The user(s) hereby agree(s) to participate in KAGAAY EVENT(s) organised by KAGAAY TECHNOSOLV PVT LTD (KTPL), upon the terms and subject to the conditions of refund set out below:-
- For the purpose of this agreement, following definitions of words shall be applicable,
DEFINITIONS:
- User(s): Hereinafter, Applicants/ KĀGAAY prospective customer(s)/Realtors/Owners/Bidder(s)/Private party/ Bank will be collectively called as User(s) for this policy understanding purpose.
- Buyer : Any Person who is competent to contract and who has applied with intent to participate in the KAGAAY Events.
- Successful Buyer:
i. Name of buyer appears in Winner list.
ii. Buyer Promoted from waitlist pool. - Waitlist Buyer: who are placed in Waitlist Pool.
- Better Luck Next Time Buyer: i. whose name does not appear in winner or waitlist list
ii. from wait list pool not promoted to Winner list. - Successful Buyer: The KAGAAY prospective buyer (s) who have honoured the terms and conditions of that particular KĀGAAY Event (Flash Sale/Mega draw of lots/ Draw of lots/ e-Auction etc.) and completed the desirable transaction by entering into 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,on or before deadline.
- Earnest Money Deposit: It is non-negotiable assurance amount from buyer to KĀGAAY.
- Commitment Fee: It is non- negotiable assurance amount from bidder as well as Owner to KĀGAAY for participating in e-Auction.
- Service Charges: Charges levied along with EARNEST MONEY DEPOSIT payment to buyers participating in the KĀGAAY event. Services charges are levied to pay for online transaction charges to razor pay and admin charges for services provided by various agencies involved in the successful conduct of KĀGAAY event.
- In case of draw of lots, registration fee once submitted successfully cannot be withdrawn under any circumstance and for any reason whatsoever.
- Buyer’s Participation charges in additionGST paid are Non-Refundable.
- KAGAAY App Technology charges in additionapplicable GST paid by buyer (s) are Non-Refundable.
- Banner Advertisement charges in additionapplicable GST paid for display of banner are Non-Refundable.
- Realtor Annual Membership Fee in additionapplicable GST is Non-Refundable.
- Inventory onboarding advance while listing the inventory on the platform will be adjusted in success fee. The applicable GST for entire success fee will be charged from realtor at the time of final settlement of success fee.
- In case NIL inventory is sold through particular event then 50 % of onboarding advance paid by the realtor at the time of listing the inventory on the platform will be refunded.
- Success Fee which is to be paid as per policy is Non-Negotiable once the inventory is uploaded for particular event.
- EARNEST MONEY DEPOSIT REFUND POLICY: The EARNEST MONEY DEPOSITamount paid by prospective buyer will be deposited in NODAL Account opened specifically for Kāgaay events. AlongwithEARNEST MONEY DEPOSIT, Buyer is required to pay additional service charges. This service charge in additionapplicable GST on service charges are non-refundable. The EARNEST MONEY DEPOSIT amount will be refunded without interest to the users as per the conditions enumerated herein below.
A. SUCCESSFUL BUYER: -
- EARNEST MONEY DEPOSIT paid by successful buyer will be paid to the Realtor/Owner(s).
- EARNEST MONEY DEPOSIT payment to realtor will be initiated throughthe NODAL account only after receipt of NOC from both parties [Realtor/ Owner (s) & Successful Customer(s)].
- EARNEST MONEY DEPOSIT payment to the Realtor will be initiated only after settlement of success fee and other charges due to KTPL by the concerned Realtor/ Owner.
B. ADVISORY TO USERS:
Before paying EARNEST MONEY DEPOSIT against any property, the users are advised to check their credit score, cibil score and loan eligibility. Once you are satisfied that you/ buyer satisfy the essential criteria for availing loan and is eligible for availing loan, only then you/ buyer should proceed for payment of Earnest Money Deposit. - FLASH SALE-ELIGIBILITY AND TIMELINES FOR REFUND OF EARNEST MONEY DEPOSIT TO ALL BUYERS EXCEPT SUCCESSFULL BUYERS: EARNEST MONEY DEPOSIT paid by unsuccessful buyer will be refunded automatically from the NODAL account in the following occasions:
Eligibility for Refund Timelines for Refund Buyer who has been put in waiting list and those who did not get a chance to opt for a particular inventory because the bidder prior to him/her has completed the process of agreement to sale/sale deed in prescribed timelines. Within 7 days of the notification received by Kagaay regarding sale agreement/ Sale Deed executed by number one successful buyer. Winner declared successfully in an event/prospective purchaser surrenders the opted property on valid ground, and the reasons of surrender being accepted by Kagaay. Within 7 working days from the acceptance of surrender of opted property - FLASH SALE - The EARNEST MONEY DEPOSIT of the Successful buyer will be forfeited on following occasions:
- If successful buyer 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, within or on or before 30th day from the date of result of flash sale.
- If successful buyer declines the inventory on account of Location, Floor, Vaastu and for any other reason not acceptable as per T &C etc.
- If successful buyer withdraws himself due to inability to pay for the property cost citinginsufficient funds or less home loan eligibility.
- If promoted from wait list and such successful buyer 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 the said promotion.
- If the successful buyer is banned or disqualified from doing 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,on disciplinary ground as decided by KĀGAAY.
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/ required 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. In this case the particular Realtor or Owners shall pay fee to KĀGAAY. - MEGA DRAW OF LOTS OR DRAW OF LOTS: Eligibility and Timelines for Refund of EARNEST MONEY DEPOSIT: It will be refunded automatically from Nodal account on following occasions: -
Eligibility for Refund Timelines for Refund Declared Not Selected in Draw of Lots or Mega draw of Lots (Better Luck Next Time) Within 7 days of the second select list promulgation Selected in one inventory category/ type and hence Refund of EARNEST MONEY DEPOSIT paid for other category/ types (Better Luck next Time for such other category/ type) Within 7 days from the date of request for refund is received from such buyer Buyer surrenders the inventory won in the draw of lots on valid grounds and KĀGAAY accepts the reasons of surrender Within 7 working days from the acceptance of surrender of said inventory - The EARNEST MONEY DEPOSIT will be Forfeited on following Occasions:
- If successful buyer 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,within or on or before 45th from the date of draw result.
- If successful buyer declines the flat on account of Location, Floor, Vaastu and for any other reason etc.
- If successful buyer withdraws himself/ herself due to inability to pay for the inventory cost due to insufficient funds or less home loan eligibility.
- If promoted from wait list pool and such declared successful buyer 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.
- If the applicant is banned or disqualified from doing 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, on disciplinary ground as decided by KĀGAAY.
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 Realtoras per timelines mentioned for particular KĀGAAY event due to force majeure, any act of God, or non-compliance/ required 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. In this case the particular Realtor or Owners shall pay fee to KĀGAAY. - e-Auction - Eligibility and Timelines for Refund of EARNEST MONEY DEPOSIT: It will be automatically refunded from Nodal account on following occasions:
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. - The EARNEST MONEY DEPOSIT of the Bidder will be forfeited on following occasions:
- 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. - TIME PERIOD FOR REFUNDS: Refunds are normally processed automatically from NODAL account, and amount is returned within mutually agreed time period and if any delayhappens in refunding of such payments then it depends on various banking and payment service provider issues of serviceability. Proving correct account information from such refunds lies with such buyer and KĀGAAY has no role in updating correct account information. KĀGAAY has role limited to intimation of such refund to bank managing Nodal account.
- REFUNDS IN TRANSACTION FAILED CASES: Payments can sometimes fail or remain in the pending stage. Some of the reasons could be:
- 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.
- GOVERNMENT TAXES: In case any tax liability is attracted on amount refunded from KTPL, then it is the responsibility of individual recipient to abide by such tax liabilities and KTPL has not responsibility towards it.
- REPRESENTATIONS AND WARRANTIES:The User(s) represent and warrant to the KTPL that:
- 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.
- DECISIONS OF KĀGAAY/KTPL: The KTPL decisions on all matters relating to any inconsistencies of these terms and conditions shall be final, binding and conclusive on the User(s), No discussion, correspondence, enquiry, appeal or challenge in respect of any decision of the KTPL shall be entertained in any way whatsoever.
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. - LIABILITY: In any case of whatsoever nature and for any reason liability of KTPL is limited to refund of interest free EARNEST MONEY DEPOSIT/ COMMITMENT FEE to the User(s) as per EARNEST MONEY DEPOSIT/ COMMITMENT FEE refund policy stated herein above.
- GOVERNING LAW: These terms and conditions shall be construed, governed and interpreted In accordance with the laws of India in general and State of Maharashtra in specific.
- SUCCESSORS BOUND: These terms and conditions shall be binding upon on the User(s) and the successors, heirs and personal representatives and permitted assigns of User(s).
- SEVERABILITY: If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any of these Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
- FORCE MAJEURE: KTPL shall not be liable for any refund in respect of contest due to any act of God, War, Riot, Strike, Lockout, Industrial Action, Fire, Flood, Storm, Epidemic, Pandemic, Technical or System failure or any other event beyond the reasonable control of KTPL.
- INCONSISTENCIES: In the event any inconsistencies between English Terms and Conditions and vernacular Terms and Conditions and in any brochures, marketing or promotional materials relating to any KĀGAAY event, these terms and conditions in English language shall prevail.
The applicant can not avail the benefits of any printing or any inadvertently committed mistake in any documents of KĀGAAY events/ KTPL/ Associates. (Printing includes Digital Printing, electronic Communication and documents includes physical or electronic/ digital documents).
