Agreement
for Development of Entire Existing Property Owned by a Co-Op. Housing Society
THIS AGREEMENT FOR DEVELOPMENT made at __________ this
________ day of ____________ in the Christian Year Two Thousand _______ BETWEEN
ABC. CO-OPERATIVE HOUSING SOCIETY LTD., a Co-operative Housing Society
registered under the Maharashtra Co-operative Societies Act, 1960 under Registration
No. _________________________ dated ____________, having its office
at__________________________, hereinafter called “THE SOCIETY” (which
expression shall unless it be repugnant to the context or meaning thereof be
deemed to mean and include its successors and assigns) of the One Part; AND XYZ
Constructions Pvt. Ltd., having its registered address at
___________________________________________________________, hereinafter called
“THE DEVELOPERS” (which expression shall unless repugnant to the context
or meaning thereof be deemed to include its successors) of the Other Part;
WHEREAS:—
(a) The
Society is the owner of the land and building thereon situate at
___________________________________________________________ and more
particularly described in the First Schedule hereunder written and
hereinafter referred as “the said property”.
(b) The
existing building on the said property is old and in dilapidated condition. The
said building consists of ground and _____ floors and has _________ number of
tenements. The said tenements are occupied by the members of the society as per
list mentioned in the Second Schedule hereunder written.
(c) The
said property is capable of being re-developed by demolishing the existing
structure and by construction of a new building thereon by utilizing full
F.S.I. (including premium F.S.I.) and obtaining of Transferable Development
Rights as per the prevailing rules and regulations.
(d) The
society being itself unable to redevelop is desirous of re-developing the said
property through the Developers.
(e) The
Developers have expertise in developing/redeveloping the properties as also
have sufficient financial means for such development. The Developers by their
letter dated _________________ have submitted to the society its proposal for
re-development of the said property.
(f) The
society has informed the Developers that there is a potential of total F.S.I.
of _______________ (including premium F.S.I. and TDR) for re-development of the
said property.
(g) The
society in its Special General Body Meeting held on ____________ has
unanimously approved the Developers’ said proposal for re-development of the
said property;
(h) The
parties are now desirous of recording the terms and conditions agreed between
them for re-development of the said property as appearing hereinafter.
NOW IT IS HEREBY AGREED AND
RECORDED BY AND BETWEEN THE PARTIES HERETO as follows:—
1. The
Society hereby grants permission to the Developers and the Developers hereby
agree to re-develop, at their own costs, efforts and expenses “the said
property” more particularly described in the First Schedule
hereunder written. For re-development of the said property, the Developers
shall be entitled to apply for and obtain in the name of the society, the
required sanctions and permissions from all the concerned authorities for
sanction of plans, commencement and completion of the construction of the
building; to shift the present occupants by providing them temporary
accommodation and obtaining possession of their respective premises in the
occupation; to obtain possession of the portion occupied by the society; to
demolish the said building and to construct and complete the construction work;
to construct flats, offices, garages, shops, stilt parking etc; to use entire
FSI of the plot and additional FSI by acquiring Transfer of Development Rights
(TDR) as per DC Rules and Regulations and other relevant rules as applicable
and to use and consume the same by putting up construction; to provide
constructed areas of Flats to the society and its members as agreed with the
society and its members; to sale the remaining surplus constructed premises to
third parties and to receive consideration thereof for themselves towards
reimbursement of cost incurred by them and their profits and to do all other
acts and deeds required towards complete and proper re-development of the said
property. All increased, additional and further FSI and other benefits directly
and/or indirectly attached to the said property and TDR available and/or made
available in respect of the said property after providing to the society and
its members the agreed constructed and completed areas, shall belong to the
Developers and shall be used by the Developers for their benefit without
payment of any further consideration to the Society.
2. It is
agreed between the parties as follows:—
(a) Upon
receipt of I.O.D., the Society and all its members shall handover possession of
all their respective tenements to the Developers for its demolition and
re-development of the said property against the Developers making payment of
compensation, refundable deposit for acquiring temporary alternate
accommodation and security deposit as provided in Clauses 3 and 4 below. All
the salvage material of the existing building on its demolition shall belong to
the Developers.
(b) In lieu of existing premises, the Developers shall provide to the Society in all _________
tenements in the newly constructed building on ________ to _________ floors for
occupation by the existing members of the Society. The area of each tenement
will be _________ sq.ft. Of carpet area (i.e. inclusive of enclosed balconies
but excluding area of staircase, common lobbies, passages, lift etc.). The
_________ number of open car parking spaces will be allotted to the Society
within the compound of the property for use by its present members.
(c) The
Society shall allot the said tenements and car parking spaces received from the
Developer to its members as they will mutually decide. The Developers will not
be concerned with the same.
(d) The
aforesaid tenements and open car parking spaces will be given to the Society
free of cost but against payment of refundable deposits for electricity meter
and water connections.
(e) A list
of amenities to be provided in the said tenements shall be as mentioned in the Third
Schedule hereto;
(f) All
the remaining newly constructed area and the open car parking spaces, garages,
stilt car parking spaces etc (i.e. after providing the agreed area to the
Society) shall exclusively belong to the Developers who shall be entitled to
deal with the same in the manner they desire; and
(g) The
entire cost of re-development of the said property shall be exclusively borne
and discharged by the Developers namely (i) the cost of preparing plans,
designs etc. and obtaining the necessary sanctions/approvals;
(ii) the costs of acquiring T.D.R. and premium F.S.I.
(iii) payment of all kinds of premium, fees, cuss and taxes payable to
Municipal Corporation and/or any Government Authorities during progress and until
completion of construction work and obtaining of Completion
Certificate/Occupation Certificate and for F.S.I. in lieu of staircase/common
passage/lift well/balcony etc; (iv) deposits and other charges payable to any
of the authorities;
(v) construction costs including cost of building materials, wages and salaries
payable to the workmen and other persons employed for the purpose of carrying
out the construction work including insurance premium of workmen; and (vi) fees
and charges payable to Architects, Civil Contractors, R.C.C. Consultants,
Supervisors, Engineers, Structural Engineers and contractors and all other
persons engaged for the purpose. The society will not be required to contribute
any amount whatever towards re-development of the said property.
3. The
Developers shall make its best Endeavour to arrange for transit accommodation
of equivalent existing area within a range of two to three kms. of the said
property for the members of the society/occupants of the existing tenements. In
the alternative, if the said members/occupants shall make their own arrangement
for transit accommodation, the Developers shall for the same pay monthly
compensation of Rs.________/- and a refundable security deposit of
Rs._________/- for each of such tenement. The Developers shall upon receipt of
I.O.D. pay the aforesaid monthly compensation in advance for ___________ months
and refundable deposit. Once the new tenements are ready for occupation, the
Developers shall give notice to the society to require its members to shift to
the new tenements. Upon expiry of 15 days from the date of such notice, the
Developers liability to pay monthly compensation shall cease and till such time
the Developers shall be liable to bear the same. The Developers shall pay the
aforesaid amount to the society and the society in turn shall pay the same to
its members. The stamp duty and registration charges (if any) payable on the
documents of the transit accommodation of the members of the society shall be
borne by the Developers and which shall be routed through the society. The
society shall ensure that the aforesaid refundable deposits are duly returned
to the Developers at the time of receiving possession of the new premises. If
the aforesaid deposits and/or any part thereof remain unpaid to the Developers,
in that event the Developers shall be entitled to adjust out of corpus fund
payable by the Developers as set out hereinafter.
4. On
execution hereof, the Developers shall deposit a sum of
Rs. ___________/- with the society as interest free refundable security deposit
for due performance and fulfillment of this agreement by the Developers and
which shall be refunded upon the Developers handing over possession of the duly
completed new tenements to the society in terms of this agreement and
fulfilling their obligations.
5. In
consideration hereof, the Developers shall pay to the Society the
non-refundable corpus fund of Rs. ____________/- per each existing tenement to
ease the burden of the existing members of future increase in the taxes and
maintenance of the newly constructed premises. It shall be paid to the society
simultaneously with the receipt of the Occupancy Certificate of the entire
building and at the time of handing over possession of the newly constructed
tenements by the Developers to the Society in terms hereof.
6. The
Developers shall for and on behalf of the Society and in the name of the
Society be entitled to submit to the Municipal Corporation and all other
concerned authorities plans for getting the said property re-developed and get
the same sanctioned. The Developers shall also at all times be entitled to
alter and modify the building plans as they may desire and as permitted in
accordance with the rules but without in any manner affecting the areas to be
allotted to the Society.
7. The
Developers have agreed to re-develop the said property as aforesaid free from
all encumbrances of whatsoever nature and with the free, clear and marketable
title of the Society. The Society shall make out free and marketable title to
the said property free from all reasonable doubts and encumbrances. The Society
shall answer all requisitions raised by the Developers in respect of the title
of the said property.
8. The
Society hereby declares and confirms as under:-
(a) The
Society is otherwise well and sufficiently entitled to the said property
described in the First Schedule hereunder written. It’s title to the said
property is marketable and free from all encumbrances.
(b) No other person except the Society and its members
have any right, claim or demand in respect of the said property or any part
thereof;
(c) The
Society or any of its members have not created any sale, gift, mortgage,
charge, lien, lease or any other adverse right or any other encumbrance
whatsoever or howsoever on the said property and the said property is not
subject to any claim or demand, encumbrance, attachment or to any process
issued by any Court or Authority and the Society shall hereafter not create any
third party rights of whatsoever nature in respect of the said property during
the period of re-development and handing over of the tenements to the Society
as agreed herein.
(d) The
Society has not entered into any agreement or arrangement, with regard to the
re-development of the said property with anyone.
(e) There
are no proceedings instituted by or against the Society in respect of the said
property and pending in any Court or before any authority and the said premises
are not under any lispendens;
(f) No
Notice from any Government, Municipal Corporation or any other public body or
authority or any notice under any law including the Land Acquisition Act, the
Land Requisition Act, the Town Planning Act, the Municipal Corporation Act, and
Urban Land Ceiling Act, or any other statute has been received or served upon
the Society in respect of the said property or any part thereof which restricts
or may restrict the development of the said property; and
(g) The
said property is not under any reservation and there are no restrictions on
re-development thereof;
9. Subject
to the Society and its members handing over vacant possession of the said
property as may be required by the Developers for demolition of the existing
building, the Developers shall complete the construction work of the said
building within a period of _______ months after the receipt of Commencement
Certificate from the Municipal Corporation. The Developers agree to obtain all
the necessary approvals and sanction to Building Plans and I.O.D. within a
period of _______ months from the date hereof. It is clarified that the
Developers shall not seek the possession of the existing building on the said
property until all the permissions required prior to demolition are first
obtained.
10. The
Society shall simultaneously on execution hereof also execute a Power of
Attorney in favour of the Developers and/or their nominee or nominees in
respect of the said property authorizing them to do all lawful acts, deeds,
matters and things pertaining to the re-development of the said property and for
the purpose to approach the authorities including the Municipal Corporation and
the authorities appointed under the Act, or any other law and required to be
done and performed by the Developers in that behalf as also to sign all
letters, applications, affidavits and such other writings containing true facts
and correct particulars in respect of the said property and as may be required
in this behalf.
11. The
Developers, in consideration hereof, shall upon execution hereof be entitled to
proceed with the development of the said property and commence construction on
the said property and also to allot, on ownership basis, to the prospective
purchasers the premises other than premises agreed to be retained and allotted
to the Society and its existing members, in the building/s to be newly
constructed by the Developers on the said property and without in any manner
affecting the Society’s ___________ tenements and parking spaces as provided
herein and for that purpose to enter into in their own name agreements or
letters of allotment or such other writings or documents for sale of
Flats/Shops/Garages etc. in the said property and to receive and retain with
them all the moneys/consideration receivable from the persons to whom such
premises are sold or allotted by the Developers and to appropriate the same in
to themselves. The Developers shall keep indemnified and hereby indemnifies the
Society and its members against any claim, action or demand whatever and
against any loss or damages and its costs, charges and expenses as may be made
by any person whatever including by persons purchasing such premises from the
Developers against the Society due to any breach on part the Developers in
carrying out the said development.
12. The
Developers shall not put any third party or prospective Purchasers from the
Developers into possession of their share of newly constructed area and parking
spaces or in any part thereof until and unless they shall have first
complied with the followings namely:-
(a) Offering
to the Society and its members physical possession of the newly constructed
premises and car parking spaces duly completed in all respects as referred in
Clause 2(b) above with the Occupation Certificate thereof and till expiry of 21
days thereof;
(b) Paying
the entire upto date monthly compensation of transit accommodation as referred
in Clause 3(b) above; and
(c) Paying
the entire non-refundable corpus fund as referred in Clause 5 above.
The
Developers shall specifically draw the attention of all its Prospective Purchasers
of the aforesaid restrictions and covenants on the part of the Developers.
13 The
Society shall admit as its members/shareholders all persons who shall purchase
from the Developers the constructed premises in the new building to be
constructed on the said property without charging any transfer charges. The
Society shall be entitled to charge Rs.______/- as admission fee and Rs._____/-
as share money. Upon receipt of the said money and the application for
membership from the Purchasers, the Society shall admit the said Purchasers as
its members and issue the relevant Share Certificates to the said Purchasers.
The Purchasers from the Developers shall also pay to the Society their
proportionate contribution towards corpus fund simultaneously with their admission
as members.
14. The
Society shall pay all outgoing in respect of the said property till the date of
demolition of the existing old building and thereafter the same shall be paid
by the Developers till the date of handing over possession of the said __________
tenements and car parking spaces to the Society.
15. The
Stamp Duty and registration charges, in respect hereof shall be borne and paid
by the Developers.
THE
FIRST SCHEDULE ABOVE REFERRED TO:
(the
said property)
(Give
detailed description of the property)
THE
SECOND SCHEDULE ABOVE REFERRED TO:
(The said tenements)
Sr.No. Tenement
Name of Member of the Carpet area
No. society occupying the of each
tenement Tenement
1.
2.
3.
4.
THE
THIRD SCHEDULE ABOVE REFERRED TO:
List of amenities
THE COMMON SEAL of the within Named )
ABC CO-OPERATIVE HOUSING SOCIETY )
LIMITED, was hereunto affixed
pursuant to )
the resolution of the Annual
General Meeting )
passed in that behalf, on the
_________ )
dayof ___________ 200 in the presence of )
(i) ___________________,
Chairman and )
(ii) ______________________,
Secretary )
and in the presence of ………… )
SIGNED SEALED AND DELIVERED by
the )
Within Named DEVELOPERS )
M/S. XYZ Constructions Pvt. Ltd. )
in the presence of )
1.
2.
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