Agreement for Transfer of Right in Marathi

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.

(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.