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AGREEMENT FOR DEVELOPMENT

THIS AGREEMENT FOR DEVELOPMENT is made and executed at Mumbai on

this 21st day of December in the Christian Year Two Thousand and Nineteen (2019)
B y a nd between
JAY SHREE PARIKSHIT CO-OPERATIVE HOUSING SOCIETY LIMITED,
a Co-operative Housing Society, duly registered under the provisions of
Maharashtra Co-operative Societies Act, 1960, bearing Registration No.
BOM/HSG/5262, dated December 3, 1977 and having PAN AACAJ2225M and
having its registered office at 59, Road No.4, Jawahar Nagar, Goregaon (West),
Mumbai – 400104 (Originally numbered as 400 062), through its Office Bearers and Authorized
Signatories viz.

Name of Member Particulars Flat No.

Mr. Samir H. Mehta Chairman 3
Mr. Yogesh S. Trivedi Secretary 2B
Mr. Bharat K. Brahmbhatt Treasurer 4
Mr. Harhsad J. Mehta Member 9
Mr. Pravin L. Chheda Member 1
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(hereinafter referred to as ‘THE SOCIETY/OWNERS’ (which expression shall

unless it be repugnant to the context to meaning thereof, be deemed to mean and
include the Society, its members for the time being and from time to time and their
respective heirs, executors, administrators, and assigns as also the successors,
administrators and assigns of the said Society) of the ONE PART:

AND
AAKAR SHIVAM REALTY, a Partnership Firm (PAN No. ABFA7804E) (GST No.
27ABPFA7804E1ZD) through its Partners (1) Mr. Gaurav V. Patel and (2) Mr.
Mrugesh Rajendra Shah (having office at 8, Shreyash, Near Anupam Cinema,
Jayprakash Road No. 1, Goregaon East, Mumbai 400 063, and Correspondence Office
at B/101, Plot No. 15, Prarthana Apartment, Jawahar Nagar, S.V. Road, Goregaon
West, Mumbai – 400104, hereinafter called ‘THE DEVELOPER’ (which expression
shall unless the same be repugnant to the context of meaning thereof be deemed to
mean and include its successor or successors and assigns) of the OTHER PART;
AND
Sr. Name of the Member Flat Share Pan Card No. Existing
No. No. Certific Carpet
ate No. Area
1. Mr. Pravin L. Chheda & 1 1 ADSPC2796C 601.93
Mr. Nehal P. Chheda ADSPC2798N
2. Mrs. Priyalata Y. Trivedi 2A 29 AFHPT6476P 435.35

3. Mr.Trivedi Yogeshchandra Trivedi 2B 2 ABAPT6105E 144.00

4. Mr. Samir H. Mehta & 3 3 AACPM5454E 760.00

Mrs. Yashashvi H. Mehta
5. Mr. B. K. Brahmbhatt 4 4 ADOPB8487D 600.00

6. Mr. Jitendra S. Brahmbhatt 5 5 AABPB6748H 754.34

7. Mr. Jitendra S. Brahmbhatt 6 6 AABPB6748H 600.00

8. Mr. Satyen Arvindbhai Shah 7 7 AAPPS3642F 352.00

9. Mrs. Bijal Hem Shah 8 25 BGOPS1821E 337.00

10. Mr. Harshad J. Mehta 9 9 AABPM2323F 364.50

11. Mr. Devendra P. Shah 10 28 BGWPS7811N 330.11

12. Mr. Sunil A. Shah 11 27 AAFPS4439Q 364.50

13. Mrs. Vanitaben S. Sheth 12 12 HETPS4326P 326.00

14. Mr. Sunil A. Shah 13A 16 AAFPS4439Q 374.00

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15. Mrs. Pina R. Rokani 13B 15 ALOPR3627D 150.00

16. Mr. Jayesh D. Salla Garage 26 AADPS4183M 170.00

17. Mr. Jitendra S. Brahmbhatt Garage AABPB6748H 145.00

(Hereinafter referred to as the "Members"), which expression shall, unless it be

repugnant to the context or meaning thereof, mean and include his/her legal heirs,
successors and assigns;

The Society, Members and the Developer may, hereinafter, be jointly referred to as the
"Parties" and severally as the "Party".

WHEREAS:

A. The Society is solely and absolutely seized and possessed of, or otherwise well and
sufficiently entitled to the leasehold rights of all that pieces and parcel bearing CTS
No. 723/A, 723/A/1 to 3 admeasuring in aggregate about 585.29 (Five Hundred and
Eighty Five point Twenty Nine) square meters (as per Lease Deed) and 528.5 (Five
Hundred and Twenty Eight point Five) square meters[excluding 53.7 (Fifty Three
point Seven) of 723/B sq. mtrs area of setback] as per Property Registered Card and
situated at Village Pahadi, Goregaon (West) Mumbai – 400104, Taluka Borivali,
within the registration sub-district of Bandra and District Mumbai Suburban (“Land”)
together with the ownership rights in the building standing thereon known as ‘JAY
SHREE PARIKSHIT’, comprising of ground plus [2½ (Two & half)] upper floors
and consisting of 15 (Fifteen) residential flats and 2 (Two) garages aggregating to 17
(Seventeen) members (“Old Building”). The Land and the Old Building are
hereinafter collectively referred to as the “Property”, which is more particularly
described in the First Schedule hereunder written.

B. The manner in which the title of the Property has been acquired by the Society is as
under:
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i) The Jawahar Nagar Co-operative Housing Society Ltd., (“Parent Society/Lessors”)

a Co-operative Housing Society duly registered under the provisions of Bombay Co-
operative Housing Societies Act, 1925 and deemed to have been registered under the
provisions of Maharashtra Co-operative Housing Societies Act, 1960 is the Owner of,
interalia, the Land which was earlier admeasuring about 638.99 (Six Hundred and
Thirty Eight point Ninety Nine) square meters and plot bearing CTS no. 723 and
situated at Village Pahadi Goregaon (West), Taluka Borivali, within the Registration
sub-district of Bandra and District of Mumbai Suburban (“Larger Land”).

ii) Thereafter, by an indenture dated January 8, 1971, bearing registration no. P 10 of

1971, the Parent Society granted the leasehold rights in respect of the Larger Land to
(i) Smt. Pushpavati Arvindlal Mazumdar and (ii) Arvindlal Lallubhai Mazumdar
(hereinafter collectively referred to as the “Erstwhile Lessee”) for a period of 998
years effective from October 1, 1947 and on the terms and conditions more
particularly mentioned therein.
iii) Accordingly, the Erstwhile Lessee became shareholders and members of the Parent
Society having 10 (Ten) shares of Rs. 10 (Rupees Ten) each in the Parent Society
bearing distinctive numbers 711 to 720 (both inclusive) evidenced by Share Certificate
No. 072 (“Shares in the Parent Society”).
The Erstwhile Lessee then constructed the Old Building on the Land. The Erstwhile
Lessee rented out the flats to various persons on monthly tenancy basis.
iv) Thereafter, by an indenture dated June 17, 1980 (“Indenture”) duly registered with
the Sub-Registrar of Assurances at Bombay under serial no. 1629 of 1980 executed by
and between the Erstwhile Lessee therein referred to as the vendors, and (i) Shri. H. I.
Mehta, (ii) Shri Navinchandra Desai, (iii) Shri. Lalji H. Chheda and (iv) Shri S.
Brahmbhatt (nos. (i) to (iv) collectively hereinafter referred to as the “Promoters of
Jay Shree Parikshit”) therein referred to as the confirming party and the Society
therein referred to as society, the Lessors granted, assigned and transferred unto the
Society all their right, title and interest in the Land as a lessee and the ownership rights
to the Old Building along with the confirmation of the confirming parties on the terms
and conditions more particularly mentioned therein.
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v) Accordingly, the leasehold rights in the Land were transferred by the Parent Society in
the name of the Society and consequently, the Parent Society transferred the Shares in
favor of the Society and thus the Society became the member of the Parent Society. A
copy of the Shares in the Parent Society is attached herewith and marked as Annexure
“A”.
vi) Accordingly, the Tenants of the Erstwhile Lessee stood attorned in favor of the
Society and simultaneously all such tenants became members of the Society by
holding the shares of the Society and by converting their tenancy into ownership.
vii) In the above facts and circumstances, the Society became absolutely seized and
possessed of and/or otherwise well and sufficiently entitled to the leasehold rights
in the Land and the ownership rights in the Old Building. The property registered card
of CTS Nos. 723/A, 723/A/1, 723/A/2 and 723/A/3 reflects the name of the Society as
a lessee. A copy of the property registered card is annexed hereto as Annexure "B".
viii)Thereafter, out of the Larger Land, an area of about 53.7 (Fifty Three Point Seven)
square meters or thereabouts was acquired by the Bombay Municipal Corporation
(“BMC”) for road widening in the year 1993 and accordingly, CTS No. 723 was
divided into 2 parts viz. (i) CTS 723 A, which is in respect of the Land and, (ii) CTS
723 B, which is in respect of the set-back area admeasuring 53.7 (Fifty Three Point
Seven) acquired by the BMC for road widening.

C. A detailed list of all the existing members of the Society ("Members"), number of
flats/garages occupied by each of them, respective carpet area occupied by them, their
respective share certificates and its distinctive nos., pan nos., etc. held by each of the
Members of the Society, is set out in the list annexed hereto and marked as
Annexure“C”.

D. It is matter of fact that the existing building of the Society is more than 50 years old
and hence requires heavy periodical repairs and maintenance at huge cost and as such
the Society in its Special General Body Meeting held on 26/09/2009 decided to
undertake the redevelopment of the said property by demolishing the existing building
and by constructing a new building thereon, by utilizing full FSI and obtaining
Transferable Development Rights (TDR) in accordance with the prevailing
Development Control Regulations, 1991;
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E. In pursuance thereof, the Society had also, decided to invite offers from the competent
and reputed developers to carry out the redevelopment of the said Property, for the
construction of the new building thereon, in order to accommodate the existing 17
(Seventeen) Bonafide members of the Society, in the respective flats in the proposed
new purely residential building and to sell the remaining constructed area by way of
flats in the open market to the prospective buyers and for this purpose to consume
available FSI and also, to utilize permissible TDR/FSI by Premium 0.7 & 0.5
respectively and Fungible FSI in accordance with the then prevailing Development
Control Regulations for Greater Mumbai, 1991 as amended till date, to be obtained by
such Developer, from the open market in the name of the Society, at the Developer’s
own costs and expenses, for the aforesaid purposes;

F. Accordingly, the Society invited offers from the intending developers to undertake the
redevelopment of the said Property and in response, the Society received various
offers from the intending developers, pertaining to the redevelopment of the said
property owned by the Society and after evaluation of all the offers received by the
Society from the said intending developers on its merits and thorough scrutiny made
by the Managing Committee of the Society and thereafter, on detailed discussion and
deliberations held in the Special General Body Meetings of the Society from time to
time, it was unanimously resolved to accept the proposal of the Developers herein
Dated 23rd August 2019 and allow and permit them to undertake the redevelopment of
the said property and for the construction of new building thereon, subject to final
approval in the Special General Body Meeting;
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G. As such, by a letter dated 11th September 2019, the Society informed the Developer
herein that pursuant to the aforesaid Special General Body Meeting and the resolutions
passed therein, the offer dated 23rd August 2019 of the Developer herein, for the
construction of the new residential building after demolition of the existing building,
has been accepted and also, intimated the Developer herein to prepare the necessary
documents and other necessary papers/writings etc. to be executed by and between the
parties hereto, relating to the proposed project. Accordingly, in the meeting of the
Special General Body of the Society held on 11th December 2019, the draft of this
Development Agreement and the Power of Attorney and other writings etc. to be
executed by the Society in favour of the Developer herein were read over and
discussed and with necessary changes, the same were approved and finalized for due
execution thereof. It was also resolved in the said meeting that the office bearers of the
Society viz.(1) Mr. S. H. Mehta, the Chairman (2) Mr. Y. S. Trivedi, the Secretary &
(3) Mr. B. K Brahmbhatt, the Treasurer (4) Mr. Harshad J. Mehta and (5) Mr. Pravin L
Chheda respectively, are empowered and authorized for and on behalf of the Society,
to finalize and execute and register the necessary documents, deeds, papers etc. in
consultation with the Managing Committee, in favour of the Developer herein, for the
redevelopment of the Society’s property;

H. Under the circumstances, the Parties hereto are desirous of entering into this
Agreement recording in writing the terms and conditions mutually agreed between
them which are as appearing hereinafter.

NOW THIS AGREEMENT FOR DEVELOPMENT WITNESSETH AND IT

IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO
AS FOLLOWS:
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1. The Parties hereby declares that the statements, declarations and representations on its
part as contained in the foregoing recitals are true to their own knowledge and are
made by it conscientiously, believing the same to be true knowing full well that,
declarations and representations to be true and correct, the Parties have agreed to
execute this Agreement in respect of the Property and to acquire the development rights
for valuable consideration and to undertake several obligations as herein set out [and
the Developers have independently verified the title of the Society and satisfied
themselves about the same.]

2. Definitions of Terms
In this Agreement, unless the context otherwise requires the following words and
phrases shall have the following meaning:-

“Agreement” shall mean and include this Agreement and all amendment,
modifications, addendum, supplement thereto and all enclosures, annexure, schedules,
appendices, variations, clarifications, amendments duly and specifically agreed, in
writing, by and between the Parties;

"Applicable Law" means all applicable laws, bye-laws, rules, regulations, orders,
ordinance, notifications, guidelines, policies, notices, directions, conditions of any
regulatory approval or license issued by a government authority and judgments and any
other requirements of any statutory and relevant authority;

"Approvals" means all approvals, permissions, authorizations, consents, licenses,

exemptions, letters of intent (LOIs), annexures, intimation of approvals, intimation of
disapprovals, commencement certificates, occupation certificates, building completion
certificate, notifications, sanctions of layout plans (and any amendments thereto),
sanctions of building plans (and any amendments thereto), as may be applicable and/or
required for the development of the Property or part thereof as may be required under
the Applicable Laws;

“Amenities” shall mean the amenities a s agreed between the Parties to be

provided by the Developers in the Members‟ New Flats in the New Building(s) and as
listed in Annexure “D” hereto.
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"CC" means the commencement certificate, which is an official permission granted

by the MCGM to start the construction activity in accordance with the plans
sanctioned by MCGM;

“D.C. Rules/Regulations” shall mean the Development Control Regulations, for

Greater Mumbai 2034 or as amended till date as applicable to city of Mumbai and any
statutory amendment or modification or re- enactment thereof.

"Carpet Area" shall have the same meaning ascribed to it under RERA

“Agreed Area” shall mean Wall to Wall Area.

"Common Areas and Facilities" shall mean and include all the common area
amenities and facilities including gymnasium, podium garden etc. for the common use
of the members of the Society and the new Purchaser(s) upon them being admitted as
members of the Society, and the same will be demarcated as per the design of the New
Building(s) made by the Developer and duly approved by the Society and sanctioned
by the concerned authority;

"Development Costs" shall mean all the costs and expenses to be incurred by the
Developers for the carrying out the development of the Property or part thereof
including costs, deposits, premiums and expenses of whatsoever nature to be incurred
by the Developers for the planning, approval, construction, completion and handing
over of the newly constructed building to the Members of the Society and the
Purchaser(s);

“Defect Liabilities” - Any structural defect or any other defect in workmanship,

quality or provision of services or any other obligations of the Developer as per
the present Agreement or as mentioned in RERA.

“Defects Liability Period” shall mean a period of 60 (Sixty) months from the date
of completion of the Project i.e. from the date of receipt of O.C) during which
Developer shall remedy defects.
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"Developer’s Area" shall mean and include the balance residential flats and car
parking spaces available to the Developers in the New Building(s) for sale/allotment to
the prospective Purchaser(s), after providing for the Members’ New Flats to the
Members;

“Final Completion Date” shall mean expiry of 30 (Thirty) days from the date the
Developers sends a written notice to the Society about / after receipt of the OC;

“FSI” shall mean Floor Space Index as defined and understood under the
Maharashtra Regional and Town Planning Act, 1966 and the D.C. Regulations or any
statutory modification, re-enactment or amendment thereof.

“Fungible FSI” means the fungible compensatory and incentive FSI or any other, as
permitted by the MCGM as per the D. C. Rules;

“Force Majeure” shall mean any of the following events affecting the Property or any
construction namely, an act of God, act of civil or military authority, act of
Government, Governmental restriction, war, invasion, embargo, rebellion, revolution,
insurrection, terrorism, riot, fire, earthquake, lightning, storm, typhoon or flood, storm,
cyclone, tsunami, hurricane, epidemic, famine, acute and industry wide shortage of
steel or cement in the known market condition, change in the policy of the MCGM or
change in the DC Rules affecting the entire construction/development industry or other
similar event beyond the control of the affected Party including any judgment or order
of any court/authority which directly affect the performance of this Agreement; any
orders, circulars, norms, notification, notices, etc. been framed and / or passed by the
MCGM, Collector / State or Central Government and any other competent authorities
which is beyond the control of the Developer; any orders, restrictions, directions
passed by any Court of Law to stop the construction by Developer, without any willful
default by Developer;

"IOD" means an intimation of disapproval, whereby the MCGM imposes certain

conditions, subject to compliance of which, the further permission for the development
can be granted;

“MCGM” shall mean the Municipal Corporation of Greater Mumbai.

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"Members" shall mean the existing members of the Society as mentioned in

Annexure “C” and their respective heirs, executors, administrators, nominees and/or
assigns from time to time;

“RERA” shall mean the Real Estate (Regulations and Development) Act, 2016 and
any statutory modification or amendment or re-enactment thereof.

“Parties” means, collectively, the Society and the Developers and “Party” means any
one of them;

“Project” shall mean and include the re-development of the Property of the society by
the Developers in the manner provided in this Agreement.
“Re-development” (with all its derivatives) shall mean and include the development
and re-development of the Property of the Society or parts thereof by demolition of
Old Building and construction of the New Building(s) by utilization of the prevailing
maximum permissible FSI and available on the Property b y w h a t e v e r n a m e
c a l l e d in accordance with the terms and conditions of this Agreement.

“Old Building” shall have the meaning ascribed to the term in Recital “A” above.

“Members’ Existing Premises” shall have the meaning ascribed to the terms in
Recital C above;

“Members’ New Flats” mean the new flats in the New Building to be constructed
for the Members;

“Members Car Parking Spaces” means the car parking spaces in the New Building
earmarked for the Members.

“Members’ Area” shall mean the Members’ New Flats and Members Car Parking
Spaces.
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“New Building” shall mean the new building (inclusive of the Members’ New Flats,
Members Car Parking Spaces and the Developer's Area) to be constructed by the
Developers on the Land by demolishing the Old Building.
"Notice" shall mean a notice in handwritten, typed or printed characters delivered
personally/by post or courier to any or all of the authorized representatives and
delivered at the registered address or at the current address;

"OC" shall mean Occupation Certificate issued by the Municipal Corporation of

Greater Mumbai with respect to the New Building;

“Land” shall have the meaning ascribed to the term in Recital “A” above;

“Property” shall have the meaning ascribed to the term in Recital “A” above.
"Purchaser(s)" - shall mean and include an individual and/or any other person with
whom the Developers will enter and execute agreements for sale for the Developer’s
Area or any part thereof;

“TDR” shall mean Transferable Development Rights as understood under the

Maharashtra Regional and Town Planning Act, 1966 and the D.C. Regulations or any
statutory modification, re-enactment or amendment thereof.

"Vacation Date" means the date on which, the last Member vacates his/her premises
in the Old Building and the Society has granted access to the Developers to the
Property for the purpose of redevelopment.

3. APPOINMENT AS DEVELOPERS & GRANT OF DEVELOPMENT RIGHTS:

3. 1 The Society doth hereby appoints the Developers and the Developers hereby accept the
appointment as the developers for Re development of the said Property more
particularly described in the Schedule hereunder written on the terms and conditions
more particularly appearing hereinafter.
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3. 2 The Society hereby grants the redevelopment rights in respect of the Property to the
Developers and the Developers hereby acquire the same on the terms and conditions
and for the consideration as more particularly set out in this Agreement. Accordingly,
the Parties hereto agree that the Developers shall undertake redevelopment of the
Property, being the Land and the Old Building more particularly described in the
Schedule hereunder written, by demolition of the Old Building and construction of the
New Building to accommodate the Members and sell the Developer's Area to the
Purchaser(s) in accordance with the building plans to be got approved by the Developers
at their own costs from the MCGM and other concerned authorities, on principal to
principal basis, entirely at their own costs, charges and expenses, for the consideration
and on the terms and conditions set out herein.

3. 3 The Society hereby grants authority to the Developers to obtain permissions

incidental thereto and to obtain certificate for utilization of FSI/TDR on the said
leasehold plot i . e . t h e L a n d , as permissible as per the prevailing Policy of
MCGM and obtain all other permissions as may be necessary and incidental for the
demolition of the Old Building and for construction of the New Building(s).

3. 4 The Developers shall be entitled to develop the Property by exploiting its full
development potential including, inter alia, consumption and utilization of the
maximum available FSI, loading the TDR and utilisation of the fungible compensatory
FSI, incentive FSI and other development benefits available on the Land. As per the
current regulation, the current development potential of the plot, on the date of this
Agreement, is 2.97 times the Land area i.e. 528.50 (Five Hundred and Twenty Eight &
point Fifty) square meters as per Property Card, ("Current/Future Development
Potential").
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If there is any change in the policy of the MCGM, changes in the current D.C.
Regulations, MMRDA, Government of Maharashtra or any public or statutory bodies
and authorities governing development of properties in the City and Suburbs of
Mumbai, whereby the Current Development Potential i.e. FSI and/or TDR and/or
fungible compensatory FSI or any other FSI/area pertaining to the Land is increased,
which results into availability of higher habitable area (“Extra Habitable Area”), then
in that event the Extra Habitable Area shall be shared, after deducting/adjusting all
additional costs towards approvals, premium, fees, construction which are backed by
authenticate documents/receipts, equally i.e. 50% to the Society and 50% to the
Developers however, it is agreed between the Parties that under no circumstances, the
Agreed Offer will be reduced by the Developers.

3. 5 The Developers, at their discretion are at liberty to allot the Developers Area to the
Purchasers by executing necessary agreements with the intending Purchasers and the
Society shall admit such Purchasers as the members of the Society as per Rules and
Bye-Laws of the Society and the Society shall give them no objection certificates
(NOC) for loan proposals in the event of necessity. The Society shall admit such
Purchasers as the members of the Society by receiving subscription of share money,
membership /entrance charges. The Society shall not withhold membership
unreasonably.

3. 6 It is further agreed that Developers shall not change or amend MCGM approved
building plan or layout plan without written approval of the Society. It is further
agreed that in the event the Developer exceed any construction beyond permit then
for such illegal construction, society will not be responsible in any way and
Developers shall solely be liable to pay fine/penalty etc. imposed by
MCGM/Govt./Local bodies etc. However, the Developer is permitted to make any
internal planning changes (not in structures) in the flats comprising of the Developer’s
Area.
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3. 7 The Society shall not allow the Members to transfer his/her rights in the flat from the
date of execution of this Agreement till the date of taking possession of new flat in
the New Building, unless such member/s obtain/s the written consent from the
Developers & Society in writing and such Member and the proposed Transferee
executes the requisite documents as may be requested by the Developers. The
Developers & Society shall not withhold his consent unreasonably.

3. 8 The Developers hereby agree and covenant with the Society to demolish the
existing building and to construct new building/s by complying with and fulfillment
of their obligations and commitments as agreed and recorded herein. The
Developers shall first put the Members in occupation of the Members’ New Flats
in the New Building(s) to be constructed on the Land and thereafter only to hand
over the possession of the Developers Area to the intended Purchasers. In the event the
Members delay taking the possession of the New Flats beyond 30 (Thirty) days, the
Developer shall handover the possession of the Developer’s Area nonetheless.

3. 9 It shall be the sole responsibility of the Developers to purchase TDR in the name
of the Society (as a constituted attorney of the Society and solely for the purpose of
redevelopment) as its own costs and expenses from the open market before vacating
the old building , approval of the plans and to construct the New Building(s) and for
that purpose to appoint Architects, contractors, consultants and other professionals as
may from time to time to be necessary and also to pay and discharge the liabilities in
respect of the said construction including of the contractor, consultants, building
material suppliers, workmen of the contractors and other employees employed by the
Developers for the purpose of construction of the New Building(s). The Developers
agree and confirm that the Members shall not and will not be in any way responsible
or liable thereon, in any manner whatsoever in this connection.
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3. 10 All costs, charges and expenses, including but not limited to, for obtaining the
approval and sanction to the construction of New Building shifting of Members,
deposit, compensation and the cost of preparation of plans, specifications,
scrutiny fees, premium and all other payments and deposits to be made with
Municipal Corporation of Greater Mumbai, Government including any taxes etc. or to
any other statutory body or local authority, fees of Architects, RCC consultants, PMC,
entire cost of constructions and all other costs and expenses whatsoever of and
incidental and in relation to the Redevelopment shall be borne and paid by the
Developers alone including all premium and unforeseen expenses. The Developers
shall pay such deposit towards Premium, Electricity meter, deposit payable for gas
connection to M.G.L., water meter, development charges or security deposit or any
other deposit on behalf of the Members.

4. CONSIDERATION AND MEMBERS ADDITIONAL AREA

In consideration of the Society granting the development rights to the Developers,

the Society and its existing Members shall be entitled to the following:

4.1 Permanent Alternate Accommodation

The Developers have agreed to construct and provide to each of the Members,
through the Society, free of costs and on as if ownership basis, by way of permanent
new accommodation, new self-contained residential flats having area equivalent to
existing carpet area plus 27 % (Twenty Seven Percent) additional carpet area over and
above the existing carpet area occupied by the members in the new proposed building
(which will be all inclusive of the available fungible FSI area for residence as per
current D.C. Regulations) (“New Area”), which the new self-contained flats are
hereinafter referred to as the “New Flats” in the New Building(s). The total area to be
allotted to all the existing Members, as per the above, may, hereinafter, be collectively
referred to as the “Members' Area”. The existing carpet areas and the New Area to be
allotted to each of the Members after re-development of the Property are more
particularly set out in Annexure ‘E’.

4.2 Car Parking Spaces

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The Developer must allot 50% (Fifty Percent) of the approved car parking spaces out
of the total approved Open / Stilt/ Podium car parking spaces available in the New
Building(s) and constructed entirely at the Developer’s costs, and which shall be
allotted to the Society, free of cost, which will be available with the Society for the
distribution amongst their Members ("Members’ Car Parking Spaces"). Thereafter, all
the additional available car parking spaces in the New Building(s) shall belong to the
Developer for allotting the same to its Purchaser(s) (“Developer’s Car Parking
Spaces”). The Society will be authorized to allot the Car Parking Spaces amongst the
Members.

4.3 Monthly Displacement Compensation

The cost of temporary accommodation to be provided by way of displacement

compensation (“Monthly Displacement Compensation”) to the Members from the
Vacation Date (as defined hereunder) till the Final Completion Date (as defined
hereunder) on the existing carpet area (as set out in Annexure “ F ”) shall be borne
and paid by the Developers and paid to the Members as under
Period Monthly Displacement Compensation (per sq.ft.
per month per existing usable carpet area)
For the first 12 (Twelve Rs. 70/- (Rupees Seventy Only)
months)
From the 13th month till 24th 10% increase, for each block of 12 months, on last paid
month(Thirteenth month to monthly displacement compensation for the previous
Twenty Fourth Month block of 12 months till OC.
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Manner of distribution:

 12 Post-Dated cheques (“PDCs”) comprising of the first 12 (Twelve) months Monthly

Displacement Compensation will be paid by the Developers to the concerned Member
on or before each Member vacating his/her flat;

 PDCs comprising of the next 12 (Twelve) months Monthly Displacement

Compensation (i.e. for period starting from 1 st day of 13th (Thirteenth) month from the
Vacation Date), inclusive of the 10% increase in the Monthly Displacement
Compensation, will be handed over by the Developers to each Member prior to expiry
of the 12th month of the previous block of 12 (Twelve) months with 10% increase in
every block of 12 months.

 If the project is delayed beyond 24 (Twenty Four) months from the Vacation Date, the
Developers will be liable to pay the Monthly Displacement Compensation for each
block period of 6 (Six) months in advance, by way of PDCs, on or prior to end of the
22nd month from the date of vacation of the flats with 10% increase in rent subject to
whatever is mentioned in the present Agreement.

The details of the amounts payable to each of the Members as and by way of Monthly
Displacement Compensation are more particularly set out in Annexure “E” annexed
hereto.

4.4 Hardship Allowance

The Developers shall pay to each of the Members a one-time amount of Rs. 700
(Rupees Seven Hundred Only) per square feet (calculated on existing carpet area as set
out in Annexure “G” hereto) as the hardship allowance (“Hardship Allowance”).
This Hardship Allowance is payable by the Developers in the following manner:
(i) 10% (Ten Percent) of the Hardship Allowance has been paid by the Developer
simultaneous with the registration of this Agreement;
(ii) 40% (Fifty Percent) of the Hardship Allowance will be paid by the Developers on the
Members vacating their respective Existing Flats;
(iii) 25% (Twenty Five Percent) of the Hardship Allowance will be paid by the Developers
on the completion of RCC structure.
 19

(iv) 25% (Twenty Five Percent) of the Hardship Allowance will be paid by the Developers
on taking possession of the New Fats by the Members;

The Hardship Allowance receivable by each of the Members is set out in the
Annexure “G” hereto.

4.5 Relocation Cost

The Developers shall also pay a sum equivalent to Rs. 15,000 (Rupees Fifteen
Thousand Only) to each Member of the Society being to and fro transportation charges
on or before each Member vacating his/her flat.

4.6 Brokerage
The Developers shall pay 1 (One) month’s Monthly Displacement Compensation as
brokerage to each Member of the Society on or before each Member vacating his/her flat.
All the above payments will be made by the Developers to each of the Members by
way of cheque favoring the concerned Member.

4.7 Rate for additional area purchased by Member

If any Member wishes to purchase additional Carpet Area, subject to the availability of
such area, such member shall be entitled to purchase the same at a discounted rate of
10% lesser than the prevailing market value.

4.8 Stamp Duty, Registration Charges and Other Expenses

 20

It is clearly agreed, understood and confirmed by the Developers that all present and
future stamp duty, GST and registration charges payable on this Agreement, shall be
borne and paid by the Developers. It is clearly agreed, understood and confirmed by
the Developers that all present and future stamp duty and registration charges
pertaining to the agreement relating to the Members’ Area (including the free
additional area agreed to be provided by the Developers in terms of this Agreement)
i.e. the permanent alternate accommodation agreement will be borne and paid by
Developers, however if any other taxes are levied, the same shall be borne and paid by
the members only. It is hereby clarified that the Developers shall not bear any cost
pertaining to stamp duty, registration charges, GST, taxes, etc. of the any additional
carpet area purchased by the Members (over and above the free of cost additional
carpet area).

It is further agreed that if any Member has paid inadequate/not paid stamp duty,
registration charges in respect of their existing area/flat, then such Member shall be
solely responsible to bear all costs, charges and expenses towards payment of stamp
duty and registration charges including penalty and interest thereon, if any.

5. Developer’s Saleable Area

The entire remaining flats and car parking spaces in the New Building(s) (i.e. after
allotment of the Members' Area and Car Parking Spaces to the Society in terms of
Clause 4.1 and 4.2 above) ("Developer’s Area") shall belong to the Developer and
shall be at the disposal of the Developer and the Developer alone shall be entitled to
sell and/or deal with the same and receive in their name and appropriate the sale
proceeds in respect of such sales to themselves.

The Developers shall ensure that the carpet area of the New Flats comprised in the
Members’ Area to be constructed on the Land shall be provided exactly as agreed
herein and there shall not be any variation or deficiency in the area & amenities as
agreed herein,
The New Flats shall have the same Amenities as that of the other flats in the New
Building(s) to be constructed on the Property,
 21

6. It is agreed that, save and except the demarcated flats of developers, the Member’s
Area to be allotted by the Society to its Members shall be decided by the Society in a
manner as it may deem fit and proper and the Developers shall neither interfere nor
be responsible and liable for the same nor be involved in the said process in any
manner whatsoever.
 22

7. The Society has considered the effect of development rights granted to the Developers
and the benefit of acquiring a new premises and accordingly the existing members of
the Society have agreed to remove all their belongings, articles and things from their
respective premises and to hand over the quiet, vacant and peaceful possession of the
respective premises to enable the Developers to demolish the Old Building after
purchase of 100% TDR in the name of society and to construct a new building/s. The
Members shall hand over the quiet, vacant and peaceful possession of the respective
premises within 45 (Forty Five) days from the date of receipt of the intimation of
disapproval (“IOD”). The Members shall shift from their existing premises and hand
over the vacant possession to the Developers for demolition of the Old Building,
provided that the Developers must have submitted/furnished to the Society (a) copy
of the IOD as received from MCGM., (b) full payment of Development Premium to
the extent of 1 FSI (c) 100% TDR in the name of society purchased and (d) post-
dated Cheques to each Members towards Monthly Displacement Ccompensation and
Hardship Allowance, Relocation Cost, Brokerage. The Society will at the cost of
developer , obtain no objection certificate (“NOC”) from the Parent Society for re-
development of the Property which shall be completed within 24 (Twenty Four)
months plus 6 (Six) months grace period from the date issuance of the first
commencement certificate (“CC”) by the MCGM. The expenditure for procuring the
NOC from the Parent Society must be borne and paid by the Developer. If the
Developers fail to hand over the possession of the Members Area completed in all
respects with all t h e a g r e e d Amenities as per this Agreement within a
period of 24 months from the date of issuance of CC, Provided the Developers are not
prevented by Force Majeure circumstances in such event the Developers shall be
entitled for extension of the period for which Force Majeure circumstances or events
may have prevailed, subject to payment of rent (10% incremental) till handing over
possession. In the event of Force Majeure, suitable extension in construction period
shall be considered and the period for completion of the construction will be mutually
extended with mutual discussion between Society and Developer.

The Parties have agreed that on sanctioning of the plans and receipt of the Intimation
of Disapproval, the Developer shall intimate the Society in writing, instructing the
Members to execute the Permanent Alternate Accommodation Agreement (“PAAA”)
for the New Flat, within a period of 15 (Fifteen) days from such Notice.
 23

8. The Developers shall be further entitled for an additional grace period of 6 (Six)
months in the event of any delay after the period of 24 months from CC
(“Maximum Completion Period”) (Penalty Period), however during the Penalty
Period the Developers shall be liable to pay to the Society a penalty of Rs.6,00,000/-
[Indian Rupees. Six Lakhs only] per month of delay beyond 30 months till the date
of occupation certificate.

9. COMPLETION SCHEDULE

The following are the milestones agreed for the completion of the Re-
development and time being the essence of these present, subject to Force Majeure-

10.1. Within 10 days from the date of execution hereof, all the Members who want to
purchase additional carpet area must submit their requirement to the Developers,
under copy to the Society.

Within 6 (Six) months from the date of execution hereof, Developers shall obtain
f u l l IOD from MCGM subject to approval of the tentative plans by the majority of
the Members of the Society. It is further Agreed upon Developer submitting Plans for
approval with the Society, Society shall respond with their approval/suggestions
within period of 14Days from its Submission.

10.2. Within 45 days of the Developers furnishing to the Society, certified copies of the
full IOD (which includes the sanctioned plans) in respect of the New Building, the
Society shall cause all the Members to register the permanent alternative
accommodation agreement vacate their respective Members Existing Premises and
take keys of each vacated Members Existing Premises from the respective Members
and hand over the quiet, peaceful and vacant possession of the Property including the
vacant Land and the vacant Old Building and the keys of each Members Existing
Premises, for the purpose of demolition and redevelopment thereof to the Developers.
 24

10.3. Without prejudice to the other rights and remedies available to the Developers
hereunder and in law and equity, the Members who do not vacate their respective
existing flats/garages in the Old Building within the aforesaid time period and each of
the Members who create or cause any impediment or obstruction or hindrance in any
manner, howsoever, to the Developers in carrying out Redevelopment, shall be liable
to pay liquidated damages to the Developers calculated at the rate of Rs5000 (Rupees
Five Thousand Only) per day on account of causing delay in vacating their respective
flats/garages in the Old Building in accordance with the terms of this Agreement. The
Society confirms that such liquidated damages can be deducted from the amounts
payable by the Developer to such Members.

10.4. Subject to whatever stated above, the Developers shall demolish the Old Building
within a period of 3 months from the Vacation Date. Within 2 months from demolition
the Developer shall avail the Commencement Certificate from MCGM.

10.5. Within 24 months from the date of first CC (“Commencement Certificate”) , the
Developers shall complete the entire civil work of the New Building(s) (including
all amenities, the overhead and underground water tanks, elevators, stairways, lobbies
etc. (except for the interior works in the Developers Area), complete the Members’
Area in all respects as per this Agreement and obtain the full Occupation Certificate
(“OC”) in respect of the Members’ Area and serve a fifteen-day notice addressed
to the Society offering possession of the Members’ Area;

10.6. The Developers shall construct the new building in the manner set out hereinabove,
within 24 months (construction period) from the CC plus 6 months grace period.

10.7. In case of any such delay beyond 30 months from the C.C. , the Developer agrees to
pay the penalty as mentioned in clause [ 9 ] .

10.8. The Developers shall construct Stilt plus upto 9 upper floors within the Construction
Period or the Maximum Completion Period, subject to MCGM approvals.

10.9. All the timelines under this Agreement shall be subject to Force Majeure and the respec-
tive timelines shall be extended by such period during which the event of Force Majeure
continues to subsist.
 25

11. The Parties confirm the rights, obligations and privileges , which are as follows :

a) Each member will support any resolution as may be legally necessary to be obtained
by the Developers in connection with this Agreement and also for the purpose of
Redevelopment of the Property including all the resolutions for redevelopment under
Regulation 33(7)(b) or any other applicable provisions. The Developer can use
incentive in additional BUA in lieu of TDR from market to the extent of 15% of
existing BUA or 10 sq. mtrs per tenement, whichever is more without premium, for
a redevelopment proposal re-accommodating existing society members. This
provision does not allow any additional BUA to the Developer than what is
permitted under DCPR 2034.

b) Only the t opm ost terrace above the topmost residential floor of the New
Building and all Common area and common Terraces shall always be the
property of and in the custody of the Society however any approved pocket terrace or
approved terrace attached with flat shall belong to the Developer and/or their
prospective allottee and Developer shall have liberty to deal with the same

c) The existing members shall be liable to pay the maintenance and other charges of the
new Flats on and from the Final Completion Date.

d) The Society Members shall not be responsible for any acts of commission or
omission or any default on the part of the Developers including the contractual
obligations to Purchasers o f the Developers Area in the New Building to be
constructed by the Developers and the Developers alone shall be responsible for all
its acts, representations, contracts, promises, assurances and omissions for all the
liabilities and obligations and also for all the costs of construction of the New
Building.

e) The Society/ Members shall in no way be liable and responsible for completion of the
construction of the New Building in all respect and all the incidental and
consequential rights and liabilities will be of the Developers except as stated herein.
 26

f) The Society/ Members shall not be liable and responsible to any Purchaser(s) or any
third party or any contractor for any acts of commission and omission of the
Developers.

g) All the labour, employees and contractors employed by the Developers shall be their
own employees and the Developers shall be solely liable and responsible for the dues
and liabilities arising out of the Redevelopment project undertaken by the
Developers. Safe keeping of materials stored by the Developers for construction shall
be their sole responsibility and the Society or its Members or any of the staff of the
Society shall not be liable and responsible for the same.

h) The Society and/or its Members shall have no claim or demand on the debris, wood,
iron etc. of the Old Building upon demolishing and the same shall belong entirely to
the Developers.

i) The Developers shall arrange at their own cost water, electricity etc. during the
course of construction of the New Building. The Developers shall also arrange with
the Adani Electricity / TATA and Gas authorities regarding disconnection and
reconnection or otherwise payment etc. towards the electricity charges, but the
Society shall co- operate for the same for issuance of No Objection etc.

j) The Developers will facilitate quarterly visit/inspection by the

representatives/professionals of the Society for verifying the progress of the
construction. The Developers/their representatives shall, from time to time, at the
request of the Society and at least once in 3 (Three) months, hold along with the
committee members of the Society site meetings to review the construction work.

k) The Developers shall obtain at their own cost third party insurance before
commencing construction activity and the copy of such insurance policy should be
furnished to the Society.

l) The Society, may, at its sole discretion, if considered fit, appoint its own
Architect/Consulting Engineer on site at its cost, to co-ordinate the construction
work-in-progress and to monitor the same from time to time.
 27

m) The New Building which will be constructed by the Developers on the Land more
particularly described in the First Schedule written hereunder shall be known as
“PARIKSHIT”.

n) The Developers may appoint contractors/sub-contractors to carry out construction

activity for construction of the New Building/s on principal to principal basis.
However, the Developers shall not transfer the rights under this Agreement herein to
any third party.

o) The Developers shall obtain F u l l T D R in the name of the Society in

accordance with the Regulation 33(7)B or any of the Development Control
Regulation for Greater Mumbai, 2034 before carrying out Demolition of Society
Building and shall get the building plans sanctioned and shall also obtain all required
permissions, Full IOD, CC and OC issued by MCGM and pay all the required
deposits, fees, premium etc., to various authorities including the MCGM for the
purpose of getting the building plan sanctioned so as to enable the Developers to
construct the New Building(s) at its own costs and expenses and the Society and the
Members shall not be liable or responsible for the same. The Developers alone shall
be entitled to get the refund of such deposit, fees and other charges from MCGM and
other authorities.

p) The Society hereby grants unrestricted license to the Developers, their agents and
servants to enter and re-enter upon the Land for the purposes of Redevelopment, in
terms of this Agreement.

q) The New Building(s) to be constructed by the Developers on the Land alongwith

the common areas to be provided by the Developers shall always remain the property
of the Society. The Common Areas shall be for the use of the Members and the
Purchasers of the Developers Area on being admitted as members of the Society.
 28

r) The Society hereby agrees that the Purchasers are entitled, but absolutely at their
own risk and without making the Society liable in any manner, to borrow housing
loans from any financial institutions, bank, organization, employer by mortgaging the
flats agreed to be purchased by them. The repayment of loan, interest and other
charges on such loan shall be the sole responsibility of such Purchasers. However, in
the event of recovery any action is filed by any financial institutions, bank,
organization, employer for non-payment of the loan availed by the Purchasers or
default of any agreed terms and conditions, it shall be only be against such Purchaser.

s) The Parties hereby agree and confirm that Developer are entitled to raise finances on
the Developer’s Area for taking any project finance/loan from any bank/financial
institution in future however they shall not mortgage the residue property of the
society for taking any loan or any facilities including on flats agreed to be allotted to
the members.
t) The Society hereby covenants that the Members whose names are appearing in
Annexure “C” are the members of the Society and the share certificates pertaining to
the shares held by them stand in their respective names and besides them there are no
other persons, who can claim to be a member of the Society.

u) The Society hereby further covenants that a l l the decisions taken in the General
Body Meeting/Special General Body Meeting/Managing Committee/Redevelopment
Committee/ Extra Ordinary (Special) General Body Meeting pertaining to
redevelopment and appointment of the Developers is binding on all the Members of
the Society.

v) It is agreed by and between the parties hereto that the Society and/or the Members of
the Society shall not be liable or responsible for any liability arising out of the
contractual relations between the Developers and the Purchasers in respect of the
Developers Area in the New Building to be constructed by the Developers on
the Land, save and except their obligation to admit such Purchasers as the member of
the Society.

w) After obtaining OC, the Developers shall submit the list of Purchasers along with the
requisite documents of the Developers Area and accordingly the Society shall admit
such Purchasers as the members of the Society.
 29

x) The Society hereby agrees to execute all such papers and documents and sign all
plans, forms, applications etc., from time to time as may be necessary for the
purpose of entitling the Developers to avail the benefit of FSI/TDR in terms of
this Agreement and in accordance with the provisions of the Development
Control Regulations for Greater Bombay 2034 in terms of the Development Right
Certificate to be obtained by the Developers.

y) In the event of damage being caused to any other neighboring building or part
thereof on account of any the works being carried out by the Developers o n the
Land, the Developers shall take up full responsibility for redressal of the reasonable
grievances or complaints of such owners or occupiers of such affected buildings or
part thereof and the Society and/or the Members shall not be liable or responsible for
the same.
z) Developer shall not make any changes in the building plan without written approval
from the majority of the society members, if such amendment or modification affects
the Member’s Area.

12. The Society hereby represents and covenants with Developers:

a) That the title of the Property is free, clear and marketable and free from encumbrances
of whatsoever nature.

b) The Society are in absolute and lawful possession, use, occupation and enjoyment of
the Property and that the Society has not done or abstained from doing any act, deed,
matter or thing whereby or by virtue of which the Society would not be in law entitled
to enter into this Agreement.

c) The Members, whose names are appearing in Annexure “C” are the members of the
Society and the share certificates pertaining to the shares held by them stand in their
respective names and besides them there are no other persons, who can claim to be a
member of the Society.
 30

d) That the Society have not entered into any agreement or understanding with any
other company/person/persons and except with the Developers herein for the purpose
of Redevelopment of the Property. The Society declares that it has full power and
absolute authority to enter into this Agreement and there is nothing on record of the
Society to show otherwise and that there is no known legal impediment or restriction on
the powers and authorities of the Society from entering into this Agreement.

e) The Property is not the subject matter of any pending suit or litigation and there is no
injunction or prohibitory order against the Society restraining it from developing the
Property;

f) The Society is absolutely entitled to enter into this Agreement as contemplated herein
and shall not do any act, whereby the right of the Developers created herein may
prejudicially be affected.

g) The Society has not in any way made any commitment to anyone for allowing the
right to use FSI/TDR of the Society and/or by way of consuming TDR/FSI for putting
up New Building(s) on the Property;

h) On the Developers, being allowed to enter upon the said property as a licensee, the
Developers shall be entitled to demolish the Old Building for the purpose of
development in accordance with the bye-laws, rules and regulations of the MCGM
without any hindrance, denial, by the any persons or person including the Members or
any person claiming through under or in trust for the Members;

i) Subject to Developer complying with all obligations as recorded in present

Agreement , the present Development Agreement shall be valid till the stipulated
Period for Redevelopment as agreed and recorded in the present Agreement and till
such period the Society shall not revoke the resolutions accepting the appointment of
the Developers for development of the Society which may obstruct or interfere with
the said resolutions appointing the Developers and this Development Agreement
subject to above shall be valid thus until the completion of the proposed buildings and
till the possession is given by the Developers to all the members and all the
prospective Purchasers of the Developers’ Area.
 31

j) They have not made any commitment for sale/transfer of their respective FSI/TDR
entitlement to any third person nor is any member prevented by any order or injunction
of any court or authority or tribunal from transferring his/her/its FSI/TDR entitlement
to the Developers.

k) There is no income tax demand and/or no proceedings as contemplated u/s. 281 of

Income Tax Act, 1961 pending, which may give rise to any demand of income tax and
for which prior permission of the assessing officer as per the provisions of Section 281
is required. The Society hereby indemnifies and keep indemnified the Developers
against any such demand or against the result of any proceedings that may be taken
against the Society or its Members by the Income Tax Department;

l) The Land comprising of the Property does not fall within the Coastal Regulatory Zone;

m) That upon receipt of the OC from the Municipal Corporation of Greater Mumbai in
respect of the New Building, the Society will enroll all the Purchasers of the
Developers Area as the members of the Society.

n) That the Society has not received any notice for acquisition, requisition or reservation
in respect of the Property under any of the laws in force.

o) That the Society and their Members will ensure that there would not be any
hindrance to the Redevelopment activity from the Members of the Society and/or
from those claiming through them so long as the Developers comply with the terms
and conditions of this Agreement.

p) That all the dues, taxes, outgoings, rates and cess of the Property have been paid by
the Society till the date of execution of this Agreement and shall be paid by the
Society till the date of handing over the vacant possession of the Property.
Thereafter, the Developer shall pay the same from the Vacation Date till the Final
Completion Date.

q) That no proceedings are pending in any Court of Law nor there any orders of
attachment either before or after judgment/injunction order concerning the Property.
 32

r) The lease hold rights in respect of the Land are still valid and subsisting in all respects
and have not been terminated by the Parent Society.

s) The membership rights of the Society herein are equally valid and subsisting and
have not been revoked by the Parent Society.

t) As per the Indenture, the area of the Land is admeasuring about 700 sq.yds equivalent
to 585.29 sq. mtrs.

u) The Society has not mortgaged the Property or created any third party right in
respect of the Property. The Society has also not borrowed any finance against the
Property or any part thereof by offering the Property as security thereof.

v) That the Society shall pay and clear all the outgoings in respect of the Old Building
including municipal taxes, rates and cess till the Vacation Date. However, from the
Vacation Date till the Final Completion Date the Developers shall pay and clear all
the outgoings. If there are any unsold flats out of the Developer’s Area remaining in
the possession of the Developers, after the obtaining of the full OC from MCGM in
respect of the New Building(s), then the Developers shall be liable to pay all the
maintenance charges, Municipal and other Property Taxes, levies and assessments,
water charges, electricity charges, and all other charges due and payable to the Society
as ‘Society dues’, in respect of the said unsold flats and the Developers shall pay the
same to the Society on demand along with the Members.

w) From the date of execution of this Agreement to the Final Completion Date, the
Members of the Society and Members will not transfer the said leasehold plot or any
part thereof or their o l d flats or any part thereof n o r will they e n c u m b e r the said
leasehold plot or any part thereof or their old flats or any part thereof without
obtaining formal accord in writing from the Developers so far as the flats are
concerned and Developers Must not withhold the same without any justification.

x) That the Society shall, at the request of the Developers, cause the Members of the
Society to execute separate permanent alternate agreement for in respect of the
New Flats in the New Building.
 33

y) That the Society will not without any reasonable excuse or ground refuse admission
to membership to the Purchaser(s) of the Developers Area.

z) The Society shall render all co-operation to the Developers as and when called
upon to submit and supply certified copy of title deeds, plans, specifications to the
Developers and also other papers and documents to enable the Developers to
submit the same to various development authorities.

aa) The Society hereby agrees that the Society shall admit only such Purchasers as
new members of the Society who have been allotted the flats by the Developers.

bb) Subject to all the terms and conditions stipulated herein, the Developers
shall have unfettered right to sell the Developers Area to be constructed by the
Developers on the Land on what is popularly known as ownership basis.

cc) That the Society has full power and absolute authority to execute this Agreement with
the Developers.
dd) Society will pass necessary Resolution as required by Developer regarding 33(7)B
regulation of DCR 2034 of MCGM before submission of proposal for I.O.D. from
MCGM

13. The Developers hereby covenant with the Society:

13.1. That the Developers shall not in any way encumber or transfer and/or assign any right
of whatsoever nature accrued to the Developers hereunder, save and except to
sell/allot the additional flats/parking’s in the New Building(s) in favour of any third
parties without the prior written permission of the Society.
 34

13.2. The Developers shall procure/provide Water Line, Water Meter, Electricity
Meter, Drainage Line etc. for the New Building(s) of the Society t o be constructed
by the Developers and the New Building on possession will be duly assessed by the
Municipal Corporation of Greater Mumbai and will be maintained in all respects
including maintenance of Pumps, lifts, building etc. and such taxes/charges shall be
paid by the Members and so also other expenses, viz. N.A. taxes, security guards,
gardener, maintenance of internal roads, external road, accounts, audits, sweeper
charges, supervision charges, common electricity charges, etc., shall be common
to all the Members as also the Purchasers of Developers Area in the New Building of
the Society who will eventually be admitted to the membership of the Society and
the Developers shall specifically mention about the same in the individual
agreements for sale to be executed with the intending Purchasers;

13.3. That the Developers shall be solely responsible for payment of sales tax under the
works contract act, development tax, betterment tax, turn over tax, service t a x ,
G S T and other statutory taxes as applicable from time to time that may be liable to
be paid on account of the transaction countenanced by this Agreement. However
GST as per respective laws, applicable to the Members for purchase of additional area,
shall be paid by the Members themselves.

13.4. That the D e v e l o p e r s shall not have any claim, right, title or interest in respect
of the Property which is more particularly described in the First Schedule written
hereunder save and except the Developers Area to be constructed in the New Building
and the Developers are entitled to sell the same on what is popularly known as
“ownership basis” as is agreed between the parties and upon the New Building being
completed in all respects and the possession thereof being delivered to the
prospective Purchasers the New Building shall belong to the Society herein.

13.5. The Developers agree that they have no right, title and interest in the New
B u i l d i n g or any part thereof save and except their right, title and interest over the
Developers Area.
 35

13.6. The Developers shall be entitled to acquire all the existing available FSI by whatever
n a m e called in respect of the Land in the name of the society at their own costs
however in the name of Society and shall carry out the construction work strictly
in accordance with the plans duly approved by the Society herein and MCGM.

13.7. The Purchasers of flats comprised in the Developer’s Area shall pay the usual
a m o u n t s of Share Subscription and Entrance Fees as per modal bye-laws per flat.

13.8. The D e v e l o p e r s shall strictly adhere to the rules and regulations of MCGM /
RERA and other authorities while constructing the New Building.

13.9. Simultaneously with the execution hereof, the Society shall execute an power of
attorney in favour of the Developers for the purposes of carrying out redevelopment of
the Property, inter alia, authorizing them to appoint Architects and other professionals
and consultants, to develop the Property and construct the New Building(s) on the
Land, approach the MCGM, submit the plans, make various deposits in connection
with the approval of the plans, represent the Society before the MCGM and other local
and governmental bodies and with authorities, for submitting and obtaining sanctioned
plans for development and construction on the Property, IOD, CC, OC etc. electricity
supply and water department, assessment department and to do the acts and deeds
necessary for development of the Property. The stamp duty and other costs of such
power of attorney shall be paid by the Developers. The power of attorney shall be co-
existence and co-terminus with the Development Agreement.

13.10. Building shall be raised as per the road level/as may be permissible by MCGM.

13.11. Copies of all the documents/letters/certificates etc. submitted & received from
Govt. /MCGM or any other organizations related to redevelopment & construction
must be submitted to society by hand delivery/post/courier.
14. Right of Developer to deal with Developer’s Area
 36

14.1 The Developer shall, on its own account, be entitled to sell, on ownership basis, the De-
veloper’s Area to third party flat Purchasers of its choice and to enter into agreements in
its name and on their own risk and responsibility, on principal to principal basis, and not
as the agents of the Society, for such consideration and on such terms and conditions as
the Developer may deem fit and proper and that the Developer shall also be entitled to re-
ceive in its name and on their own account the sale proceeds and other monies in respect
of such flats.

14.2 Save and except the Members’ Car Parking Spaces to be allotted to the Society as per
Clause 4.2 hereto, the balance car park spaces, as approved by the MCGM, shall belong
to the Developer and the Developer will be entitled to allot the same in such manner as
they deem fit to the prospective Ppurchasers of flats comprised in the Developers’ Area.
The Society shall, on being intimated by the Developer in writing, accept the allotment of
Members’ Car parking spaces allotted by the Developer, in favor of the person nomi-
nated by the Developer.

14.3 The Society hereby agrees and undertakes with the Developer that neither the Society nor
any of its Members will deal with or dispose off or create any third party right, title and
interest in respect of the Developer’s Area.

15. PAYMENT OF PROPERTY TAXES / OTHER TAXES IN RESPECT OF

THE SAID PROPERTY AS WELL INDIVIDUAL LIABILITIES OF
MEMBERS/SOCIETY:
 37

a) All property tax and other taxes, levies, assessment dues etc., in respect of the
Property up to the Vacation Date shall be borne and paid by the Society. If any
demand for such taxes, levies, assessments, dues etc. in respect of the Property is
received after the Final Completion Date but for a period prior to the Vacation Date,
then the same shall be borne and paid by the Society without recourse to the
Developers and thereafter, after the Vacation Date till the Final Completion Date, all
such taxes, levies, assessment dues etc. in respect of the Property shall be borne and
paid by the Developers alone. Each party shall pay and discharge its personal debts
and liabilities including personal Income Tax, however any Sales Tax, Statutory, or
other liabilities of any nature whatsoever, pertaining to the transaction recorded
through these presents shall be borne by the Developer alone.

b) It is hereby agreed by the Society that the Developers on the execution hereof shall be
entitled to sell the Developers Area in the New Building to be constructed on the
Land as it deems fit subject to the terms and conditions contained herein. The
Developers shall be entitled to appropriate the sale proceeds to themselves without
any liability of furnishing any accounts. However, the Developers shall not be
entitled to put the Purchasers in possession of their respective flats unless and until
the Developers have handed over the possession of the Members Area completed
in all respects with all the agreed Amenities as per this Agreement to the
Members.

16. It is further agreed by and between the parties that in the event any of the member
of the society does not co-operate with the process of the redevelopment by not
signing the necessary writing as and when required by the Society and the
Developer , same shall lead to unwarranted litigation and in such event the
Society shall withhold all the monetary benefits arises out of the present
Agreement qua such dissenting member and shall further have a liberty to
reimburse any such legal expenditure which may cause resultant to the dissenting
conduct of such member.

17. It is further agreed that the members of the society shall also confirm the terms and
conditions of the present Development Agreement and thus Developer shall borne all
the expenditure relating to the Stamp Duty , registration charges attracted to the
present deed as well as Agreement for permanent alternate accommodation by joining
 38

themselves as party to the present Agreement and resultantly signing and attending
registration office ,at the rate as specified by Governments prevalent
Notification/policy however it is specifically agreed by and between the parties that
the Members , despite request made by the society /Developer fails to come forward
and join themselves as party to the present Deed, shall be liable to borne and pay any
Stamp Duty which shall attracted to the Agreement For Permanent alternate
accommodation.
 39

18. The Developers hereby agree and undertake to provide the following to the Society:
-

a) The Developers shall provide a security cabin maximum size as permissible by

MCGM alongwith a toilet and bath provision for the security staff in the compound
of the New Building.

b) Temporary letter boxes will be provided during the Construction Period. The
Developers will arrange to maintain a register showing the names & addresses of
t h e alternate accommodation of the Members as per information provided by the
Society.

c) Gas pipeline provision in kitchen of each flat of the Society.

d) Construction and amenities for the entire building shall be the same.

19. DEFECT LIABILITY

The Developers alone shall be responsible for attending to the defects for a period of
five years from the date of receipt of Occupation Certificate. The Developers shall
attend to all the defects in construction as may be pointed out by the concerned
Member or the Society, provided such defects are attributable to the work carried out
by the Developers. It is hereby agreed and understood by the Society that the
Developers shall not be responsible for any defect arising due to any changes/deviation
from plan or any act or omission or negligence by the Society or any of its Members.
The Developer shall hand over the Guarantees and/or Warrantee provided by the
Manufactures to the Society at the time of offering possession of the Society’s new
building/s for the benefit of Society. If such defect/deficiency has occurred on account
of any additions/alterations made by any Member in his/her flat, the Developer shall
not be liable to carry out repairs thereto.
 40

20. The Developers shall bear and pay the stamp duty and registration charges payable
on this Agreement, Power of Attorney, Permanent Alternate Accommodation
Agreements. The Developers will execute and get duly registered separate individual
agreements with the Members in respect of their respective New Premises (Permanent
Alternate Accommodation.

21. INDEMNITY
The Developers hereby indemnifies and keeps indemnified and saved harmless the
Society and its Members against any breach in compliance with the terms and
conditions of this Agreement and/or the sanctioned plans and the IOD, CC and OC
issued by the MCGM; the D.C. Regulations; the provisions of the Maharashtra
Regional Town Planning Act, 1966 and the rules made there under; the Labour Law
and the Municipal law and against all lawful claims, demand, legal action, suit,
complaint, prosecution, or other legal proceedings in respect thereof, or arising there
from, or connected therewith or in any way incidental thereto and for all costs, charges
and expenses in respect thereof or pertaining thereto, to the extent of the loss that may
be suffered by the Society and/or its Members.

The Society as a body/entity does hereby covenant that they shall not obstruct the
Developer from carrying on construction work with respect to the redevelopment on
the said Property and that they shall not do or caused to do any act, matter or thing
whereby the Developers may be prevented and/or stopped from carrying out the
redevelopment work envisaged under this Agreement so far as the Developers is
developing the said Property in accordance with the plan and specifications approved
by the Municipal Corporation and the Town Planning authority and in due compliance
of the law and the terms and conditions of this Agreement for Redevelopment and for
the same the Society shall indemnify and keep indemnified the Developers against any
losses, delay caused due to Society as an entity taking an action which results into
obstruction of the work in the manner as set above.

22. Admission of New Members

 41

22.1 Subject to Developers complying all the obligations, upon the completion of
the Redevelopment and the grant of the OC by MCGM for the New Building(s)
and handing over possession of the Members’ Area to the Members in terms of
this Agreement, the Society shall be bound, without demur, to admit and accept
the Purchasers to whom the Developer sells the flats comprised in the
Developer’s Area as members of the Society, as per the list forwarded by the
Developer to the Society i.e. to say one such original member (either jointly with
or without an Associate member) for each of the flats/shops comprised in the
Developer’s Area, with identical membership rights as that of the existing
Members, such that all members (Existing & New) and their respective
shareholding in the Society shall rank, pari passu, with each other, i.e. be on equal
footing and the Society shall allot to each such member the required number of
fully paid-up shares in the share capital of the Society. Provided that the said
new members have fully paid to the Developer all monies and consideration due
and payable for the purchase of their respective flats and also paid to the Society
the necessary entrance fees and share subscription money in terms of the
stipulation to that effect contained in Clause 20.2 hereinafter.

22.2 The Purchasers of flats comprised in the Developer’s Area shall pay the usual
amounts of Share Subscription and Entrance Fees etc. as per By-laws of the
Society from each Flat/Shop purchaser of Developer’s Area, None of the
Developer’s new members/prospective members shall be liable to make
payment of any amounts under any name to the Society. The above amount of
entrance fees and membership fees shall be directly paid by Developer’s new
members/prospective members to the Society, prior to becoming members of the
Society.
 42

22.3 On Developers making application pertaining to membership of prospective

members it shall be duty of the Society to admit Developer’s prospective
purchasers as members of Society within a period of 15 days from receipt of such
intimation and if there is delay on part of the Society in admitting Developer’s
prospective purchasers as members beyond 30 (Thirty) days then such members
application shall be treated as accepted and such members shall become deemed
members

23. LIBERTY FOR MODIFICATION:

The parties hereto shall have full power and discretion to modify, alter or vary the
terms and condition of this Agreement for Development provided such
alterations, modifications or amendments shall be made in writing duly
jointly executed by the Parties.

24. HEADINGS:
The headings in this Agreement for Development have been included solely for the
sake of reference and shall not be considered in the interpretation or constructions of
this Agreement.

25. ENTIRE AGREEMENT – AMENDMENTS:

This Agreement supersedes all prior discussions (oral or written) and documents and
writings (if any) executed/ exchanged between the Parties hereto in respect of the
subject matter hereof.

26. FURTHER ASSURANCES:

Each of the Parties hereto shall co-operate with each other and execute and deliver
such instruments and such document and take such other action as may be reasonably
requested from time to time in order to carry out, give effect to and confirm the
rights under this Agreement.

27. NOTICES:
 43

Any notice or other communication of like nature that may be given by one Party to
other shall always be in writing and shall be served by hand delivery duly
acknowledged or to be sent by registered post with acknowledgement due and by no
other mode at the respective addresses set out in the title clause or at such other
address as may be subsequently intimated by one Party to the other in writing.

There shall be deemed acceptance of communication in case of refusal/evasion of

service of the communication.

28. BINDING NATURE OF THE AGREEMENT:

The obligations under this Agreement will be binding upon and its benefits will
ensure to the benefit to the Parties.

29. JURIDICATION:

It is expressly agreed by and between the parties hereto that any suit, application
and/or any other legal proceeding with regard to any matter, claims, differences
and for disputes arising out of this Agreement shall be filed and referred to the courts
at Mumbai for the purpose of jurisdiction.

30. MISCELLANIOUS:

a) This Agreement for Development has been executed in duplicate, each of which shall
be deemed an original. One copy shall be in the Custody of the Developers, the other
in the custody of the Society.

b) It is agreed and recorded by and between the Parties hereto that this Agreement shall
not be construed as a partnership and / or a joint venture by and between the
Parties hereto, but this Agreement is entered into between the Parties hereto on a
principal to principal basis.

c) The Parties hereby admit that this Agreement has been fully explained to them and
they have understood the meaning of all the clauses of this Agreement and they have
signed this Agreement with full understanding of the rights and obligations therein.
 44

d) All the agreements with the Purchasers of Developers Area will be entered into by
the Developers in its own name and at its own costs, expenses, risk and responsibility
and on principal to principal basis and not as the agents of the Society and/or the
Members and the Society and/or the Members shall not be responsible for the same
nor they will recognize such person unless the Developers shall have requested the
Society in writing to do so.

31. List of Annexures.

The following Annexures form a part of this Agreement: -
a) Annexure “A” : Copy of Share Certificate from Parent Society (Jawahar Nagar
CHS Ltd.)

b) Annexure “B” : CTS Plan of the Property; Photocopy of the Property Register
Card in respect of the Property;

c) Annexure “C” : Details of the Members‟ Existing Premises and the respective
Shares held by them & PAN No.;

d) Annexure “D” : List of Amenities to be provided in the New Building;

e) Annexure “E” : Details of the Members‟ Existing Premises and the respective
Area held by them and proposed new RERA Area;

f) Annexure “F” : Details of the Members monthly displacement Compensation;

g) Annexure “G” : Details of the Members Hardship Allowence

h) Annexure “H” : Compilation of the Resolutions passed by the Society;

IN WITNESS WHEREOF the parties hereto have set and subscribed their
respective hands to this writing on the day and year first hereinabove written.
 45

THE FIRST SCHEDULE ABOVE REFERRED TO:

All that piece or parcel of land or ground by admeasuring about 528.5 (Five Hundred
and Twenty Eight point Five) square meters as per Property Registered Card, bearing
C.T.S. No.723/A, 723/A/1 to 3 being lying and situate at Village Pahadi, Goregaon
(West), Taluka Borivali, within the Registration sub-district of Bandra and District
Mumbai Suburban and bounded as under:

On or towards the North : By Plot No.60

On or towards the East : By Plot No.77

On or towards the West : By Plot No. 58

On or towards the South : By 30‟ Public Road No. 4

THE SECOND SCHEDULE ABOVE REFERRED TO:

Details of the existing members/occupants of the building.

Name of the Members Flat No. Age Address

Mr. Pravin L Chheda & Mr. Nehal P
Chheda
Mrs. Priyalata Yogeshchandra
2A
Trivedi
Mr. Trivedi Yogeshchandra
2B
Sevantilal
Mr. Samir H Mehta & Mr. Y H
Mehta
Mr. B K Brahmbhatt
Mr. Jitendra Shankarlal Brahmbhatt
59/1, Jawahar Nagar, Road
1 72 No.4 Goregaon(W) Mumbai -
104
59/2A, Jawahar Nagar, Road
68 No.4 Goregaon(W) Mumbai -
104
59/2B, Jawahar Nagar, Road
63 No.4 Goregaon(W) Mumbai -
104
59/3, Jawahar Nagar, Road
3 67 No.4 Goregaon(W) Mumbai -
104
59/4, Jawahar Nagar, Road
4 66 No.4 Goregaon(W) Mumbai -
104
C/1401, Vedant Building
5 63 Unnat Nagar II, Goregaon
West, Mumbai - 400104

Mr. Jitendra Shankarlal Brahmbhatt
Mr. Satyen Arvindbhai shah
Mrs. Bijal Hem Shah
Mr. Harshad J Mehta
Mr. Devendra Popatlal Shah
Mr. Sunil A Shah
Mrs. Vanitaben S Sheth
Mr. Sunil A Shah
Mr. Pina Rajendra Rokani
Mr. Jayesh D Salla Garage
Mr. Jitendra Shankarlal Brahmbhatt Garage
46
C/1401, Vedant Building
6 63 Unnat Nagar II, Goregaon
West, Mumbai - 400104
Plot No. 28B, 1st Floor, S.V.
7 53 Road, Opp. Citri Centre,
Goregaon West, Mumbai -104
59/8, Jawahar Nagar, Road
8 38 No.4 Goregaon(W) Mumbai -
104
59/9, Jawahar Nagar, Road
9 50 No.4 Goregaon(W) Mumbai -
104
59/10, Jawahar Nagar, Road
10 68 No.4 Goregaon(W) Mumbai -
104
59/11, Jawahar Nagar, Road
11 60 No.4 Goregaon(W) Mumbai -
104
59/12, Jawahar Nagar, Road
12 77 No.4 Goregaon(W) Mumbai -
104
59/13A, Jawahar Nagar, Road
13A 60 No.4 Goregaon(W) Mumbai -
104
Shivoham Bldg., Plot No. 118,
Road No. 8, Near Vishnav
13B 48 Haveli, Jawahar Nagar,
Goregaon (W), Mumbai -
400104
A-401, Shri Naman Tower, 4th
56 Floor, S V Road, Kandivali
(W)
C/1401, Vedant Building
63 Unnat Nagar II, Goregaon
West, Mumbai - 400104
 47

Signed and delivered by the Withinnamed )

“Society” Jay Shree Parikshit CHS Ltd. )
and Common seal Affixed through its )
Chairman/Secretary and one member of the )
Committee in pursuance of the Resolution passed)
in Special General Body Meeting held on )
the signatories )

1. Shri. Samir H. Mehta, (Chairman) )

2. Shri. Y. S. Trivedi, (Secretary) )

3. Shri B. K. Brahmbhatt, (Treasurer) )

4. Shri Harshad J. Mehta, (Member) )

5. Shri Pravin L. Chheda, (Member) )

to their respective names in token of )
execution thereof in the presence of )
1. ---------------------------------- )
2. ------------------------------------ )
Signed, Sealed and delivered )
by the withinnamed “Developers” )
AAKAR SHIVAM REALTY )
through the hands of its Partners )
Mr. GAURAV VINOD PATEL )

Mr. MRUGESH RAJENDRA SHAH )

in the presence of
1. ---------------------------------- )
2. ------------------------------------ )
 48

Flat
Name of the Members Signature/ Thumb Photo
No.

Mr. Pravin L Chheda

&
1

Mr. Nehal P Chheda

Mrs. Priyalata Yogeshchandra

2A
Trivedi

Mr. Trivedi Yogeshchandra

2B
Sevantilal

Mr. Samir H Mehta

& 3

Mr. Yashashvi H Mehta

Mr. B K Brahmbhatt 4
49
 50

Mr. Jitendra Shankarlal Brahmbhatt 5

Mr. Jitendra Shankarlal Brahmbhatt 6

Mr. Satyen Arvindbhai shah 7

Mrs. Bijal Hem Shah 8

Mr. Harshad J Mehta 9

Mr. Devendra Popatlal Shah 10

Mr. Sunil A Shah 11

 51

Mrs. Vanitaben S Sheth 12

Mr. Sunil A Shah 13A

Mr. Pina Rajendra Rokani 13B

Garag
Mr. Jayesh D Salla
e

Garag
Mr. Jitendra Shankarlal Brahmbhatt
e
52