Document 6440168

AGREEMENT OF SALE
This Agreement of Sale (“Agreement”) is entered on this --------- day of ---------2011 at Hyderabad, Andhra Pradesh, India by and between
1. LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED (“LHTPPL”), a
company registered under the Companies Act, 1956 having its registered
office and Corporate Office at , Plot No. 4, Software Units Layout, Hitec
City, Madhapur, Hyderabad 500 081 represented by its Authorized Signatory
Mr. K Srinivas Rao, DGM – Sales & Marketing, aged about 42 yrs, resident of
Hyderabad (hereinafter referred to as “Developer” or the “Company”,
which expression shall include its executors, administrators, nominees,
successors and assigns) as party of the FIRST PART,
AND
2.
--------, S/o Mr. ------, aged about -- years presently residing at -------,
(hereinafter referred to as the “Purchasers”, which expression shall include
his/her heirs, nominees, successors and permitted assigns) as party of the
SECOND PART
Each of the Developer and the Purchaser, are hereinafter individually
referred to as a “Party”, and collectively referred to as the “Parties”.
WHEREAS:
A. Whereas the Govt of Andhra Pradesh transferred its vacant land of an
extent of Ac.108-10 guntas in Sy No: 201 of Manikonda Village, Rajendra
Nagar Mandal, R. R. District, A.P to the Andhra Pradesh Industrial
Infrastructure Corporation (APIIC) vide G.O. MS. No. 746, Rev(Assn. V)
dated 30-6-2003 and memo No. 29983 / Assn. V(i) 2001-2 dated 28-102004 and handed over the vacant possession vide certificate dated 16-032004 and 28-10-2004 of the Revenue Department.
B. Whereas the APIIC had issued an Advertisement in the daily newspapers
on 22-11-2004 inviting bids from private developers for development of IT
park in the said land as per ICT Policy 2005-2010 of the Government of A.P.
published vide G.O. Ms.No.11, IT&C Dept dated 21-03-2005.
C. Whereas the APIIC, after due proves of selection through competitive
bidding, selected M/s. Lanco Infratech Limited, a company registered under
the Companies Act, having its Registered Office at (the parent company of
the Party of the First Part) for the development of the said land.
D. Whereas the APIIC issued a Letter of Award vide its letter No. 3436/PM
(IPU)/APIIC / 2004 (LOA) dated 17-08-2005 to M/s Lanco Infratech Limited
and in pursuance of the terms and conditions of the said Letter of Award,
M/s. Lanco Hills Technology Part Private Limited, being the Party of the First
Part herein for the purpose of development of the IT Park Project.
E. Whereas M/s. Lanco Hills Technology Park Private Limited had paid the total
purchase price of 16,18,20,000/- (Rupees sixteen crores, eighteen lakhs and
twenty thousand only) (Sale Consideration) at the rate of Rs. 60,00,000/-
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per acre in respect of an extent of 26.97 Acres out of the said total extent
of land in Sy. No.201 of Manikonda village which is more fully described in
the schedule-A hereunder.
F. Whereas the APIIC was authorized by the Govt of A.P (vide G.O.ms No.
08, IT&C Department dated 15-03-2005) to execute a Development
Agreement in favour of the Party of the First Part herein and also alienate
the Schedule land to the Party of the First Part and accordingly the
Development Agreement dated 04-11-2006 was executed and registered by
the APIIC (vide doc.No.22445/2006 dated 10-11-2006 of Joint SubRegister-I, R. R District, A.P) in favour of the Party of the First Part and
vacant possession of the Schedule property was also delivered to the Party
of the First Part on 04-11-2006. Subsequently the said Development
Agreement was amended through an Amendment to Development
Agreement dated 21.06.2010.
G.
Whereas the Party of the First Part had fulfilled the conditions mentioned in
the said Development Agreement thereby entitling itself to get the Sale
deed executed by the APIIC in respect of the Schedule-A land and
therefore the APIIC had executed and registered the Sale deed bearing
document no. 4661 dated: 22-06-2010 on the file of the Joint Sub RegistrarI, RR Dist, AP in respect of the land mentioned in Schedule – A below. As on
date the developer is constructing different Residential Towers / Buildings
as per the plans approved by the concerned Authorities on the land more
particularly described in Schedule A below
H.
The Developer is interested in selling units (flats) in the Building along with
undivided interest in the Developable Area (proportionate to each flat) to
prospective purchasers. The Purchaser is desirous of purchasing a
residential unit (flat) in the Building and the Developer is willing to sell to
the Purchaser a residential unit (flat) in the Building along with an undivided
interest of the Developable Area. On the basis of the above the Purchaser
made an application to the Developer for provisionally allotting a unit (flat)
in the Building which is to be built as per specifications stated in Schedule
D(d) attached hereto, along with car parking space in the Building the
particulars of which have been provided for at Schedule D(c)
(“Residential Unit”) and the right, title and undivided interest and share
in the Developable Area which would be in proportion to the saleable area
of the Residential Unit more particularly specified at Schedule D(b)
(“Undivided Interest”). The Residential Unit along with Undivided Interest
is hereinafter referred to as the “Scheduled Property” where applicable.
Based on the application made by the Purchaser, the Developer issued a
provisional allotment letter to the Purchaser.
I.
The Developer has finalized the construction of the aforesaid Residential
Unit and has worked out the proportionate value of construction of the
Residential Unit and the Undivided Interest.
J.
Accordingly the Parties are entering into this Agreement to record the terms
and conditions of the sale of the Scheduled Property upon completion of
construction of the same.
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NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions
and understandings set forth in this Agreement and other good and valuable
consideration (the receipt and adequacy of which is hereby mutually acknowledged),
each of the Parties hereby agree as follows:
1.
AGREEMENT TO SELL THE SCHEDULED PROPERTY
1.1
Upon completion of the construction of the Scheduled Property in terms of
this Agreement the Developer shall sell and the Purchaser shall purchase
the Scheduled Property the particulars of which are provided for at
Schedule D hereto on the terms and conditions specified in this Agreement
and for a Consideration, payable in the manner detailed in Clause 3 below.
1.2
The Purchaser agrees and acknowledges that he/she/it shall not, at any
time, claim any separate sub-division/bifurcation/partition and/or right to
exclusive possession of any portion of the Developable Area or Undivided
Interest on which the Building is being constructed.
1.3
The Purchaser hereby agrees and acknowledges that it shall own the
Undivided Interest in the Developable Area on which the Building is
constructed and shall be entitled to use and enjoy, along with purchasers of
other apartments/units in the aforesaid Building, the common areas
including but not limited to garden area, the approach area comprising of
entry and exit to the Building, drive way, porch, lobby, common passages
on all floors of the Building and facilities including but not limited to lifts,
pumps and generators to name a few.
2.
MODIFICATIONS
2.1
Any modifications, variations and alterations to the Scheduled Property shall
not be permitted, however minor modifications to the interior of the
Scheduled Property which will not effect the external elevation or appearance
may be permitted by the Developer at its sole discretion.
2.2
Upon receipt of the application from the Purchaser regarding the Internal
Modifications, the Developer shall notify in writing to the Purchaser if the
Internal Modifications suggested by the Purchaser to the Scheduled Property
are acceptable or not, along with an estimate of cost and the time period for
execution of the same. The Purchaser acknowledges and agrees that the
Developer may at its sole discretion refuse to undertake any or part of any of
the Internal Modifications and shall undertake only such Internal
Modifications that may be feasible. The Purchaser understands and agrees
that the clause 5.1(iii) mentioned below will not be applicable in case the
Purchaser requests for internal modifications and the Developer accepts and
undertakes the same.
2.3
Upon receipt of the notice regarding Internal Modifications from the
Developer, the Purchaser shall pay such amount as notified by the Developer
in the aforesaid notice, within a period of 7 (seven) days from the date of
notice unless otherwise agreed between the Developer and the Purchaser.
The Developer shall start the Internal Modifications only upon receiving the
aforesaid amount.
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2.4
In the event the cost of the Internal Modifications exceeds the estimated cost
notified by the Developer such additional costs shall be borne by the
Purchaser. It is hereby clarified that the possession of the Scheduled Property
will not be given to the Purchaser until all costs payable towards Internal
Modifications are paid by the Purchaser to the Developer.
2.5
The Purchaser agrees and acknowledges that the Developer may at its
discretion at any time during the execution of the Internal Modifications,
notify the Purchaser and discontinue the execution of the Internal
Modification for any reason whatsoever. In the event the Developer is unable
to complete the execution of the Internal Modification the Developer shall
refund the unutilized amount of money if any without any interest, paid by
the Purchaser to the Developer for the Internal Modifications.
3.
CONSIDERATION PAYABLE
3.1
In consideration of the Developer agreeing to sell the Scheduled Property to
the Purchaser upon completion of the construction of the Scheduled Property
in accordance with this Agreement, the Purchaser shall pay such amount of
consideration towards Undivided Interest, construction of the Residential Unit
and car parking, facilities such as water, electricity, piped gas, D.G. Set and
other amenities as provided for at Schedule E(a) annexed hereto
(“Consideration”), in the manner and in accordance with the payment
schedule provided for at Schedule E(c) annexed hereto. In addition to the
Consideration the Purchaser is liable to pay the Corpus Fund (hereinafter
defined), Maintenance Fee (hereinafter defined) in accordance with
Schedule E(d) hereto and the costs towards Internal Modifications. The
Purchaser hereby agrees that any taxes, cesses, levies, costs/deposits or
development charges levied from time to time by the HMWSSB and APCPDCL
or any other governmental or competent authority, other statutory and
incidental expenses / charges payable as of the date of this Agreement and
applicable and payable from the date of this Agreement until the execution of
the Sale Deed, shall be paid by the Purchaser.
3.2
The Developer hereby acknowledges that the Purchaser has paid an initial
advance the particulars of which are provided for at Schedule E(b) to the
Developer out of the Consideration at the time of applying for the Scheduled
Property.
3.3
The Purchaser hereby agrees to pay the Developer each of the installments
(the balance consideration) within the prescribed time fixed by the Developer
in accordance with the payment schedule specified in Schedule E(c). All
dues or balance consideration amounts, installments under this Agreement
shall be paid by the Purchaser on or before execution of the Sale Deed and
taking possession of the Scheduled Property.
3.4
In the event of any delay beyond such due date specified in Schedule E(c),
the Purchaser shall pay to the Developer interest at the rate of 18
(Eighteen)% per annum compoundable every month on the amounts due and
in arrears. In the event the Purchaser continues to default on installments or
the payments due under this Agreement at any point of time for a period
exceeding 30 days the developer shall issue a notice in writing (by regd post.
with. Ack due/courier services) demanding the payment of the over dues with
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interest with in 7 (seven) days from the date of notice and also inform the
purchaser that failure to pay as above will automatically result in termination
of this agreement and
accordingly this agreement shall be deemed to have been terminated with
out further notice in case the purchaser does not respond to the said notice
positively. The Purchaser agrees that clause 5.1(iii) mentioned below will not
be applicable in case of delay of payments by the Purchaser beyond the due
dates specified in Schedule E(c) enclosed hereto.
4.
COVENANTS OF THE PARTIES
4.1
Execution of a Sale Deed and Possession
Upon receipt by the Developer of the Consideration in accordance with
Schedule E of this Agreement along with Corpus Fund, Maintenance Fee,
costs towards Internal Modification and applicable statutory charges and
levies if any, the Developer shall notify the Purchaser of the date on which
the sale deed is to be executed and registered by the Parties for conveying
the ownership, and possession of the Scheduled Property to the Purchaser
(“Sale Deed”).
4.2
Payment of Stamp Duty and Registration Fee on the Sale Deed
The Sale Deed shall be executed upon the payment of the appropriate stamp
duty and shall be immediately registered in accordance with the terms of the
laws of registration as applicable in the state of Andhra Pradesh. The entire
incidence of the stamp duty and the registration fee along with any other
cess or surcharge payable thereon shall be borne by the Purchaser and
registration of the Sale Deed shall be the sole responsibility of the Purchaser.
It is hereby clarified that in addition to the stamp duty and registration
charges the Purchaser shall also pay such out of pocket expenses (including
but not limited to external consultant fees, lawyers fees) that may be
incurred for registration of the Sale Deed.
4.3
Possession
(i)
The Purchaser shall be entitled to take possession of the Scheduled
Property, on such date as notified by the Developer in writing to the
Purchaser intimating that the Scheduled Property is ready for use
and occupation (“Notice of Possession”).
(ii)
The Purchaser agrees and acknowledges that in the event the
Purchaser does not take possession of the Scheduled Property within
15 days of the date notified by the Developer in the Notice of
Possession, the possession shall deemed to have been given to the
Purchaser and after the expiry of the aforesaid period the Purchaser
shall not have the right to raise any objections with respect to the
completion of the Scheduled Property.
(iii)
The Purchaser further agrees and accepts that from the date
mentioned in the Notice of Possession, the Purchaser shall be liable to
bear and pay the proportionate share (i.e. in the proportion to the
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floor area of the Scheduled Property) of all outgoings in respect of the
Building viz. local taxes, betterment charges or such other levies
demanded by the concerned local governmental authority and/or the
competent authority, the maintenance charges in respect of common
amenities and insurance premium if any paid by the Developer upon
obtaining insurance on the Scheduled Property for and on behalf of
the Purchaser. The Purchaser also agrees that in the event the
Developer pays any of the aforementioned amounts on behalf of the
Purchaser, the Purchaser shall reimburse the same to the Developer
immediately upon receipt of notice of the same from the Developer
without any demur or protest.
(iv)
The Purchaser agrees that pursuant to taking possession, the
Purchaser shall maintain the front elevation and the side and rear
elevations of the Building and the Scheduled Property in the same
form and color as the Developer constructs it and in the manner when
possession was delivered, and shall not at any time alter the said
elevation in any manner whatsoever, without the prior written consent
of the Developer or the Society (hereinafter defined), as the case may
be. The Purchaser shall not put up any structures, grills or through
any other means change, in any manner, the exterior of the Building
and shall not put up any structure over the lawn or parking spaces or
any other common areas. The Purchaser shall not be entitled to alter
the appearance, color scheme of the exterior of the Building or the
exterior of the lobby, wall or entrance to the Scheduled Property.
5.
ADDITIONAL COVENANTS
5.1
Confirmations, Undertakings and Covenants of the Developer
The Developer hereby covenants, confirms and undertakes the following:
(i)
That the Developer has not entered into any agreement to sell or
executed a sale deed in relation to the Scheduled Property with any
third parties, persons or with any entity other than the Purchaser and
has also not executed any power of attorney in favour of any other
person/entity to deal with the Scheduled Property.
(ii)
The Developer shall construct the said Building on the Developable
Area in accordance with the plans, designs and specifications
approved by the competent authority and shall make such changes,
amend, alter or modify the said plans, designs and specifications of
the Scheduled Property and/or of the Building, including relocating
the open spaces or car parking spaces, as may be considered fit by
the Developer or as may be required by the competent authority,
which changes would be notified to the Purchaser from time to time.
The Developer reserves his right at any time to change the plans,
modifications and specifications. The Purchaser shall not raise any
objection to the same.
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5.2
(iii)
The Developer shall complete the construction of the Building in
accordance with the terms of this Agreement and handover the
possession of the Scheduled Property by ------or within a grace
period of 6 months thereafter i.e. before ------- In the event of any
delay beyond the time stated above the Developer shall pay the
Purchaser an amount of Rs. 5 (Rupees Five Only) per square foot of
the Super built up area of the Residential Unit for every month of
delay. This amount shall be adjusted out of the amounts still due
and receivable from the Purchaser.
(iv)
The Developer will form a Society known as the Lanco Hills Society
Limited (“Society”) and get it registered under the Societies
Registration Act, for the purpose of maintenance of all the buildings
constructed on the Developable Area.
(v)
After the completion of the said Building and after the Developer has
received the purchase price of all the residential units constructed in
the Building and all other amounts payable by the purchasers
thereof under the respective agreements, the Developer shall, after
the registration of the Society as aforesaid cause to be transferred to
the Society the Corpus Fund.
Confirmations, Undertakings and Covenants of the Purchaser
The Purchaser hereby covenants, confirms and undertakes the following:
(i)
The Scheduled Property shall be utilized by the Purchaser for
residential purposes only. Any violation brought to the notice of the
Developer or the Society shall be treated as a breach of the conditions
of this Agreement and Lanco Hills occupier’s handbook.
(ii)
The Purchaser shall not be entitled to claim or demand any
severance or separate performance of any individual term or
provision of this Agreement.
(iii)
The Purchaser shall not be entitled to assign the benefits of this
Agreement to any third party without obtaining prior written consent
of the Developer and until all the amounts specified in this
Agreement are paid in full to the Developer.
(iv)
The Developer is solely responsible for construction/development of
the Building and shall continue to retain lien thereon until the
Building is completed and possession of the Scheduled Property is
delivered to the Purchaser. The Purchaser shall not be entitled to
claim or demand from the Developer, possession of any portion of
the Scheduled Property unless and until the Sale Deed is executed
by the Parties and the Notice of Possession is issued by the
Developer to the Purchaser as contemplated in this Agreement.
(v)
The decisions or certificates that may be taken or issued from time
to time by the architects and consultants engaged by the Developer
for the construction of the Building shall be final and binding on the
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Purchaser concerning the construction of the said residential unit
and/or the specifications thereof and/or amenities and/or fixtures
and fittings that may be provided therein by the Developer. The
Purchaser shall not be entitled to challenge the same and or demand
any change.
(vi)
The Purchaser shall abide by the plan and construction approved by
the consultants, as being constructed by the Developer. The
Purchaser agrees that so long as the area of the Scheduled Property
is in accordance with Schedule D and is not altered, the Developer
shall be at liberty and is hereby permitted by the Purchaser to make
such variations, changes, amend, alter or modify the said plans,
designs, elevations and specifications of the Scheduled Property
and/or of the Building, including relocating the open spaces or car
parking spaces, as may be considered fit by the Developer or as may
be required by the competent authority, which changes would be
notified to the Purchaser from time to time, and the Purchaser
hereby consents to all such variations.
(vii)
The Purchaser shall from the date of possession maintain the
Scheduled Property, the walls and partition walls, drains, pipes and
appurtenances, thereto belonging, at his/her/its cost in good and
tenantable repair and condition and shall not do or suffer to be done
anything in or to the Scheduled Property and/or common passages,
or the compound which may be against the rules and bye-laws of
the Municipal Corporation or any other competent authority or local
body.
(viii)
The Purchaser shall not do any act or thing that may adversely
affect the aesthetic appearance or beauty of the Building or the
Scheduled Property nor do anything which may cause any nuisance
or obstruction or hindrance to owners / residents of other residential
units.
(ix)
The Purchaser shall from time to time, do and execute all further
acts, deeds, matters and things as maybe reasonably required by
the Developer for duly implementing the terms and intent of this
Agreement.
The Purchaser agrees that the exclusive right to allot the car parking
space to the various apartment owners in the ground floor /
basement of the Building, or any other area demarcated for parking
will be with the Developer.
(x)
(xi)
The Purchaser shall have no objection to the Developer’s exclusive
right and use of terrace areas and gardens on the ground and other
floors.
(xii)
The Purchaser shall abide by the bye-laws of the “Lanco Hills (
Society)” which will be constituted/formed in due course & occupiers
handbook conditions and other regulations that may be framed/set
up by the Society from time to time and pay all dues to the
Cooperative Society in time. The Purchaser further grants the
Society has the right to enforce the collection of any dues
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(maintenance) by withholding the provision of utilities including
water and electricity for non-payment of dues or any other measure
to ensure proper and timely payment by the Purchaser.
(xiii)
The Purchaser would not raise any objection or set up a contesting
claim in relation to any FSI remaining unutilized, in relation to the
property and is fully aware and acknowledges the right of the
Developer to increase the number of floors to the fullest extent
permissible under applicable laws.
(xiv)
The Purchaser shall not cause any nuisance or disturbance or
obstruction to any of the other owners or occupants in the layout.
In the event of any conflict, the Purchaser confirms that he/she/it
shall abide by the decision of the Developer or the Society as the
case may be.
(xv)
The Purchaser shall not occupy or encroach any of the common
areas or open spaces in the Building or the land of any of the other
owners or occupants of the Building.
(xvi)
The Purchaser (if NRI) shall abide by the prevailing Foreign
Exchange Management Act,1999, laws, notifications, guidelines, RBI
regulations, laws relating to money laundering or any other laws
governing the Purchaser for the purchasing of property in India.
(xvii)
In the event of the Purchaser availing a housing loan from any
source to finance the purchase of the Scheduled Property covered
under this Agreement, the Purchaser shall obtain the prior written
permission of the Developer. The Purchaser agrees and
acknowledges that under no circumstances shall the Developer be
responsible for any undertaking or terms and conditions that the
Purchaser and the lender may have agreed upon in such home loan
agreement.
(xviii) The Purchaser shall not visit the construction site while construction
activity is going on without the prior permission of the Developer.
(xix)
The Purchaser shall be liable to pay to the Developer prior to the
execution of the Sale Deed such amount of money specified in
Schedule E (d) towards corpus fund (“Corpus Fund”) which shall
be utilized by the Developer / Society in future for any major
alterations and repairs to the common property that will be
maintained by the Society. The Corpus Fund will be transferred to
the Society upon its formation.
(xx)
The Purchaser shall also be liable to pay to the Developer such
amount towards maintenance of the common areas as specified in
Schedule E (d) (“Maintenance Fee”) prior to execution of the
Sale Deed. The Maintenance Fee will be collected by the Society
upon its formation.
(xxi)
The purchaser shall also pay to the Developer such amount towards
“ Club House Membership Fee” as specified in Schedule E(d) prior to
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the execution of Sale Deed. It is distinctly understood and agreed by
the Purchaser in this context that he/she will have only right of
access to the Club by paying the said amount and does not have any
right, title or interest whatever in the movable or immovable
property of the Club House.
(xxii)
The Purchaser agrees that the cost of repairing and maintaining the
internal access roads and drive ways will be borne and paid
proportionately by all the purchasers of the residential units of the
Building.
(xxiii) The Purchaser agrees and acknowledges that the Developer has a
right to mortgage the entire Developable Area and the Building
constructed thereon for raising finances to execute the construction
and development of the IT Park, residential and commercial
buildings including the Building. The Developer agrees to take all
necessary actions to remove the mortgage or any charge created on
the Scheduled Property prior to executing the Sale Deed with the
Purchaser.
(xxiv) The Purchaser shall pay Consideration and all other amounts payable
to the Developer in accordance with this Agreement.
(xxv) The purchaser agrees and acknowledges that the terms and
conditions mentioned in the application form shall automatically
gets terminated without any obligation whatsoever on any party
when the parties enter into this Agreement. In other words this
agreement of sale supersede the terms and conditions mentioned in
the application form.
6.
CO-OPERATIVE SOCIETY
The Purchaser along with other purchasers of residential units in the Building
shall join in forming and registering the Society under the relevant provisions
of Law and to sign and execute the application for registration and for
membership and other papers and documents necessary for the formation
and registration of the Society, including adoption of the bye-laws of the
Society. These applications and relevant documents shall be duly filled in,
signed and returned to the Developer within 7 days of the same being
forwarded by the Developer to the Purchaser, so as to enable the Developer
to register the organization of the purchasers in a timely manner. No
objection shall be taken by the Purchaser if any changes or modification are
made in the draft bye-laws as may be required by the Registrar of Societies
or any other competent authority.
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7.
TERM AND TERMINATION
7.1
This Agreement shall remain in force until terminated in accordance with
terms hereof.
7.2
The Developer has the right to terminate this Agreement upon the occurrence
of the following events:
In addition to the right of the Developer to terminate this Agreement
pursuant to Clause 3.4, the Developer shall also be entitled to
terminate this Agreement for any breach by the Purchaser of any of
the provisions of this Agreement.
7.3
The Parties acknowledge and accept that the termination of this Agreement
pursuant to occurrence of event specified in Clause 7.2 or pursuant to
Clause 3.4 shall result in irreparable loss and damage to the Developer,
which cannot be adequately compensated by monetary damages. The
purchaser therefore agrees that the developer is entitled to recover an
amount of 10% on total sale consideration and all other expenses and loss
incurred by the developer on account of termination of this agreement for
breach of any of the conditions by the purchaser and refund only the
balance of the sale proceeds when the scheduled property is sold to a third
party.
7.4
It is hereby clarified that upon termination of the Agreement the Developer
shall not be liable to pay any interest on the amounts refunded or be liable to
reimburse any government charges, including but not limited to stamp duty
or registration fees.
8.
Force Majeure
8.1
The Parties hereby agree that the following events would constitute force
majeure event(s) (“Force Majeure Event”):
(i)
any act, event or circumstance which materially affects the
Developer’s performance and/or its obligations under the
Development Agreement, to the extent that such events are not
within the reasonable control of the Developer and could not have
been controlled; or
(ii)
Non-availability of steel and/or cement or any such building material
to be used in the construction and development of the Building; or
(iii)
Political force majeure events including acts of war, invasion, armed
conflict, terrorism, riots, strikes, civil commotions, lock-outs, curfew,
restraint, agitations, dharnas, violent and non-violent acts,
demonstrations, strikes by labourers, any other unforeseen acts which
prevent the developer from proceeding with the development as
agreed herein and legislation of the government of Andhra Pradesh or
its agencies, materially affecting the operations of the Developer on
the Developable Area; or
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(iv)
any notice, order, rules, notification of the Government and/or other
public or competent authority, including any prohibitory order of any
court against development of property; or
(v)
changes in any rules, regulation, bye-laws of various statutory bodies
and authorities affecting the development of the project, imposed on /
applicable to the Developer after the date of this Agreement; or .
(vi)
undue delay in grant of any No Objection Certificate / permission /
license / connection for installation of any services, such as lifts,
electricity and water connections and meters to the project / flat /
road or completion certificate from the appropriate authority; or
(vii)
non political force majeure events including acts of God like epidemic,
plague, fire or explosion, floods, typhoons, cyclones, earthquake or
such other natural calamities, acts of terrorism (whether actual or
threatened), adverse economic/Market conditions public interest
litigations(s) and stay orders by courts, materially affecting the
operations of the Developer on the Developable Area.
8.2
The Party claiming force majeure, shall make reasonable efforts to mitigate
and overcome effects of any act, event or circumstance of force majeure as
soon as practicable after the occurrence of a Force Majeure Event, including
through expenditure of reasonable sums of money and to co-operate with the
other party to develop and implement a plan of remedial and reasonable
alternative measure to remove the effects of the Force Majeure Event.
8.3
The obligations / responsibilities to be performed by the Parties under this
Agreement shall be suspended during the currency of the Force Majeure
Event. However, payments of money due and payable shall not be suspended
or excused due to the occurrence of the Force Majeure Event.
9.
MISCELLANEOUS
9.1
Counterparts, Stamp and Registration Charges on this Agreement
This Agreement may be executed in one original and one counterpart, each
of which when executed and delivered shall constitute an original of this
Agreement. The original shall be registered with the payment of adequate
stamp duty and registration fee and shall be retained by the Developer. All
stamp duty and registration charges payable on the execution of this
Agreement shall be borne by the Purchaser and registration of this
Agreement shall be the sole responsibility of the Purchaser. It is hereby
clarified that in addition to the stamp duty and registration charges the
Purchaser shall also pay such out of pocket expenses (including but not
limited to external consultant fees, lawyers fees) that may be incurred for
registration of this Agreement.
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9.2
Entire Agreement
This Agreement constitutes and represents the entire agreement between the
Parties and cancels and supersedes all prior arrangements, agreements or
understandings, negotiations and discussions if any, whether oral or in
writing, between the Parties on the subject matter hereof or in respect of
matters dealt with herein. The Developer has fully disclosed all facts relating
to their right, title and interest in respect of the Scheduled Property, on the
basis of which the Purchaser has accepted and entered into this Agreement.
9.3
Exclusion of implied warranties, etc.
This Agreement expressly excludes any warranty, condition or other
undertaking implied at law or by custom or otherwise arising out of any other
agreement between the parties or any representation by any Party not
contained in a binding legal agreement executed by the Parties.
9.4
Third Party Benefit
Nothing herein expressed or implied is intended, nor shall it be construed to
confer upon or give to any Third Party any right, remedy or claim under or by
reason of this Agreement or any part hereof.
9.5
Successors and Assigns
The provisions of this Agreement shall enure to the benefit of and be binding
on the Parties and their respective successors and legal heirs (including,
without limitation, any successor by reason of amalgamation, scheme of
arrangement, merger, de-merger or acquisition of any Party) and legal
representatives.
9.6
Specific Performance of Obligations
The Parties to this Agreement agree that, to the extent permitted by Law, the
rights and obligations of the Parties under this Agreement shall be subject to
the right of specific performance and may be specifically enforced against a
defaulting Party.
9.7
Governing Law
This Agreement shall be construed, interpreted and applied in accordance
with, and shall be governed by, the laws applicable in India. The courts at
Hyderabad shall have the sole and exclusive jurisdiction to entertain any
dispute or suit arising out of or in relation to this Agreement.
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9.8
Notices
All notices, requests, demands or other communication required or permitted
to be given under this Agreement and the provisions contained herein shall
be written in English and shall be deemed to be duly sent by registered post
acknowledgement due, postage prepaid or transmitted by facsimile
transmission or courier to the other Parties at the address indicated below:
(i)
In the case of notice to Lanco Hills Technology Park Private Limited,
to:
Attention: Mr. Srinivas Rao.K
DGM-Sales & Marketing, Lanco Hills
Address: Plot No. 4,
Software Units Layout, Hitech City,
Madhapur, Hyderabad 500 081
E mail: [email protected]
Facsimile: 040 - 23555214
With a copy to:
Attention: Mr. Pochendar S
Director & CEO, Lanco Hills
Address: Plot No. 4, Software Units Layout,
Hitech City, Madhapur, Hyderabad 500 081
E mail: [email protected]
Facsimile: 040 – 23555214
(ii)
In the case of notice to the Purchaser, to:
Attention:
Address:
---------
Email:
-----------
or at such other address as the Party to whom such notices, requests,
demands or other communication is to be given shall have last notified the
Party giving the same in the manner provided in this Clause, but no such
change of address shall be deemed to have been given until it is actually
received by the Party sought to be changed with the knowledge of its
contents. Any notice, request, demand or other communication delivered to
the Party to whom it is addressed as provided in this Clause shall be deemed
(unless there is evidence that it has been received earlier) to have been given
and received, if:
(i)
(ii)
sent by mail, upon the date of posting it; and
Sent by facsimile, when confirmation of its transmission has been
recorded by the sender’s facsimile machine.
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9.9
Severability
If any provision of this Agreement shall be held to be illegal, invalid or
unenforceable, in whole or in part, under any enactment or Law, such
provision or part shall to that extent be deemed not to form part of this
Agreement, and the legality and enforceability of the remainder of this
Agreement shall not be affected.
9.10
Remedies
No remedy conferred by this Agreement is intended to be exclusive of any
other remedy which is otherwise available at law, in equity, by statute or
otherwise. Each remedy shall be cumulative and in addition to every other
remedy given hereunder or now or hereafter existing at law, in equity, by
statute or otherwise. The election of any one or more remedies by any of the
Parties shall not constitute a waiver by such Party of the right to pursue any
other remedy.
9.11
No Waiver
No waiver of any of this Agreement or consent to any departure from it by
any Party shall be effective unless it is in writing. A waiver or consent shall be
effective only for the purpose for which it is given. No default or delay on the
part of any Party in exercising any rights, powers or privileges operates as a
waiver of any right, nor does a single or partial exercise of a right preclude
any exercise of other rights, powers or privileges.
9.12
Amendments
No modification, amendment or waiver of any of the provisions of this
Agreement shall be effective unless made in writing specifically referring to
this Agreement and duly signed by each of the Parties.
9.13
Claims
Nothing contained in these present is intended to be or shall be construed
to be a grant, demise or assignment in law of the Scheduled Property or of
the Developable Area and premises or any part thereof or of the said
Building thereon or any part thereof. The Purchaser shall have no claims
save as and except in respect of the Scheduled Property. The remaining
portion of the Developable Area and other unsold flats, car parking space,
common area, shall be the property of the Developer until it is sold by the
Developer to third party purchasers.
9.14 Arbitration
Any dispute, difference or controversy arising between the Parties hereto
under or in connection with or in relation to this Agreement or its validity or
the interpretation of any clause or provision of this Agreement (including
this Clause) shall be referred to arbitration of a sole arbitrator and such
arbitration shall be subject to the provisions of the Arbitration and
15
Conciliation Act, 1996 and shall be held at Hyderabad. The Award of the
Arbitrator shall be final and binding on the Parties hereto.
IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly
executed by their duly authorized representatives on the date and year first herein
above written and in the presence of the following witnesses:
Lanco Hills Technology Park
Private Limited (Developer)
_______________________
Name: Mr. K Srinivas Rao
DGM- Sales & Marketing
Purchaser/s
____________________
1.
Witnessed by:
2.
SCHEDULE A
All that piece and parcel of land admeasuring 13.56 acres contained in Survey No.
201 of Manikonda Jagir Village, Rajendranagar Mandal, Rangareddy District, Andhra
Pradesh and delineated on the plan annexed here to and bounded as follows:
NORTH
: Private Lands
SOUTH
: Lands of APIIC and Others
EAST
: Lands of APIIC
WEST
: Road
SCHEDULE B
Showing the map of developable area
SCHEDULE C
Showing the floor plan
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SCHEDULE –D – PROPERTY
(a)
Details of Residential Unit:
All that residential apartment bearing No. ----- Floor ---- ** , Tower ----,
admeasuring ----- sq.fts. to be built as per specifications provided for in this
Scheduled D(d) herein below, in the building known as Lanco Hills Technology Park
Pvt. Ltd., constructed in Sy. No. 201 at Manikonda, Hyderabad, more particularly
delineated in the map annexed hereto Schedule C.
(** While numbering the floor, Ground floor is considered as first floor & 13th floor
is omitted)
(b)
Details of Undivided Interest:
The proportionate Undivided Interest to be purchased by the Purchaser under
the Sale Deed to be executed between the Developer and the Purchaser
shall be ----- sq. fts.
(c)
Car Park: Parking for two cars in the parking area determined by the
Developer.
(d)
Specifications:
To be inserted as applicable
SCHEDULE -E – CONSIDERATION
(a) Consideration :
ITEMS
RATE
TOTAL AMOUNT
(in rupees)
FLAT RATE
(including floor rise ** & East
face premium)
Rs. --- per sft. on
---- sft
----
Rs. 135 per sft. on
---- sft
----
WATER
ELECTRICITY
GENERATOR
PIPED GAS
CAR PARKING
TOTAL CONSIDERATION
(for 2 Cars)
5,00,000/----
(** While numbering the floor, Ground floor is considered as first floor & 13th floor
is omitted)
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(b) Amount Paid:
The Developer hereby acknowledge that the Purchasers has paid Rs. -----/(Rupees ------- only) to the Developer out of the Consideration payable under this
Agreement.
(C) Payment Plan:
Balance to be paid in Installments as follows
DATE OF PAYMENT
AMOUNT IN RUPEES
(in rupees)
--
Payment plan to be inserted as applicable
Note 1: Registration and stamp duty, service tax, VAT as applicable shall be collected
extra.
Note 2: Amounts rounded up to the nearest rupee
(d)
The Purchaser shall pay the following to the Developer in accordance
with the terms of this Agreement at the time of hand over or prior to the
execution of sale deed which ever is earlier.
•
Rs.----/- (Rs. 50/- per sq. ft. on --- sq. ft.) towards the corpus fund
•
Rs.----/- ( Rs 24/- per sft on ---sq. ft.)
common areas for one year.
•
And Rs. 1,50,000/- (per unit) towards club house membership fee.
towards maintenance of the
It is distinctly understood and agreed by the Purchaser in this context that
he/she will have only right of access to the Club by paying the said amount
and does not have any right, title or interest whatever in the movable or
immovable property of the Club House .
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