ANNEXURE ‘A’ [See rule 9] AGREEMENT FOR SALE


Download ANNEXURE ‘A’ [See rule 9] AGREEMENT FOR SALE


Preview text

ANNEXURE ‘A’ [See rule 9]
AGREEMENT FOR SALE

This Agreement for Sale (“Agreement”) executed on this __ (Date) day of ______ (Month), 20____,
By and Between
1. ________________________, a LLP registered under the LLP Rules, 2009, having its principal place of business at ___________________________, (PAN
________________), represented by its authorized Partner __________________________, (Aadhar no. __________________) authorized vide _____________________, hereinafter referred to as the “Promoter” (which expression shall unless repugnant to the context or meaning thereof be deemed to mean and include the partners or partner for the time being of the said firm, the survivor or survivors of them and their heirs, executors and administrators of the last surviving partner and his/her/their assigns),

AND
[If the Allottee is a company]

__________________________, (CIN no. __________________) a company incorporated under the provisions of the Companies Act, [1956 or 2013, as the case may be], having its registered office at
_____________________________, (PAN ______________), represented by its authorized signatory, __________________, (Aadhar no.
__________________) duly authorized vide board resolution dated ___________, hereinafter referred to as the “Allottee” (which expression shall unless repugnant to the
context or meaning thereof be deemed to mean and include its successor-in-interest, and permitted assigns).
[OR]

[If the Allottee is a Partnership]

_______________, a partnership firm registered under the Indian Partnership Act, 1932, having its principal place of business at _____________, (PAN ______________), represented by its authorized partner, _____________, (Aadhar no. __________________) authorized vide _____________________________, hereinafter referred to as the “Allottee”
(which expression shall unless repugnant to the context or meaning thereof be deemed to mean and include the partners or partner for the time being of the said firm, the survivor or survivors of them and their heirs, executors and administrators of the last surviving partner and his/her/their assigns).
[OR]

[If the Allottee is an Individual]

Mr. / Ms. ___________________, (Aadhar no. __________________) son / daughter of

______________, aged about

_________,

residing

at

_________________________________,

(PAN

__________________), hereinafter called the “Allottee” (which expression shall unless repugnant to the context or meaning thereof be deemed to mean and include his/her heirs,

executors, administrators, successors-in-interest and permitted an assigns). [OR]
[If the Allottee is a HUF]
Mr._______________, (Aadhar no. __________________) son of _________ aged about _________ for self and as the Karta of the Hindu Joint Mitakshara Family known as _____________ HUF, having its place of business / residence at ________________, (PAN ___________), hereinafter referred to as the “Allottee” (which expression shall unless repugnant to the context or meaning thereof be deemed to mean and the members or member for the time being of the said HUF, and their respective heirs, executors, administrators and permitted assigns).
The Promoter and Allottee shall hereinafter collectively be referred to as the “Parties” and individually as a “Party”. Note:
For the purpose of this Agreement for Sale, unless the context otherwise requires,(a) “Act”means the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);
(b) “appropriate Government” means the Central Government;
(c) “Rules” means the Real Estate (Regulation and Development) (General) Rules, 2016 made under the Real Estate (Regulation and Development) Act, 2016;
(d) “Regulations” means the Regulations made under the Real Estate (Regulation and Development Act, 2016; (e) “section” means a section of the Act.
(e) Structural Defect would include ___________________________________
(f) Defect in Workmanship would include _____________________________
WHEREAS:
A. The Promoters are the absolute and lawful owner of ____________________________________________ totally admeasuring _____ square meters situated at _____in, Tehsil & District_____________ (“Said Land”) vide sale deed(s) dated ______________ registered as documents no. ________ at the office of the Sub-Registrar;
B. The Said Land is earmarked for the purpose of building a [commercial/residential/any other purpose] project, comprising _____ multistore apartment buildings and [insert any other components of the Projects] and the said project shall be known as ‘__________________’ (“Project”);
C. The Promoter is fully competent to enter into this Agreement and all the legal formalities with respect to the right, title and interest of the Promoter regarding the Said Land on which Project is to be constructed have been completed;
D. The ________________________________ has granted the commencement certificate to develop the Project vide approval dated __________ bearing registration no. _________________________;

E. The Promoter has obtained the final layout plan, sanctioned plan, specifications and approvals for the Project and also for the apartment, building from _____________________________________ The Promoter agrees and undertakes that it shall not make any changes to these approved plans except in strict compliance with section 14 of the Act and other laws as applicable;
F. The Promoter has registered the Project under the provisions of the Act with the Madhya Pradesh Real Estate Regulatory Authority at Bhopal on _____________under registration no._______________;
G. The Allottee had applied for an apartment in the Project vide application no. ___________ dated __________ and has been allotted apartment no. ___________ having carpet area of ______ square feet, type ________, on ____ floor in [tower/block/building] no._______ (“Building”) along with payable garage/covered parking permissible under the applicable law and of pro rata share in the common areas (“Common Areas”) as defined under clause (n) of Section 2 of the Act(hereinafter referred to as the “Apartment” more particularly described in Schedule A and the floor plan of the apartment is annexed hereto and marked as Schedule B);
H. The Parties have gone through all the terms and conditions set out in this Agreement and understood the mutual rights and obligations detailed herein;
I. ________________________________[Please enter any additional disclosures/details];
J. The Parties hereby confirm that they are signing this Agreement with full knowledge of all the laws, rules, regulations, notifications, etc., applicable to the Project;
K. The Parties, relying on the confirmations, representations and assurances of each other to faithfully abide by all the terms, conditions and stipulations contained in this Agreement and all applicable laws, are now willing to enter into this Agreement on the terms and conditions appearing hereinafter;
L. In accordance with the terms and conditions set out in this Agreement and as mutually agreed upon by and between the Parties, the Promoter hereby agrees to sell and the Allottee hereby agrees to purchase the [Apartment] and the garage/covered parking (if applicable) as specified in para G.
NOW THEREFORE, in consideration of the mutual representations, covenants, assurances, promises and agreements contained herein and other good and valuable consideration, the Parties agree as follows:
1. TERMS:
1.1 Subject to the terms and conditions as detailed in this Agreement, the Promoter agrees to sell to the Allottee and the Allottee hereby agrees to purchase, the [Apartment] as specified in para G.
1.2 The Total Price for the [Apartment] based on the carpet area is Rs. __________________________ (Rupees _______________________ only ("Total Price") (Give break up and description):

Block/Building/Tower no. ________ Apartment no. ___________ Type ________ Floor ________

Rate of Apartment per square feet*

Total price (in rupees) [AND] [if/as applicable]
Garage/Covered parking - 1 Garage/Covered parking - 2

_______________
Price for 1 Price for 2

Total price (in rupees)

_______________

Explanation:
(i) The Total Price above includes the booking amount paid by the allottee to the Promoter towards the [Apartment];
(ii) The Total Price above includes Taxes (consisting of tax paid or payable by the Promoter by way of Goods and Service Tax or any other similar taxes which may be levied, in connection with the construction of the Project payable by the Promoter, by whatever name called) up to the date of handing over the possession of the apartment/plot to the allottee and the project to the association of allottees or the competent authority, as the case may be, after obtaining the completion certificate:
Provided that in case there is any change / modification in the taxes, the subsequent amount payable by the allottee to the promoter shall, be increased/reduced based on such change / modification: Provided further that if there is any increase in the taxes after the expiry of the scheduled date of completion of the project as per registration with the Authority, which shall include the extension of registration, if any, granted to the said project by the Authority, as per the Act, the same shall not be charged from the allottee;
(iii) The Promoter shall periodically intimate in writing to the Allottee, the amount payable as stated in (i) above and the Allottee shall make payment demanded by the Promoter within the time and in the manner specified therein. In addition, the Promoter shall provide to the Allottee the details of the taxes paid or demanded along with the acts/rules/notifications together with dates from which such taxes/levies etc. have been imposed or become effective. In case of Delay in payment from customer, Interest for the period of such delay shall be chargable as Notified by the Madhya Pradesh Real Estate Regulatory Authority from time to time.;
(iv) The Total Price of [Apartment] includes recovery of price of land, construction of [not only the Apartment but also] the Common Areas, internal development

charges, external development charges, taxes, cost of providing electric wiring, electrical connectivity to the apartment, lift, water line and plumbing, finishing with paint, marbles, tiles, doors, windows, fire detection and firefighting equipment in the common areas, maintenance charges as per para 11 etc. and includes cost for providing all other facilities, amenities and specifications to be provided within the [Apartment] and the Project, unless until mentioned specifically and additionaly.
1.3 The Total Price is escalation-free, save and except increases, which the Allottee hereby agrees to pay, due to increase because of development charges payable to the competent authority and/or any other increase in charges which may be levied or imposed by the competent authority from time to time. The Promoter undertakes and agrees that while raising a demand on the Allottee for increase in development charges, cost/charges imposed by the competent authorities, the Promoter shall enclose the said notification/order/rule/regulation to that effect along with the demand letter being issued to the Allottee, which shall only be applicable on subsequent payments. Provided that if there is any new imposition or increase of any development charges after the expiry of the scheduled date of completion of the project as per registration with the Authority, which shall include the extension of registration, if any, granted to the said project by the Authority, as per the Act, the same shall not be charged from the allottee.
1.4 The Allottee(s) shall make the payment as per the payment plan set out in Schedule C (“Payment Plan”). A notice (NOTICE-1) for intimation shall be issued to the customer 15 days prior to the due date of such payment. In case the allottee misses the due date; another notice (NOTICE-2) shall be issued within 30 days of such due date. Notice-2 Shall be the final notice. In case allottee does not make due payment within 45 days from the date of receipt of Notice-2 the Promoter reserves the right to cancel the allotment.
1.5 The Promoter may allow, in its sole discretion, a rebate for early payments of instalments payable by the Allottee by discounting such early payments @ _____% per annum for the period by which the respective instalment has been preponed. The provision for allowing rebate and such rate of rebate shall not be subject to any revision/withdrawal, once granted to an Allottee by the Promoter, unless and until further balance payment are on time.
1.6 It is agreed that the Promoter shall not make any additions and alterations in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings and amenities should be of equivalent brands as described herein at Schedule ‘D’ and Schedule ‘E’ (which shall be in conformity with the advertisement, prospectus etc., on the basis of which sale is effected) in respect of the apartment, plot or building, as the case may be, without the previous written consent of the Allottee as per the provisions of the Act. Provided that the Promoter may make such minor additions or alterations as may be required by the Allottee, or such minor changes or alterations as per the provisions of the Act.
1.7 Promoter shall confirm to the final carpet area that has been allotted to the Allottee after the construction of the Building is complete and the completion certificate/completion certificate/occupancy certificate* is granted by the competent authority, by furnishing details of the changes, if any, in the carpet area. The total price payable for the carpet area shall be recalculated upon confirmation by the Promoter. If there is reduction in the

carpet area then the Promoter shall refund the excess money paid by Allottee within forty-five days with annual interest at the Rate as Notified by the Madhya Pradesh Real Estate Regulatory Authority from time to time, from the date when such an excess amount was paid by the Allottee. Similarly If there is any increase in the carpet area, which is not more than three percent of the carpet area of the apartment, allotted to Allottee, the Promoter may demand such inceased amount from the Allottee as per the next milestone of the Payment Plan as provided in Schedule C. All these monetary adjustments shall be made at the same rate per square feet as agreed in para 1.2 of this Agreement.
1.8 Subject to para 9.3 the Promoter agrees and acknowledges, the Allottee shall have the right to the [Apartment] as mentioned below:
(i) The Allottee shall have exclusive ownership of the [Apartment];
(ii) The Allottee shall also have undivided proportionate share in the Common Areas. Since the share / interest of Allottee in the Common Areas is undivided and cannot be divided or separated, the Allottee shall use the Common Areas along with other occupants, maintenance staff etc., without causing any inconvenience or hindrance to them. It is clarified that the promoter shall hand over the common areas to the association of allottees after duly obtaining the completion certificate from the competent authority as provided in the Act;
(iii) That the computation of the price of the [Apartment] includes recovery of price of land, construction of [not only the Apartment but also] the Common Areas, internal development charges, external development charges, taxes, cost of providing electric wiring, electrical connectivity to the apartment, lift, water line and plumbing, finishing with paint, marbles, tiles, doors, windows, fire detection and firefighting equipment in the common areas, maintenance charges as per para 11 etc. and includes cost for providing all other facilities, amenities and specifications to be provided within the [Apartment] and the Project; unless and until they are mentioned extra.
(iv) The Allottee has the right to visit the project site to assess the extent of development of the project and his apartment/plot, as the case may be.
1.9 It is made clear by the Promoter and the Allottee agrees that the [Apartment] along with ____ garage/covered parking shall be treated as a single indivisible unit for all purposes. It is agreed that the Project is an independent, self-contained Project covering the said Land and is not a part of any other project or zone and shall not form a part of and/or linked/combined with any other project in its vicinity or otherwise except for the purpose of integration of infrastructure for the benefit of the Allottee. It is clarified that Project’s facilities and amenities shall be available only for use and enjoyment of the Allottees of the Project.
1.10 The Promoter agrees to pay all outgoings before transferring the physical possession of the apartment to the Allottees, which it has collected from the Allottees, for the payment of outgoings (including land cost, ground rent, municipal or other local taxes, charges for water or electricity, maintenance charges, including mortgage loan and interest on mortgages or other encumbrances and such other liabilities payable to

competent authorities, banks and financial institutions, which are related to the project). If the Promoter fails to pay all or any of the outgoings collected by it from the Allottees or any liability, mortgage loan and interest thereon before transferring the apartment to the Allottees, the Promoter agrees to be liable, even after the transfer of the property, to pay such outgoings and penal charges, if any, to the authority or person to whom they are payable and be liable for the cost of any legal proceedings which may be taken therefor by such authority or person.
1.11 The Allottee has paid a sum of Rs. __________________ (Rupees ______________________________only) as booking amount being part payment towards the Total Price of the [Apartment] at the time of application
The receipt of which the Promoter hereby acknowledges and the Allottee hereby agrees to pay the remaining price of the [Apartment] as prescribed in the Payment Plan [Schedule C] as may be demanded by the Promoter within the time and in the manner specified therein: Provided that if the allottee delays in payment towards any amount which is payable, he shall be liable to pay interest at the rate as Notified by the Madhya Pradesh Real Estate Regulatory Authority from time to time.
2. MODE OF PAYMENT:
Subject to the terms of the Agreement and the Promoter abiding by the construction milestones, the Allottee shall make all payments, on written demand by the Promoter, within the stipulated time as mentioned in the Payment Plan [Schedule C] through A/c Payee cheque/demand draft/bankers cheque or online payment (as applicable) in favour of ‘________________________’ payable at _________.
3. COMPLIANCE OF LAWS RELATING TO REMITTANCES:
3.1 The Allottee, if resident outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act, 1934 and the Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that of remittance of payment acquisition/sale/transfer of immovable properties in India etc. and provide the Promoter with such permission, approvals which would enable the Promoter to fulfil its obligations under this Agreement. Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or the statutory enactments or amendments thereof and the Rules and Regulations of the Reserve Bank of India or any other applicable law. The Allottee understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the Reserve Bank of India; he/she may be liable for any action under the Foreign Exchange Management Act, 1999 or other laws as applicable, as amended from time to time.
3.2 The Promoter accepts no responsibility in regard to matters specified in para 3.1 above. The Allottee shall keep the Promoter fully indemnified and harmless in this regard. Whenever there is any change in the residential status of the Allottee subsequent to the signing of this Agreement, it shall be the sole responsibility of the

Allottee to intimate the same in writing to the Promoter immediately and comply with necessary formalities if any under the applicable laws. The Promoter shall not be responsible towards any third party making payment/remittances on behalf of any Allottee and such third party shall not have any right in the application/allotment of the said apartment applied for herein in any way and the Promoter shall be issuing the payment receipts in favour of the Allottee only.
4. ADJUSTMENT/APPROPRIATION OF PAYMENTS:
The Allottee authorizes the Promoter to adjust/appropriate all payments made by him/her under any head(s) of dues against lawful outstanding of the allottee against the [Apartment], if any, in his/her name and the Allottee undertakes not to object/demand/direct the Promoter to adjust his payments in any manner.
5. TIME IS ESSENCE:
The Promoter shall abide by the time schedule for completing the project as disclosed at the time of registration of the project with the Authority and towards handing over the [Apartment] to the Allottee and the common areas to the association of allottees or the competent authority, as the case may be.
6. CONSTRUCTION OF THE PROJECT/ APARTMENT:
The Allottee has seen the proposed layout plan, specifications, amenities and facilities of the [Apartment] and accepted the floor plan, payment plan and the specifications, amenities and facilities [annexed along with this Agreement] which has been approved by the competent authority, as represented by the Promoter. The Promoter shall develop the Project in accordance with the said layout plans, floor plans and specifications, amenities and facilities. Subject to the terms in this Agreement, the Promoter undertakes to strictly abide by such plans approved by the competent Authorities and shall also strictly abide by the bye-laws, FAR and density norms and provisions prescribed by the ___________ [Please insert the relevant State laws]and shall not have an option to make any variation /alteration / modification in such plans, other than in the manner provided under the Act, and breach of this term by the Promoter shall constitute a material breach of the Agreement.
7. POSSESSION OF THE APARTMENT:
7.1 Schedule for possession of the said [Apartment] - The Promoter agrees and understands that timely delivery of possession of the [Apartment] to the allottee and the common areas to the association of allottees or the competent authority, as the case may be, is the essence of the Agreement. The Promoter assures to hand over possession of the [Apartment] along with ready and complete common areas with all specifications, amenities and facilities of the project in place on
_________________, unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project (“Force Majeure”). If, however, the completion of the Project is delayed due to the Force Majeure conditions then the Allottee agrees that the Promoter shall be entitled to the extension of time for delivery of possession of the [Apartment], provided that such Force Majeure conditions are not of a nature,

which make it impossible for the contract to be implemented. The Allottee agrees and confirms that, in the event it becomes impossible for the Promoter to implement the project due to Force Majeure conditions, then this allotment shall stand terminated and the Promoter shall refund to the Allottee the entire amount received by the Promoter from the allotment within 45 days from that date. The promoter shall intimate the allottee about such termination at least thirty days prior to such termination. After refund of the money paid by the Allottee, the Allottee agrees that he/ she shall not have any rights, claims etc. against the Promoter and that the Promoter shall be released and discharged from all its obligations and liabilities under this Agreement.
7.2 Procedure for taking possession - The Promoter, upon obtaining the completion certificate/occupancy certificate* from the competent authority shall offer in writing the possession of the [Apartment], to the Allottee in terms of this Agreement to be taken within two months from the date of issue of occupancy certificate. [Provided that, in the absence of local law, the conveyance deed in favour of the allottee shall be carried out by the promoter within 3 months from the date of issue of occupancy certificate]. The Promoter agrees and undertakes to indemnify the Allottee in case of failure of fulfilment of any of the provisions, formalities, documentation on part of the Promoter. The Allottee, after taking possession, agree(s) to pay the maintenance charges as determined by the Promoter/association of allottees, as the case may be after the issuance of the completion certificate for the project. The promoter shall hand over the occupancy certificate of the apartment/plot, as the case may be, to the allottee at the time of conveyance of the same.
7.3 Failure of Allottee to take Possession of [Apartment] - Upon receiving a written intimation from the Promoter as per para 7.2, the Allottee shall take possession of the [Apartment] from the Promoter by executing necessary indemnities, undertakings and such other documentation as prescribed in this Agreement, and the Promoter shall give possession of the [Apartment] to the allottee. In case the Allottee fails to take possession within the time provided in para 7.2, such Allottee shall continue to be liable to pay maintenance charges as specified in para 7.2.
7.4 Possession by the Allottee - After obtaining the completion certificate/completion certificate/occupancy certificate* and handing over physical possession of the [Apartment] to the Allottees, it shall be the responsibility of the Promoter to hand over the necessary documents and plans, including common areas, to the association of Allottees or the competent authority, as the case may be, as per the local laws. [Provided that, in the absence of any local law, the promoter shall handover the necessary documents and plans, including common areas, to the association of allottees or the competent authority, as the case may be, within thirty days after obtaining the completion certificate].
7.5 Cancellation by Allottee – The Allottee shall have the right to cancel/withdraw his allotment in the Project as provided in the Act:
Provided that where the allottee proposes to cancel/withdraw from the project without any fault of the promoter, the promoter herein is entitled to forfeit the booking amount paid for the allotment. The balance amount of money paid by the allottee shall be returned by the promoter to the allottee within 45 days of such

cancellation.
7.6 Compensation – The Promoter shall compensate the Allottee in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under the Act and the claim for interest and compensation under this provision shall not be barred by limitation provided under any law for the time being in force.
Except for occurrence of a Force Majeure event, if the promoter fails to complete or is unable to give possession of the [Apartment] (i) in accordance with the terms of this Agreement, duly completed by the date specified in para 7.1; or (ii) due to discontinuance of his business as a developer on account of suspension or revocation of the registration under the Act; or for any other reason; the Promoter shall be liable, on demand to the allottees, in case the Allottee wishes to withdraw from the Project, without prejudice to any other remedy available, to return the total amount received by him in respect of the [Apartment], with interest at the rate prescribed in the Rules including compensation in the manner as provided under the Act within forty-five days of it becoming due. Provided that where if the Allottee does not intend to withdraw from the Project, the Promoter shall pay the Allottee interest at the rate prescribed in the Rules for every month of delay, till the handing over of the possession of the [Apartment], which shall be paid by the promoter to the allottee within forty-five days of it becoming due. 8. REPRESENTATIONS AND WARRANTIES OF THE PROMOTER:
The Promoter hereby represents and warrants to the Allottee as follows:
(i) The [Promoter] has absolute, clear and marketable title with respect to the said Land; the requisite rights to carry out development upon the said Land and absolute, actual, physical and legal possession of the said Land for the Project;
(ii) The Promoter has lawful rights and requisite approvals from the competent Authorities to carry out development of the Project;
(iii) There are no encumbrances upon the said Land or the Project; [In case there are, any encumbrances on the land provide details of such encumbrances including any rights, title, interest and name of party in or over such land]
(iv) There are no litigations pending before any Court of law or Authority with respect to the said Land, Project or the [Apartment];
(v) All approvals, licenses and permits issued by the competent authorities with respect to the Project, said Land and [Apartment] are valid and subsisting and have been obtained by following due process of law. Further, the Promoter has been and shall, at all times, remain to be in compliance with all applicable laws in relation to the Project, said Land, Building and [Apartment] and common areas;
(vi) The Promoter has the right to enter into this Agreement and has not committed or omitted to perform any act or thing, whereby the right, title and interest of the Allottee created herein, may prejudicially be affected;
(vii) The Promoter has not entered into any agreement for sale and/or development

Preparing to load PDF file. please wait...

0 of 0
100%
ANNEXURE ‘A’ [See rule 9] AGREEMENT FOR SALE