AGREEMENT FOR SALE

THIS AGREEMENT FOR SALE is made and entered into at

Mumbai on this ____ day of August, 2023.

BETWEEN

MR. MUKESH MANSUKHLAL SHETH, aged 61 years, PAN NO.:

AFCPS7811L, AADHAAR CARD NO.: 5097 0064 5223, an adult,

Indian Inhabitant, residing at 3, Jai Bhavani, Plot No. 79, R. B. Mehta

Marg, Near Canara Bank, Ghatkopar (East), Mumbai – 400 077,

hereinafter referred to as the “TRANSFEROR”, (which expression

unless repugnant to the context or meaning thereof shall mean and

include him, his heirs, executors, administrators and assign, etc.) of

the ONE PART;

AND

(1) MRS. SURBHI CHETAN SHETH, aged 49 years, PAN NO.:

AMTPS4972L, AADHAAR CARD NO.: 7121 5560 6716 AND (2) MR.

CHETAN NAGINDAS SHETH, aged 51 years, PAN NO.: AGVPS7444M,

AADHAAR CARD NO.: 7375 6890 7422, both adults, Indian

inhabitants, residing at C – 1406, Krushal Towers, G. M. Road, Near

Shoppers Stop, Chembur, Tilak Nagar, Mumbai – 400 089, hereinafter

referred to as the “TRANSFEREES”, (which expression unless

repugnant to the context or meaning thereof shall mean and include

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them, their respective heirs, executors, administrators and assign, etc.)

of the SECOND PART;

WHEREAS:

A. Transferor was the absolute Owner and seized and possessed of or

otherwise well and sufficiently entitled to flat bearing Flat No. 4,

admeasuring 395 Sq. Fts. Carpet Area i.e. 44.05 Sq. Mtrs. Built Up

Area situate on the Ground Floor, Building known as ‘JAI BHAVANI’

belonging to “SHRI JAI BHAVANI CO – OPERATIVE HOUSING

SOCIETY LTD.”, situated at Plot No. 79, R. B Mehta Marg, Ghatkopar

(East), Mumbai – 400 077, (hereinafter referred to as “the said Old

Flat”) and was the member of Shri Jai Bhavani Co-Operative Housing

Society Limited (hereinafter referred to as the said Society) a Society

registered with Dy. Registrar of Co – Operative Societies at Mumbai,

under Maharashtra Co – Operative Societies Act, 1960, having

registration no. BOM / HSG – 859 of 1965 and holding 5 (Five) fully

paid up Share of Rs. 50/- each amounting to a sum of Rs. 250/-

being distinctive Nos. 016 to 020 (both inclusive) as mentioned in

Old Share Certificate No. 30, dated 28 th day of February, 1966 and

another 206 (Two Hundred Six) fully paid up Share of Rs. 50/-

each amounting to a sum of Rs. 10,330/- being distinctive Nos.

991 to 1196 (both inclusive) as mentioned in Old Share Certificate

No. 31, Dated 28th day of February, 1966 in respect of the

ownership of the said Flat. (hereinafter referred to as the Old Share

Certificates) Copies of the Share Certificate No.30 and 31 are annexed

herewith as “Annexure-“A”;

B. The Society gone for self development of the property of the Society

and have agreed to provide Permanent alternate accommodation to its

members in lieu of their existing flats;

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C. Accordingly, under a PERMANENT ALTERNATE

ACCOMMODATION AGREEMENT”, executed on 30th day of March,

2021 and registered Document No. KRL – 1/6497/2021, dated 08 th

day of March, 2021, the Society has allotted a new Flat being Flat No.

601 on the 6th Floor, Building known as ‘JAI BHAVANI’ belonging to

“SHRI JAI BHAVANI CO – OPERATIVE HOUSING SOCIETY LTD.”,

situated at Plot No. 79, R. B. Mehta Marg, Ghatkopar (East), Mumbai –

400 077, admeasuring about 851.65 Sq. Fts. MOFA Carpet Area

inclusive of fungible FSI i.e. 79.12 Sq. Mtrs. MOFA Carpet Area

equivalent to 889.11 Sq. Fts. RERA Carpet equivalent to 82.60 Sq.

Mtrs. RERA Carpet Area alongwith Two Car Parking (hereinafter

referred to as the said Flat alongwith car parking) on Ownership basis

to the Transferor in lieu of his old flat on the terms and conditions as

specifically mentioned in the said Permanent Alternate Accommodation

agreement. However, The Society has not yet issued the new share

certificate to the Transferor and therefore said agreement is still valid

and subsisting and in no way terminated and/or cancelled. Index II of

said Permanent Alternate Accommodation Agreement is annexed

hereto as Annexure “B”;

D. Thereafter under an Deed of Rectification dated ____________ certain

commercial terms of the Said Permanent Alternate Accommodation

Agreement dated 30th March 2021 were modified by Society and the

member therein and Transferor herein due to change in Plan. Deed of

Rectification dated ____________ was duly registered by a registered

Document No. __________, dated _________________. Index II of said

Deed of Rectification is annexed hereto as Annexure “C”;

E. Giving effect to Deed of Rectification dated _________ the Transferor

is entitled to Flat No. 601 on the 6th Floor, Building known as ‘JAI

BHAVANI’ belonging to “SHRI JAI BHAVANI CO – OPERATIVE

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HOUSING SOCIETY LTD.”, situated at Plot No. 79, R. B. Mehta Marg,

Ghatkopar (East), Mumbai – 400 077, admeasuring about 862.96 Sq.

Fts. MOFA Carpet Area inclusive of fungible FSI i.e. 80.17 Sq. Mtrs.

MOFA Carpet Area equivalent to 888.01 Sq. Fts. RERA Carpet

equivalent to 82.50 Sq. Mtrs. RERA Carpet Area alongwith Two Car

Parking.

F. The Transferor represented to the Transferees that the construction

of the said property is almost completed and part Occupation

Certificate from BMC is in progress and also the possession of the said

Flat is to be handed over to the Transferor upon receipt of part

occupation Certificate;

G. During the pendency of the construction the Transferor is desirous

of disposing off his right, title and interest of said Flat and shares of

the said Society to the TRANSFEREES and the TRANSFEREES are

agreeable to purchase and acquire the membership, and new Share

Certificate as and when issued and said Flat of the society alongwith

all funds, credits, deposit etc. (save and except what is mentioned in

clause 5 herein) lying and being in the record of the society on the

following Terms and Conditions as agreed by and between the parties;

H. The Transferor herein confirms that the Hardship compensation,

Corpus, Rent and premium shall be paid by Society to the Transferor

and Transferee has agreed to the same and hereby undertake not to

claim any amount from the same. Similarly any profit or loss made

available from the Self-Development with respect to present Flat shall

belong to Transferor herein even after due compliance of the present

Agreement;

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I. The Transferor have further represented to the Transferees that he

has neither created any charge and/or lien over the Said Flat nor has

mortgaged and/or charged and/or otherwise encumbered Said Flat

and share certificate with any Bank and/or financial institution and

the title of Said Flat is clear and marketable and free from all

encumbrance;

J. The Transferor has represented that he has not entered into any

Agreement for Sale or any other Agreement of any nature in respect of

Said Flat and shares and/or any part thereof and that there is no lien

and or charge created over Said Flat and share certificate;

K. The Transferor has obtained No Objection Certificate of the said

Society viz. Shri Jai Bhavani Co-Operative Housing Society Limited for

sale and transfer of the said Flat and shares in the name of the

Transferee. A copy of NOC dated __________ issued by the Society is

annexed hereto as Annexure “D”;

L. The Transferor herein, have agreed to sell, transfer, assign and

convey unto the Transferees and the Transferees have agreed to

purchase from the Transferor, the said shares in the capital of the said

society and as incidental thereto, acquire all the beneficial right, title

and interest of the Transferor in the said Flat alongwith car parking

and Shares and in the capital and property of the society together with

the rights of use and occupation of the said Flat and all the rights and

benefits under the said PAAA dated 8/3/2021 for a total consideration

amount of Rs.2,30,00,000/- (Rupees Two Crores Thirty lakhs only)

subject to Tax Deductible at Source (TDS) and on the terms and

conditions set out herein below;

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M. The parties hereto are desirous of reducing the said terms and

conditions mutually agreed upon in writing as follows:

NOW THEREFORE THIS AGREEMENT FOR SALE WITNESSETH

AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS

UNDER:

1. The parties hereto repeat, reiterate and confirm the recitals

stated herein and the agreed terms and conditions of the said

Permanent Alternate Accommodation Agreement dated 8/3/2021 shall

form an integral part of this present Agreement for sale.

2. The TRANSFEROR hereby transfer and assigns all his right,

title and interest in the said Flat No. 601 on the 6th Floor, Building

known as ‘JAI BHAVANI’ belonging to “SHRI JAI BHAVANI CO –

OPERATIVE HOUSING SOCIETY LTD.”, situated at Plot No. 79, R.

B. Mehta Marg, Ghatkopar (East), Mumbai – 400 077, admeasuring

about 862.96 Sq. Fts. MOFA Carpet Area inclusive of fungible FSI

i.e. 80.17 Sq. Mtrs. MOFA Carpet Area equivalent to 888.01 Sq.

Fts. RERA Carpet equivalent to 82.50 Sq. Mtrs. RERA Carpet Area

alongwith Two Car Parking; along with membership, fully paid up

Shares (as and when issued) and all credits, funds, deposit, etc. (save

and except what is mentioned in clause 5 herein) to the

TRANSFEREES and the TRANSFEREES herein have agreed to

Purchase and acquire all their right, title and interest of the said Flat,

the said membership, Shares (as and when issued), alongwith all

credits, funds, deposit, etc. of the said Society (save and except what is

mentioned in clause 5 herein).

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3. The TRANSFEROR hereby transferred all his right, title and

interest in the above said Flat alongwith the Shares and all tights

under the said Permanent Alternate Accommodation Agreement (as

and when issued) and the membership and all funds, deposit, credits,

etc., (save and except what is mentioned in clause 5 herein) of the said

Society for the total monetary consideration of Rs. 2,30,00,000/-

(Rupees Two Crore Thirty Lakh Only) and same is payable after

deducting T.D.S. as per section 194 IA of the Income Tax Act, 1961,

TDS has to be deducted @ of 1% by the TRANSFEREES to

TRANSFEROR being is a sum of Rs. 2,30,000/- (Rupees Two Lakh

Thirty Thousand Only) or such other rate as may be prescribed by

Income Tax Authorities from time to time including the amount of

taxes, if any and thereby a sum of Rs. 2,27,70,000/- (Rupees Two

Crore Twenty Seven Lakh Seventy Thousand Only) which will be

payable by the TRANSFEREES to TRANSFEROR as under:

(I) A sum of Rs. 13,00,000/- (Rupees Thirteen Lakh Only) is paid to

TRANSFEROR, vide RTGS UTR No. HDFCR52023072173636245,

Dated 21/07/2023, Drawn on HDFC Bank, Ghatkopar (East)

Branch, by the TRANSFEREE No. 1 i.e. MRS. SURBHI CHETAN

SHETH, before execution and registration of this Agreement for Sale.

(II) A sum of Rs. 12,00,000/- (Rupees Twelve Lakh Only) is paid to

TRANSFEROR, vide RTGS UTR No. HDFCR52023072173636056,

Dated 21/07/2023, Drawn on HDFC Bank, Ghatkopar (East)

Branch, by the TRANSFEREE No. 2 i.e. MR. CHETAN NAGINDAS

SHETH, before execution and registration of this Agreement for Sale.

(III) A sum of Rs. 2,70,000/- (Rupees Two Lakhs Seventy Thousand

Only) is paid to TRANSFEROR, vide Cheque / RTGS UTR No.

_______________, Dated _____________, Drawn on _____________________

Branch, by the TRANSFEREE No. ____ i.e. _____________________,

before execution and registration of this Agreement for Sale.

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(IV) A sum of Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakhs

Only) will be payable by BANK LOAN and/or by TRANSFEREES as per

their arrangement on or before 30/10/2023.

(V) A sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs Only) will

be payable by TRANSFEREES as per their arrangement and/or by

Cheque / NEFT / RTGS / DD on or before 31st day of December, 2023.

(VI) A sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs Only) will

be payable by TRANSFEREES as per their arrangement and/or by

Cheque / NEFT / RTGS / DD on or before 30th day of June, 2024. That

TIME IS ESSENCE OF THIS AGREEMENT. The TRANSFEROR has

agreed to give vacant and peaceful possession alongwith Occupation

Certificate whole Building to the TRANSFEREES against receipt of full

and final amount i.e. on or before 30th day of June, 2024.

The TRANSFEROR do hereby admit and acknowledge the receipt of the

said consideration as mentioned in CLAUSE 3 (I) TO (III) of this

Agreement for Sale.

It is agreed between the Parties that in case the Transferee delays

in making payment as per terms of clause-3 herein then the

Transferee shall be liable to pay to the Transferor penalty as and

by way of interest calculated @ 18% per annum on the default

amount till such default amount is paid to Transferor. It is further

agreed that in case the Transferee is ready with the balance

consideration and Transferor is unable to handover possession of

the Flat with OC then Transferor shall be liable to pay to the

Transferee penalty as and by way of interest calculated @ 18% per

annum till possession is handed over to Transferee.

It is agreed by the TRANSFEROR that he will get the NOC as per the

requirement from the Society for Sale of this said Flat to the

TRANSFEREES.

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The TRANSFEREES will pay the T.D.S. amount within 30 working days

from the date of registration to the appropriate authorities and get the

T.D.S. Certificate and handover the same to the TRANSFEROR.

4. The TRANSFEROR agreed to come down to the TRANSFEREES

bank (if needed) to collect the Bank Loan Cheque/Pay order within 7

days from the date of INTIMATION of the Bank Loan by the Bank.

5. The Transferor herein confirms that the Hardship

compensation, Corpus, Rent and premium shall be paid by Society to

the Transferor and Transferee has agreed to the same and hereby

undertake not to claim any amount from the same. Similarly any profit

or loss made available from the Self-Development with respect to

present Flat shall belong to Transferor herein even after due

compliance of the present Agreement and Transferee has agreed to the

same and hereby undertake not to claim any amount from the same.

6. The TRANSFEROR does hereby declare that the said Flat is free

from all encumbrances, claims and demands whatsoever and that he is

fully entitle to deal with or dispose of the same and undertake to keep

the TRANSFEREES indemnified in this behalf. The TRANSFEROR also

agree to sign and execute all such Transfer forms, papers and

documents as may be necessary in favour of the TRANSFEREES for

transfer of membership, said Shares (as and when issued), said Flat

and credits, funds deposit, etc. in the records of the society (save and

except what is mentioned in clause 5 herein).

7. The TRANSFEROR agrees to deliver to the TRANSFEREES the

vacant and peaceful possession of the said Flat alongwith the

permanent fixtures and fittings on completion of the sale as and when

9
full and final consideration mentioned hereinabove and request the

society to transfer to the TRANSFEREES the deposit, if any of sinking

fund and also of the electricity billing company, water charges and the

share money standing to the credit of the TRANSFEROR in the books of

the said Society, without being requested to pay any extra further or

other consideration on such account to the TRANSFEROR.

8. The TRANSFEROR will pay and clear off the charges payable to

the society by way of Municipal Taxes and other Dues / Outgoings

related to the said Flat as per the Society bills or any other dues in

respect of the said Flat till handing over vacant & peaceful possession

to the TRANSFEREES and hereby agrees to keep the TRANSFEREES

indemnified against any claim that may be made by the said Society or

anyone else in respect of the said Flat.

9. The TRANSFEREES hereby agrees to pay all the charges

payable by way of Municipal Taxes and other Dues/Outgoings related

to the said Flat from the date of execution and registration of

Agreement for Sale and hereby declares and confirms that he will abide

by Bye – Laws of the said Society, without any reservation whatsoever.

10. The TRANSFEROR hereby declares and confirms that the said

Flat absolutely belongs to him and that he has not created any gift,

pledge, lease, loan, mortgage charge, lien, encumbrances or

attachment to any statutory authorities or otherwise and he is no

Litigation, Stay or any legal proceedings with regard to the said Flat in

any court of Law, Taxing Authorities or with Municipality or Society

authorities. The TRANSFEROR further undertakes to indemnify the

TRANSFEREES against any such claim made by anyone at a later date

whatsoever.

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11. The TRANSFEROR hereby releases after receiving the full

payment, relinquishes, gives up and surrender all his right, title and

interest in the membership of the said Society, the Share Certificate (as

and when issued) and the said Flat in favour of the TRANSFEREES

forever.

12. The TRANSFEROR agrees to handover the Original Share

Certificate (as and when issued), Original Agreement/s and / or all

other documents entered into by his with the earlier TRANSFEROR, to

the TRANSFEREES for their record on receipt of the Full and Final

consideration.

13. The TRANSFEROR has executed all the relevant papers

required for the effective transfer of the said Flat. However, in the

future that the TRANSFEROR undertakes to Co – Operate with the

TRANSFEREES and will execute all such Papers / Documents /

Writings whatsoever for the effective transfer of the said Flat along with

the Shares (as and when issued) and all credits, funds, deposits, etc. in

favour of the TRANSFEREES (save and except what is mentioned in

clause 5 herein).

14. The Society Transfer Charges / Fees will be borne and paid by

both the parties in equal 50% share each. However, the Stamp Duty

and Registration Charges on the present Agreement for Sale will be

borne and paid by the TRANSFEREES.

15. It is agreed that any past claim in respect of the said Flat from

any person or persons or any authorities pertaining to any period prior

to the transfer of the said Flat in the name of the TRANSFEREES, the

11
TRANSFEROR hereby agree to indemnify the TRANSFEREES against

such claims by settling such claims from his own funds only and

taking all the legal responsibilities upon him.

16. The TRANSFEROR hereby undertake and declare that in case

any nomination, assignment, lien or charge in respect of the said Flat

and the said Shares (as and when issued) has been made and/or

created by the TRANSFEROR and/or anyone else claiming through him

prior to this day, in favour of any person or persons other than the said

TRANSFEREES, the same shall after the execution of THESE

PRESENTS, be deemed to be null and void and not binding upon the

said Society / Financial Institute and/or the TRANSFEREES.

17. The TRANSFEROR agrees to transfer the said Shares (as and

when issued) and his interest in the said Flat and shares to the

TRANSFEREES and the TRANSFEREES are entitled to hold, possess,

occupy and enjoy the said Flat without any interruption from the

TRANSFEROR or anyone else claiming through him. The TRANSFEROR

hereby further declares that he has full right and absolute authority to

enter into this Agreement for Sale and transfer the said Flat and he has

not done or performed any Act, deed, matter or things whatsoever

whereby he may be prevented from entering into this Agreement for

Sale as purported to be obstructed, prevented or hindered in enjoying

the rights to be conferred or transferred or assigned in his favour or

whereby quiet and peaceful enjoyment possession of the

TRANSFEREES in respect of the said Flat may be disturbed and in the

event of it being found that the TRANSFEROR was not entitled to enter

into this Agreement for Sale and transfer his right sought or purported

to be transferred hereby and the TRANSFEREES are not able to enjoy

quiet and peaceful possession of the said Flat due any such reasons

12
then TRANSFEROR be liable to compensate, indemnify and/or

reimburse the TRANSFEREES all the loss and damage which the

TRANSFEREES may suffer or sustain in this behalf.

18. The TRANSFEROR hereby undertakes to furnish any other

documents, which may be required by the TRANSFEREES to make the

title of the said Flat complete and absolute without claiming any extra

charges or compensation. The TRANSFEROR also agrees and

undertakes to sign any other document or forms with regards to

transfer of said Flat.

19. This Agreement for Sale has been executed in Mumbai. The

property is situated at Mumbai and the payments are made in

Mumbai. Hence it is subject to jurisdiction of Mumbai Courts of Law.

20. The contents of this Agreement for Sale are explained to all

parties in their respective mother tongue and they understood well.

-:SCHEDULE OF PROPERTY:-

Flat No. 601 on the 6th Floor, Building known as ‘JAI BHAVANI’

belonging to “SHRI JAI BHAVANI CO – OPERATIVE HOUSING

SOCIETY LTD.”, situated at Plot No. 79, R. B. Mehta Marg,

Ghatkopar (East), Mumbai – 400 077, admeasuring about 862.96

Sq. Fts. MOFA Carpet Area inclusive of fungible FSI i.e. 80.17 Sq.

Mtrs. MOFA Carpet Area equivalent to 888.01 Sq. Fts. RERA

Carpet equivalent to 82.50 Sq. Mtrs. RERA Carpet Area alongwith

Two Car Parking; The Building consisting of Ground + Fourteen

Floors with Lift, having bearing Final Plot No. 79, CTS No. 5917,

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Village: Ghatkopar – Kirol, Taluka: Kurla, lying & in the Municipal

Jurisdiction of “N” Ward being in the registration district of

Mumbai Suburban District.

IN WITNESSTH WHEREOF the parties hereto put and subscribed

their respective hands and seal the day and the year first hereinabove

mentioned.

SIGNED, SEALED AND DELIVERED ) L.H.T.I.

PHOTO

by the withinnamed “TRANSFEROR” ) )

MR. MUKESH MANSUKHLAL SHETH )

PAN NO.: AFCPS7811L )

AADHAAR CARD NO.: 5097 0064 5223)

The party of the First Part, )

In the presence of ………….. )

I. )

II. )

SIGNED, SEALED AND DELIVERED by ) L.H.T.I. PHOTO

the withinnamed “TRANSFEREES” )

(1) MRS. SURBHI CHETAN SHETH )

PAN NO.: AMTPS4972L )

AADHAAR CARD NO.: 7121 5560 6716)

L.H.T.I.
PHOTO

AND )

(2) MR. CHETAN NAGINDAS SHETH )

PAN NO.: AGVPS7444M )

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AADHAAR CARD NO.: 7375 6890 7422)

In the presence of ……….. )

I. )

II. )

RECEIPT

RECEIVED with thanks from the TRANSFEREES, (1) MRS. SURBHI

CHETAN SHETH and (2) MR. CHETAN NAGINDAS SHETH, a sum of

Rs. ________________/- (Rupees ________________________________Only)

as a part payment out of total consideration of a sum of Rs.

2,30,00,000/- (Rupees Two Crore Thirty Lakh Only) for the sale and

transfer of Flat No. 601 on the 6th Floor, Building known as ‘JAI

BHAVANI’ belonging to “SHRI JAI BHAVANI CO – OPERATIVE

HOUSING SOCIETY LTD.”, situated at Plot No. 79, R. B. Mehta

Marg, Ghatkopar (East), Mumbai – 400 077, admeasuring about

862.96 Sq. Fts. MOFA Carpet Area inclusive of fungible FSI i.e.

80.17 Sq. Mtrs. MOFA Carpet Area equivalent to 888.01 Sq. Fts.

RERA Carpet equivalent to 82.50 Sq. Mtrs. RERA Carpet Area

alongwith Two Car Parking; as under:

SR. DATE RTGS UTR DRAWN ON AMOUNT INR

NO. NO. / Rs.
CHEQUE NO.
1. 21/07 RTGS UTR NO. HDFC Bank, 13,00,000/-
/2023 HDFCR520230 Ghatkopar (East)
72173636245 Branch

2. 21/07 RTGS UTR NO. HDFC Bank, 12,00,000/-

/2023 HDFCR520230 Ghatkopar (East)
72173636056 Branch

3. _______ ___________ ___________ 2,70,000/-

____

(Rupees Twenty Seven Lakhs Seventy Thousand Only) 27,70,000/-

I SAY RECEIVED

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Rs. 27,70,000/-

MR. MUKESH MANSUKHLAL SHETH

(TRANSFEROR)
WITNESSES:

1.

2.

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