MEMORANDUM OF UNDERSTANDING

THIS MEMORANDUM OF UNDERSTANDING is made at Mumbai,

this __ day of _____________, 20___, BETWEEN:

____________ BUILDERS PVT. LTD. with Through its director/authorized

person Mr. Nikhil B Parmar, aged 31, Indian Inhabitant, having its office at 2 nd
Floor, Crasto & Prince, 294, Dr. Cawasji Hormusji Street, Marine Lines, Mumbai-
400020, hereinafter referred to as “Developer" (which expression shall unless it
be repugnant to the context or meaning thereof shall be deemed to mean and
include its successors and assigns) of the First Part;
AND
MR. ALLAUDDIN MOHAMED ALLIBHOY MERCHANT, aged 75 years,
Indian Inhabitant, with PANCARD NO: AAOPM2635D, AADHAR NO: 2398
5718 8861, having address at Mulchand Mansion, 1 st Floor, Office No. 10, Old
Hanuman Lane, Princes Street, Mumbai- 400002, hereinafter referred to as the “the
Owner” (which expression shall unless it be repugnant to the context or meaning
thereof be deemed to mean and include his respective legal heirs, executors,
administrators, legal representatives and permitted assigns) of the Second Part;

Collectively referred to as Parties.

WHEREAS:

A. The Owner herein has represented to the Developer that he is the owner and
landlord in respect of the Building No. 14-16A known as Jenab Court
comprising of three wings having ground plus four upper floor bearing Cess
No. D-3427(3) (hereinafter referred to as the said building) on land bearing
C. S. No. 2/661 admeasuring 795.99 sq. mtrs. of Malabar Cumballa Hill
Division, situated at Forjett Street, Mumbai- 400036, more particular
described under Schedule hereunder written (herein after referred to as Said
Property).

B. The building is occupied by 76 number of tenants.

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C. The Building is constructed in and around year 1918.

D. The Owner has not approached any other Developer for redevelopment of
the said property.

E. The said building is very old and is in highly dilapidated condition and is
dangerous for habitation and in fact the same has been categorized in C-1
Category by the Maharashtra Housing & Area Development Authority (for
short “MHADA”) and in fact the MHADA has issued Notice under section
79A of MHADA Act, 1976 dated 06/07/2023 for development of the said
building.

F. The Owner has filed Writ Petition (L) No. 626 of 2024 before the Hon’ble
High Court Bombay challenging the issuance of notice under Section 79A of
MHADA Act, 1976 against the parties more particularly mentioned therein.

G. In view of the said dilapidated and dangerous condition of the buildings and
the said notices received by the Owner from MHADA, the Owner has
approached the Developer herein and requested the Developer for
carrying out the redevelopment of the said Property by demolishing the
existing dilapidated buildings and constructing new buildings on the said
Property, in accordance with the rules and regulations of the
MCGM/MHADA and other concerned government authorities for
rehabilitation of the existing tenants in the said New Building/s to be
constructed on the said Property.

H. The Owner has agreed to assign the development rights in respect of the
said land and the said building in favor of the Developer abovenamed by
execution of the Deed of Assignment or any other appropriate instrument as
decided by the Developer.

I. The parties herein shall enter into and register Development Agreement,
Irrevocable Power of Attorney and shall execute Irrevocable consent and all

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 other required necessary deeds, documents, writings, instruments etc. in
favour of Developer.

J. The parties hereto enter into the present memorandum of understanding to

record the terms and conditions agreed between them.

NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSETH AND

IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO
AS FOLLOWS:

1. The Owner has agreed to assign his development rights in repect of the
said land in favour of the Developer by execution and registration of the
Development Agreement or any other appropriate instrument as decided by
the Developer on issuance of Commencement Certificate in respect to
redevelopment of the said land and said building

2. The Developer in lieu of the assignment of development rights by the Owner

has agreed to pay as consideration to the Owner the constructed
Commercial area admeasuring 1100 sq.ft. RERA Carpet on ____ floor
inclusive of but not limited to fungible area as per 31(3) of DCPR 2034
&/or balcony area &/or appurtenant area &/or area available as per 31(1)
of DCPR 2034 or any other such area that may be available & otherwise
permissible as per DCPR 2034 & MAHARERA ACT, 2017, in the new
building/s to be constructed on the said land upon execution of
Development Agreement or any other appropriate instrument as decided by
the Developer. The said area admeasuring 1100 sq. feet will be sanctioned
for commercial use in the newly constructed building.

3. The Developer further agrees to pay to the Owner a sum of Rs. 25,00,000/-
(Rupees Twenty Five Lakhs only) as refundable deposit on the date of
issuance of Commencement Certificate.

4. The Owner hereby appoints Developer for the redevelopment of the said
land and said building.

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5. The Owner has given his irrevocable consent for appointment of developer
in respect to the said building and property.

6. The Owner undertakes to withdraw Writ Petition (L) No. 626 of 2024 filed
before the Hon’ble High Court Bombay challenging the issuance of notice
issued under section 79A of MHADA Act, 1976 within 7 days of execution
of this present.

7. The Owner hereby undertakes and agrees that he will execute and register
Development Agreement, Irrevocable Power of attorney, Irrevocable
Consent, Deed of Assignment or any other Instrument in respect to said
property and said land and said building in favor of Developer.

8. The Owner shall whenever required to do so from time to time and at all the
time hereafter execute and sign or cause to be executed and signed all such
letters, forms, applications, deeds, documents, Irrevocable Consents,
Undertaking Writings and papers, if any, required by the Developer to
submit before MHADA or any other concern authority.

9. The Developer has agreed to carry out the redevelopment of the said
building as per the Development Control and Promotion Regulation for
Greater Mumbai 2034 as applicable to city of Mumbai and any statutory
amendment or modification or re-enactment thereof, by demolishing the
existing dilapidated building and constructing new building/s on the said
Property, in accordance with the rules and regulations of the
MCGM/MHADA and other concerned government authorities for
rehabilitation of the existing tenants in the said New Building/s to be
constructed on the said Property by providing them permanent
accommodation having carpet area as per the rules and regulations of
MHADA and at the time of vacation of tenanted premises the members of
association i.e. tenants shall subsequently surrender their tenancy rights in
the said Tenanted Premises in favour of the Developer.

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10. The Owner hereby undertakes to provide his active and timely co-operation
to the Developer in respect to redevelopment of the said building and he
will make himself available before the MHADA or any other concern
authority in respect to redevelopment of the said building and land.

11. The Owner declares that the said land and building is free from all claims,
charges, demands and encumbrances and that there is no pending litigation
in respect of the said land and building save except specified herein above.
Should there be any claim by any person or persons against the said land
and building, owner do hereby agree and undertake to indemnify the
Developer against such claims, charges, demands and encumbrances and to
clear the same to complete the redevelopment.

12. The Owner hereby declares that he has no objection if Developer takes
search of the record to investigate the title and to procure title certificate,
carry out survey, inspection, measurement and to do all necessary things
required for the redevelopment of the said building and said property.

13. The Owner hereby agrees and confirms that if any title defects, third party
claims, objections are received upon investigation by the Developer then
that will be cleared and settled by the owner on his own cost and risk.

14. It is expressly agreed by the parties that they will not terminate this MOU at
any point of time for any reason whatsoever in nature.

2. The present MOU is made and signed by the parties by free will and
consent and without any force, undue influence or pressure. And same is
binding upon both the parties.

SCHEDULE ABOVE REFERRED TO:

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 All that piece and parcel of Building No. 14-16A known as Jenab Court
comprising of three wings having ground plus four upper floor bearing Cess
No. D-3427(3) (hereinafter referred to as the said building) on land bearing
C. S. No. 2/661 admeasuring 795.99 sq. mtrs. of Malabar Cumballa Hill
Division, situated at Forjett Street, Mumbai- 400036.

On or towards North: D Mangeshkar Marg

On or towards East: Forjett Hill Road
On or towards West: CS No 4/661
On or towards South: CS No 1/661

IN WITNESS WHEREOF the parties hereto have here unto set and subscribed their
hands on the day and year first hereinabove written.

SIGNED SEALED AND DELIVERED )

By the withinnamed “DEVELOPER” )

1. NIKHIL B Parmar )

In the presence of )

1. Bherulal B Parmar
2. Sagar D Rane

SIGNED SEALED AND DELIVERED )

By withinnammed “OWNER” )

Mr. Allauddin Mohamed Allibhoy Merchant)

In the presence of )

1. Naeem Merchant
2. Sagar D Rane