JOINT DEVELOPMENT AGREEMENT

This JOINT DEVELOPMEMT AGREEMENT is entered into by and

between:-
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Mrs. MEHARUNNISA MOHAMMED SHAFI NAAZKANI,

aged about 49 years, wife of Naazkani Mohammed Shafi,
residing at Al-Ahzab Hamara Ghar, CHSL, Flat No.302,
Millath Nagar, near Yamuna Nagar, Andheri West, Azad
Nagar, Mumbai – 400053, hereinafter referred to as the
“OWNER” of the one part;

AND

Mr. ABDUL ZUBEIR REHMAN, aged about 34 years, son

of M.S. Abdul Rehman, residing Door No.3-40-1, Jameela
Manzil, Muloor Village, Uchila, Udupi district – 574117,
hereinafter referred to as the “PROMOTER” of the other
part;

The expressions the “OWNER” and the “PROMOTER” shall mean

and include their respective heirs, executers, administrators,
assignees and representatives-in- interest;

WITNESSETH AS FOLLOWS:-

WHEREAS, the Non-Agricultural immovable property, held on

warg right and more fully described in the schedule herebelow,
hereinafter referred to as the “SCHEDULE PROPERTY”, belong
to the OWNER absolutely, she having acquired the same, as per
the following documents:

1. Sale Deed dated 21.08.2014 registered as Document

No.MLK-1-01961/2014-15, entered in CD No.MLKD116 of
Book-1, in the office of the sub-Registrar, Mulki, and

2. Sale Deed dated 21.08.2014 registered as Document

No.MLK-1-01962/2014-15, entered in CD No.MLKD116 of
Book-1, in the office of the sub-Registrar, Mulki,

ever since then the OWNER has been enjoying the Schedule
property with actual possession as absolute owner thereof by
getting her name duly entered in all the Revenue and other
records maintained by the public authorities and by paying all
outgoings as absolute owner thereof.

AND WHEREAS, the OWNER has been contemplating to

develop the Schedule Property by putting up individual residential
Villas in the Schedule Property and hence she has decided to

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make over the right of development of the schedule property to

any prospective promoters and at that juncture, the PROMOTER
herein having come to know the intention of the OWNER, offered
to take up the right of development of the SCHEDULE PROPERTY
by promoting individual residential Villas therein, and the OWNER
has accept the said offer and both the parties after mutual
discussions and much deliberations have agreed to the various
terms and conditions subject to which the right of development of
the SCHEDULE PROPERTY is to be made over to the PROMOTER
and the parties have thought it fit to reduce the said terms and
condition into writing under this deed.

NOW, THEREFORE, THIS AGREEMENT IS ENTERED INTO

AND WITNESSETH AS FOLLOWS:-

1. That, in consideration of the PROMOTER agreeing and

undertaking to build individual residential Villas in the schedule
property after obtaining all necessary clearances from the
concerned authorities and deliver to the OWNER 500 Sq.Ft.
residential Villa and a sum of Rs.45,00,000.00 (Rupees Fourty
Five Lakhs Only) to be paid by the PROMOTER to the OWNER,
the OWNER has hereby entrusted the SCHEDULE PROERTY to
the PROMOTER, for developing, promoting, building and
constructing individual residential Villas in the SCHEDULE
PROPERTY upon the terms and conditions contained herein and
the PROMOTER has hereby agreed and undertaken to develop,
promote and build the apartment building in the SCHEDULE
PROPERT subject to the terms and conditions contained herein.

2. The PROMOTER shall deliver an individual residential Villa

measuring 500 Sq.Ft. to the ‘OWNER’ in the manner to be
decided after obtaining the building licence.

3. The parties have further agreed that in consideration of the

PROMOTER, developing, promoting and building/constructing
individual residential Villas in the SCHEDULE PROPERTY and
delivering to the OWNER 500 Sq.Ft. individual residential Villa
of the constructed salable area together with all rights of way,
water, easement and mamool rights appurtenant thereto and a
sum of Rs.45,00,000.00 (Rupees Fourty Five Lakhs Only) to be
paid by the PROMOTER to the OWNER, the PROMOTER shall be
absolutely entitled to the entire balance/ remaining area in the
said Schedule Property and also the rights of way, water,
easement and mamool rights appurtenant thereto.
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4. The parties have agreed that the PROMOTER shall at his own
and by investing his own funds and resource develop, promote,
build/ construct the individual residential Villas in the
SCHEDULE PROPERTY and the OWNER shall not be liable to
invest any funds or money for the same.

5. The individual residential Villas to be developed by the

PROMOTER in the SCHEDULE PROPERTY shall be named by
mutual consent, hereinafter referred to as the ‘Villas’.

6. The entire design, plan architecture, general specifications,

special features, amenities and facilities of the ‘Villas’ shall be
within the exclusive discretion and right of the PROMOTER.

7. The agreed general specifications, special features and

common amenities and facilities of the ‘Villas’ are to be
specified by the PROMOTOR himself.

8. However, the PROMOER shall be within his right to vary the

general specifications, etc. as the exigency of the situation
warrants, but however will available/ feasible to the nearest
equivalent standard alternative with consent of the OWNER.

9. The PROMOTER shall alone be responsible for getting the

licence/ permission for construction, all clearances, no
objection certificates, sanctions, permissions, approvals, etc.,
whatsoever required for developing the project and also for
obtaining all civic amenities and facilities and occupation
certificate, etc. from all concerned authorities and for
completion of the project undertaken in all respects.

10. The PROMOTER shall be within his right to entrust the actual
construction work of the ‘Villas’ to any contractor and any
other works connected to the project to any other agencies,
etc.

11. The PROMOTER shall construct the ‘Villas’ in accordance with

the terms of the licence and sanctioned plan and as per the
specifications agreed upon.

12. The PROMOTER shall be solely responsible and liable for any
legal actions, cases, proceeding or claims for any damage, loss
or compensation, penalties, fine, fees, cess charges that may

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be made by any authority or anybody in the course of

developing the project.

13. The OWNER shall do all such acts, deeds and things and
execute all such documents, instruments, deeds, etc. At the
request and cost of the PROMOTER and extend all co-operation
to the PROMOTER shall complete the project in all respects and
deliver vacant possession of the agreed constructed Villas to
the OWNER within 24 months from the date of obtaining
building licence from the concerned authority. However, the
PROMOTER is entitled to a grace period of 6 months from the
date of expiry of the initial period of 24 months.

14. If the PROMOTER fails to complete the project in all respects

and hand over the Villa of the OWNER’s entitlement even after
the grace period as mentioned in this agreement except for the
unforeseen reasons beyond the control of the PROMOTER, the
OWNER shall be entitled to claim the rental value of the
apartments/ constructed area of his entitlement, on the basis
of the reasonable monthly rent that the apartments may fetch
if let out from month to month, for the delayed period, up to
such date till the PROMOTER hand over the constructed area,
which shall not exceed more than 6 months under any
circumstances.

15. The OWNER shall be liable to pay the standard capital gains on
the SCHEDULE PROPERTY and also income tax payable
thereto.

16. The OWNER shall be entitled to make his own arrangements

for supervising the construction of the ‘Villas’ and in case any
discrepancies are noticed, the same shall be brought to the
notice of the PROMOTER in writing immediately and the
PROMOTER shall take remedial steps to set right such
discrepancies.

However under no circumstances the OWNER shall be entitled

to stop or stall the process of the construction of the ‘Villas’.

17. The OWNER has hereby permitted the PROMOTER to enter the
schedule property for the purpose of carrying out the
development work of the project in terms of this agreement.

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However this shall not be construed as delivering possession of

the SCHEDULE PROPERTY as contemplated under section 53-A
of the Transfer of Property Act.

18. The PROMOTER shall make available to the OWNER true copy
of the sanctioned plans and building license.

19. The PROMOTER assures the OWNER that he would promptly

secure all the clearances and permissions required for the
commencement of construction.

20. The OWNER hereby permits the PROMOTER to enter the

SCHEDULE PROPERTY with right to carry on any developmental
work in accordance with the terms of this agreement. It is also
agreed between the parties herein that, the possession of the
partly or fully constructed Villas will be with the PROMOTER
only, until the respective Villas are handed over to Purchaser/s
of the individual Villas or to the OWNER as the case may be.

21. The OWNER and the PROMOTER shall receive the sale
consideration towards the individual Villas from the purchasers
of the sale of the same allotted to their respective share as per
the terms of this agreement. It is also agreed between the
OWNER and the PROMOTER that the miscellaneous charges
and the extra work charges shall be paid by such purchasers
directly to the PROMOTER only.

22. The PROMOTER shall have sole discretion in selection of

construction materials, method of construction, equipment to
be used for the construction and other related techniques of
construction and the OWNER shall not interfere with the same
provided it is made clear that the development and
construction shall be in accordance with the specifications
agreed between the parties and by using good and 1 st grade
materials and in terms of this agreement and the same is
annexed with this agreement.

23. The project will be considered as completed on receipt of the

completion certificates on all the individual Villas constructed in
the Schedule Property issued by the Architect of the project for
a such building’s and on providing the same with all
specifications and permanent services including electricity,
water, sanitary and power back-up for the entire building and
making them fit for use and occupation.

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24. The PARTIES have agreed that the possession of the ‘Villas’
under construction shall be deemed to be with the PROMOTER
till the possession of the agreed Villas corresponding to the
constructed Villas are being delivered to the OWNER by the
PROMOTER.

25. The OWNER shall execute an irrevocable General Power of

Attorney in respect of the SCHEDULE PROPERTY in favour of
the PROMOTER or the PROMOTER’s nominee empowering the
PROMOTER to obtain licence, electricity connection, drainage
connection, water connection, electrical inspectorate
permission, occupation certification and other permissions,
clearances, no objection etc., from various authorities and
agencies and bodies as required for completing the project and
to develop the SCHEDULE PROPERTY and to carryout the
construction/ improvements as required by the PROMOTER and
also empowering the PROMOTER to enter into agreement for
sale of the PROMOTER’s share of individual Villas and the
undivided proportionate right in the schedule property.

26. The OWNER has represented to the PROMOTER as under:

a) That the OWNER is absolutely entitle to the schedule

property and that the OWNER has subsisting clear,
marketable and absolute title to the SCHEDULE PROPERTY
and are on undisturbed possession thereof.

b) That the SCHEDULE PROPERTY is neither subject to any

litigation, attachments, tax liabilities, nor the schedule
property been given as security or surety in any case or
court proceedings.

c) That there are no claims mortgages, security charges, lien,

encumbrances, hindrances, obstructions, objections,
injunctions or impendence on the schedule property.

d) That nobody whomsoever has got any right of easement or

otherwise whatsoever over the SCHEDULE PROPERTY or any
claims over the SCHEDULE PROPERTY.

e) That the OWNER has not entered into any agreement of

sale Memorandum of Understanding or Lease, Transfer or
for development of the SCHEDULE PROPERTY or any portion
thereof with any other persons.
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f) That the SCHEDULE PROPERTY is not land in respect of

which there is prohibition regarding sale and that there is no
bar or prohibition to acquire, hold or to sell the SCHEDULE
PROPERTY or to enter into this agreement.

g) That the OWNER has paid the taxes, cess and other
statutory charges in respect of the SCHEDULE PROPERTY.

h) That neither there are any pending proceedings in any

forum nor is there that of any appeals from any orders
passed in favour of the OWNER in any of the proceedings
concerning the SCHEDULE PROPERTY.

i) That there are no tax attachment/ other attachment

concerning the SCHEDULE PROPERTY or any party thereof
under the Income Tax Act 1961, Wealth Tax or Sales Tax or
any other taxing statutes or any other statutes.

j) That there are no pending proceedings or claims under any

proceeding which would affect the development of the
SCHEDULE PROPERTY and for the OWNER entering into this
agreement.

27. The PARTIES have agreed that neither party shall be entitled to
assign, transfer, alienate, convey, make over, encumber,
mortgages, or create charge on or delegate in any manner
whatsoever of its right or interest under this agreement
without the written consent of the other party till the
completion of the project.

28. The PARTIES have further agreed that till the project is
completed in all respect, neither party shall be entitled neither
to reconstitute nor effect any change in his constitution.

29. All notice, letters, correspondences and communication

between the parties concerning and arising out of this
agreement shall be posted to the address of the parties as set
out above. Any change in address shall be communicated in
writing to the other party.

30. In case of any dispute between the parties to this agreement

regarding the interpretation of the terms and conditions of this
agreement or its enforcement or compliance or non-compliance

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and anything arising out of this agreement or in relation

thereto or on account of anything done pursuant thereto and
matter whatsoever touching this agreement between the
parties to this deed or their legal representative etc., it shall be
referred to and Conciliation Act, 1966 and the decision of the
Arbitrator shall be final and binding on both the parties.

31. The PROMOTER shall be entitled to make loans and financial

facilities for development of the SCHEDULE PROPERTY the
security of the SCHEDULE PROPERTY and the building
constructed thereon, provided always that the OWNER shall
not be liable for such borrowing or repayments of the principal
and interest thereon and that it shall be the sole responsibility
of the PROMOTER to discharge the obligation and in the event
of there being any claim against the OWNER.

32. It is agreed between the parties that both the parties shall
personally join for the execution and registration of the sale
deed of partly constructed Villas/ fully constructed Villas in
favour or any prospective purchasers.

SCHEDULE
DESCRIPTION OF THE PROPERTY

Non-agricultural immovable property held on warg right

Situated in Bada Village of Udupi Taluk, within the registration
sub-district of Mulki and comprised in :-

ITEM Sy. No. KISSAM EXTENT

No. A-C
1 164/12P3 Converted 0 – 15.00
2 164/12P3 Converted 0 – 15.00
Total : 0 - 30.00

Togetherwith all mamul easementary rights appurtenant thereto.

BOUNDARIES OF ITEM No. 1 :-

North : Survey Line.

South : Survey Line.
West : Sy. No.164/11
East : Portion of the same Sy.No.

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BOUNDARIES ITEM NO.2 :-

North : Survey Line and Road.

South : Survey Line
West : Sy. No.164/11
East : Portion of the same Sy.No.

IN WITNESS WHEREOF, the PARTIES hereto have signed

this Agreement on this 5 th day of November, 2020 at
MANGALORE.

OWNER PROMOTER

WITNESSES:-

1.

2.