A letter issued by the developer (private or state development agency) allotting a particular plot or unit in an under development or under construction project. It includes all details regarding the unit, payment options and any extra charges that the buyer will have to pay in case of maintenance or additional facilities. It also includes construction schedule, house plans, delivery date and other booking terms. This letter is important in availing loan from banks. It is generally superseded by builder-buyer agreement once that is signed.
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