GOLDEN IRA
AGREEMENT OF SALE
This Agreement of Sale is made and executed on this the ___ day of September Two Thousand Sixteen (____/09/2016) at Bangalore
Between:
M/s. Bhagyalakshmi Homes LLP, A LIMITED LIABILITY PARTNERSHIP FIRM incorporated under the Limited Liability Partnership Act 2008, having its Registered Office at No. No. 581/A, "KML Arcade", First Floor, 8th Block, Koramangala, Bangalore – 560095, represented by its Authorized Signatory Mr. Giriraju
(Hereinafter referred to as “VENDOR” which term shall unless repugnant to the context otherwise shall mean and include all its Executors, Directors, Successors-inOffice, Agents, Nominees, Attorneys, and permitted Assignees etc.,)
And Mr/Ms.________________S/o/W/o._________________________ Aged _ _ _ _ _ Years, Having PAN No. ____________, Residing at _.
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 1 of 28
(Hereinafter referred to as “PURCHASER(S)” which term shall unless repugnant to the context otherwise shall mean and include all HIS/HER Executors, Successors-inInterest, Legal Heirs, Legal Representatives, Agents, Nominees, Attorneys, and permitted Assignees etc.,)
WHEREAS the Sellers 1) Sri. A. Abdul Raffeekh, Aged about 63 years, Son of Late Sri. Abdul Raheem Sab, 2) Sri. Mohmmed Salman, Aged about 25 years,3) Sri. Mohmmed Sufiyan Aged about 23 years, 4) Ms. Umme Hajira, Aged about 20 years, (Sellers 2 to 4 are Sons and Daughter of Sri.Abdul Raffeekh) 5) Sri. Tanveer Ahmed, Aged about 47 years, Son of Late Abdul Sattar Sab, represents that they acquired their respective portions in the Schedule
Property out of their
personal funds and self-exertions in terms of the Sale Deeds described below all of which are registered in the Office of the Sub Registrar, Doddaballapur Taluk, Bangalore Rural District. The details are mentioned as hereunder.
WHEREAS, the previous Vendors have converted the Schedule A Property from Agricultural usage to non Agricultural Residential purpose, the details of the same are mentioned here supra :
Siddenayakanahalli Village.
Name of the Previous Owners
Sy.No
Mr. A. Abdul Raffeekh Mr.Tanveer Ahmed Mr.Tanveer Ahmed Mr. A. Abdul Raffeekh
45/2 45/3
45/4
Extent
45/5
Registration & Conversion Details Sale Deed No& Date
Conversion Order No
2Ac – 5Gts
2552/95-96 dt 02.11.95
1Ac – 2Gts
5790/07-08 dt 24-11-07
ALN(DO)SR-39/2007-08 Dt:05/09/09 ALN(DE.K)SR-50/201112 Dt:26/09/13
1Ac – 18Gts
5790/07-08 Dt 24-11-07
ALN(DE.K)SR-50/201112 Dt:26/09/13
2Ac – 23Gts
853/03-04 dt 0207-01
ALN(DO)SR-19/2003-04 Dt:27/12/04
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 2 of 28
Mr.Mohmmed Sufiyan Mr.Tanveer Ahmed
Sri.A.Abdul Raffeekh
46
Mr. A. Abdul Raffeekh
45/7
Ms.Umme Hajira
47
1485/95-96 dt 09-08-95
ALN(DE.K)CR-42/201112 Dt:23/09/13
2Ac – 10Gts
6506/07-08 dt 15-12-07
ALN(DE.K)SR-50/201112 Dt:26/09/13
ALN(DO)SR-39/2007-08 853/03-04 dt Dt:05/09/09 02-07-01 1486/95-96 (2Acres) dt. 09ALN(DO)SR: 21/2003-04 Dt: 27/12/04 1487/9955-96 (2Acres) dt 0995 ALN(DO)SR-39/2007-08 1485/95-96 dt. Dtd:05/09/09 09-08-95
5Ac – 15Gts
72
73
0Ac – 21Gts
TOTAL
1Ac – 22Gts
1Ac – 00Gts 17A – 36Gts
Muthur Village
Name of the Previous Owners
Sy.No
Mr. A. Abdul Raffeekh
Mr. A. Abdul Raffeekh
Mr. A. Abdul Raffeekh
Mr.Mohmmed Sufiyan
Mr.Mohmmed Salman
Mr.Mohmmed Sufiyan
Extent
Registration & Conversion Details Sale Deed No& Date
69/1 69/2 75 76 77 78
TOTAL
Conversion Order No
1Ac – 24Gts
853/03-04 /02-07-01
2Ac – 35Gts
853/03-04 / 02-07-01
ALN(D) SR.17/2003-04, Dt. 17/01/05 ALN(D) SR.17/2003-04, Dt. 17/01/05
3Ac – 0 Gts
853/03-04 /02-07-01
ALN(D.EK) CR.56/201112, Dt. 23/09/13
2Ac – 36Gts
1493/95-96 /09-08-95
ALN(D.EK) CR.41/201112, Dt. 08/10/13
3Ac – 0Gts
1492/9596/09-08-95
ALN(D.EK) CR.52/201112, Dt. 23/09/13
1Ac – 0Gts
1485/95-96 /09-08-95
ALN(D) SR.20/2003-04, Dt. 27/12/04
14A – 15Gts
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 3 of 28
Raghunathapura Village.
Name of the Previous Owners
Mr. A. Abdul Raffeekh Mr. A. Abdul Raffeekh
Mr. A. Abdul Raffeekh
Extent
Registration & Conversion Details Sale Deed No& Date
126 137 138/1 138/2
Mr. A. Abdul Raffeekh
Sy.No
TOTAL
4382/01-02 /30-03-02
6Ac – 7Gts
97/03-04 / 30- ALN(DO)SR-84/2005-06 03-02 Dt:28/01/08 97/03-04 / 3003-02
2Ac – 9Gts 1Ac – 28Gts
97/03-04 /2003-02
2Ac – 7Gts 12Ac –11Gts
Conversion Order No
Totally measuring 44 Acres 22 Guntas of Land Situated at Kasaba Hobli, Doddaballapura Taluk, Bangalore Rural District and morefully described in the Schedule hereinafter referred to as “Schedule A Property” for the sake of convenience.
Whereas, the Seller Ms.Umme Hajira, Aged about 20 years, Daughter of Sri. A. Abdul Raffeekh, represents that the Larger Property is her self-acquired property having acquired the same from her Vendor in terms of the following Sale Deeds:
a) Sale Deed Dated 09-08-1995 registered as Document No.1486/1995-96 in Book-1, Volume -2021 in the Office of the Sub Registrar, Doddaballapur, Bangalore Rural District for 2Acres.
b) Sale Deed Dated 09-08-1995 registered as Document No. 1487/1995-96 in Book-1, Volume - 2021 in the Office of the Sub Registrar, Doddaballapur, Bangalore Rural District for 2 Acres.
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 4 of 28
All that eastern portion measuring 2 Acres 18 Guntas out of 4 Acres in Sy. No.72 situated at
Siddenayakanahalli Village, Kasaba
Hobli,
Doddaballapura Taluk,
Bangalore Rural District, more fully described in the Schedule hereinafter referred to as “Schedule B Property” for the sake of convenience.
WHEREAS, the previous Vendor has converted the Schedule B Property from Agricultural usage to non Agricultural Residential purpose, the details of the same are mentioned here under:
All that Eastern portion residentially converted land (vide Official Memorandum bearing ALN(D)SR-21/2003-04 Dated 27/12/2009)measuring 2 Acres 18 Guntas out of 4 Acres in Sy. No.72 situated at Siddenayakanahalli Village, Kasaba Hobli, Doddaballapura Taluk, Bangalore Rural District and
WHEREAS, the above said previous Sellers were not able to effectively enjoy the Schedule Property since the same is not yielding any income and as such decided to develop the same and thus entered into a Joint Development Agreement Dated 2411-2007 with Confirming Parties for development of the Schedule Property into a layout consisting of both residential and non-residential sites and the said Agreement is registered as Document No. 6035 /2007-08 in Book-1 and stored in CD.NO. DBP D 134 and in furtherance of the said JDA, the Sellers executed a GPA Dated 24-11-2007 in favour of the said Developers which is registered as Document No. 862 /2007-08 in Book-4 and stored in CD.NO. DBP D 133.Subsequently the said JDA was modified through a Supplementary Agreement Dated 28-3-2008 registered as Document No. 8818/2007-08 in Book-1 and stored in CD.NO. DBP D 144 all in the Office of the Sub Registrar, Doddaballapur, Bangalore Rural District.
WHEREAS, both pervious Sellers and the Confirming Parties are mutually agreed and
executed a
Cancellation of
above mentioned Deeds i.e.,
JDA
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 5 of 28
Dated
24/11/2007, GPA Dated
24/11/2007, and Supplementary Agreement
Dated
28/03/2008, the details of which are mentioned as hereunder.
Sl.No
Name
of
Name
First
Nature
of
the
of
Execution
Document
Date
Details
of
the
Document
Second
Party
Party 1
Sri.Krishna
Sri.A.Abdul
2
Raffeekh &
4 Others
3
Raffeekh &
4 Others
Raffeekh &
4 Others
6 Others Moorthy
&
6 Others Moorthy 6 Others
&
05/11/2014
DBP-1
Revocation
07187/2014-15, CD.No.DBPD336
JDA of
05/11/2014
DBP-4
of
GPA Deed
of
Cancellation of Deed
Sri.Krishna
Sri.A.Abdul
&
Sri.Krishna
Sri.A.Abdul
Moorthy
Deed
00358/2014-15, CD.No.DBPD336
of
05/11/2014
Cancellation of Supplementary
DBP-1
07188/2014-15, CD.No.DBPD336
Agreement
WHEREAS, pursuant to the above the Seller/s along with Confirming Parties have entered into an Agreement to Sell dated 25-09-2014 with the present Vendor above named for sale of the Schedule A and B Properties.
WHEREAS, based on the Sellers along with Confirming Parties and in furtherance of aforesaid Agreement to Sell dated 25-09-2014, the present Vendor caused Public Notice dated
22-09-2014, duly published in Daily New Papers dated 25-09-2014
and 02.10.2014 inter- alia, informing the public at large of the proposal of the present Vendor to purchase the Schedule Properties from the Sellers along with Confirming Parties and calling for claims in respect of the Schedule Property and/or objections for the sale of the Schedule Property by the Sellers in favour of the present Vendor.
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 6 of 28
WHEREAS,
no
objections or
claims
have
been
received from
any
person
whomsoever in pursuance of the said Public Notice dated as published in the aforementioned daily Newspapers.
WHEREAS, though extent agreed under aforesaid Agreement to Sell Dated 25-09-
2014, was 48 Acres 22 Guntas, subsequently, the Sellers decided to retain some portion to an extent of 1 Acre 22 Guntas out of 48 Acres 22 Guntas and sold only an extent of 47 Acres out of which 44 Acres 22 Guntas and 2 Acres 18 Guntas are being sold under two separate sale deeds, the details of the purchase by the present Vendor as mentioned as hereunder:
Sl.No
1
2
Name of Sellers/ Confirming Parties. Sri.A.Abdul Raffeekh & 4 Others and Sri.Krishna Moorthy & 6 Others Ms.Umme Hajira and Sri.Krishna Moorthy & 6 Others
Name of the Purchaser
Nature of Document
Execution Date
Details of the Document
Extent
M/s Bhagyalakshmi Homes LLP Rep by Its Designated Partner Mr.Sanjay Raj M/s Bhagyalakshmi Homes LLP Rep by Its Designated Partner Mr.Sanjay Raj
Absolute Sale Deed
05/11/2014
44 Acres 22Guntas of Residentially Converted Land.
Absolute Sale Deed
05/11/2014
DBP-107252/2014-15, CD.No.DBPD337, at the Office of the Sub Registrar, Doddaballapura. DBP-107249/2014-15, CD.No.DBPD336 at the Office of the Sub Registrar, Doddaballapura
2 Acres 18Guntas of Residentially Converted Land.
WHEREAS, by virtue of the above mentioned Two Sale Deeds, the present Vendor has become the absolute Owner and in peaceful possession and enjoyment of the Schedule A and B Properties.
WHEREAS, the VENDOR herein above is the absolute owner of the following immoveable lands situated at Siddenayakanahalli, Muthur, Raghunathapura villages in Doddaballapur Taluk, Bangalore rural, and proposed the first phase of
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 7 of 28
development of project in the name and style “GOLDEN IRA” which are described hereunder and hereafter referred as Schedule A Property:
WHEREAS, the VENDOR being desirous of developing the above mentioned properties, by forming a Layout and formulated a scheme of development of a residential layout on the SCHEDULE ‘A’ PROPERTY by developing plots, roads, power, water, sanitary facilities along with Club house, park and play areas and named the project as 'GOLDEN IRA' The VENDOR has commenced development of the layout on the SCHEDULE ‘A’ PROPERTY as per the plans sanctioned vide Plan No. BIAAPA/TP1/LAO/12/2014-15, Dated 27/04/2015
The PURCHASER(s) who is/are interested in purchasing a Plot in the said residential layout approached the VENDORS and has / have verified the title deeds, revenue records and other documents relating to the Schedule A property along with the plans, designs and specifications of the residential Plot to his/her/their satisfaction.
Subsequently the PURCHASER(S) has made an application for allotment of a Plot and the VENDORS have agreed to allot and convey a plot, hereinafter referred to as the Schedule B Plot, details of which are given below;
1. Plot No. _____ 2. Area _____ Sft 3. Zone ____
AND WHEREAS all the Parties desire to capture the terms, conditions, covenants, stipulations and provisions agreed to by them into writing.
NOW THIS AGREEMENT OF SALE WITNESSETH AS FOLLOWS:
1) The VENDOR shall sell and the PURCHASER(S) shall purchase the Schedule "B" Plot for a valuable consideration of Rs._________/- (Rupees: ___________________ Only) exclusive of taxes and other charges mentioned below, as an absolute estate free from all encumbrances, subject to the terms and conditions contained hereunder. The basic sale consideration of the Plot has been arrived in the following manner:
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 8 of 28
S.No. 1. 2. 3. 4. 5. 6. 7.
Description Plot Area (Sq.ft) Price (Per Sq.ft) Plot Cost Development charges @ Rs. 425 per Sq.ft Premium Location Charges (Per Sft) Premium Location Charges Basic Cost of Plot
Amount (Rs.)
In addition to the above, the following charges shall be paid by the Purchaser
8.
9. 10. 11.
Other Charges Club membership fees Service Tax @ 6% on Development Charges Service Tax @15% on Club Membership fees & Premium Location Charges Vat @ 14.5% on 70% of Development Charges Total Payable (S.No.7 to 11)
Note:
Development charges are collected towards External Infrastructure Costs for drawing power/ Deposits/Charges/ expenses for KPTCL, Water, sewage lines and treatment plant etc.
2) The Schedule A Property is charged and secured in favour of India Infoline Finance Limited (IIFL) for the loans repayable to it by M/s. Bhagyalakshmi Homes LLP. And all the receivables towards the Schedule B Property should be deposited into A/c No. 00530350000147 maintained in HDFC Bank, Koramangala Industrial Layout, Koramangala, Bangalore. All cheques/Demand Drafts/Pay Orders should be drawn in the name of M/s. Bhagyalakshmi Homes LLP A/c No. 00530350000147 3) The PURCHASER(S) agrees to pay the basic sale consideration along with the payment towards other charges like Development Charges/Clubhouse etc. in the following manner
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 9 of 28
Sl. No 1 2 3 4 5
Description of Installment
Amount
Booking Amount On Plan sanction/Agreement of Sale 25% of Basic Agreement Value less booking amount Within 30 days from AOS - 25% of Basic Agreement Value Within 60 days from AOS - 40% of Basic Agreement Value Within 90 days of AOS or before registration - 10% of Basic Agreement Value TOTAL
4) The PURCHASER(S) has/have paid a sum of Rs.____________/- (Rupees: ____________________________ only) against the payment schedule given above, in the following manner, the receipt(s) of which is/are hereby acknowledged by the VENDOR
Cheque/DD
Date
Bank Details
Amount in Rs.
Total 5) The PURCHASER(s) covenants to make the payments of the amount as per the schedule indicated above by Local Cheque/DD. The PURCHASER(s) cannot delay, or withhold the payments due on whatsoever ground or reasons. In the event of the PURCHASER delaying, withholding or defaulting the payments, the VENDOR shall charge interest @ 24% P.A. for the period of delay of the installment amount. In case payments are released by the
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 10 of 28
Housing Financial institutions, PURCHASER(s) shall ensure that they are released on time a) If The PURCHASER(s) repetitively fails to pay the installments on time or commits breach in observing and performing any of the terms and conditions of this agreement or if the delay in paying any one installment exceeds 90 days, the VENDORS shall give a 30 days written notice to the PURCHASER(s) to pay the amounts due along with interest. If the PURCHASER(s) fails to pay the amount due, the VENDORS shall unilaterally cancel the Agreement without any further notice. Refund will be made on deduction of 10% of the Basic cost and will be paid only on resale of the Plot and as per the norms of cancellation mentioned in this agreement b) The Vendor has informed the Purchaser and the Purchaser is aware that default in the payment of balance amount would affect the entire project and as well expose the VENDOR to financial loss and also affect the other Purchasers and the completion of the Project
DEVELOPMENT 6) The VENDOR shall provide the following amenities. a. b. c. d. e. f. g. h.
Well laid out asphalted roads. Landscaping Parks, Avenue plantation Common Clubhouse Multiple sports facilities. Electrification & street lighting Walking/ Jogging Track Children's play park Overhead water tank & sump
The specifications and amenities more particularly described in the Technical Specification appended hereto 7) Water supply for the Plots will be from the Bore wells within the layout. The VENDOR does not guarantee any particular yield and in case of any shortfall, the PURCHASER(S) shall depend on external water supply 8) Power connection will be provided by the VENDOR only upto the plot. From the termination point, the Plot Owner shall tap the power on obtaining a separate connection sanctioned from KPTCL.
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 11 of 28
9) The club shall be the exclusive property of the VENDOR. The Plot Owners shall be entitled to the Membership, as long they are the owners of the subject property. VENDOR will offer membership of the clubhouse to nonresidents and residents of the future extensions/phases also. VENDOR may handover the responsibility of maintaining the clubhouse to third parties.
COMPLETION & POSSESSION 10) The VENDOR hereby agrees to handover the Schedule Plot on the date of sale deed execution subject to receiving the entire sale consideration and all sums and charges payable towards amenities, taxes, charges mentioned above. a) The VENDOR shall complete basic infrastructure like Roads, Water Tanks and sewage lines within 12 months from date of the sale deed. However VENDOR shall complete balance infrastructure and all other amenities like Parks, playgrounds, amenities etc. within 18 months and clubhouse within 24 months from date of first sale deed execution b) The VENDOR shall not be liable for delays on account of non-availability or scarcity of Cement, Steel and other development material/s, civil commotion or Force Majeure or by any Act of God or if the delay is as a result of any Rule, regulation, law or notification of the Government or Municipal Authority or any Court or any other Public or Competent Authority prohibiting development activities or non-payment or delayed payment of installments by a large number of customers and in any of the aforesaid events, the VENDOR shall be entitled to reasonable extension of time for delivery of possession of the completed Plots including the Schedule B Property. c) VENDOR will make every effort to obtain electrical connection to the layout within the 12 months. However no responsibility shall be accepted by the VENDOR for delays in obtaining such connections, Clearances required, from the statutory authorities. The PURCHASER(S) shall not be entitled to claim any damage / losses against the VENDOR on the ground of such delay. In the event of delay in obtaining permanent connections, VENDOR shall arrange to have temporary connections until the permanent connections are obtained to enable PURCHASER(S) to occupy the Schedule “B” plot. d) The Purchaser shall take possession within 3 months from date of intimation. In case of delay in taking possession, the Purchaser shall pay Rs.2,000/- per month to the VENDOR towards holding charges 11) The Schedule B Property shall be registered in the name of the Purchaser/s or in the name of their immediate family members provided the necessary
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 12 of 28
documents are substantiated by the PURCHASER(s) as per the requirements of the VENDORS 12) All costs, charges and stamp duty, registration charges, professional /legal charges and expenses in connection with the preparation and execution of Sale Deed shall be borne by the PURCHASER(S) as relating to purchase of the Schedule B Property in terms of this Agreement 13) KHATHA TRANSFER a) The Purchaser, upon securing registration of the sale deed, is entitled to secure khatha in his/her/ their name at his/her/ their own cost from the jurisdictional municipal office and Vendor/VENDOR agree to sign necessary consent letters b) The PURCHASER(s) shall bear all expenses related to Khatha Transfer, Property Taxes. Electrical Meter Charges, etc, that may be levied as and when applicable 14) CANCELLATION Acceptance of Cancellation under special circumstances:
a) The Purchaser covenants and assures the VENDOR, that he/she shall complete the transaction in all respects and agree not to withdraw from the transaction for any reason(s) or ground(s) including delay etc., as the entire project and the development of the Plot/s is taken up in view of the COMMITMENT to purchase the Plots by the customers including the PURCHASER(S) herein and that cancellation will affect the funding of the project resulting in delays and that interests of other purchasers of Plots will be affected
b) In case the Purchaser intends to cancel due to any extraordinary situation or compelling circumstances or reasons that are not within the control of the PURCHASER(S), he/she shall submit a cancellation request in writing to the VENDOR. The VENDOR at its sole discretion (depending on the market situation) - on a case to case basis may consider the request for cancellation. On acceptance of the cancellation request, the VENDOR shall alienate the Plot to a new purchaser. The Purchaser herein agrees to wait for the refund of money till the new purchaser pays the full consideration or
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 13 of 28
c) Cancellation Charges- Cancellation charges shall be 10% of the Basic cost of the Plot which shall be deducted from the amounts returnable to the Purchaser d) Time to Refund – The Purchaser herein shall be refunded only after sale of the unit and receipt of monies from New Purchaser. Under No circumstance the VENDOR will pay the money on its own e) Where payment is received in staggered manner from the new purchaser, the same will be paid in staggered manner mutatis mutandis to the Purchaser herein f) Till the sale with the new purchaser is completed in all respects, the outgoing Purchaser herein cannot make any demand of whatsoever for refund of the money. However, the Purchaser is free to find a new customer on his own accord in his own interest and complete the transaction at the earliest g) The Purchaser hereby accepts that he will adhere to the above procedure and under any circumstances shall not demand refund of advance paid deviating the above procedure h) Any claim(s) of the purchaser, against the VENDOR/Owner, company or its directors in violation or in contravention of the covenants of this clause shall not be maintainable against the company or its directors or its authorized representatives i) Cancellation by VENDOR The Vendor unilaterally cancel the Agreement
If the delay in paying any one installment exceeds 90 days or If purchaser repetitively fails to pay the installments on time or Commits breach in observing and performing any of the terms and conditions of this agreement
However refund will be made on deduction of 10% of the Basic cost and will be paid only on resale of the plot as per the norms of cancellation mentioned ABOVE 15) SPECIFICATIONS AND PLANS a) The Purchaser hereby agrees that the exact areas of the Schedule B Property would be ascertained once the formation of layout is complete
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 14 of 28
and in which the Schedule B Property is situated. In this regard the statement of the Architect of the Project shall be final and binding on both the Parties hereto. The Purchaser and the Developer agree that in the event that the area of Schedule B Property is greater than as set out in Schedule B, the Purchaser will pay for the additional area, over and above the Consideration mentioned herein, on a pro rata basis. In the event that the area of Schedule B Property is less than as set out in Schedule B, the Developer will refund pro rata the portion of the Consideration mentioned herein for such decreased area. b) It is expressly agreed by the Parties hereto that the Developer shall not be under any obligation to prevail upon the owner(s) of the properties neighbouring the Schedule ‘A’ or Schedule ‘B’ Property, as regards the nature of construction, type of building, set-backs, duration of construction, or any other such matter, at any point of time. 16) Transfer/ Resale - If the PURCHASER(s) propose(s) to transfer his/her/their rights under this agreement to any Third Party, he/she/they shall do so with the prior approval of the FIRST PARTY and on payment of Rs.200/- Per Sft towards Transfer fee. All the dues pertaining to the earlier Purchaser shall be paid by him in full before the transfer or shall be paid by the subsequent purchaser 17) The VENDORS covenants to the PURCHASER(S) that: a) the Schedule A Property and the Schedule B Property is not the subject matter of any litigation; b) that the VENDORS shall keep the PURCHASER(s) sufficiently indemnified against all encumbrances, damages, attachments occasioned / suffered by the PURCHASER(s) on account of any action, omission or commission of the VENDORS or any person claiming through them in respect of the Schedule B Property c) the VENDORS and all persons claiming through them shall, at the request of the PURCHASER(s), do or cause to be done all acts, deeds and things as shall lawfully and reasonably be required for securing possession and enjoyment of the Schedule B Property as absolute owner thereof
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 15 of 28
18) VENDOR/S RIGHT TO DEVELOP IN PHASES/STAGES:
a) VENDOR has right to alter the Master Plan and increase the total saleable area in the project if permissible as per the respective authority by law and the purchaser hereby explicitly agrees for the same and undertake not to raise any objection b) The Vendor/s shall reserve the exclusive and absolute right, power and authority to develop the remaining portions of the Schedule-A Property in various stages/phases from time to time and retain portions thereof for any purpose and exploit the same now or later and deal with the same in the manner they deem it fit in which none of the Purchaser/s would have any right or objection to the same or concern therein. c) The Purchaser/s shall have no right at any time whatsoever, to object, obstruct or hinder the progress of the construction of the building/s and other developments or any part thereof in phased manner on the Schedule-A Property and/or in the balance portions on the Schedule –A Property d) The Purchaser/s hereby acknowledge the purchasers of the other phases in the balance portions of the land and their access to all facilities and amenities in the Schedule –A Property e) The Vendor/s as aforesaid will develop other phases in balance portions of the Schedule-A Property and the vendors reserve their easementary rights in perpetuity in the roads and other passages leading to each of the plot and other development/s on the Schedule-A Property or themselves. The Vendor further reserves the right to change the traffic movement in a befitting way, using temporary roads/pathways, without compromising the needs of the current users. f) VENDOR/S’ RIGHT TO DEVELOP ADJOINING PROPERTIES: It is further agreed and confirmed by the Purchaser/s, that the Vendor/s shall be free to develop neighbouring and nearby properties and entitled to introduce commercial usage (school/ retail/ offices/hotel/serviced residences) if the increased site extents allow the same as per revised Sanction plan and integrate the development of the neighboring properties with the Schedule-A Property and Purchaser/s or Occupants of such development can use and enjoy all or any of the roads, pathways, passages, and common facilities, amenities etc., in the Schedule-A Property
M/s Bhagyalakshmi Homes LLP
Authorized Signatory
Page: 16 of 28
19) FORMATION OF ASSOCIATION/SOCIETY
a) Steps for formation of co-operative society- The VENDOR shall submit
an application to the Registrar for registration of the organisation of persons who take the Plots as an Association /co-operative society and the VENDOR/its nominees shall join, in respect of the Plots which have not been taken, in such application for membership of an Association/ cooperative society
b) The PURCHASER(S) shall become and remain a member of the Association /society that may be formed consisting of all the Plot Owners in the project
c) The VENDOR on registration of the Association as stated herein above
within 60 months from date of first sale deed, shall hand over charge of the “Management of the Common Areas and Facilities of the Layout” including the Maintenance operations, Security etc..
The Association shall take over accounts / finance of the Corpus fund (after deduction of expenses incurred) and manage the affairs of the same
d) The PURCHASER(S) hereby authorize the VENDORS to approve and
register a deed of declaration as per the applicable laws and the PURCHASER(S) will automatically become a member and will abide by the terms of the declaration executed. The Purchaser shall not seek to form and / or constitute any other parallel Plot’s owners’ association on his / her own
e) The VENDOR shall handover the facility/ equipment’s like DG, STP, Motors etc. to the maintenance agency. The same shall be deemed to be handed over to the Association.
f) When the Association takes over the Management of layout, the
equipment will be handed over only in ‘as is where is’ condition. These equipment’s are subject to normal wear and tear and may require regular repairs.
g) In case any major repairs are required to these equipment’s, VENDOR may at the request of Association get them done and deduct the expenses from CORPUS to be transferred to association. Under any circumstances VENDOR will not pay or bear any charges, expenses related to any equipment and any wear and tear in the systems
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h) The Purchaser has no objection whatsoever to the VENDOR handing over
the common areas and the facilities, Corpus Fund for maintenance to the Society
i) The Purchaser shall, from time to time, do and execute all further acts,
deeds, matters and things as may be reasonably required by the ASSOCIATION
j) The Purchaser shall Not default in the payment of any Maintenance charges, taxes, levies or charges to be shared with the other Plot Owners
20) Transfer of CORPUS & Deduction The Maintenance Corpus paid by the Purchasers will be transferred to the Registered Association/Society at time of handing over of management of the layout after deducting any maintenance dues by respective customer and any expenses on common areas that are not covered in day today maintenance/ AMC s etc. 21) INTERIM MAINTENANCE
a. It is agreed by both the parties that in the interests of the project and to ensure smooth maintenance for the initial Five years, the Vendor or his nominee is entitled to maintain the common areas, amenities for a period of 60 months from the date of First sale deed registration. The VENDOR will appoint a maintenance agency to maintain and manage the common areas and facilities of the Layout along with security services under its supervision and guidance. The Vendor shall initially organize these services on payment of a fixed price for a period of at least Five Years from the date of handing over possession of the First Plot, as it may not be feasible and practical to immediately transfer the maintenance responsibility to the PURCHASER(S) till the elected Association of the residents is formed. This is to help set up a suitable maintenance management system that can easily be supervised by the elected representatives of residents once the management is transferred by the Vendor
b. The PURCHASER(S) has agreed to pay either to the Vendor or to the maintenance management company nominated by the Vendor the following charges at the time of possession or registration (whichever is earlier)
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S.No.
1
2
3
Maintenance Related Charges Maintenance Corpus fund Rs.50/- per sqft - To be paid after 3rd year (PDC dt. 1st Jan 2020) Layout Maintenance Charges @ Rs. 1.5/- per Sqft/PM for 5 year + Service Tax @15% - To be charged on completion of project (BIAPPA final release) (PDC dt. 1st Apr 2017) Club house Operating Charges Rs.500/- PM for 5 years (from the date operational) + Service Tax @15% (PDC dt.1st Aug 2017)
Amount
Total Maintenance Related payable at the time of Possession/Registration
22) In case the Vendor/its nominees continue to maintain the layout after the said period, the PURCHASER agrees to pay the monthly Maintenance charges at an enhanced rate as fixed by the Vendor. AMC charges, Repairs, replacements etc will be charged additionally on annual basis
23) The PURCHASER(S) cannot refuse to pay the maintenance charges for any reasons. If the PURCHASER(S) fail/s to pay the maintenance charges, services and amenities may be disconnected without any notice and the PURCHASER(S) agree to the same 24) Maintenance charges shall become payable from the day, the particular layout is declared habitable by the Vendor (irrespective of individual registration / possession), with the basic amenities of Power and Sanitary infrastructure in usable condition. 25) BRANDING RIGHTS - The name of the residential layout that will be developed on the Schedule A Property shall be known as "GOLDEN IRA" which shall not be changed / altered. In the event that the avenues in the layouts are named by the VENDORS the same shall not be changed / altered even after the "Organization" is formed a) The VENDOR has rights to install appropriate name boards/ signage of the Project and also the VENDORs name at appropriate places in the Layout both exterior and interior. The VENDOR has the right to keep changing the same throughout the life of the project
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26) SURVIVAL OF AGREEMENT
All such terms and conditions, clauses of this agreement of sale, in so far as they are not repugnant or covered, or inconsistent to the terms of a registered sale deed or deed of conveyance, executed in future by the VENDOR in favour of PURCHASER(S) shall subsist, valid and remain in force between the parties 27) Assignment - The Owner/ VENDOR are at liberty and reserves their right to - assign or transfer all or any of its rights, benefits or obligations under this Agreement (without affecting the final deliverables to the Purchaser under this agreement) and the other Transaction Documents without the approval of the Purchaser and the purchaser or his nominees shall not raise any objections of whatsoever nature in this regard 28) DISPUTE RESOLUTION a) In the event of a dispute or difference relating to any of the matters set out in this Agreement, the Parties to the dispute shall each appoint one nominee/representative who shall discuss in good faith to resolve the difference by finding an amicable solution b) In case the differences are not settled within 30 days by way of mutual negotiations, the same shall be referred to arbitration of a sole arbitrator appointed by the VENDOR and the arbitration proceeding shall be in accordance with the Provisions of the Arbitration and Conciliation Act, 1996 and the decision of the Arbitrator shall be final and binding on both parties. The venue of Arbitration shall be Bangalore only c) In case purchaser is not satisfied with the project or quality or amenities/specifications or completion of project, the developer may at its own discretion choose to offer to buyback the unit by paying the amount received along with 10% P.A. interest 29) The Purchaser assures the VENDOR that he/she shall not defame the VENDOR or the project in any manner and in the event of any dispute with the VENDOR; he/she shall follow the dispute resolution mechanism provided in the above Para. Defaming VENDOR or the project in any manner affecting its Brand Reputation, can lead to cancellation of the agreement unilaterally by the VENDOR
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30) The PURCHASER(S) shall observe and abide by all the Bye-laws, of the association, Rules and Regulations prescribed by various enactments of the State Government, BIAAPA, or any other Authority, in regard to ownership or enjoyment of such Plots
31) The Civil Courts at Bangalore shall exercise relevant jurisdiction over any dispute pertaining to this agreement. The parties hereto agree that neither party shall seek any injunctive relief, which affects the progress of the development of Plot Building 32) Save and except what are hereinbefore provided the rights and obligations of the PARTIES herein shall be governed by the Law in force. Any reference made to the parties herein in singular, plural or in any gender would mean and include the respective parties hereto, unless otherwise repugnant to any of the terms and conditions contained herein
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Authorized Signatory
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SCHEDULE “A” PROPERTY
ALL THAT PIECE AND PARCEL OF THE CONVERTED LAND measuring 17 Acres 36 Guntas comprised in Sy.Nos. 45/2, 45/3, 45/4, 46, 45/5, 45/7, 47, 72, 73 of Siddenayakanahalli Village, an extent of 14 Acres 15 Guntas comprised in Sy.Nos. 69/1, 69/2, 75,76, 77, 78 of Muthur Village and an extent of 12 Acres 11 Guntas comprised in Sy.Nos.126, 137, 138/1, 138/2 of Raghunathapura Village, Kasaba Hobli, Doddaballapura Taluk, Bangalore Rural District, totally measuring 47 Acres and approved by BIAAPA vide vide No. BIAAPA/TP1/LAO/12/2014-15, Dated 27/04/2015 and named as “GOLDEN IRA” and bounded on the:
East By West By North By South By
: : : :
Neighbors land State Highway (SH-9) Neighbors land Neighbors land
SCHEDULE "B" PROPERTY (PLOT)
Residential Plot described below in the Plot layout known as "GOLDEN IRA” together with common area, common facilities, common open space, common water and sanitation, separate electricity, easement rights and appurtenances thereto.
Plot No. Dimensions Area Zone
Bounded by
East by West by North by South by
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IN WITNESS WHEREOF, the PARTIES hereto have signed and executed this AGREEMENT TO SELL, the day, month and year first above written in the presence of the following witnesses:
M/s. Bhagyalakshmi Homes LLP
Authorized Signatory
VENDOR
PURCHASER(S) WITNESSES: 1)
2)
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Authorized Signatory
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ANNEXURE-I
SPECIFICATIONS :
Roads
Water Supply
Drains
RCC/Hume pipes Storm water drains along the road
Underground conduit for telephone for all plots Wide footpath along the road with superior pavement finishes
Foot paths Entrance
Rain water harvesting through recharge pits
Underground electrical cabling with necessary transformers, feeder pillars and street lighting. PVC conduit from feeder pillar to all the plots
Layout Internal Electrical works Communications
High Quality Bituminous Macadam roads Underground sewerage system connected to Sewage Treatment Plant Underground water supply system through Overhead tanks and underground sump tank
Sanitary Lines
Rain Water Harvesting
Elegant main entrance with security room
AMENITIES
A. CLUB HOUSE FACILITIES
1. 2. 3. 4. 5. 6.
Bio-pool for swimming for adults & children Sacred Grove near club house Mini Theatre Multipurpose Hall with Pantry facility Party Lawns & barbecue pits Indoor Games such as Chess, Table Tennis, Snooker, Cards, Caroms, Board Games for children 7. Fitness Zone with space for Aerobics , Yoga, Meditation & Gym 8. Power back-up & CC tv surveillance
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B. OUTDOOR SPORTS FACILITIES
1. Basketball Court, Tennis court & cricket practice nets 2. Multi-purpose ground for Volley ball, Badminton and other games 3. Large central open space for traditional games like Kho-Kho, Kabbaddi, Kite flying etc. 4. Jogging / Cycling track
ANNEXURE - II DISCLAIMERS a. It shall be the endeavor of the company, in right earnest, to provide the facilities and amenities mentioned above or in any of the brochures, advertisements. However, the company reserves the right to carry out any changes
in the material used due to reasons of non-availability of certain material or availability of better materials or as suggested by architect/ consultant
in the matter of provision of the facilities and amenities due to practical constraints or suggestion of the Architects/ consultants. In any event, the vendor shall ensure that any addition or deletion, substitution or amendment in the items mentioned above, the PURCHASER shall not stand to lose.
b. The roads and parks, CA sites in the layout project are relinquished in favor of BIAAPA and the layout is not a Gated Community. Neighboring land owners will have right to use the same. c. In case any service tax is levied on the maintenance services, PURCHASER shall pay the same to the VENDOR/ Service provider. d. In the event water supply being provided by BWSSB or any other corporation, municipal or other governmental authority the PURCHASER(S) shall contribute additionally towards the proportionate charges, deposits, line costs, infrastructure costs, incidental expenses and any other charges as levied by the concerned authority).
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e. The purchaser shall always keep his plot neat and clean in a presentable manner. In case of failure to do so, VENDOR/Association can get it done and debit/charge the purchaser with cost and a penalty.
ANNEXURE - III OBLIGATION OF THE PURCHASER(S) The parties herein agree that this agreement is subject to the following obligations on the part of the PURCHASER(S), which applies to every Plot owner and the said obligations shall be set forth in every document whereby a Plot on the ‘Schedule A Property’ or any interest therein is vested: a) The Plot Owner/s shall use the Plot as a private residence only. Under any circumstances commercial activities like offices or service Plots are not permissible. b) Multi dwelling units / apartments shall not be built on the subject property for a period of 10 Years from the date of formation of the association. However, subsequently this clause may be reviewed or revoked at the discretion of the concerned Association. Any deviation in this will result in cancellation of sale. c) If the PURCHASER(S) choose(s) to sell(s)/ transfer(s) the plot, a No Due Certificate has to be obtained in advance before such sale or transfer from the VENDOR. d) To put up construction according to the building by-laws in force for the time being by observing all conditions and provide clear setbacks as required under BIAAPA byelaws. All plot owners shall follow the Byelaws stipulated by BIAAPA with regard to the construction of houses, very strictly and without exceptions and the set-backs be applied accordingly. If any violations of setbacks have been committed by the plot owners, then VENDORs/Association shall have every right to stop the construction of the said house by the purchasers on the schedule property, until the same has been rectified. e) The PURCHASER/S hereby covenants that the VENDORS, have prior to the execution of this agreement specifically informed that while sanctioning the formation of layout the BIAAPA has laid down certain terms, conditions as pre-conditions to the development, which are to be observed and performed by the VENDORS while forming of the layout including handing over, free of cost, all the areas earmarked for Roads, Civic Amenities, Parks and Open
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Spaces etc. It is hereby expressly understood that neither the PURCHASER/S nor the other occupants shall raise any objection in this regard. f) The PURCHASER/S hereby confirm/s that the VENDORS have prior to the execution of this Agreement, specifically informed the PURCHASER/S that the VENDORS are erecting/providing transformers centers at locations approved by (KPTCL) on the Schedule ‘A’ Property, and the same shall be handed over to the Karnataka Power Transmission Corporation Limited upon it being erected and commissioned, on such terms and conditions as may agreed between the VENDORS and the KPTCL. Consequently the workman, staff, employees and agents of KPTCL shall at all times thereafter have the right and authority to enter upon the said lands for the purpose of access to and from the said electricity sub-station, and the same neither the PURCHASER/S nor the Society shall raise any dispute or objection to. g) The PURCHASERS shall permit the VENDORS/ Association representatives or workmen, at all reasonable times to enter into and upon the ‘Schedule B Plot’, parking area or any part thereof for the purpose of repairing/ maintaining, rebuilding, cleaning and keeping in order all services, drains, pipes, cables, wires, water covers, gutters, structures or other conveniences belonging to or used for the Plot and also for the purpose of laying, maintaining, repairing and testing drainage, water pipes and electric wires and for similar purposes h) The Purchaser shall not use the Plot in a manner, which would cause nuisance to other Plot owners or for illegal purposes or in a manner which would diminish the value of the utility in the property or any development, made thereon. i) The Purchaser shall not store in the said Plot any goods, objects or materials which are of hazardous, combustible or of dangerous nature
ANNEXURE - IV RIGHTS OF THE PURCHASER(S) a) The right to own and use the Plot for residential purposes only.
b) The right to free uninterrupted passage of water, gas, electricity, sewerage etc., from and to the Plot through the pipes, wires, sewer lines, drain and water courses, cables, which are now or may at any time hereafter be, in, under or passing through the Plot/or any part thereof in the “Schedule A Property”.
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c) Right to lay cables or wires for radio, television, telephone and such other installations, in any part of the Plot/s, however recognizing and reciprocating such rights of the other Plot Owners / purchasers of other Plots without damaging the other Plots or common areas on the ‘Schedule A’ property’. d) Subject to payment for common facilities and services, the right to enjoy the common facilities and services provided in the Plot/s. e) The right to the use of common open area left around the Plot/s on the “Schedule A Property” (other than the area specifically allotted to any owner for exclusive use) and the entrance area of the Plot/s.
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Authorized Signatory
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