Dear Experts, please help.
I have a question regarding flat purchase agreement. Below is the clause, where Promoter is the builder, claims money:
"It is specifically agreed that the consideration is arrived at and is confirmed on the basis of the cost of material components & labour costs calculated and based on the District Schedule of Rate Index as on the date of this Agreement. In case of escalation in these over and above 5% at the time of possession, the agreed consideration shall be subject to proportionately increased. The Promoter shall be entitled to claim, demand and recover such increase from the Purchaser/s before delivery of possession of the Said Flat and the Purchaser/s hereby agree/s to pay such amount forthwith on demand. The Certificate of Architect for this project in this regard shall be conclusive proof for justifying the increase demanded by the Promoter. "
Is this normal? To me something looks fishy here! The building is under construction and posession will be after 1.5 years.