AGREEMENT FOR TRANSFER OF DEVELOPMENT RIGHTS [CD1]
THIS AGREEMENT made at
................ this ........................ day of ........................,
2000, between M/s XYZ Builders, a firm registered under Indian Partnership Act,
1932, having their office at Bombay, (hereinafter referred to as the Vendors,
which expression unless repugnant to the context or meaning thereof mean and
include the partners for the time being of the said firm, their survivor or
survivors and the heirs, executors and administrators of last survivor) of the
FIRST PART, ABC Developers Pvt. Ltd. Co., incorporated and registered under the
Companies Act, 1956 having their office at .................... hereinafter
referred to as "(The Confirming Party", which expression shall unless
be repugnant to the context or meaning thereof be deemed to include its
successors and assigns) of the SECOND PART and M/s. MNP Builders &
Developers, a firm registered under Indian Partnership Act, 1932 having their
office at
............................
hereinafter referred to as "The Purchaser" which expression shall
unless be repugnant to the context or meaning thereof mean and include the
partners for the time being of the said firm, their survivor or survivors and
the heirs, executors and administrators of such last survivor) of the THIRD
PART.
WHEREAS by two deeds of
Conveyance all made between .of the ONE PART and Vendors of
the other respectively (1)
dated .................... registered under No.................. dated
................... registered under No................. with the Sub-Registrar
at .................... the Vendors purchased different pieces of land bearing
No.......... of ................ in the registration Sub-district of
District.............
admeasuring about ............. sq. mts. (hereinafter referred to as the said
"Bigger Plot") and the said .. granted and conveyed unto the Vendors
the said bigger plot;
AND WHEREAS the layout named
as Complex in respect of the said Bigger Plot and the Building plans for
development inter alia of the said Sector Plot by construction of 1 to ..
Buildings thereon have been
sanctioned by the Collector of under No .................... on the
.................... ;
AND WHEREAS on account of
the internal roads of the said layout the said Bigger Plot has been divided
into four sub-divided Plots including a sub- divided Plot known as Sector No.
bearing No............. of
........................ and admeasuring about .............. sq. mts. shown by
red boundary on the said plan annexed hereto and hereinafter referred to as the
said Sector .. Plot;
AND WHEREAS the full FAR
available in respect of the said Sector .. Plot has not been utilised by
construction of the said . buildings and that there is a scope for construction
of additional buildings to consume the full FAR in respect of the said Sector .
plot;
AND WHEREAS the Vendors have
engaged the services of M/s. , Architects & Consulting Engineers for
preparation of structural designs and drawings of the said buildings and also
if necessary for supervising construction thereof;
AND WHEREAS the fees of the
said architect and R C C Consultant for sanction of the said building plans and
other charges of and incidental thereto so far as the same relate to the said
buildings Nos. 1 to 1 0 have been paid off;
AND WHEREAS the Vendors have
engaged the services of M/s. .., Advocates and Solicitors for drafting the
agreements for the sale of the flats on ownership basis to be constructed in
the said , for formation of the organisation of the Purchasers of such flats,
for transfer of title in favour of such organisation and for all other legal
work in connection with the development of the said ..;
AND WHEREAS by an agreement
dated ............... made between the Vendors of the One Part and the
Confirming Party of the other part, the Vendors granted rights to the
Confirming Party to develop the said Sector .. Plot by constructing thereon the
building Nos. 1 to with a right to grant Sub-development rights in respect of
the said . buildings in one lot or in different lots as the Confirming Party
may desire and for the consideration and upon other terms and conditions
therein mentioned;
AND WHEREAS the said
agreement dated ................. is valid and subsisting;
AND WHEREAS the Confirming
Party has agreed to grant to the Purchasers and the Purchasers have agreed to
acquire from the Confirming Party and the said right to construct .. on the
said Sector Plot on the consideration and upon the terms and conditions
hereinafter appearing;
AND WHEREAS at the request
of the Purchasers, the Confirming Party has requested the Vendors to enter into
direct agreement to grant on behalf of the Confirming Party the right to
construct the said building No. . in the manner hereinafter appearing.
NOW THIS AGREEMENT
WITNESSETH AND IT IS AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:
(1)
In pursuance of the
agreement and for consideration hereinafter set out on behalf of the Confirming
Party, the Vendors hereby grant and the Purchasers hereby agree to acquire the
rights to construct the said building No. 8 (hereinafter referred to as
"the said building') on Plot of land situate at............................................
admeasuring about ................ sq. mtrs. forming part of the land bearing
No. .................. and forming part of the said Sector Plot contained in
the said .. within the limits of ...................... more particularly described
in the Schedule hereunder written and shown by green colour boundary line on
the said plan thereof hereto annexed (hereinafter referred to as the said plot)
to be developed at their own costs, expenses, risks and responsibilities and as
per the said building plans, a print whereof is hereto annexed.
(2)
Subject to the Vendors
permission obtained in advance in that behalf, the Purchasers shall be at
liberty to make amendments, modifications, alterations and variation to the
sanctioned building plans, so far as it relates to the said building without in
any manner affecting the construction of the other and rest of the buildings to
be constructed on the said bigger Plot as also rest of the buildings in the
said .
(3)
Subject to the provisions
hereof, the Purchasers shall be at liberty to sell in their own name the
dwelling units, flats, tenements and other premises that shall be contained in
the said building on ownership basis at the rate and an the terms and conditions
which the Purchasers may deem fit and proper.
(4)
The agreement whereby the
Purchasers shall sell the tenements or any other rights or privileges in the
said building shall provide that the same are subject to the terms,
stipulations and conditions contained in this agreement.
(5)
In consideration of the
rights hereby granted to the Purchasers, the Purchasers shall pay an amount at
the rate of Rs. .............. per sq. ft. of built up area of the tenements to
be contained in the said building. The built up area of the tenements of the
said building shall include the area of the balconies. The built up area of the
flats in the said building as per the said plans comes to .............. sq.
ft. and the consideration payable hereunder in respect thereof on the said area
and at the rate aforesaid come to Rs. ......... The said consideration of Rs.
.......... shall be paid by the Purchasers to the Confirming Party in the
manner as follows:
(i)
Rs. ............... On the
execution hereof to the Confirming Party (the payment and receipt whereof the
Confirming Party do hereby admit and acknowledge)
(ii)
Rs. .............. as part
payment on or before the ........... of ...................
(iii) Rs.
.............. As further part payment on or before the ............ of
..........................,2000;
(iv) Rs.
.............. Being the balance to the Confirming Party on execution of the
conveyance or lease as hereafter mentioned in favour of the organisation of the
purchasers of the tenements.
(6)
The Purchasers shall not be
liable for the expenses already incurred by the Vendors for providing
infrastructures for the said building. The Vendors shall not be liable to do
any further work to complete or provide any further infrastructures for the
said building.
(7)
The Purchasers, their
successors and assigns will have full and free and perpetual right and liberty
for themselves, visitors, agents, tenants, servants, workmen and occupiers for
the time being of the building or any part thereof and all other person or
persons authorised in this behalf to be on the said building from time to time
and at all times hereafter at their or his will and pleasure by night and by
day and for all lawful purposes to go, return, pass and re-pass either on foot
or with animals, wagons, trucks, vehicles of all kinds, automobiles or other
carriages laden and/or unladen through and over the said internal roads shown
on the said plan by colour burnt sienna as also to use, utilise and get benefit
of the common services and amenities such as water pipes, sewers, drainage,
electric cables under the said internal road along with the Vendors and the
other person or persons entitled to the same.
(8)
The Vendors shall keep the
said internal roads unbuilt upon and open to sky forever. The Purchasers or the
Developers or the Owners for the time being of the other Sectors and Plots
forming part of the said bigger plot shall form a common agency. Such common
agency shall maintain and repair the said internal road, the sewers, mains,
drains, pipes of connection lines whether electric, water, telephone, gas or
otherwise for the purpose of discharge or outlet of sewerage, rain water from
the said building or for supply of electric energy, power, water, gas or other
facilities or amenities to the Purchasers, their successors or any other person
entitled to use the said building
(9)
The Purchasers, their
successors and assigns shall and will bear and will pay along with the Vendors
for the time being of the other buildings forming part of the said bigger plot
proportionately i.e. in proportion which the area of the said building bears to
the said other buildings on the said bigger plot, as the case may be, the
costs, charges and expenses of repair and maintenance of the said internal road
shown by colour burnt sienna on the plan hereto annexed as also of water pipes,
drains, sewers, street lights to be laid, erected or put up on the said
internal roads and all taxes payable to the Municipality, State Government or
any other public body or authority for the land utilised for the said internal
roads until the same shall if at all be taken over by the local authorities.
The Purchasers shall at their own cost always have a right and liberty to lay
and connect all along through and underneath the said internal roads shown in
colour burnt sienna the sewers, mains, drains, pipes or connections whether
electric, water, telephone, gas or otherwise for the purpose and in connection
with the discharge and outlet of sewerage, rain water from the said building or
for supply of electric energy, -power, water, gas or other facilities for
amenities to the Purchasers, their successors and assigns.
(10)
If the taxes and other
outgoings in respect of the said building are not separately assessed, the
Purchasers shall pay the same proportionately. The Vendors decision in fixing
the said proportion shall be final. The Vendors and Purchasers shall not object
to the construction of the electric sub-station on any part of the said bigger
plot.
(11)
The Vendors shall not be
entitled to recover from the Purchasers and expenses incurred for sanction of
the building plans, the proportionate fees paid to the said architect and RCC
Consultant or the fees paid or deposits made with any public body for sanction
of the said building plans or for any charge of and incidental to the
sanctioning of the said building plans as also the expenses incurred for the
development work that the Vendors have carried out for the said Sector .. Plot.
(12)
The Purchasers and the
persons claiming through them including the occupants of the said building
shall be entitled to the exclusive use of the said plot.
(13)
The Purchasers shall in no
manner whatsoever be liable to account to Vendors for any money refund or
amount received, collected or recovered by them for the sale of dwelling units,
flats, and tenements. All moneys received by the Purchasers in that account
shall belong to the Purchasers and the Purchasers shall be entitled to
appropriate the same to themselves in any manner they like.
(14)
The Purchasers will carry
out the development work as set out in these presents by constructing the said
building and will strictly follow and adhere to all the building rules,
regulations and bye-laws.
(15)
The Purchasers shall sell
and allot the tenements in the said Building on ownership basis with a view
ultimately that the Purchasers of the tenements of the said building should
subject to the Vendors permission form themselves into a Co-operative Society
duly registered under the Co-operative Societies Act, 1960 or they should
incorporate a Limited Company under Companies Act. At the request and direction
of the Vendors, the Purchasers shall cause the formation of an organisation of
the Purchasers of the tenements of the said building alone along with Purchasers
of the tenements of such other buildings in the said Sector .. plot as the
Vendors may desire and upon formation of such organisation, Vendors shall grant
absolute conveyance in respect of the land under the buildings of which the
said organisation may have been formed, the land appurtenant thereto, the
service land required for the same with proper access in favour of such
organisation if it is legally possible (same being not sub-divided) if not, the
Vendors shall grant the transferable and as signable lease for 99 years at the
nominal yearly rent of Re. 1 in respect thereof to such organisation.
(16)
Subject to the terms,
stipulations and conditions contained herein and subject to the payments of the
amounts set out in clause 5 herein, the Vendors hereby hand over possession of
the said plot to the Purchasers with authority to construct the said building
with the following rights:
(a)
To put up and/or erect
signboards upon the said Plot, also to issue advertisements including in
newspapers as may be deemed fit by the Purchasers announcing construction of
the said building by them and to sell the dwelling units, flats, tenements
therein on ownership basis;
(b)
To commence, carry on and
complete in their own name in accordance with the law, the construction of the
said building by themselves or through any building contractor, subcontractor
as per the said plan;
(c)
To dispose of by the
Purchasers in their own names on ownership basis the dwelling units, flats,
tenements, premises to be contained in the said building to the persons of
their choice, each tenement individually or the whole building on package deal
basis;
(d)
To enter into in their own
names agreements for sale of dwelling units, flats, tenements of the said
building on ownership basis at such price and on such terms and conditions as
may be deemed fit by the Purchasers;
(e)
To apply for and obtain in
the name of the Vendors building completion certificate or building occupation
certificate including part occupation from time to time in respect of the
tenements flats premises of the said building;
and with all the rights to
which the Purchasers may in law be entitled to on their being in possession of
the said Plot.
(17)
The agreement by the
Purchasers for the sale of flats or tenements on ownership basis in the
building to be constructed as stated above shall be in the form hereto annexed
and shall provide that the same is subject to the terms and stipulations
contained in these presents.
(18)
The Purchasers shall be
solely responsible to discharge all the obligations created under the
provisions of the Ownership Flats Act in respect of the flats, premises, etc.
that will be sold by them on ownership basis. The Purchasers shall remain
responsible and liable to construct the said dwelling units, flats, premises,
etc. and do all the acts, deeds, matters and things as may be necessary under
the agreements that may be entered into for sale of dwelling units, flats, etc.
by the Purchasers with different flat purchasers of the same and Vendors shall
not remain liable or responsible for such matters. The Purchasers hereby agree
to indemnify and keep the Vendors indemnified against all actions, claims,
demands, costs, expenses, losses or damages that may arise on account of the
non-performance of such obligation or under the provisions of Ownership Flats
Act or the Apartments Act or any other Act, rules or regulations that are in
force or that may come into force in the future or arising out of violation or
non- fulfilment thereof or against the loss or damage that may be caused to any
third party or workmen during the course of the construction of the said
building.
(19)
The Purchasers shall
indemnify and keep indemnified the Vendors and the Confirming Party against all
losses, damages, claims, actions, prejudice or proceedings from all persons
including the Government of .., the said Corporation, the purchasers or
allottees of dwelling units, flats, tenements, premises, etc. or otherwise howsoever
on account of any act or omission on the part of the Purchasers, their agents
and servants, that Vendors and Confirming Party may sustain by reason of the
Vendors giving possession to the Purchasers as provided herein and to construct
the said building and the Purchasers putting up construction thereon of the
dwelling units and/or by virtue of contracts, etc. entered into with the
Purchasers of the flats and/or arising out of implementation of this agreement.
(20)
As and from the date hereof,
the Purchasers shall bear and pay proportionate outgoings in respect of the
said building, the land under the plinth thereof and land appurtenant thereto
including the land revenue, N.A. tax, municipal taxes, betterment charges, if
any, etc. and the taxes, if any enhanced by reason of the Purchasers
constructing building on the said Plot. It shall be the responsibility of the
Vendors to pay all aforesaid outgoings, expenses, levies, etc. previous to that
day and the same if necessary be apportioned between the said parties hereto.
(21)
The Purchasers hereby accept
the Vendors title to said bigger Plot and shall not make any requisition on the
Vendor's title to the said building. The Vendors and/or the Confirming Party
shall at their own cost remove (a) any dispute or requisition that may
hereafter arise with regard to their title to the said Plot; (b) obstruction to
the development of the said Plot by construction of the building thereon; and
(c) any objection on title that may be taken by any bank/financial institution
for grant of loan to the Purchasers of the tenements that may be contained in
the said building.
(22)
The Vendor shall deliver to
the Purchasers notarial certified copies of all the documents of title in their
possession and exclusively relating to the said Plot.
(23)
The Vendors hereby agree
that from and after the date hereof they shall not create any tenancy,
sub-tenancy, lease, licence or occupancy right or any other right, title or
interest in respect of the said building or any part thereof or concur in doing
so and shall not do any act, deed, matter or thing which may prejudice the
rights of the Purchasers under this Agreement.
(24)
The Purchasers and the
persons claiming through them shall have right to use and enjoy along with the
other parties entitled to the enjoyment thereof the play- grounds shown by
green wash on the said plan and shall also have a right to approach the
play-ground over and through the access shown by burnt sienna hatched lines on
the said plans.
(25)
The Purchasers shall not act
or direct Vendors to act in any manner whatsoever whereby the interest of the
Vendors is in any manner jeopardised or adversely affected and will indemnify
and keep indemnified the Vendors and all persons claiming through them against
all actions, claims, demands, costs, expenses, losses or damages that may arise
on account thereof or incidental thereto.
(26)
The Purchasers are entitled
to commence development of the said plot either personally or through any
nominee or nominees or contractor or contractors. The development work shall be
carried out by the Purchasers at their own risk, costs, consequences and
responsibilities.
(27)
The Purchasers will
construct the said building strictly as per the building rules, regulations and
bye-laws as also as per layout conditions of IOD conditions and modifications
or amendments that may from time to time be made to the same. The Purchasers
shall ensure that no breach of municipal rules and regulations according to
which the building plans are approved and also no breach of any other requirements
of law is committed by the Purchasers or their nominees or contractor or
contractors. The Purchasers shall at their own cost remove or rectify such
breach, if any, committed by them. The Purchasers shall indemnify and keep the
Vendors indemnified in that behalf.
(28)
The sale in pursuance hereof
shall be completed by execution of the conveyance or lease as hereby
contemplated of the said Plot within 3 years from the date hereof in favour of
the Purchasers or their nominee or nominees including a Co-operative Society.
(29)
At least 4 weeks before the
execution of the conveyance and/or other documents to transfer of the said
building with the said land, the Confirming Party shall obtain and cause the
Vendors to obtain the certificate under section 230A(1) of the Income -tax Act,
1961, if necessary for registration of said documents of transfer.
(30)
The Vendors shall join the
Purchasers to obtain permission, if any, required under section 27 of the Urban
Land (Ceiling and Regulation) Act, 1976 for transfer of the said building with
the adequate portion of the said Plot to the said organization.
(31)The Purchasers shall
retain services of the said M/s. .., Architects & Consulting Engineers for
the purpose of obtaining occupation or completion certificate in respect of the
said building and to do all other work of and relating to the construction of
the said building to be done by an Architect and shall pay his fees which
shall, if any, become due hereafter for that purpose.
(32)
The Purchasers shall engage
and continue to engage the service of M/s. , Advocates and Solicitors for the
purpose of preparation of the agreement for sale of the flats on ownership
basis, formation of the organization of the flat purchasers and for transfer of
the said building with adequate portion of the land in favour of such
organization and for doing all other legal work in connection with the
construction of the said building on ownership basis and shall pay their fees
for the purpose.
(33)
All out of packet expenses
of and incidental to this agreement and of the conveyance or writing to be made
in pursuance hereof including stamp duty and registration charges thereon shall
be borne and paid by the Purchasers alone.
IN WITNESS WHEREOF the
parties hereto have hereunto set their respective hands and seals at
..................... on the day and year first hereinabove written.
The schedule hereinabove
referred to
All that pieces or parcels
of land or ground lying, being and situates at ................................
admeasuring about .............. sq. mts. forming part of land bearing No.
.............. contained in Sector No. . bearing Nos.
.......................... and ............ within the limits of
............................................. and bounded as follows:
On or towards North by
On or towards South by
On or towards East by
On or towards West by
SIGNED, SEALED AND DELIVERED
by
the within named
Vendors M/s. XYZ Builders THE COMMON SEAL OF the within
named Confirming
Party M/s. ABC Developers Pvt. Ltd. was
hereunto affixed pursuant to its resolution dated ......... in the presence of two of the
Directors, who have in token thereof subscribed
in their respective signature hereunto.
SIGNED,
SEALED AND DELIVERED by the within named
Purchasers M/s. MNP Builders and Developers
in the presence of:
WITNESSES;
1.
2.
[CD1]AGREEMENT FOR TRANSFER OF
DEVELOPMENT RIGHTS
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