Agreement for Transfer of
Development Right (TDR)
THIS AGREEMENT
made at __________ this ________ day of
_________________ in the Christian Year Two Thousand _____ BETWEEN XYZ
of ___________, Indian Inhabitant having address at _____________________________________,
hereinafter called “THE TRANSFEROR” (which expression shall unless
repugnant to the context or meaning thereof be deemed to include his heirs,
executors and administrators) of the One Part; AND M/S. ABC & CO., a
registered partnership firm having its office at ____________________
___________________________________________________________________________________________________,
hereinafter called “THE TRANSFEREES” (which expression shall unless
repugnant to the context or meaning thereof mean and include the partners or
partner for the time being of the firm, the survivors or survivor of them and
the heirs, executors and administrators of the last surviving partner and their
his/her assigns) of the Other Part;
WHEREAS:—
(a) The
Transferor was the owner of immoveable properties being lands bearing C.T.S.
Nos. ____________ at Village ____________, more particularly described in the
FIRST SCHEDULE hereunder written (hereinafter referred to as “the said
Property”).
(b) Under
the Development Plan the said property was reserved for recreation Ground. In
view of the provisions of the Development Control Regulations, 1991, the
Transferor on surrender of the said property to the Municipal Corporation was
entitled to be awarded Transferable Development Rights (TDR) in respect of
Floor Space Index (FSI) of the said property for being utilized on other
properties in accordance with the provisions of the said Development Control
Regulations, 1991.
(c) The
Transferor has handed over possession of the said property to the Municipal
Corporation of Greater Mumbai and the said Municipal Corporation has issued
Development Rights Certificate No. ____________ dated __________ favoring the
Transferor to the extent of _______ sq.mts. i.e. __________sq.ft. The
true copy of the said Development Rights Certificate in favor of the Transferor
is hereto annexed and marked Annexure “A”.
(d) The
Transferor has agreed to transfer the benefit of utilization of TDR of the FSI
to the extent of ______ sq.mts. i.e. ______ sq.ft. out of the total FSI
available to the Transferor under the aforesaid Development Rights Certificate
to the Transferees on the terms and conditions appearing hereinafter.
(e) The
parties hereto are desirous of recording the said terms and conditions agreed
upon between them.
NOW THIS AGREEMENT WITNESSETH
AND IT IS HEREBY MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO as follows:—
1. The
Transferor hereby declares that he is fully entitled to the Development Rights
Certificate No. ___________ dated _________ to the extent of _______ sq.mts.
issued in his favor by the Municipal Corporation of Greater Mumbai, as per the
provisions of the Development Control Regulations 1991 and which is more
particularly described in the Second Schedule hereunder written, and the
same is free from all encumbrances, claims, charges or lien of whatsoever
nature.
2. The
Transferor hereby transfers/sells the benefit of TDR of the FSI to the extent
of _______ sq.mts. i.e. _______ sq.fts. out of the aforesaid Development
Rights Certificate and more particularly described in the Second Schedule
hereunder written for the total consideration of Rs. __________ (Rupees
___________________________only) and which consideration is duly paid by the
Transferees to the Transferor in full prior to the execution hereof. The
Transferor doth hereby admit, acknowledge and confirm the receipt of the said
amount.
3. The
rights of the Transferees and/or their nominees under the said DRC are limited
and restricted to T.D.R. of _______ sq.mts. i.e. _____ sq.fts. only in
the ratio of 1 sq.mtr.:
10.764 sq.ft.
4. The
Transferees shall be entitled to get DRC to the extent of ______ sq.mts. duly
endorsed by the Municipal Commissioner in favor of themselves and/or their
nominees by endorsement thereof on the original DRC in their favor.
5. All
premium and other charges payable to the Municipal Corporation of Greater
Mumbai and other concerned authorities for utilization of the said FSI of
______ sq.mts. shall be paid by the Transferees alone.
6. The
Transferor has already signed the DRC utilization form and handed over the same
to the Transferees. The Transferor shall further execute, at the costs and
expenses of the Transferees any further writings, documents and sign all plans,
forms and applications as may from time to time be necessary for the purpose of
enabling the Transferees and/or their nominees to utilize the said FSI to the
extent of ______ sq.mts. i.e. _____ sq.ft. on any other property of the choice
of the Transferees and/or their nominees in accordance with the provisions of
Development Control Regulations, 1991.
7. The
stamp duty and registration charges, if any, in respect of this document shall
be borne and paid by the Transferees.
THE FIRST SCHEDULE ABOVE REFERRED TO:
(Give detailed description of
the subject property)
THE SECOND SCHEDULE ABOVE REFERRED TO:
Development Rights Certificate
No. _______________ dated ______ for _______ sq.mts. granted by Municipal
Corporation of Greater Mumbai in favor to the Transferor in lieu of surrender
of the property described in the First Schedule above referred to:
SIGNED AND DELIVERED BY THE )
Within Named TRANSFEROR XYZ, )
in the presence of :— )
SIGNED AND DELIVERED by the )
Within Named TRANSFEREES )
M/s. ABC & CO. a partnership
firm by the hand of )
it’s Partner ABC in the presence
of :— )
1.
2.
RECEIPT
RECEIVED the day and year first
herein above written of and from the within Named Transferees the sum of Rs.
____________/- (Rupees ___________________________ only) by cheque
No.__________ dated __________ drawn on _______________________ being the
agreed amount to be paid by them to me as within mentioned.
Rs. ___________/-
I
SAY RECEIVED
WITNESSES:
1. (XYZ)
2. TRANSFEROR
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