Agreement for
Transfer of Development Rights
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.
1.
2.
3.
4.
5.
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 or any part
thereof.
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,
sub-contractor 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.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
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
organisation.
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 organisation of the flat
purchasers and for transfer of the said building with adequate portion of the
land in favour of such organisation 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.
Received of and from
the within named Purchasers a sum of Rs ........... Rupees
........................... only) by their cheque No .......... dated
................... on ................... Bank being the amount payable by
them as per clause 5(i) of the agreement hereunto us.
Rs
......................
We Say Received
For ABC Developers
Pvt. Ltd
Directors
(Confirming Party)
