between · web viewthe resident and his spouse do not suffer from any contagious disease or...

AGREEMENT TO SALE

This Agreement to Sale is executed at Chengalpet,Tamil Nadu on this ____ day of ________________

BETWEEN

M/s. ESCAPADE REAL ESTATE PVT. LTD. [PAN No. AABCE7454J] a Company incorporated under the Companies Act, 1956, bearing [CIN No. U70101TN2007PTC062236], having its Registered Office at No. 3, Ganapathy Colony, 3rd Street, Off Centoaph Road, Teynampet, Chennai- 600018 represented by its Authorized Signatory _____________ (PAN _______________) authorised vide board resolution dated __________, (hereinafter called the "LAND OWNER”) party of the FIRST PART" . AND

M/s. ASHIANA HOUSING LTD. [PAN No. AADCA9093P], a Company incorporated under the Companies Act, 1956, bearing [CIN No. L70109WB1986PLC040864], having its Registered Office at 5F, Everest, 46 /C, Chowringhee Road, Kolkata, West Bengal and Local Office at No.10, First Floor, GJ Complex, First Main Road, CIT Nagar, Chennai- 600 035, represented by its Authorized Signatory Lt. Col. VIJAY MOORTHY (Retd.), S/o V. P. Moorthy aged about 46 years ID (PAN AFNPM5227K) vide Board Resolution dated 01.04.2016 (hereinafter called the "DEVELOPER” or “CONFIRMING PARTY”) party of the SECOND PART.

AND

Mr___________________, S/o Mr_________________ jointly with Mr_________________, both residents of ______________________________ (hereinafter referred to as “the BUYER(S)” which expression shall unless repugnant to the subject or context be deemed to include his/her, their heir, legal representative, executors,

(The LAND OWNER, The DEVELOPER and BUYER/s shall individually be referred to as Party and collectively as Parties)

WHEREAS:

For Ashiana Housing Ltd . For Escapade Real Estate Pvt. Ltd.

Buyer (s) Authorized Signatory Authorized Signatory

A. The Land Owner is the Owner of the land parcel admeasuring 45 acres and 05 ½ cents under various survey numbers. situated at Sengundram Village, Govindapuram Hamlet, Maraimalai Nagar Municipal Limit, Chengalpet, Taluk, Kancheepuram District, Tamil Nadu (hereinafter referred to as the “Entire Land”) more particularly described in Part I of Schedule A, having acquired the same from Mr. S. Devaraj and 72 others, vide a Deed of Sale dated 07/05/2007, Registered as Doc.No.6596/2007, on the file of the Joint-II Sub-Registrar, Chengelpet.

B. The Land Owner has taken approvals as per requirement of the applicable law(s), from the Director, Town and Country Planning, Chennai, Tamil Nadu (hereinafter referred to as “DTCP”) for developing the Entire Land

C. The Land Owner as contemplated in the norms of Town and Country Planning Department, has released and relinquished a portion of the land measuring 16088.63sq. mt. and 5651.02 Sq. mt. for road and 18260.76 Sq. mt from the Entire Land towards open space reservation area in favour of Maraimalai Nagar Municipality Chengalpet vide 2 gift deeds as per Development Rules and the same were registered as Document No.4449/ 2008 and 5026/ 2013 respectively in the Office of Joint-II Sub-Registrar, Chengelpet.

D. The Land Owner is developing/has developed a portion of the Entire Land as a residential group housing project consisting of Villas and Plots under the name of “Villa Viviana”.

E. The Land Owner has nominated, constituted and appointed the Confirming Party to be the true and lawful attorney in its name and on its behalf to do, execute, perform or cause to be done, execute and perform from time to time, at its sole discretion all or any of the acts, deeds, matters or things in relation to the Project for the marketing, selling, development and construction on the remaining portion of the Entire Land measuring 20 acres and 20 cents (hereinafter referred to as the Project Land) more particularly described in Part II of Schedule B on the terms and conditions as enumerated in the Power of Attorney dated 3rd December, 2014. The said Power of Attorney (hereinafter referred to as the POA) has been duly registered with the Office of Joint II Sub Registrar, Chengelpet II as Document No. 14815/ 2014 Book No. [1] and is currently valid and in force.

F. In furtherance of rights vested in the Confirming Party by virtue of the aforesaid POA, the Developer has proposed to develop a group housing project on the Project Land and initially proposed a senior living project under the name and style of “Ashiana Shubham” or the “Project” on one portion of the Project Land comprising of several units, parking facilities, convenient shopping etc to be developed in a phased manner.

G. Both the Land Owner and the Confirming Party obtained the planning permit for construction of a group housing project on the portion of the Project Land i.e. Phase I Land in accordance with the sanctioned building plans.

H. Ashiana Shubham is a theme based senior living project to cater the needs of a particular category of the society and therefore the Land Owner and the Developer have derived the following special terms and conditions (“Senior Living Scheme”) to be mandatorily complied by the Buyer at all times:



-3 -

(i) The person living or resident or the spouse of the said resident(s) should be atleast 55 years of age at the time of occupancy;

(ii) The resident and his spouse do not suffer from any contagious disease or alzheimer and are not terminally ill or of unsound mind at the time of admission or occupation of the Unit;

(iii) On allotment and possession of the Unit the Buyer shall be at liberty to let out or grant lease/rent/license of the Unit to anyone who fulfils the conditions mentioned in Clauses (i) and (ii) above ;

(iv) The children/grand-children or other relatives or friends below the age of 55 years may stay with the Buyer or his spouse or the tenant or the licensee, as the case may be, for a period of short duration/stay as decided from time to time in consultation with senior living community association. However unmarried/widowed daughter can stay with the resident on a permanent basis

I. The Buyer prior to the execution hereof has perused and has taken inspection of the documents and has otherwise satisfied himself about the right, title and interest of the Developer to plan, construct and sell the aforesaid residential Project for senior living over the portion of Project Land and is also aware of the fact that the Land Owner and/ or Confirming Party have entered and /or is entering into separate Agreements for undivided share in Phase I Land with several other persons and/or parties who are interested in acquiring the proposed Units/ flats, Parking facility etc.

J. The Confirming Party has launched the first phase of the Project over the land to the extent of 11135.4 sq.mtr. (119860 sq.ft.) (hereinafter referred to as "Phase I Land") comprised in survey no. 389/4A (16), 389/4D1 (P) (14), 394/5A & 8B2 (P) (70),394/5B (P) (86), 394/8A (P) (23), 394/8B1 (P) (23), 394/9(22), 394/10A (17), 394/10B (17), 394/11A (10), 394/11B (10), 394/12 (58), 394/14A (P) (13), 394/14B1 (12),394/14B2 (17), 394/14B3A (06), 394/14B3B (06) of Sengundram Village, Chengalpattu Taluk, Kancheepuram District and more particularly described in Part III of the Schedule A and the Developer and the Confirming Party shall convey undivided share in Phase I land to prospective Buyers of the Units developed/ to be developed on Phase I Land in proportion to the Super Built Up Area of each Unit.

K. According to the prevailing laws in the state of Tamil Nadu, any person desirous of owning a Unit in the Project is required to purchase undivided interest/ share in the land (hereinafter referred to as UDS) and for the same purpose, such person requires to enter into an agreement for sale for purchase of un-divided share in land (‘UDS’) along with a right to put up construction by entering into Construction Agreement with the Developer and the Land Owner.

L. The Buyer further undertakes and confirms to comply with all the aforesaid terms and conditions during his occupation. Furthermore, the Buyer also acknowledges that in the event of his default in complying with the aforesaid requirements, including but not limited to all those set out hereinabove in Paragraph H, the Buyer is aware that the agency appointed for the operation and management of the project shall be entitled to initiate necessary recourse.



-4 -

M. The Buyer herein is desirous of purchasing ____Sqmtr. (_____ sq. ft.) of Undivided share in Phase I land and the Land Owner and the Confirming Party has agreed to sell to the Buyer ____ Sqmtr. _____ sq. ft. of undivided share in Phase I Land more fully described in the Schedule B hereof free from all encumbrances so as to enable the Buyer to get a Unit constructed as per the Scheme formulated by the Developer, subject to the terms and conditions herein contained;

N. The Buyer has performed all necessary due diligence of the Entire Land including but not limited to the Project Land/ Phase I Land and has fully satisfied himself/ herself/themselves about the rights, interest and title of The Land Owner and the Developer in the Project and the Project Land/Phase I Land as well as the right to develop, sell and market the undivided share/units/buildings in the Project as per the prevailing bye-laws/ guidelines of DTCP, Tamil Nadu and/ or any other government authority and the Buyer has understood all limitations, restrictions and obligations in respect thereof. The Buyer assures the Land Owner and the Developer that the investigations by the Buyer are complete and the Buyer is fully satisfied that the Land Owner and the Developer are competent to enter into this Agreement. The Buyer further agrees to abide by the terms and conditions of all the permissions, sanctions, directions etc. issued/to be issued by the governmental/competent authority(ies) in this regard to the Land Owner & the Developer from time to time.

O. The Buyer agrees and acknowledges that the Buyer is entering into this Agreement with full knowledge of all the laws, rules regulations, notifications, statutory provisions applicable to the Project Land,Phase I Land, Project, terms and conditions of the Land Owner and the Developer, Undivided Share of land, terms of construction and the Unit and that the Buyer has clearly understood the Buyer’s rights, duties, responsibilities, obligations thereunder, and agree to abide by the same.

P. Simaltaneously with the execution of this Agreement, the Buyer is required to execute a Construction Agreement for construction of the Unit on the undivided share in Phase I land. The terms and conditions set out therein would be read as part and parcel of this Agreement.

NOW THEREFORE, in consideration of, and subject to, the mutual covenants, agreements, terms and conditions contained herein, the mutual benefits to be derived there from and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

ARTICLE 1: DEFINITIONS

In this Agreement unless it is contrary or repugnant to the context shall mean and include:

1.1 CONSTRUCTION AGREEMENT shall mean the agreement to be executed between the Buyer and The Land Owner and the Developer simultaneously with this Agreement relating to the construction of a corresponding Unit on undivided share in Phase I land being part/ portion of the Phase I Land wherein the Project is being proposed and more particularly described in Schedule B .Furthermore, unless to the



contrary, any references and/or definitions made in the Construction Agreement shall have the same meaning as described herein.



-6 -

1.2 ENTIRE LAND shall mean the land admeasuring 45 acres and 05 ½ cents more particularly described in Part I of Schedule ‘A’ annexed herewith.

1.3 “HE OR HIS” shall also mean either she or her in case the Buyer is a female or it or its in case the Buyer is a partnership firm or a company;

1.4 PROJECT LAND shall mean the portion of Entire Land admeasuring 20 acres & 20 cents more particularly described in Part II of Schedule ‘A’ annexed herewith.

1.5 “PHASE I LAND” shall mean the portion of Project Land admeasuring 11135.4 sq. mtr. (119860 sq.ft.) more particularly described in Schedule ‘B” as annexed herewith.

1.6 THE BUYER shall mean and include:

(a) If the Buyer be an individual then his/her heirs, executors, administrators, legal representatives, successors and permitted assigns;

(b) If the Buyer be a Hindu Undivided Family, then its karta and member(s) for the time being, their survivors and respective heirs, executors, administrators, legal representatives and permitted assigns;

(c) In case the Buyer be a Partnership Firm, then its partners for the time being, their respective heirs and executors, administrators, legal representatives and permitted assigns; and

(d) In case the Buyer be a limited company, then its successor or successors-in-interest and permitted assigns;

1.7 THE CONFIRMING PARTY/DEVELOPER shall mean above referred and shall include executors, administrators, legal representatives, successors and permitted assigns;

1.8 THE LAND OWNER shall mean the party above referred and shall include its executors, administrators, legal representatives, successors and permitted assigns;

ARTICLE 2 - PRICE AND PAYMENT TERMS-

2.1 That in pursuance of the foregoing and in consideration of the mutual obligations undertaken by the Parties hereto and in consideration of the payment made/ to be made by the Buyer as appearing hereinafter, the Land Owner and the Confirming Party hereby agrees to sell and the Buyer/s hereby agree/s to purchase undivided share in the Phase I land as described in Schedule B, hereunder for a total sale consideration as recorded in Part I of Schedule C, subject to the terms, conditions and covenants herein contained.

2.2 The consideration shall be paid by the Buyer as and in the manner set out in Part II of Schedule C hereunder written.



-7 -

2.3 The Buyer/s agree/s that the undivided share in Phase I land agreed to be conveyed to the Buyer/s shall be corresponding to the Units to be constructed and the Buyer/s will have no objection if there is any variation in the undivided share in Phase I land agreed under this Agreement and the area of undivided share in the Phase I land which will be finally conveyed. In case of any kind of disagreement regarding area calculations between the Parties, the decision of the Project Architects appointed by the Developer shall be final and binding on the Parties to this Agreement.

2.4 The Buyer agrees not to delay, or withhold or postpone the payments due for any reason whatsoever and in the event of the Buyer delaying, withholding or defaulting the payments any consequential sufferance or damages shall be at the risk and cost of the Buyer.

ARTICLE 3 - TIME IS THE ESSENCE-

3.1 The time is the essence with respect to the Buyer‘s obligations to pay the consideration as provided in Part II of Schedule C along with other payments and other charges stipulated under this Agreement to be paid on or before due date or as and when demanded by the Developer as the case may be and also to perform or observe all other obligations of the Buyer under this Agreement.

3.2 Any breach of any of the terms of this Agreement or any default by the Buyer in payment of the entire consideration or any installment thereof on the due dates, for whatsoever reasons shall be construed as the breach of the Agreement committed by the Buyer and without prejudice to any other rights of the Land Owner and the Confirming Party, the Land Owner and/or the Confirming Party may at their discretion/option, cancel this Agreement as per the terms of this Agreement.

3.3 The Buyer agrees to pay the consideration for sale of the undivided share in the Phase I land and the cost of construction without committing any default and further agrees to pay the amounts as per Part II of Schedule C hereunder and in case of any default in making the payments then the Buyer/s shall be liable to pay interest at the rate of 18% per annum compounded every month for such delayed payment from the date of default to the date of payment under the terms of this Agreement. It is specifically agreed that time for payment of the consideration amount by the Buyer as set out in Part II of Schedule C hereunder written, shall be the essence of this Agreement. Provided further that any amount paid by the Buyer shall be first appropriated towards interest, charges if any, and the balance towards the principal amount. Such adjustment / appropriation of payments shall be done at the discretion of the Developer and the Buyer undertakes not to object, protest or direct the Developer and/or the Land Owner to adjust his/her/its payments in any manner otherwise than as decided by the Developer in its sole discretion. The Buyer expressly waives requirement(s) of service of any notice of such appropriation.

3.4 For all payments, the date of clearance of the demand draft/pay order/cheque shall be taken as the actual date of payment. The dishonor of the demand draft/pay order/cheque for any reason, in addition to other available remedies, shall also entitle the Developer to charge from the Buyer bank charges for dishonor of the said instrument and an additional amount of Rs.1,000/- towards administrative handling charges.



-8 -

3.5 In the event: (i) the Buyer not clearing all his dues along with interest @ 18 % per annum within 60 days from the date the said amount become due & payable; and/or (ii) committing default in payment or delay in remittances of payments on due date under this Agreement of more than two instances; and/or (iii) on the Buyer committing breach of any of the terms and conditions herein-contained, The Land Owner and the Developer shall be entitled, at its own option/discretion, to cancel and terminate this Agreement in which event all rights, including but not limited to the title and interest of the Buyer over the said proportionate undivided share in the Phase I land shall stand extinguished and the Buyer shall have no further right, title and interest over the said Undivided share in the Phase I land and The Land Owner and the Developer shall be entitled to transfer/ sale the Undivided share in Phase I land to any other person at the risk and cost of the Buyer. The Developer apart from charging interest @ 18% per annum on all delayed payments, shall also be entitled to a liquidated damages equivalent to 10% of the total cost of undivided share in the Phase I land from the Buyer on the date of termination of this Agreement. The Developer after making such appropriation shall refund the balance amount to the Buyer within 120 days from the date of such termination. It is agreed by and between the parties that the liquidated damages as the aforesaid 10% is just, proper and reasonable and the same is a genuine pre-estimate of the damages being suffered by The Land Owner and the Developer.

3.6 On such termination as aforesaid, the Buyer shall have no right, claim or demand of whatsoever nature against the Land Owner and the Developer and the Confirming Party in respect of the said undivided share in the Phase I land or otherwise and the Land Owner and the Confirming Party shall be entitled to deal with and dispose of the said undivided share in the Phase I land to any other party without any consent from or even reference to the Buyer. It is further clarified that the Buyer unconditionally agrees to do all such further acts and things including but not limited to execution of documents, presenting the same for registration before authorities including the Sub-Registrar, etc. that shall be required by the Developer and/or the Land Owner, as may be necessary to effect validly the cancellation of this Agreement.

3.7 Cancellation/Termination of this Agreement for Sale of Undivided Share in the Phase I land would automatically deem Cancellation/Termination of Construction Agreement, to be entered into with the Developer and the Land Owner. The Buyer/s shall be entitled for specific enforcement of this Agreement or the Construction Agreement only upon his prompt and regular payment of all the installments and other dues on the respective due dates set out herein and in the Construction Agreement and as demanded by the Developer. The Buyer/s shall not have any right to seek specific performance of this Agreement alone, as it would affect the scheme of construction formulated by the Developer and on such cancellation/termination, the rights of the Buyer in this Agreement and/ or on the Construction Agreement shall vest with the Developer and/or the Land Owner or any person nominated by the Developer and the Land Owner.

3.8 Breach of terms and conditions of either this Agreement or the Construction Agreement shall be construed as breach of both the agreements and accordingly both the agreements shall be read harmoniously together. It is therefore explicitly acknowledged by and amongst the Parties that this Agreement shall not be enforceable de hors the Construction Agreement that shall be executed amongst the Parties.



-9 -

ARTICLE 4 - REGISTRATION OF AGREEMENTS, SALE DEED, STAMP DUTY, FEES

4.1 The Land Owner and the Developer agree to execute this Agreement along with Construction Agreement with Buyer and Buyer is obliged to register both the agreements with the sub-registrar office as and when called upon by the Land Owner and/or the Developer to do so and shall be solely liable to pay the applicable stamp duty, registration fees and other charges.

4.2 The Land Owner and the Developer agrees to execute a Sale Deed in respect of undivided share in the Phase I land as described in Schedule B in favour of the Buyer/s, on compliance of the terms and payment of all sums mentioned herein as well as in the Construction Agreement and/ or mentioned in any other agreement related thereto, agreed to be entered into with the Developer and the Land Owner. The Buyer/s agrees not to claim conveyance or possession till compliance of all the agreements. The Parties hereto shall co-operate with each other for registration of the Sale Deed in pursuance of this Agreement. The Buyer/s agree/s not to claim possession till Sale Deed and Construction Agreement are executed and registered in his/their favour and the entire amounts with regard to the Unit is completely paid and the no due letter is issued by the Developer.

4.3 The stamp duty, registration charges prevailing at the time of registration of this Agreement, Construction Agreement, Sale Deed and any other agreement/ documents, legal fees/ expenses and all other miscellaneous and incidental expenses/ charges for execution and registration shall be solely borne and paid by the Buyer/s.

4.4 The Developer and the Land Owner shall send intimation to the Buyer for registration of the undivided share in Phase I Land in his favour.

4.5 In case the Buyer/s fail/s to register the undivided share in Phase I Land in its favour within 30 days from the date of intimation of the Builder to the Buyer/s, the Builder is entitled to terminate this Agreement after giving 15 days notice and sell the UDS mentioned in the Schedule B to any third party. In case of such termination, the Builder is entitled to deduct 10% of the sale consideration, as damages and refund the balance amount to the Buyer/s within 120 days from the date of re-sale of such UDS mentioned in the Schedule B, to any third party.

4.6 Developer and the Land Owner agree that they shall do all such acts and deeds necessary and requisite to convey absolute and marketable title in respect to the Undivided share in Phase I Land defined in Schedule B in favor of Buyer/s.

4.7 Upon complete compliance of all the terms and conditions of this Agreement including Construction Agreement, the Developer shall duly hand over physical and vacant possession of the Unit to the Buyer/s by way of separate letter of handing over of possession.

ARTICLE 5 - TAXES

5.1 The Land Owner and the Developer shall pay Municipal taxes and other rates and outgoings on the Undivided share in Phase I Land up to the date of execution of sale deed in respect of Undivided share in Phase I Land. Thereafter the Buyer/s shall be liable to pay the taxes, corresponding to the Undivided share in Phase I Land. The Buyer shall be liable to pay the property taxes and other charges accordingly.



-10 -

5.2 The Buyer is aware that in case the consideration is Rs. 50 Lacs or above, Buyer shall be liable for tax Deduction at Source (TDS) under Section 194 IA of Income Tax Act, which is applicable from 1st June, 2013. Such TDS would be deducted from consideration being paid to the Developer. On every payments 99% amount is to be paid to the Developer and 1% amount is to be paid to Govt. of India (Income Tax Department), for the same Buyer needs to issue certificate in form 16B to the Developer. The Developer shall not credit the amount in the account of the Buyer, till the time Buyer has issued the certificate to the Developer.



-9 -

ARTICLE 6 - NATURE OF USAGE AND RIGHT OF THE BUYER

6.1 The Buyer/s agree/s to own the undivided share in Phase I Land as described in Schedule B and enjoy the same in common with other owners or buyers of undivided shares.

6.2 The Buyer/s shall simultaneously enter into a Construction Agreement with The Land Owner and the Confirming Party along with this Agreement for Sale executed by the Confirming Party and the Land Owner. The Buyer shall have no right to enter into construction agreement with any person other than the Confirming Party.

6.3 The Buyer shall not seek partition and separate possession of his/her/their/its undivided right, title and interest described in Schedule B. He/she/they shall not object to the construction of composite Apartment/ Unit Blocks for senior living that shall be constructed by the Confirming Party on the Schedule Property. He/she/they do/es hereby specifically confirm and agree that the Confirming Party, shall be entitled to construct composite multi-storied residential Apartment/ Unit Building Blocks for senior living on the Schedule Property as may be decided by the Confirming Party and to the extent permissible at any time by the DTCP, Local Planning Authority/Local Panchayat/ CMDA, or any such other concerned statutory and regulatory authorities, without any intervention of the Buyer/s.

6.4 It is further clarified that the recitals stated above does hereby form a part of this Agreement including but not limited to the conditions set out in Recital hereinabove, the Buyer further agrees to respect all the rights of similar buyer(s)/ owners who have agreed to purchase similar undivided share in Phase I Land as described in Part III of Schedule A and also construct similar Units in the Project and also be subject to restrictions of common ownership of Property and the enjoyment of the Unit to be constructed therein.

ARTICLE 7 - NOTICES

7.1 All letters, receipts or notices issued and dispatched by the Confirming Party under Registered Post Acknowledgement Due / Local Courier Service to the address of the Buyer/s given in this Agreement or sent to the e-mail I.D registered with the Confirming Party will be considered as sufficient proof of service thereof on the buyer and shall effectually discharge the Confirming Party from the obligations to issue any further notice.

ARTICLE 8 - INDULGENCE

8.1 The Parties hereto agree that in the event of there being any delay in or indulgence shown by either of the parties with regard to the enforcement of any of the terms of this Agreement the same shall not be construed as a waiver of rights on the part of the party showing such indulgence or forbearance and the parties shall be entitled to enforce such right without prejudice to such indulgence or forbearance shown.

-10-



ARTICLE 9 - POSSESSION

9.1 The Land Owner and the Confirming Party shall put the Buyer/s in constructive possession of proportionate Undivided Share in Phase I Land and actual, physical, vacant possession of Undivided share in Phase I Land shall be on execution of Sale Deed and on receipt of payment of all amounts due under this Agreement as well as Construction Agreement to be entered into with The Land Owner and the Confirming Party and on compliance of all the terms in both the Agreements and on receipt of Completion Certificate.

ARTICLE 10 - INDEMINIFICATION-

10.1 The Buyer hereby covenants with The Land Owner and the Confirming Party to pay from time to time and at all times the amounts which the Buyer is liable to pay under this as well as Construction Agreement and to observe and perform all the covenants and conditions contained in said Agreements and to keep The Land Owner and the Confirming Party and its nominees, representatives, estate and effects, indemnified and harmless against any or all loss or damages that The Land Owner and the Confirming Party may suffer as a result of nonpayment, non observance or non performance of the covenants and conditions stipulated in this as well as Construction Agreement.

ARTICLE 11 - COPIES OF THE AGREEMENT-

11.1 This Agreement shall be entered in two copies and one original copy shall be retained by the Buyer and one by the Confirming Party respectively.

ARTICLE 12 - JOINT BUYER-

12.1 In case there are Joint Buyer(s) , all communications/ correspondences shall be sent by The Land Owner and the Confirming Party to the and in the name of First Applicant whose name appears first and at the address given by him/ her, which shall for all purposes be considered as served to all the Joint Buyer(s).

ARTICLE 13 - DISPUTE RESOLUTION:

13.1 Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), the provisions of which Arbitration Act are deemed to be incorporated by reference into this Clause.

13.2 The arbitration proceedings shall be conducted by a sole arbitrator who shall be appointed by the Confirming Party and whose award shall be final and binding upon the Parties. The Buyer hereby confirms that the Buyer shall have no objection to this appointment. The arbitration award shall be final and binding on all of the Parties. Judgment upon the award rendered may be entered in any court having jurisdiction, or application may be made to such court for a judicial recognition of the award or an order of enforcement thereof, as the case may be, and to the extent permissible by law.

13. 3 The seat, or Venue, of arbitration shall be at [Chennai, Tamil Nadu]. The language to be used in the arbitral proceedings shall be English.



-11-

13. 4 The costs and expenses of the arbitration, including, without limitation, the fees of the arbitration and the arbitrator, shall be borne equally by each Party to the dispute or claim and each Party shall pay its own fees, disbursements and other charges of its counsel, except as may be determined by the arbitrator. The arbitrator would have the power to award interest on any sum awarded pursuant to the arbitration proceedings and such sum would carry interest, if awarded, until the actual payment of such amounts.

13. 5 Prior to or pending arbitration, nothing shall preclude the Land Owner and/or the Confirming Party from seeking interim or permanent equitable or injunctive relief, or both, or specific performance from the courts at [Chennai]. The pursuit of equitable or injunctive relief shall not be a waiver of the duty of the Parties to pursue any remedy for monetary damages through the arbitration described in this Clause.

ARTICLE 14 - GOVERNING LAWS & JURISDICTION

14.1 This Agreement shall be governed and construed in accordance with the laws of India and the Courts of Chennai, Tamil Nadu, shall have sole and exclusive jurisdiction in this matter.

ARTICLE 15 - SEVERABILITY

15.1 All other agreements and/or arrangements or letters, assurances written, oral or implied hereto before made and which are in any way contradictory to or inconsistent with this agreement shall have no effect.

15.2 If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to such provision or part of such provision and the remaining part of such provision and all other provisions of this Agreement shall continue to remain in full force and effect.

ARTICLE 16 - NON TRANSFERABILITY/ASSIGNMENT

16.1 That the Buyer shall not be entitled to transfer/assign the rights under this Agreement in favour of anyone else except with the prior written consent of the Confirming Party.

ARTICLE 17 - LEIN

17.1 Without prejudice to any of the terms and conditions of this Agreement, Construction Agreement and any other incidental agreement/s or documents as amended upto date, the Land Owner and/or the Confirming Party shall jointly and severally have the necessary lien and first charge on the undivided share in Phase I Land as detailed in the Schedule B and the Unit for all amounts that the Buyer is liable to pay under this Agreement and the Confirming Party shall be entitled to recover and receive the same from the Buyer/s and shall be entitled to withhold giving possession of the undivided share in Phase I Land as detailed in the Schedule B and the Unit described in the Construction Agreement, until the receipt of full payment thereof and of the other charges as and when may become payable by the Buyer under such agreements or the Applicable Law.

ARTICLE 18 - FURTHER ASSURANCES:

18.1 Buyer shall, at its/his own cost and expense from time to time, on being required to do so by Confirming Party now or at any time in the future, execute and do (or procure to be executed and done by any other necessary party)all such deeds, documents, acts and things as Confirming Party may from time to time require whether on or after the execution of this Agreement as may be necessary to give full effect to the subject matter under this Agreement.

-12 -



PART I OF SCHEDULE A ABOVE REFERRED TO AS ENTIRE LAND All that piece and parcel of vacant lands measuring to a total extent of 45 acres and 5½ cents (182397.38

sq.mt - 19,62,596 Sq.ft.) and comprised in S.Nos. 388/4B (4 cents), 389/1 (46 cents), 394/11B (10 cents), 394/16 (13 cents), 394/21 (5 cents), 394/4 (42 cents), 438/7B (11 cents), 387 (1 acre and 2 cents) 388/6B (13 cents), 439/2B3 (33 cents), 439/3A1C (13 cents), 439/2B1(74 cents), 394/18 (18 cents), 394/14B3A (6 cents), 394/14B2 (17 cents), 390/7A (7 cents), 390/8 (7 cents), 390/3A (79 cents), 390/3B (79 cents), 383/1A (59 cents), 381/1A (2 acres and 32 cents), 381/3A (1 acre and 2 cents), 438/3 (22 cents), 438/4A (13 cents), 438/5 (22 cents), 438/6 (23 cents), 438/7A (20 cents), 388/3B (5 cents), 439/2A (36 cents), 439/3B (39 cents), 394/14B1 (12 cents), 439/3A1B (4 cents), 439/3A1D (12 cents), 394/14B3B (6 cents), 439/2B2 (7 cents), 439/3A1A (4 cents), 439/3A1E (15 cents), 389/4A (16 cents), 389/4C (15 cents), 388/2B (5 cents), 388/7 (2 cents), 388/8A (4 cents), 389/2A (26 cents), 389/2E (22 cents), 389/6B (10 cents), 389/6D (32 cents), 394/17A (10 cents), 394/19A (17 cents), 394/19C (11 cents), 438/4B (9 cents), 439/3A2 (69 cents), 437/8B (9 cents),388/8B (4 cents), 389/2B (27 cents), 389/2D (18 cents), 389/3A (29 cents), 389/6A (10 cents), 389/6C (17 cents), 389/6E (11 cents), 394/8A (23 cents), 394/10B (17 cents), 394/11A (10 cents), 394/17B (15 cents), 394/19B (26 cents), 389/2C (6 cents), 394/13 (7 cents), 381/1B1 (1 acre and 53 cents), 383/1B (1 acre and 42 cents), 383/3 (15 cents), 390/4 (39 cents), 394/1 (46 cents), 394/6 (44 cents), 388/1D (5 cents), 394/24 (84 cents), 394/7 (28 cents), 394/32 (16 cents), 394/33 (15 cents), 394/34 (15 cents), 437/7 (20 cents), 438/2 (6 cents), 437/9 (18 cents), 390/2B2 (21 cents), 388/9A (7 cents), 388/9B (5 cents), 388/4A (5 cents), 388/5 (5 cents), 394/31 (12 cents), 437/1 (4 cents), 438/1 (15 cents), 394/25 (11 cents), 394/26 (10 cents), 437/4 (18 cents), 437/6 (37 cents), 390/2B1 (20 cents), 390/2B4 (22 cents), 437/8A (11 cents), 394/30 (13 cents), 394/27 (10 cents), 394/28 (13 cents), 394/29 (13 cents), 389/4B (28 cents), 388/6A (9 cents), 390/2A (80 cents), 437/2 (4 cents), 437/3 (6 cents), 439/1 (62.5 cents from and out of 1 acre and 51 cents), 394/2C (7 cents), 394/2D (2 cents), 394/2F (11 cents), 394/2B (2 cents), 386 (41 cents) (western portion from and out of 76 cents), 390/5 (38 cents), 390/7B (34 cents), 388/2A (6 cents), 388/3A (6 cents), 389/5A (32 cents), 389/5B1 (25 cents), 389/5B2 (23 cents), 394/20 (79 cents), 394/22 (42 cents), 394/23 (36 cents), 394/2A (12 cents), 394/2E (15 cents), 394/3 (44 cents), 381/1B2 (1 acre and 12 cents), 381/3B (18 cents), 381/3C (49 cents), 383/1C (6 cents), 390/1B (80 cents), 390/1A (80 cents), 390/6B (18 cents), 439/1 (88.5 cents - being the northern portion from and out of 1 acre and 51 cents), 390/6A (18 cents), 394/14B2 (8.5 cents out of 17 cents), 388/1C (4 cents), 388/1A (4 cents) , 388/1B (2 cents), 386 (35 cents), 385 (72 cents), 394/5A & 8B2 (70 cents), 394/5B (86 cents), 394/10A (17 cents), 394/12 (58 cents), 394/14A (13 cents), 389/3A (20 cents), 389/4D1 (28 cents), 389/3B (140 cents), 384 (30 cents), 389/4D2 (26 cents), 394/8B1 (23 cents), 394/9 (22 cents), [393/12A1 (15 cents), 393/12A2 (15 cents), 393/12A3 (9 cents), 393/12A4 (2 cents), 393/12A5 (10 cents), 393/12A6 (9 cents), 393/12A7 (9 cents), 393/15A2 (22 cents) 393/15B4 (7 cents) and as per Gramanatham the survey numbers are changed into 393/9, 10, 11, 12, 52, 51, 50, 8 and 54] 393/15B1 (5 cents), 393/15B2 (2 cents) & 393/15B3 (21 cents), 390/2B3 (20 cents) as per Patta Nos. 445, 242, 1745, 1759, 1666, 3631, 398, 1665, 1846, 137, 245, 66, 612, 3783, 3035, 1468, 213, 1894, 1626, 178, 1119, 1844, 1843, 1467, 1545, 850, 965, 961, 1111, 328, 1895, 154, 172, 547, 370, 185, 1554, 1303, 870, 248, 185, 328, 967, 253, 1470, 1317, 18, 9, 1896, 1944, 1470, 985, 18, 882 together with wells and service connections thereon; [as per New Patta Nos.4833 & 4885 stands in the name of M/s.Escapade Real Estate Pvt. Ltd.], situated at Sengundram Village, Govindapuram Hamlet, Maraimalai Nagar Municipal Limit, Chengalpet Taluk, Kancheepuram District and situated within the Registration District of Kancheepuram and Joint-II Sub Registration District of Chengalpet, Chennai, Tamil Nadu on a portion of which VillaViviana is developed one portion of land and as shown in map below

-13 -



PART II OF SCHEDULE A ABOVE REFERRED TO AS PROJECT LAND

All that part and parcel of the portion of Entire Land measuring 20 acres and 20 cents under survey no. 381/1A(2.32), 381/1B1(1.53), 381/1B2(1.12), 381/3A(1.02), 381/3B(0.18), 381/3C(0.49), 383/1A(0.59),383/1B(1.42), 383/1C(0.06), 383/3(0.15), 390/2B1(0.20), 390/2B2(0.21), 390/2B3(0.20), 390/2B4(0.22), 390/4(0.39), 390/5(0.38), 390/6A(0.18), 390/6B(0.18), 390/7A(0.07), 390/7B(0.34), 390/8(0.07),394/1(0.46), 394/10A(0.17), 394/10B(0.17), 394/11A(0.10), 394/11B(0.10), 394/12(0.58), 394/14A(0.13), 394/14B1(0.12),

394/14B2(0.17), 394/14B2(0.08.5), 394/14B3A(0.06), 394/14B3B(0.06), 394/2A(0.12), 394/2B(0.02),394/2C(0.07), 394/2D(0.02), 394/2E(0.15), 394/2F(0.11), 394/3(0.44), 394/4(0.42), 394/5A&8B2(0.70),

394/5B(0.86), 394/6(0.44), 394/8A(0.23), 394/8B1(0.23), 394/9(0.22), 389/4A(0.16), 384(0.07), 385(0.29), 386 (0.40.50), 387, 390/3 0.79), 390/3B (0.79) situated at Sengundram Village, Govindapuram Hamlet, Maraimalai Nagar Municipal Limit, Chengalpet Taluk, Kancheepuram and as shown in map below-



- 14

PART III OF SCHEDULE AABOVE REFERRED TO AS Phase I LAND

All that part and parcel of the portion of the Project Land measuring 11135.4 sqmtr (119860.4 sqft) under Survey No. 389/4A, 389/4D1(P), 394/5A & 8B2 (P),394/5B(P), 394/8A (P), 394/8B1 (P), 394/9, 394/10A, 394/10B, 394/11A, 394/11B, 394/12, 394/14A (P), 394/14A (P), 394/14B1, 394/14B2, 394/14B3A, 394/14B3B situated at Sengundram Village, Govindapuram Hamlet, Maraimalai Nagar Municipal Limit, Chengalpet Taluk,Kancheepuram and as shown in map below and bounded as follows-

North: S.Nos: 401 Part, 393/14C, 393/15B2, 393/15B4South: 12m Drive way, S.Nos: 394/5B Part, 394/5A & 8B2 Part, 394/8B1 Part, 394/8A Part, 389/6A, 389/4D1 Part, 389/4A Part

East: S.Nos: 394/5B Part

West: Temple Land, S.Nos : 394/15, 389/3AAnd lies within the Registration District of Chengalpet and Sub Registration District of Joint II, Chengalpet.

- 15 -



SCHEDULE BAll that undivided share measuring ____ Sqmtr. (_____sqft) being part of the Phase I Land on which Ashiana Shubham is being developed.

PART - I

OF THE SCHEDULE “C” ABOVE REFERRED TO

Total amount appropriated towards undivided share in Phase I Land is Rs. _________/-

Total Price:-Particulars Amount (Rs.)

Amount Appropriate towards UDS ____________/-

Rupees __________________________________________



- 17 -

IN WITNESS WHEREOF the parties hereto have executed and delivered these agreements on this day, month and year first above written.

SIGNED, EXECUTED & DELIVERED

For Ashiana Housing Ltd For Escapade Real Estate Pvt. Ltd

BUYER(S) Authorized Signatory Authorized Signatory

WITNESSES:

1.

2.Drafted by:M.JAYAPRAKASH, ADVOCATE, E.No.MS.4003/11, 467, NEW LAW CHAMBERS, HIGH COURT BUILDINGS, CHENNAI - 600 104.



between · web viewthe resident and his spouse do not suffer from any contagious disease or...

Documents