emprasa-allotment-agreement by LEGO

ALLOTMENT AGREEMENT

This ALLOTMENTAGREEMENT (“Agreement”) entered at Bangalore on the Date specified in Annexure 1 attached hereto. BETWEEN: M/s HOSKOTE NEO HOMES LIMITED, a fully owned subsidiary of Artha Real Estate Corporation Ltd. and a Company incorporated under the Companies Act, 1956, having its registered office at No. 110/37, Solitaire Building, Service Road, Outer Ring Road, Marathahalli, Bengaluru - 560037, represented herein by its Authorized signatory, Mr.____________ and Mr._____________ (hereinafter referred to as the "Developer", which expression shall, wherever the context so requires or admits, mean and include, its successors-in-title, administrators and assigns);of the FIRST PART; AND: The persons named in Part 2 of Annexure 1 hereto (hereinafter referred to as the “Purchaser/s” which expression shall, wherever the context so requires or admits, mean and include, his/her/their respective heirs, executors, administrators and permitted assigns) of the SECOND PART. WHEREAS: A.

The Developer M/s. Hoskote Neo Homes Ltd is engaged in the business of Property development as Developer/Builders, include acquisition of suitable properties and erection of Commercial and Residential Building(s), developing I.T Parks etc. and allied activities.

The Developer who possesses good knowledge and experience in the field of Development of properties has devised a proposed developmental plan for setting up a I.T Park/Hi-tech integrated township called “Emprasa Startup City – IT Park”, on the Schedule A Property.

The Developer is for the purpose of the aforesaid development, in the process of acquiring the lands comprising of property bearing Sy. No. 158/1, 171/1, 172/1, and 151/1 totally measuring 20 Acres approximately, situated at Kambalipura Village, Sulibele Hobli, Hoskote Taluk, Bangalore Rural District more particularly and compendiously described in SCHEDULE hereunder and hereinafter referred to as “SCHEDULE ‘A’ PROPERTY’.

The Developer has formulated a plan for phase-wise development of the I.T Park/Hi-tech integrated township to form part of the larger mixed used development called “Emprasa Startup City”. The Developer is in process of securing final approvals from the concerned authorities for development of the

Developer

Purchaser

Schedule a Property. The Developer is intending to undertake the commercial Development by utilizing such extent of undivided interest from and out of the commercially converted Land, and also the Additional Lands (if the Developer so determines at its sole discretion), as may be required for undertaking various types of development. E.

The Purchaser/s has also been made aware that the Additional Lands could also become part of the overall development and integrated with the I.T Park/Hi-tech integrated township as may be permitted by the Applicable Laws. The proposed FAR of the Land and potential Additional Lands would be consumed in the integrated development of the I.T Park/Hi-tech integrated township and the Additional Lands to the extent permitted under the Applicable Laws. All common amenities and facilities to be provided in the I.T Park/Hi-tech integrated township, including roads common to development in the I.T Park/Hi-tech integrated township, may be available for use of all occupants of the entire integrated development. The Purchaser/s herein after understanding the same has agreed and covenanted that the Purchaser/s shall neither be entitled to object nor raise any objections to such integration of the Additional Lands with the I.T Park/Hi-tech integrated township as and when it is done to the extent permitted by the Applicable Laws. The Purchaser/s is also aware that the common amenities and facilities planned under this development are subject to technical feasibilities &grant of approvals from competent authorities at appropriate time;

The Developer has informed the Purchaser/s that the proposed Approved Plans may stand modified from time to time at the discretion of the Developer without substantially affecting the constructed area which the Purchaser/s is entitled to purchase in terms of this Agreement;

As required under the Applicable Laws, the developer after acquisition of the lands for the project, will relinquish to HPA and Kamblipura Panchayath represented by its Development officer, Hoskote Taluk, the required extent of land area towards open space reservation as well as towards proposed approach road by way of a Relinquishment Deeds. The Developer will be entitled to apply for the civic amenity sites available in the commercial Development for themselves and make use of the same as determined by the Developer at its sole discretion, and the Purchaser/s shall not be entitled to object to such application and use of the civic amenity sites as stated herein;

The Developer is as aforesaid, proposing to develop the project named as “Emprasa Startup City – IT Park” on the Schedule A Property as a part of the I.T Park/Hi-tech integrated township which is, comprises of various Commercial units formed in the Building/ Complex and intends to Sell/ Lease/ Allot the commercial units to the intending purchaser/s.

The Purchaser/s having satisfied with the proposed plans for the project “Emprasa Startup City – IT Park”, under the pre-launch plan, has approached Developer

Purchaser

the Developer and expressed interest to purchase ________ (in words ______________________) commercial Unit/s and has requested the developer for allotting a commercial Unit/s measuring ______________sq ft hereinafter referred to as the Schedule B Property. The Developer has accepted the offer and has agreed to allot the Schedule B Property as per the terms of this Agreement. The Purchaser/s has further agreed to purchase from the Developer the Schedule B Property at an appropriate time after the completion of the construction, on the terms and subject to the conditions contained herein. J.

The Parties are entering into this Agreement to record their understanding on the terms and conditions on which the Developer shall allot the Schedule B Unit to Purchaser/s hereinafter referred to as Schedule B Property and matters related and incidental thereto.

NOW THEREFORE, THIS AGREEMENT WITNESSES AND IT IS HEREBY AGREED TO BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

AGREEMENT: In pursuance of the foregoing and in consideration of the mutual obligations undertaken by the Parties hereto and the Advance paid by the Purchaser/s, the Developers hereby agree to allot the Schedule B Unit to the Purchaser/s and the Purchaser/s hereby agrees to accept the same from the Developer on the terms and subject to the conditions specified herein.

SALE CONSIDERATION AND ADVANCE:

2.1 That in pursuance of the foregoing and in consideration of mutual obligations undertaken by the parties hereto, a Total Sum of Rs.____________/- (Rupees __________________Only) at the rate of Rs. _________/- per Sq.ft towards the Schedule ‘B’ Property hereunder, shall be paid by the Purchaser/s as detailed in Annexure –1 below. 2.2

VAT & Service Tax: The Purchaser will bear & shall pay VAT and Service Tax and the same is excluding the total sale consideration as mentioned above. The VAT and Service Tax is subject to change as per Government directives or that may arise due to changes in Government rules and laws in due course and the Purchaser shall pay the same as per prevailing rates. The Vendor/Developer is at the liberty to levy the VAT and Service Tax at any stage of Construction or before the delivery of Possession of the SCHEDULE ‘B’ Unit.

2.3 Legal Charges, Stamp Duty, Registration Charges & Other Taxes As Applicable: The PURCHASER/s will bear & shall pay the Stamp Duty, Registration fees, Legal Charges and other miscellaneous expenses for conveyance, at the time of registration. The PURCHASER/s further undertakes to pay an additional Stamp

Developer

Purchaser

duty or Registration fees or any other Taxes or levies etc that may arise due to changes in Government rules and laws in due course.

PAYMENT SCHEDULE: The Payment Schedule for the Purchaser/s opted plan are detailed in Annexure -2 hereunder. The payment schedule is excluding all applicable taxes.

PRE-OPERATIVE RETURNS: The Purchaser/s shall be entitled for return at 10 % per annum, till expected date of delivery or date of possession whichever is earlier, on the basic sale consideration, from date of credit of amount in the bank account, as an incentive for expediting and encouraging on time payments of due amounts. This return shall be inclusive of all applicable taxes. The eligible interest will be paid in the month of Feb and August of every calendar year. If Tax Deduction at Source (TDS) applies on such payments, then the Vendor/Developer shall pay the interest after deducting appropriate TDS as per the provisions of the Income-tax Act, 1961.

PART SALE CONSIDERATION: The Purchaser/s has paid a sum of Rs. ……………………….. /- (Rupees ………………………………………. Only) as part sale consideration, as explained in Part 5 of Annexure-1 below, the receipt of which the developer do hereby admit and acknowledge.

THE BALANCE SALE CONSIDERATION: The balance sale consideration including all applicable taxes shall be paid by the PURCHASER/s in installments as detailed in Annexure-3 below.

DELAY OR DEFAULT IN PAYMENTS:

7.1 In the event of any delay or default by the Purchaser/s in paying any portion of the Sale Consideration in terms of this Agreement within their respective Due Dates for any reason whatsoever, the Purchaser/s agrees that, without prejudice to any other rights or remedies available to the Developers under this Agreement or Applicable Law, the Developer, at its sole discretion, shall be entitled to issue a notice to the Purchaser/s seeking payment by the Purchaser/s of the amounts in default/arrears along with interest at the rate of 1.5% per month on the Outstanding Amounts.

Developer

Purchaser

7.2 If there is any delay in handing over the Unit to the Purchaser/s, subject to clause 8 below, the Developer shall refund the entire amount paid by the Purchaser/s. 8.

DEVELOPMENT:

8.1 The Parties hereby agree that the Developer shall construct the Commercial Unit in terms of the Approved Plans within a period of Three (3) Years with a grace period of 6 Months. However, if there is a delay beyond the grace period, the Developer shall continue to pay pre-operative returns as per clause 4 till date of possession. However, the Developer shall be entitled to make such variations or modifications in the plans/designs/specifications, as may be required during the construction of the Commercial Unit/Complex or as required by any statutory authority or such change otherwise deemed necessary by the Developer due to site requirements or constraints, without substantially altering the total Gross Saleable Area of the Commercial Unit. 8.2 The Purchaser/s shall not be entitled to interfere with the preparation and finalization of the plans, designs and drawings of the Commercial Unit/Complex by the Developer in any manner whatsoever and on any ground whatsoever. The Developer alone shall be entitled to undertake the construction work and put up the Commercial Unit/Complex either by itself or through competent development managers and/or contractors and/or sub-dividing the work and/or appointing sub-contractors as it may deem fit and proper. The Developer shall complete the construction of the Commercial Unit/Complex in compliance with all the Applicable Laws within the timelines. 8.3

The condition stipulated for delivery of the Unit is subject to variation on account of force majeure or acts of God or war, civil commotion of any notice, order, rule, notification of the Government and Bar or other Public or Competent Authority or any disputes or matters relating to the Property, pending final determination by the Courts or any other Authorities or nonavailability of steel, labour problems or changes in any Rules, Regulations and Bye-Laws of various Statutory Bodies and Authorities from time to time that are affecting the development of the project or other reasons which are beyond the control of the Developer.

ACCESS TO COMMON AREAS OF SCHEDULE A PROPERTY: The Purchaser/s hereby agrees that the Developer and/or its agents shall at all times be entitled to free access through the common areas in the I.T Park/Hitech integrated township for the purpose of undertaking the Development and any other development in the remaining portion of the Schedule A Property and the Additional Lands.

Developer

Purchaser

10.

TRANSFER AND ASSIGNMENT: The Purchaser/s shall not be entitled to transfer/assign his rights under and/or in relation to this Agreement in favor of any person till execution of Sale Deed except with the prior written consent of the Developer and payment of a transfer fee of Rs.1,00,000/- lump sum excluding applicable taxes. If the Purchaser/s is a company (public or private limited), any transfer of majority of the shares shall be deemed to be transfer and in case of partnership firm, any change in the constitution of the partners of such partnership shall be deemed to be transfer and in case of any association of persons, any change of associates of such association shall be deemed to be transfer, and in such situation transfer fee shall become payable.

11.

TERMS OF USAGE & ADDITIONAL PAYMENTS: The Purchaser/s shall not be entitled to change the layout of the Schedule B Property as originally constructed and handed over by the Developer to the Purchaser/s pursuant to this Agreement. The Purchaser/s agrees to pay to the Developer all the Statutory Levies that may be levied on the Unit, from the date the Schedule B property is ready for occupation and after intimation of the same by the Developer, whether possession of the Schedule B Unit is taken by the Purchaser/s or not. In that event, the Purchaser/s shall also pay proportionate share of all out-goings and maintenance and general expenses such as insurance, municipal taxes and cess, electrical and non-domestic water tax, and all other charges for the common areas of Schedule A Property as may be proportionately applicable.

12.

SALE DEED: The Parties hereby agree that the Developer shall execute the Sale Deed conveying ownership over Schedule B Property, together with the right to use and enjoy the Common Areas and Common Amenities, in favour of the Purchaser/s post possession, upon payment of balance amount. The covenants and undertaking given by the Developer and the Purchaser/s herein shall be incorporated in the Sale Deed and also in the Deed of Declaration if and when executed, with such modifications as may be required in terms of this Agreement.

13.

LEASE AGREEMENT:

13.1. The Purchaser irrevocably undertakes that, after the registration of the Sale Deed in respect of the Schedule B Unit in favour of the Purchaser/s, he/she/it shall execute a registered Agreement of Lease in favour of the Developer in respect of the Schedule B Unit. The Purchaser/s is fully aware that this condition forms an integral part of this Agreement.

Developer

Purchaser

13.2. The Purchaser/s covenants to execute the Lease Agreement in favour of the Developer in respect of the Schedule B Unit simultaneously with the execution of the Sale Deed. 13.3. All the conditions pertaining to the Schedule B Unit shall form a part of the Lease Agreement executed by the Purchaser/s. 13.4. On execution of the Lease Agreement the Developer /his authorized representative/ assignee shall pay the monthly rental to the Purchaser/s at the rate of Rs. ________ /- Per Sq. ft. 13.5. Upon the execution of the Lease Agreement, the Developer /his authorized representative/ assignee shall have every right to Sub Lease the Schedule B Unit to any Person/s of its choice and the Purchaser/s shall not raise any objection or cause hindrance in respect of the same. 13.6.

In the event of the Purchaser/s is unwilling to execute Lease Agreement in favour of the Developer/his authorized representative/ assignee, it shall be construed as breach of conditions of this Agreement and the Developer shall be at liberty to rescind this Agreement and forfeit the advance Consideration paid under this Agreement and discount commissions paid to brokers and other expenses incurred by Developer from amount received from the Purchaser/s and the balance shall be refunded to the Purchaser/s. The Developer shall also have the right to recover liquidated damages from the Purchaser in the event of breach of conditions of this Agreement.

14.

TERMINATION AND CONSEQUENCES OF TERMINATION:

14.1

Termination by the Developer: It is hereby agreed that the Developer shall be entitled to terminate this Agreement under either of the following circumstances: (i) In the event of any delay /default in possession or in payments by the Purchaser/s under and/or in relation to this Agreement for three consecutive months, the Developer shall be entitled to terminate this Agreement by forfeiting 20% of Sale consideration and refund the balance. (ii) If any breach of any terms and conditions of this Agreement by the Purchaser/s is not rectified within 30 (thirty) days from the date of receipt by the Purchaser/s of notice issued by the Developer seeking such rectification, then the Developer shall be entitled to terminate this Agreement. Upon termination all monies paid shall be forfeited without any further communication.

14.2

Cancellation by the Purchaser/s: In the event of cancellation of this allotment agreement by the Purchaser/s on his/her/their/its own accord, the Developer, shall be entitled to forfeit 20 % of the total Sale Price, from the amount paid by the Purchaser/s under this agreement and adjust it as liquidated damages and Developer

Purchaser

refund the balance if any, to the Purchaser/s within 30 days from the date of cancellation of the Agreement. 15.

STAMP DUTY AND REGISTRATION CHARGES: The stamp duty and registration charges and any legal and documentation charges payable on Agreements, the Sale Deed and any other documents to be executed under / in relation to this Agreement, shall be borne and paid by the Purchaser/s.

16.

DISPUTE RESOLUTION: The Parties agree that they will use all reasonable efforts to resolve any Disputes between themselves through negotiations. Any Disputes arising under or in connection with this Agreement which could not be settled by Parties through negotiations, within a period of 30 (Thirty) days from the date of service of the Notice of Dispute, shall be finally settled by arbitration in accordance with the Arbitration and Conciliation Act, 1996 as may be in force from time to time. For the purposes of clarity, the Parties agree that the Developer shall appoint one arbitrator; the Purchaser/s shall appoint one arbitrator. The two arbitrators so appointed shall appoint the third arbitrator who shall be the chairman of the arbitral panel. The venue of arbitration shall be Bengaluru, India. All proceedings shall be conducted in English and a daily transcript in English shall be prepared. The decision of the arbitrator/s shall be final and binding on the Parties.

17.

NOTICES: All notices or other communications required or permitted to be delivered or given hereunder shall be in writing and shall be delivered by hand or sent by Registered Post Acknowledgement Due, certified or express mail of reputed courier service with Acknowledgement Due and shall be deemed delivered or given when so delivered by hand, or if mailed, 3 (three) business days after mailing and 2 (two) business days in the case of express mail or courier service.

18.

ENTIRE AGREEMENT: Except as otherwise agreed between the Parties, this Agreement constitutes the whole agreement between the Parties relating to the subject matter hereof and supersedes any and all prior understanding, arrangement, agreement, and letters of whatever nature relating to such subject matter.

Developer

Purchaser

19.

GOVERNING LAW AND JURISDICTION: The laws of India shall govern this Agreement. The courts in Bengaluru alone shall have exclusive jurisdiction to deal with all matters under / relation to this Agreement.

SCHEDULE 'A' PROPERTY All that piece and parcel of land comprising of Sy. No. 158/1, 171/1, 172/1, and 151/1 measuring an extent of 20 Acres approximately, situated at Kambalipura Village, Sulibele Hobli, Hoskote Taluk, Bangalore Rural.

SCHEDULE 'B' PROPERTY Office space (s) bearing Warm Shell Unit No(s) ________, measuring ____________ Sq.ft in ___________ Tower/complex comprised in Schedule `A' Property and to be constructed in the development known as “Emprasa Startup City – IT Park”.

The Parties hereto have signed this Agreement on the Date specified in Annexure 1 at Bangalore in the presence of the Witnesses attesting hereunder

DEVELOPER Hoskote Neo Homes Limited

___________________________ Signature: Name:

Developer

Purchaser

PURCHASER/S /S SIGNATURE/S

WITNESSES 1.

___________________________

Signature

Signature:

Name:

Address:

ANNEXURE 1 PART

HEAD

Date of Agreement

Purchaser/s s Details

DETAILS

REFERENCE TO AGREEMENT

Purchaser/s 1 Name: Father's Name: Age: Residence Address:

PAN No: Phone No: Email ID:

Developer

Purchaser

Purchaser/s 2 Name: Father's Name: Age: Residence Address:

Pan No: Phone No: email ID: 3

Sale Consideration for Schedule 'B' Property

Type of Payment Plan opted by Purchaser/s

Plan-1

Plan-2

Plan-3

80%

50%

20%

Details of Advances Received towards Sale Consideration Advance Received Date Received: Amount in Rupees: Vide: Instrument No: Drawn on: 10% Payment being made this Day simultaneously with the Agreement Date: Amount in Rupees: Vide: Instrument No: Drawn on: Dated: Transfer Fee

Rs.1,00,000/-

Unit details Type & Saleable area Unit No.

Developer

Purchaser

ANNEXURE 2 FLOOR PLAN

Developer

Purchaser

ANNEXURE 3 PAYMENT SCHEDULE (Excluding all applicable taxes / levies)

Payment Schedule

Plan-1

Plan-2-

Plan-3 -

80%

50%

20%

% Payable

Amount Payable

% Payable

Amount Payable

% Payable

Amount Payable

Booking

10%

167,500

10%

167,500

10%

167,500

Allotment Agreement

70%

1,172,500

40%

670,000

10%

167,500

Tranche 1 -3 Months

10%

167,500

Tranche 2-6 Months

10%

167,500

Tranche 3-12 Months

15%

251,250

Tranche 4-18 Months

15%

251,250

Tranche 5-24 Months

15%

251,250

15%

251,250

Tranche 6-30 Months

15%

251,250

Tranche 7-36 Months

15%

251,250

15%

251,250

10%

167,500

On Possession

83,750

Total

100%

1,675,000

100%

1,675,000

100%

1,675,000

Developer

Purchaser