MEMORANDUM OF UNDERSTANDING

The Memorandum of Understanding made the day of ….. January 2023

 Between

1) Mr. P.V.D. Pillai

Age-85 years. Occupation –Retired
(M) 9421666349
2) Mrs. Radhamani Pillai
Age-78 years Occupation – Retired
both residing at “Gayatri” Survey No. 81, Pimple Gurav, Pune, the absolute
owner of (Plot No. 23 & 24) ---------------- (LAND
OWNER)
AND
Mr.Ganpat Narayaran Jadhav
Age-53 years, Occupation-Business
Residing at “Saiprasad” Building, Samarth Nagar, New Sangvi,
Pune 411027 -----------------
(DEVELOPER)

Regarding the development of Plot No. 23 & 24 , Survey No. 81/1/23,

81/1/24, at Pimple Gurav, Taluka Haveli, Distt. Pune admeasuring (Plot
No.24) 2000 sq.ft. (0.02R) and (Plot No. 23) 1000 sq.ft. (0.01R).

Following points have been discussed and mutually agreed by both the
parties.

1. The developer (Mr. GANPAT NARAYAN JADHAV) has agreed to pay an

amount of Rs. 20,000 (Rs. Twenty thousand) per month for an alternate
accommodation for a rented house to the land owner (Mr & Mrs. PVD
Pillai) till the developer handover possession of the flats constructed to
the above said land to the land owners.

2. It is decided to construct a five storied building on the above said

property with parking facility and two shops at the Ground floor.

3. Both the parties (Land owners and the Developer) mutually agree that TO
complete the proposed Building construction on the said plot and provide
proper water connection, electricity connection, Lift, parking and also
obtain completion certificate from the competent authorities (PCMC) and
Assessment Tax, etc. under the following terms.

a) The possession of 1st floor, 3rd floor and 50% of the 5 th floor along with
one shop at Ground floor to the Land owners. The remaining 2 nd, 4th
and 50% of the 5th floor along with one shop at Ground floor will be
with Developer’s possession. This allotment will be 50% to the land
owners and 50% to the developer.
 b) 50% of the parking slot (as per no. of flats) to be provided from one
side in a row to the land owners. Shop owners parking facility will be
at common parking area only.

c) All incidental charges towards the following:-

i) Power of attorney & development Agreement Registration

ii) Plan passing & DP opening TDR(corp) +NOC
iii) Blue line NOC & NOC permission
All the above charges in actuals will be borne 50% by the land owner
and 50% by the Developer.
d) 50% construction cost of the 5 th floor (1300 sq.ft) @ Rs.1800/- per
sqft. will be borne by the land owner i.e. Rs. 11,70,000/-.

e) The charges towards demolition of old bungalow and shifting of debris

will be borne by the land owner.

4. The land owner can choose any one of the shops out of two available at
the Ground floor of the proposed building.

5. The ownership transaction of 1st floor and 3rd floor along with the
Ground floor shop will be taken place after completion of the proposed
building. The legal expenses of advocate fees towards stamp duty,
registration fees etc. which will be borne in actuals (approx.. 25,000)
and the same will be paid by the land owners.

6. The Power of Attorney and Development Agreement will be executed

within a period 1/2 months and the legal expenses are to be borne
equally by the land owner and the developer.

7. The proposed project will be completed within a period of two (2) years
after obtaining Sanctioned Plan from PCMC / Concerned Authority for the
proposed building.

8. As discussed and agreed, in case any unforeseen / natural calamity

arises during the said period, the project may get delayed.

9. As discussed and agreed that the developer will provide good quality
Standard Fittings and fixtures to the entire project.

10. The developer also agreed that he will provide quality water lines and
electrical fittings.

11. The developer will provide covered parking for the flats in the above said
project.
12. Open Terrance and Lift will be accessible to all the flat owners of the
said project.

13. It is also discussed and decided that at the time of executing Power of
Attorney (POA) and Development Agreement, we have to take the consent
of land owners children Mr. Vinod Pillai , Mrs. Vrinda Sinha and Mr.
Vijay Pillai.

14. During this project development work, any dispute arises from
heirs/anybody in respect of the said property, the issues to be settled by
the land owner to avoid the delay in completing the project.

15. In case of failure of completion of the project by the developer within the
agreed period (i.e. 2 yeas after obtaining Sanctioned Plan from PCMC), he
will pay the land owner an interest of 18% p.a. of the project value till the
completion of the project as per the agreed terms.

16. During the course of construction/demolition work of the said

agreement, any accident/injury to any of the employees on the work site,
the responsibility will be entirely of the developer and not of the land
owner. Compensation if any, will be entirely borne by the developer.

17. The tentative/proposed building plan on the said plot and the area
calculation is attached for reference. The final building plan and area
calculation will be made after Govt. demarcation certificate and DP
opinion from Competent Authority (PCMC).

18. We hereby give permission for the Paper Notice in the daily News Paper
and process for other paper work required for the development of the said
property.

19. One common Toilet facility to be provided at Parking Area for shop
owners and security staff.
IN WITNESS WHEREOF we have set out hands and signed this deed at Pune
on the day month and year herein above mentioned.

P.V.D.PILLAI
(LAND OWNER)

RADHAMANI PILLAI
(LAND
OWNER)

GANPAT NARAYAN JADHAV

(DEVELOPER-PROJECT)
(M) 9822497021

WITNESSED BY
1.SIGNATURE-
NAME:
ADDRESS-

2.SIGNATURE-
NAME:
ADDRESS-

3.SIGNATURE-
NAME:
ADDRESS-