bidder is requested to understand the payment terms and conditions and schedule property.
Note: - It is the responsibility of successful bidder/participant(s) and the particular Owner/Financial Institution to get their home loan sanctioned before registration of Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated with mandatory cost value of the property received by the Owner/Financial Institution. It is specifically declared that, KTPL or Administrator of KĀGAAY will not be responsible for any type of delay.
The successful bidder/participant understands that he/she is paying the Minimum Commitment Amount/EMD to KTPL/KĀGAAY in KAGAAY’s NODAL Account as an pre deposit amount to block property of bidder’s own choice for becoming eligible for bidding and once the bidder completes registration of Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated with mandatory cost value of the property received by the Owner/Financial Institution, KTPL/KĀGAAY will transfer the pre deposit amount to particular Owner/Financial Institution’s account and same will be considered as bidder’s own contribution towards particular property cost as agreed by the Owner/Financial Institution.
- Get your property documents registered on or before end of 30th day of E-Auction result.
- Offer Price is applicable only for limited period of E-Auction.
- The bidder may bid on more than one property listed on the Mega E-Auction and shall pay Minimum Commitment Amount/EMD for each property he/she desires to bid.
- The bidding price quoted by the bidder has to be equal to or more than bidding price offered by the Owner / Financial Institution for the particular property.
- Whenever any other bidder quotes higher bid, the KAGAAY Application will notify the earlier highest Bidder through Short Message Service(SMS) that he/she has been out-bid for the particular property. The bidder may opt to quit or enhance his/her bid for the particular interested property.
- The highest bidder of the particular property, at the end of E-Auction will be awarded with that particular property. The KAGAAY Application will notify the successful bidder through Short Message Service(SMS) that he/she is been awarded with the particular selected property.
- Once the successful bidder is been awarded with the particular property, the successful bidder needs to complete the registration process of Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated within 30 days from the end of Mega E-Auction.
|Eligibility for Refund:||Timelines for Refund:|
|Unsuccessful Bidder / Participant(s).||Within 7 working days from the date of E-Auction result.|
|SSuccessful Bidder surrenders the opted property on valid grounds and KĀGAAY accepts the reasons.||Within 10 working days from the acceptance of surrender of opted property.|
|Successful Bidder fails to register the sale deed or any other legal document as per rules of the land of the particular state within specified timelines as per T&C due to circumstance beyond his/her control such as flood, earthquake, pandemic, force Majeure, etc.||Within 10 days from the date of verification and acceptance of reasons by KTPL.|
|Eligibility for Refund||Timelines for Refund|
|Declared Unsuccessful Bidder||Within 7 working days from the date of completion of eAuction|
|Wait list bidder and not permitted to Bid due to various reasons||Within 7 working days of the close of the particular eAuction|
|Waitlist Bidder number 1 and 2 (Better Luck Next Time Bidder)||Within 7 working days from the date of receipt of notification of registration of said property by successful bidder.|
- If the successful bidder fails to register sale agreement/ Sale deed within or on or before 30th day from the date of e-Auction result
- If successful bidder declines the inventory on account of location, floor, Vaastu and for any other reason etc.
- If promoted from wait list pool and bidder fails to register Sale Agreement / Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated with mandatory cost value of the property received by the Realtor,on or before 30th day of said promotion from waitlist.
Note: If successful buyer is not able to complete the registration of Sale Agreement / Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated with mandatory cost value of the property received by the Realtor,as per timelines mentioned for particular KĀGAAY event due to force majeure, any act of God, or non-compliance/ support from realtor then with due prior coordination with such realtor either the timelines will be increased or the EARNEST MONEY DEPOSIT will be returned to such buyer without interest. And that the successful buyer, prospective shall now have any right to bring against Kagaay any LIS or suit etc. for damages and/or compensation for non-registration of such a Sale Agreement / Sale Deed /or any other Legal process / document according to the law of the respective land of the particular state where the said property is situated with mandatory cost value of the property received by the Realtor.
- If you face any of the above payment issues, try making transaction again in a short while or contact your bank or issuer for technical assistance. KĀGAAY is not liable for any loss or inconvenience caused to you when making payment or for any wrongful debits to your cards or net banking accounts.
- Any refund or charge back shall be made in accordance with the terms and conditions of the relevant service provider providing the payment gateway and other related services.
- Though KTPL/ payment reconciliation team works on a 24x7 basis, KTPL offers no guarantees whatsoever for the accuracy or timeliness of the refunds reaching the User’s card/bank accounts. This is on account of the multiplicity of organizations involved in processing of online transactions, the problems with Internet infrastructure currently available and working days/holidays of financial institutions.
- Refunds in the event of wrong property content being posted on the site would be at the discretion of KĀGAAY.
- In addition refunds of EARNEST MONEY DEPOSITs to buyers taking participation in the various events organised by KĀGAAY will be done as per the above policy of refund mentioned herein above.
- the buyer/s have the power to enter into and agree these terms and conditions.
- no litigation, arbitration, tax claim, dispute or administrative proceedings presently current or pending or, to its knowledge, threatened, which is likely to have an adverse effect upon the User(s);
- these terms and conditions constitute a legal, valid and binding obligation of the User (s) and are enforceable in accordance with Its terms and conditions: and
- the User (s) have observed and complied with a laws, rules, regulations, by-laws, orders, and other requirements for the time being in force, affecting relating to or concerning these terms and conditions.
- the User (s) acknowledges that the KTPL has relied on the User’s representations and warranties as set out in these and such representations and warranties are valid and effective for the duration of the KAGAAY event.
- If User breach any terms and condition of KAGAAY then shall not be entitled to claim refund.
The User (s) hereby irrevocably waive off all rights to make any oral or written complaints, public announcements or statements on the KĀGAAY, unless with the prior written consent of the KTPL.