Model Agreement between Promoters and Purchasers of Flat
THIS AGREEMENT made at _________ on
this _____________ day of _______________ 200__.
BETWEEN
M/S. ABC VENTURES ESTATE AND DEVELOPMENT PRIVATE
LIMITED,
a company incorporated under the Companies Act, 1956 having it’s registered
address at ________________ ___________________ , hereinafter referred to as “THE PROMOTERS” (which expression
shall, unless contrary to the context or meaning thereof, mean and include its
successors and assigns) OF THE ONE PART;
AND
1.
2.
hereinafter collectively
referred to as “THE PURCHASER”
(which expression shall, unless contrary to the context or meaning thereof,
mean and include in the case of individuals his/her/their heirs and legal
representatives and in case of partnership firm the partners constituting the
firm for the time being and the survivors or survivor of them and their
respective heirs and legal representatives and in the case of a corporate body,
its successors and assigns and in the case of the Trust its Trustees for the
time being) OF THE OTHER PART;
WHEREAS:—
(a)
The Promoters are seized and possessed of or otherwise well
and sufficiently entitled to the pieces or parcels of land or ground situate
lying and being at ________________ ___________________________________
containing by admeasurements ________ sq. yards or thereabouts equivalent to
________ sq. mts. bearing Survey No.________ Hissa No._____, C.T.S. No.________
and more particularly described in the First
Schedule hereunder written and is hereinafter referred to as “the said plot”. The said plot stands
in the revenue records in the name of the Promoters.
(b)
The Promoters are fully entitled to develop the said plot and
construct building/s thereon in accordance with the plans sanctioned by the
Municipal Corporation of Greater Mumbai. The Promoters have got approved from
the concerned local authority the plans, the specifications, elevations,
sections and details of the said buildings to be constructed on the said plot.
The Promoters have also obtained Commencement Certificate from Brihanmumbai
Mahanagarpalika.
(c)
In accordance with the plans sanctioned by the Municipal
Corporation of Greater Mumbai, the Promoters are developing the said plot
described in the First Schedule hereto
and are constructing thereon building to be known as “________________” consisting inter alia of ground floor plus ten upper floors.
(d)
The Promoters have entered into standard agreement with an
Architect registered with the Council of Architects and such agreement is as
per the agreement prescribed by the Council of Architects.
(e)
The Promoters have appointed structural Engineers for the
preparation of the structural design and drawings of the buildings and the
Development shall be under the professional supervision of the Architects and
the structural Engineers till the completion of the building/s;
(f)
The Promoters, as the owners alone have the sole and
exclusive right to sell the premises in the said buildings to be constructed on
the said plot and to enter into agreement/s with the purchaser/s of premises in
the said buildings and to receive the sell price in respect thereof.
(g)
The Purchaser has demanded from the Promoters and the
Promoters have given inspection to the Purchaser of all the documents of title
relating to the said plot, the relevant orders, and the approved plans, designs
and specifications prepared by the Promoters’ Architects and all other
documents as specified under the Maharashtra Ownership Flats (Regulation of the
Promoters of Construction, Sale, Management and Transfer) Act, 1964 (hereafter
referred as “the said Act”) and the rules made there under.
(h)
The Promoters have also annexed hereto the copies of
following documents:
Annexure
1.
Certificate of the title
of the A said plot issued by
Advocates and Solicitors of the Promoters;
2.
Property card; B
3.
The appropriate order of
the Urban Land C (Ceiling & Regulation) Act, 1976;
4.
Sketch of layout plan; D
5.
Sketch plan of the flat;
and E
6.
Sketch plan of Car Park F (if
applicable)
(i)
While sanctioning the said plans, in respect of construction
on the said plot, the concerned local authority and/or Government has laid down
certain terms, conditions, stipulations and restrictions which are to be
observed and performed by the Promoters while developing the said plot and the
said building thereon and upon due observance and performance of which only the
completion and occupation certificate in respect of the said building shall be
granted by the concerned authority.
(j)
The Promoters are entering into similar separate agreements
with the several other persons and parties for the sale of flats/shops/car
parking spaces etc. in the said buildings.
NOW THIS
AGREEMENT WITNESSETH AND IT IS HEREBY AGREED, DECLARED AND RECORDED BY AND
BETWEEN THE PARTIES AS FOLLOWS:
1.
The Promoters shall construct the said building called “_________” on the said plot more
particularly described in the First Schedule hereunder written in accordance
with the plans, designs, specifications approved by the concerned local authority
and which have been seen and approved by the Purchaser with only such
variations and modifications as the Promoters may consider necessary or as may
be required by the concerned local authority. However, the Promoters shall have
to obtain prior consent in writing of the purchaser in respect of such
variations or modifications which may adversely affect the flat of the
Purchaser agreed to be sold hereunder. The Promoters subject to the aforesaid
right of the Purchaser have the right to amend and/or modify the said plans for
smooth and better development of the said plot without any reference to the
Purchaser.
2.
The Purchaser agrees to purchase from the Promoters and the
Promoters agree to sell to the Purchaser Flat No. _____ of carpet area
admeasuring ________ sq.metres (which is inclusive of the area of balconies) on
________ floor as shown in the Floor Plan thereof hereto annexed and marked
Annexure E in the “_____________” Building along with covered/open Garage No.
________, [the aforesaid flat and the Garage (wherever applicable) are
hereinafter collectively referred to as “
the said premises”], for the
price of Rs. __________ including the proportionate price of the common areas
and facilities appurtenant to the said premises. The said premises agreed to be
sold hereunder are more particularly described in the Second Schedule hereunder written. The Purchaser has paid to the
Promoters a sum of
Rs. __________/- (Rupees
____________________ only) being part payment towards the sale price (the payment
and receipt whereof the Promoters hereby admit and acknowledge) and shall pay
to the promoters balance amount of purchase price of Rs. ______________ (Rupees
________________________) in the following manner:-
(i)
10 percent upon construction of Plinth;
(ii)
20 percent upon laying of Slab;
(iii)
7 percent upon Walling;
(iv)
10 percent upon fixing of Doors and Windows;
(v)
7 percent upon completion of Flooring;
(vi)
7 percent upon completion of Plastering work (internal and
external);
(vii)
10 percent upon fixing of sanitary Fittings and Plumbing; and
(viii)
the balance consideration against possession after obtaining
occupation/completion certificate.
3. The Purchaser agrees to
pay to the Promoters the aforesaid installments within 15 days from the date of
demand by the Promoters. Beyond 15 days, the Purchaser shall pay to the
Promoters interest
@ 18% per annum on the
amounts due and falling in arrears. However, the Purchaser agrees that the
demanded installment shall not be delayed for more than 30 days from its due
date and if thereafter, still the installment is not paid, in that event the
Promoters shall have the absolute right to rescind this agreement.
4.
On the Purchaser committing default in payment on the due
date of any installment due and payable by the Purchaser to the Promoters under
this Agreement, and the Purchaser committing breach of any of the terms herein
contained, the Promoters shall be at liberty to terminate this agreement by
giving 15 days prior notice in writing. On termination of this agreement, the
Promoters shall refund to the purchaser the installments paid towards the
consideration within six months from the date of termination. However, the
Promoters shall not be liable to pay any interest on the amount so refunded.
Further, the Promoters shall not be liable to reimburse to the Purchaser any
Government Charges such as stamp duty, registration charges etc. Upon the
termination of this agreement, under this clause, the Promoters shall be at
liberty to sell the said flat to any other person of their choice and at such
price as the Promoters may deem fit and the purchaser shall not object to the
same.
5.
The Promoters hereby agree to observe, perform and comply
with all the terms, conditions, stipulations, if any, which may have been
imposed by the concerned local authority at the time of sanctioning the said
plans or thereafter and shall, before handing over possession of the Flat to
the Purchaser, obtain from the concerned local authority occupation and/or
completion certificates in respect of the same.
6.
The fixtures, fittings and amenities to be provided by the
Promoters in the said building and the premises are those that are set out in
the Third Schedule hereunder written.
7. The Promoters hereby
declare that the Floor Space Index available in respect of the
said plot is ________
square metres only and that no part of the said floor space index has been
utilised by the Promoters elsewhere for any purpose whatsoever. In case the
said floor space index has been utilised by the Promoters elsewhere, then the
Promoters shall furnish to the Purchaser all the detailed particulars in
respect of such utilization of said floor space index by him. In case while
developing the said plot the Promoters, have utilised any floor space index of any
other land or property by way of T.D.R, floating floor space index, then the
particulars of such floor space index shall be disclosed by the Promoters to
the Purchaser. The residual F.A.R. (F.S.I.) in the plot or the layout not
consumed will be available to the Promoters till the registration of the
society. Whereas after the registration of the Society the residual F.A.R.
(F.S.I.) shall be available to the Society.
8.
The Developer will give possession of the said flat to the
Purchaser on or before _________. The Purchaser hereby agrees that if the
possession is delayed due to:—
(a)
reasons beyond the control of the Promoters as provided under
Section 8 of the Maharashtra Ownership Flats Act, by the aforesaid date/s or
(b)
non-availability of steel and/or cement or any such building
material or by reason of war, civil commotion or any act of God or any
prohibitory order of any court against development of property or
(c)
any notice, order, rules, notification of the Government
and/or other public or competent authority; or
(d)
changes in any rules, regulation, bye-laws of various
statutory bodies and authorities affecting the development and the project; or
(e)
delay in grant of any NOC/permission/license/connection for
installation of any services, such as lifts, electricity and water connections
and meters to the project/flat/road or completion certificate from appropriate
authority; or
(f)
delay or default in payment of dues by the purchaser under
these presents (without prejudice to the right of the Promoters to terminate
this agreement under clause 4 mentioned hereinabove),
in that event the period
of possession will automatically stand extended.
9.
If the Promoters fail or neglect to give possession of the
said premises to the Purchaser by the prescribed date as aforesaid on account
of reasons beyond his control and of his agents as per the provisions of
section 8 of Maharashtra Ownership Flats Act, then the Promoters’ shall be
liable on demand to refund to the Purchaser the amounts already received by him
in respect of the Flat with simple interest at nine percent per annum from the
date the Promoters received the sum till the date the amounts and interest
thereon is repaid. Till the entire amount and interest thereon is refunded by
the Promoters to the Purchaser, he shall, subject to prior encumbrances, if
any, have charge on the said plot as well as the construction or building
thereon.
10.
The Purchaser shall take possession of the premises upon the
said premises being ready for use and occupation against payment of the balance
consideration amount and other amounts payable under this agreement within 8
days of the Promoters giving written notice to the Purchaser intimating that
the said premises is ready for use and occupation.
11.
If within a period of three years from the date of handing
over the said premises to the Purchaser, the Purchaser brings to the notice of
the Promoters any defect in the said premises or the building in which the said
premises are situated or the material used therein or any un authorised change
in the construction of the said building, then, wherever possible such defects
or un authorised changes shall be rectified by the Promoters at its own cost
and in case it is not possible to rectify such defects or un authorised
changes, then the Purchaser shall be entitled to receive from the Promoters
reasonable compensation for such defect or change.
12.
The Purchaser shall use the premises or any part thereof or
permit the same to be used for the purpose of residence or any other lawful
purpose and shall use the parking space (if any) allotted to him only for the
purpose of keeping or parking the Purchaser’s own vehicle and not for any other
purpose.
13.
The Purchaser along with other purchasers of premises in the
building shall join in forming and registering an Association of Apartment
Owners or a society or a limited company (sole option being with the Promoters
herein) as may be decided by the Promoters to be known by such name as the
Promoters may decide and which will be approved by the Registrar of
Co-operative Societies or the Registrar of Companies as the case may be and for
this purpose also from time to time sign and execute the application for
registration and for membership and other papers and documents necessary for
the formation and registration of the society or limited company and for
becoming a member, including adoption of the byelaws of the proposed society
and shall duly fill in, sign and return them to the Promoters within seven days
of the same being forwarded by the Promoters to the Purchaser, so as to enable
the Promoters to register the organization of the Purchasers, under Section 10
of the said Act within the time limit prescribed by Rule 8 of the Maharashtra
Ownership Flats (Regulation of the Promotion of Construction, sale, Management
and Transfer) Rules, 1964 No objection shall be taken by the Purchaser if any
changes or modification are made in the draft bye-laws or the Memorandum and/or
Articles of Association as may be required by the Registrar of Co-operative
societies or the Registrar of Companies as the case may be or any other
competent authority.
14.
After completion of the said building on the said plot and
after the Promoters have received the purchase price of all the premises and
all other amounts payable by the purchaser thereof under the respective
agreements, the Promoters shall unless it is otherwise agreed to by and between
the parties hereto, within 4 months of the registration of the
Association/Society or limited company as aforesaid cause to be transferred to
the Association/Society or a limited company all the rights, title and interest
of the Promoters in the said plot together with the building thereon by
obtaining/or executing the necessary Deed of Conveyance or Deed of Assignment
of lease of the said plot (or to the extent as may be permitted by the
authorities) in favour of the said society or limited company as the case may
be and such Deed of Conveyance or Deed of Assignment of lease shall be in
accordance with the terms and provisions of the present agreement.
15.
The Purchaser further agrees and accepts that from the date
of the said premises being ready for possession, the Purchaser shall be liable
to bear and pay the proportionate share (i.e.
in the proportion to the floor area of the accommodation) of all outgoings in
respect of the said plot and buildings viz. Local taxes, betterment charges or
such other levies demanded by the concerned local authority and/or the
Government Authority and the maintenance charges in respect of common
amenities.
16.
Commencing a week after notice in writing is given by the
Promoters to the Purchaser that the premises is ready for use and occupation,
the Purchaser shall be liable to bear and pay the proportionate share (i.e. in proportion to the floor area of
the Flat) of outgoings in respect of the said land and Building namely local
taxes, betterment charges or such other levies by the concerned local authority
and/or Government, water charges, insurance, common lights, repairs and
salaries of clerks, bill collectors, chowkidars, sweepers and all other
expenses necessary and incidental to the management and maintenance of the said
land and building/s. Until the Society or Limited Company or Association of
persons is formed and the said land and building/s transferred to it, the
Purchaser shall pay to the Promoters such proportionate share of outgoings as
may be determined. The Purchaser further agrees that till the Flat Purchaser’s
share is so determined the Purchaser shall pay to the Promoters provisional
monthly contributions of Rs. ___________ per month towards the said outgoings.
The amounts so paid by the Purchaser to the Promoters shall not carry any
interest and remain with the Promoters until a conveyance/assignment of lease
is executed in favour of the society or a limited company as aforesaid. Subject
to the provisions of section 6 of the said Act, on such conveyance/assignment
of lease being executed, the aforesaid deposits (less deductions provided for
in this Agreement) shall be paid over by the Promoters to the Society or the
Limited Company, as the case may be. Unless the Purchaser has deposited
with the Promoters
an amount
of Rs.____________/-
(Rupees
__________________________________
only) by way of provisional deposit, for the initial period from the date of
the said premises being ready for possession, towards the aforesaid outgoings,
the Promoters shall not be bound to hand over the possession of the said
premises to the Purchaser. It is clearly understood that the aforesaid initial
deposit does not include the dues for the electricity bills for the purchaser’s
premises. The Purchaser shall be liable to pay electricity bill of individual
meters separately. It is understood that the Promoters shall themselves look
after the maintenance of the said plot and building/s thereof initially for six
months from the date of completion of the building/s and apply the said deposit
towards expenses on this account. If it is found by the Promoters that the said
deposit is not adequate or it is likely to be finished very soon, the Promoters
shall have the right to demand the payment of additional deposit from the
purchaser, and the purchaser hereby agrees to meet such requisition immediately
without protest. However, as soon as possible the Promoters shall form an ad
hoc Committee of the Purchasers to which the account of expenses so incurred in
this deed shall be handed over, together with surplus, if any. The said ad hoc
committee thereafter shall be responsible for looking after the said property
and operate the bank account till the formation of a registered co-operative
society/Association of Apartment owners or the limited company, as the case may
be. Thereafter, it is for the selected body of managing committee of the
society or the Association of the Apartment or the limited company to decide
about the quantum of monthly contributions towards maintenance charges etc.
17.
The Purchaser shall on or before delivery of possession of
the said premises also keep deposited with the Promoters the following
amounts:—
(i)
Rs. ___________ |
for legal charges; |
(ii) Rs. ___________ |
for share money, application entrance fee of the Society or Limited
Company; and |
(iii) Rs. ___________ ---------------------- |
for formation and registration of the Society or Limited Company. |
Rs. ---------------------- |
Total |
18.
The Promoters shall utilize the said amount mentioned in
Clause 17(i) and (ii) above paid by the Purchaser to the Promoters for meeting
all legal costs, charges and expenses, including professional costs of the
Advocates of the Promoters in connection with formation of the said Society, or
as the case may be, Limited Company, preparing its rules, regulations and
bye-laws and the cost of preparing and engrossing this Agreement and the
conveyance or assignment of lease.
19.
The Promoters shall maintain a separate account in respect of
sums received by the Promoters from the Purchaser as advance or deposit, sums
received on account of the share capital for the promotion of the Co-operative
Society or a Company or towards the out goings, legal charges and shall utilize
the amounts only for the purposes for which they have been received.
20.
The Purchaser himself with intention to bind himself and all
persons into whomsoever hands the said premises come and his/her/theirs
successors-in-title doth hereby covenant with Promoters as follows:—
(a)
To maintain the said premises at purchaser’s cost in good and
tenantable repair and condition from the date of possession of the said
premises being taken by him and shall not do or allow or suffer to be done
anything in and or to the staircase or any passage or compound wall of the
building or any part of the building in which the said premises are situated
which may be against the rules, regulations, or bye-laws of the concerned local
or any other authority or change, alter or make addition in and or to the
buildings in which the said premises are situated.
(b)
Not to store in the said premises any goods which are of
hazardous, combustible or dangerous nature or are so heavy as to damage the
construction or structure of the building in which the said premises are
situated or storing of which goods is objected by the concerned local or other
authority and shall not carry or cause to be carried heavy packages to upper
floors which may damage or are likely to damage the staircase, common passage
or lift or any other structure of the buildings in which the said premises are
situate including entrances of the building and in case of any damage caused to
the building on account of negligence or default of the Purchaser in this
behalf, the Purchaser shall be liable to pay or make good the damage incurred
or caused due to the default of the Purchaser whatsoever.
(c)
To carry out at his/her/their own cost, all internal repairs
to the said premises and maintain the said premises in the same condition,
state and order in which they were delivered by the Promoters to the Purchaser
and in tenantable repair and shall not do or allow or suffer to be done
anything in the said premises or to the building in which the said premises are
situate, or carry out the repairs and changes in the said premises which may be
forbidden by the rules and regulations and bye-laws of the concerned local
authority or other public authority which may endanger the premises above or
below the said premises. In the event of the purchaser committing any act in
contravention of the above provisions the Purchaser shall be responsible and
liable for the consequences thereof to the concerned local authority and/or
public authority.
(d)
Not to demolish or cause to be demolished the said premises
or any part thereof, nor at any time make or cause to be made any addition or
alteration of whatever nature in or to the premises or any part thereof nor any
alteration in the elevation, and outside colour scheme of building in which the
said premises are situated and shall keep the premises, sewers, drains, pipes
in the said premises and appurtenances thereto in good and tenantable repair
and conditions so as to support, shelter and protect other parts of the
building in which the premises are situated and shall not chisel or in any
other manner damage columns, beams, walls, slabs or RCC pardis or other
structural members in the premises without prior written permission of the
Promoters and/or society or the limited company or the local authority as the
case may be.
(e)
Not to throw dirt, rubbish, rags, garbage or other refuse or
permit the same to be thrown from the said premises in the compound or any
portion of the said plot and the building in which the said premises are
situate.
(f)
Pay to the Promoters within 7 days of demand by the
Promoters, his share of Security Deposit demanded by the concerned local
authorities or Government for giving water, electricity or any other service
connection to the building in which the said premises are situate.
(g)
To bear and pay increase in local taxes, water charges,
insurance and such other levies if any, which are imposed by the concerned
Local authority, and/or Government and/or other public Authorities on account
of change of user of the said premises by the Purchaser or otherwise.
(h)
The Purchaser shall not let, sublet, transfer, assign or part
with Purchaser’s interest or benefit factor of this Agreement or of the said
premises or part with possession of the said premises or any part thereof until
all the dues payable by the Purchaser to the Promoters under this Agreement are
fully paid up and only if the purchaser has not been guilty of breach or non
observance of any of the terms and conditions of this agreement and until the
Purchaser has obtained specific permission in writing of the Promoters for the
purpose. Such transfer shall be only in favour of the Transferee as may be
approved by the Promoters and not otherwise.
(i)
The Purchaser hereby undertakes that Purchaser will not carry
on any illegal business/profession in the flat agreed to be purchased and
further agrees and undertakes that he himself or through his
nominee/tenant/occupier shall not carry on any such business/profession which
may illegal/antisocial/anti-national etc., which may tarnish the reputation of
the PROMOTERS and cause nuisance to neighbouring flat holders. It is understood
that in the event of the Purchaser carrying on any such illegal business/es in
the said flat whether directly or indirectly through his/her/their agent or
tenant, the PROMOTERS shall be entitled to cancel this agreement in the
interest of public, peace and tranquility and have the Purchaser evicted from
the flat.
(j)
Till the deed of conveyance or deed of assignment of the said
plot alongwith building in which the said premises are situated is executed,
the Purchaser shall permit the Promoters and their Surveyors and Agents with or
without workmen and others at all reasonable times, to enter in to and upon the
said land and building or any part thereof to view and examine the state and
conditions thereof or to repair and remove any disrepair.
(k)
The Purchaser shall observe and perform all the rules and
regulations which the society/limited company may adopt at its inception and
the additions, alterations or amendments thereof that may be made from time to
time for the protection and maintenance of the said building and the premises
therein and for the observance and performance of the building rules and
regulations and bye-laws for the time being of the concerned local authorities
and Government and other public bodies. The Purchaser shall also observe all
the stipulations and conditions laid down by the society/limited company
regarding the occupation and use of the premises in the building and shall pay
and contribute regularly and punctually towards taxes, expenses and other
outgoings payable by him in accordance with the terms of the agreement.
21.
Nothing contained in this Agreement is intended to be nor
shall be construed as a grant, demise or assignment in law of the said premises
or of the said plot and building or any part of thereof. The Purchaser shall
have no claim save and except in respect of the particular premises. The
remaining portion of plot, property, other unsold flats/car parking spaces,
common areas, etc. shall be the property of the Promoters until the whole of
the said plot and or any part thereof with building constructed thereon is
transferred to the Co-operative
society/limited company as mentioned herein.
22.
Any delay tolerated or indulgence shown by the Promoters in
enforcing the terms of the agreement or any forbearance or giving of time to
the Purchaser by the Promoters shall not be construed as a waiver or
acquiescence on the part of the Promoters of any breach or non-compliance of
any of the terms and conditions of this agreement by the Purchaser and shall
not in any manner prejudice the rights of the Promoters.
23.
The Purchaser and/or the Promoters shall present this
agreement at proper registration office for registration within 4 months from
the date of executing of this agreement as prescribed by the Registration Act
and the parties hereto shall attend such office and admit execution thereof.
24.
All notices to be served on the Purchaser as contemplated by
this Agreement shall be deemed to have been duly served if sent to the Purchaser
by the pre-paid post under certificate at his/her/their addresses specified
against their names above.
25.
All out of pocket costs, charges and expenses including the
stamp duty, registration charges of and incidental to this agreement and
service tax (if applicable) shall be borne and paid by the Purchaser. If due to
any changes in Government Policy and by virtue of the same if any additional
stamp duty, registration charges and/or any other taxes/rates are levied the
same shall be also paid by the Purchaser.
26.
The Purchaser hereby declares that he has gone through the
Agreement and all the documents related to the said property and the premises
purchased by the Purchaser and has expressly understood the contents, terms and
conditions of the same and the Purchaser after being fully satisfied has
entered into this agreement.
27.
The Purchaser agrees and accepts that if the carpet area of
the premises is found to be less up to 2% for whatsoever reason, the Purchaser
shall not complain for the said reduction. The Purchaser will accept such
reduced area and shall not complain or demand any compensation for such reduced
area.
28.
This agreement shall always be subject to the provisions of
Maharashtra Ownership Flat Act (Mah. Act No. XV of 1971) and the rules made there
under.
SCHEDULE–I
[Give detailed description of the
land on which the said building is to be constructed]
SCHEDULE–II
[Give detailed description
of the said flat and the car parking Space/Garage (wherever applicable) agreed
to be sold]
SCHEDULE-III
[Set out the details of
fixtures, fittings and amenities to be provided by the Promoters in the said
flat and in the said building]
IN WITNESS WHEREOF THE
PARTIES HERETO HAVE PUT THEIR RESPECTIVE HANDS AND THE SEAL ON THE DAY AND YEAR
FIRST HEREIN ABOVE MENTIONED.
THE COMMON SEAL OF the within Named
)
M/S. ABC VENTURES ESTATE AND )
DEVELOPMENT PRIVATE LIMITED, ) the Promoters above Named )
is hereunto affixed pursuant to
the )
Resolution of its Board of Directors ) passed in that behalf, on the
______ )
day of ___________ 201___ in the presence of) (1) _______________, Managing
Director and )
(2) __________________, Director and in
)
the presence of:— )
SIGNED AND DELIVERED )
BY THE WITHINNAMED PURCHASER )
1.
)
2.
) in the presence of :
NOTE
1.
This is only a model form of agreement, which will have to be
modified and adopted in each case having regard to the facts and circumstances
of each case but in any event clauses as are statutory and mandatory according
to the provisions of the Act and the rules will have to be retained in each and
every individual agreement/s executed between the Promoters and Flat Purchaser.
Any departure or variation from these statutory and mandatory conditions, being
violative and ultra vires of the provisions of the Maharashtra Ownership Flats
(Regulation of the Promotion of Construction, Sale, Management and Transfer)
Act, 1963, (hereinafter referred to as “the said Act”) will not be binding and
enforceable upon the parties, such conditions being void ab initio.
2.
Clause (c) of section 2 of the said Act defines a “PROMOTER”
to mean, inter alia, a person who
“causes to be constructed a block or building of flats” i.e. an owner of the land and building who engages a developer
(also a PROMOTER) as his agent to develop the land and building and authorizes
him to dispose of flats. In such a case the owner will have to be joined as a
Confirming Party to the tripartite agreement in model form of agreement to be
executed between the Promoter, Flat Purchaser and the Owner, so that the Owner
is bound by all the terms, conditions and covenants of the tripartite
agreement.
3.
The model form of Agreement is to be utilized in case of
housing societies registered under the Maharashtra Co-operative Societies Act,
1960. However apart from the said enactment there is another enactment relating
to housing viz. The Maharashtra
Apartment Ownership Act, 1971 (Mahatma. No. XV of 1971). However in case of
properties to which the Maharashtra Apartment Ownership Act, 1971 applies
certain provisions of the Agreement will have to be modified having regard to
the provisions of the said Act.
4. The title of the Owners/Promoters to the subject immoveable property should be properly recited in the agreement. As far as possible detailed particulars of ULC orders, sanctioned plans, I.O.D (wherever applicable) and commencement Certificate should also be recited in the agreement.
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