• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
IRS-CHS-MOU-31-12-07
 

IRS-CHS-MOU-31-12-07

on

  • 4,970 views

Soft copy of the MOU dated 31.12.2007 executed with the developer M/s Shah Construction Co. (now Integrated Spaces Ltd.)

Soft copy of the MOU dated 31.12.2007 executed with the developer M/s Shah Construction Co. (now Integrated Spaces Ltd.)

Statistics

Views

Total Views
4,970
Views on SlideShare
4,969
Embed Views
1

Actions

Likes
0
Downloads
114
Comments
0

1 Embed 1

http://static.slidesharecdn.com 1

Accessibility

Categories

Upload Details

Uploaded via as Microsoft Word

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    IRS-CHS-MOU-31-12-07 IRS-CHS-MOU-31-12-07 Document Transcript

    • MEMORANDUM OF UNDERSTANDING THIS MEMORANDUM OF UNDERSTANDING is made at Mumbai and entered into this 31st day of December, 2007 between M/S. SHAH CONSTRUCTION COMPANY, a partnership firm registered under the Indian Partnership Act, 1932 having their office at 43, Deccan Court, S.V. Road, Bandra (W), Mumbai - 400 050 hereinafter referred to as the 'DEVELOPERS' (which expression shall unless repugnant to the context or meaning thereof mean and include the partners for the time being constituting the said firm of M/s. Shah Construction Company, their survivors or survivor and the heirs, executors and administrators of such last survivor) of the One Part THE IRS (MUMBAI) CO-OPERATIVE HOUSING SOCIETY LTD. and (PROPOSED) having its office at Aykar Bhavan, Mumbai through its CHIEF PROMOTER SHRI V.S.SINGH and PROMOTERS SHRI D.S.Benupani and SHRI JAYARAM RAIPURA (authorized in this behalf by the members of the society in the General Body Meeting held on 26.11.2007) hereinafter referred to as the ‘SOCIETY’ (which expression shall unless repugnant to the context or meaning thereof the members for the time being of the said Society, its Chief Promoters and Promoters and their successors) of the Other Part. 1
    • WHEREAS: (a) The City Industrial Development Corporation (hereinafter referred to as the CIDCO) is the owner of interalia (i) Plot Nos.4, 5, 6 and 7 in all admeasuring 15,519 sq.mtrs. at Sector-22, Ulwa, Taluka – Panvel, District – Raigad, Navi Mumbai and delinated on the plan thereof hereto annexed and marked Annexure: A and thereon shown surrounded by red colour boundary line and more particularly described in the First Schedule hereunder written and hereinafter referred to as the ‘said Property’. (b) The CIDCO has offered to grant the lease of the said Property under G.E.S. 12.5% scheme to the project affected persons (hereinafter referred to as the Lessees of the said Property) whose land had been acquired by the CIDCO earlier. (c) The Developer have agreed to acquire said Property from the assignee of original allottee for the consideration and upon the terms and conditions recorded in the Memorandum of Understanding executed between the Developer and the assignee of allottee. (d) The Society is desirous of acquiring 150 residential premises in the vicinity of Navi Mumbai for its members. Having came to know about the same the Developers by their letter dated 12th October, 2007 gave their offer to the Society to provide 150 flats as provided therein. (e) Thereafter few meetings have been held between the Chief Promoter and Promoters of the Society and Shri Kantilal Manilal Savla, the partner of the Developers in connection with the proposal of providing 150 flats and after discussion the parties hereto have agreed upon the main terms and conditions for providing 150 flats to the members of the Society in the buildings proposed to be constructed by the Developers on the said Property and ultimately getting the lease of the land and the conveyance of the building in favour of the Society which will be constituted after completion of the project which are now reduced in writing as hereinafter appearing (f) For the sake of brevity the said Property with the buildings to be constructed thereon by the Developers are hereinafter referred to as the ‘said Project’. NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS UNDER:- 2
    • ESSENCE OF THE MOU : The essence of this MOU is the desire of the existing 1. and former members of the Indian Revenue Service (IRS), either singly or jointly with any other person, to acquire residential premises on ownership basis on leasehold property and the offer of the Developers to acquire an appropriate land i.e. the said Property with a clear legal title and construct the buildings thereon in accordance with laws, byelaws and rules of the civic and other authorities concerned. The Developers confirm that the property more particularly described in First Schedule of this MOU is a leasehold property and being owned by CIDCO it is free from all encumbrances non- agriculture land and is capable of development of multi storeyed residential apartment blocks on the basis of floor space index of not less than 1.5 subject to requisite approval from CIDCO/Municipal authorities or Agencies. The Developers also confirm that the property more particularly described in First Schedule is a part of Ulwe residential node being developed by CIDCO with required infrastructure like water supply, roads, electricity, sewage and drainage. The Developers also declare that as on date, the Floor Space Index available in respect of the said Property proposed to be acquired for the project is 1.5 times of plot area + 10% balcony area only which shall be utilized fully and efficiently and no part of the said floor space index has been utilized by the developer elsewhere for any purpose whatsoever. The residual floor space index out of the above Space Index of the said Property not consumed in the construction of the buildings for the members shall be available to the Developers for disposal in the open market. PROPERTY: The Developers have agreed to provide to the Society and the 2. Society has agreed to acquire from the Developers for the allotment to its members 150 flats of different area as provided herein in the buildings proposed to be constructed by the Developers on the said Property for the consideration to be calculated at the rate of Rs.2500/- per sq.ft. of built up area as provided hereinafter. TYPE OF BUILDINGS AND AREA OF RESIDENTIAL PREMISES (FLATS) : The 3. Developers propose to construct the said Project of integrated Township comprising of residential buildings consisting of Ground + 10 Upper Floors with Club house, Recreation Ground and separate Commercial building with entertainment center on the said Property. After receipt of the full consideration from the Society / members of the Society the Developers will handover physical possession of the respective flat to the member concerned and transfer all their rights and interest in the residential buildings alongwith land underneath in favour of the Society. The Developers will be entitled to retain, sale, transfer, assign or sublet the commercial and residential premises if any available after the allotment of Flat to the members of the Society to any party at their discretion at such consideration as they may deem fit and proper. As discussed between the parties hereto the Developers propose to construct Residential Premises of following area. 3
    • Type Carpet Area Built-up area (with 33%) 2 ½ BHK Flat 840-860 sq.ft. 1117-1144 sq.ft. 3 BHK Flat 960-975 sq.ft. 1277-1297 sq.ft. However there may be some variation in the area of the flats based on the final plans. 4. METHOD OF CARPET AREA CALCULATION: The carpet area will be Calculated in the following manner: 100% Carpet Measurement i.e. wall to wall including Balcony area if provided separately or enclosed balcony proposed in the plan. 50% Nitch below the windowsill and Dry Balcony which is free of FSI will be added in the Carpet Area of Flat while arriving at total carpet area of residential premises. Note: Nitch and Dry Balcony chargeable area will not exceed 50 sq.ft. Per flat. METHOD OF BUILT-UP AREA CALCULATION: The built-up area means the 5. labour charges paid by the Developers to their contractors for constructing building which is outside measurement of the building and the constructed amenities such as Club house, Health Club etc. and accessories structure like Sub-Station and watchmen cabin, Lift Machine Room, Pump Room, Society Office etc. The approximate carpet to built-up area ratio varies from 30% to 33% depending on ultimate planning. PRICE OF RESIDENTIAL PREMISES : The Developers have agreed to provide to 6. the members of the Society the residential premises (flats) at the price to be calculated at the rate of Rs.2500/- per sq.ft. On the basis of presently planned area of the flats as mentioned in Clause No. 2 hereinabove the tentative price of the flats works out as under: Type Built-up area Tentative price (with 33%) 2 ½ BHK Flat1117-1144 sq.ft. Rs.27,92,500/- to Rs.28,60,000/- 3 BHK Flat 1277-1297 sq.ft. Rs.31,92,500/- to Rs.32,42,500/- ADDITIONAL RESIDENTIAL PREMISES : The Society expect to get more 7. enrollment for the allotment of residential premises from their existing members which will be made known to the Developer before starting of construction work on site. The Develop undertake to provide additional 25% Tenements over and above of 150 Residential Premises already enrolled by the member of the Society at same price and on same terms and conditions till Developer initiate construction work on site. TERMS OF PAYMENT FOR THE CONSIDERATION AMOUNT : The Tentative 8. consideration amount for 3 BHK flat will be Rs.32,17,500/- for area admeasuring 1,287.00 sq.ft. built-up area (approx) and for 2 ½ BHK Flat will be Rs.28,25,000/- for 4
    • area admeasuring 1,130.00 sq.ft. built-up area (approx) which is calculated @ Rs.2,500/- per sq.ft. built-up area. The Society shall advice its members and the members shall pay the consideration amount in the following manner : Installment Installment amount for 3 amount for 2 BHK Flat ½ BHK Flat i) Rs.1,00,000/- Rs.1,00,000/- being the earnest money shall be paid by society on behalf of the members on developer entering into MOU for the purchase of land, furnishing of appropriate security (in the form of immovable property) to the satisfaction of the Society and execution hereof (the payment and receipt whereof the Developers do hereby admit and acknowledge and acquit, release and discharge the Society from the same and every part thereof for ever). ii) Rs.5,45,000/- Rs.4,65,000/- Being 20% of the consideration amount to be paid by the Society/ Members after deducting earnest money amount paid under clause 8(i) to the Developers against Tripartite Agreement proposed to be executed between the CIDCO, the Lessees of the said Property and the Developers herein iii) Rs.3,22,000/- Rs.2,83,000/- being 10% upon execution of Agreement for Sale with each individual members of the Society in respect of their flats to be paid by the members of the Society. Installment Installment amount for 3 amount for 2 BHK Flat ½ BHK Flat iv) Rs.3,22,000/- Rs.2,83,000/- being 10% on casting of plinth to be paid by the members of the 5
    • Society. v) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the First slab to be paid by the members of the Society. vi) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Second slab to be paid by the members of the Society. vii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Third slab to be paid by the members of the Society. viii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Fourth slab to be paid by the members of the Society. ix) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Fifth slab to be paid by the members of the Society. x) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Sixth slab to be paid by the members of the Society. xi) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Seventh slab to be paid by the members of the Society. xii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Eighth slab to be paid by the members of the Society. Installment Installment amount for 3 amount for 2 BHK Flat ½ BHK Flat xiii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Ninth slab to be paid by the members of the Society. 6
    • xiv) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Tenth slab to be paid by the members of the Society. xv) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the Eleventh slab to be paid by the members of the Society. xvi) Rs.2,41,000/- Rs.2,11,000/- Being 7½% on completion of external and internal brickwork and plaster to be paid by the members of the Society. xvii) Rs.1,61,000/- Rs.1,41,000/- being 5% on completion of internal & external plumbing ,electrification and flooring and tiling of the building on the said property . xviii) Rs.3,21,000/- Rs.2,82,000/- being 10% upon completion of the construction of the buildings in all respect on the said property to be paid by the members of the society. xix) Rs.3,20,000/- Rs.2,79,000/- being the balance amount against physical possession of the premises to be paid by the members of the Society. The actual total consideration payable by the members of the Society to the Developers shall be worked out by the parties hereto within 15 days from the date of the sanction of building plans by the authorities concerned. It is clarified that the installments of consideration payable under clause 8 (iii) to (xix) shall be paid by the members of the Society individually to the Developers under their respective agreements for purchase of flat to be executed between the Developers, the Society and the members. COLLATERAL SECURITY : The Developer has agreed to provide Flat No.________ 9. on_________ Floor and Flat No._________ on ________ Floor in Wing ____ of building known as ‘PRANAY SUDARSHAN’ constructed on property bearing C.T.S.No. 5349 to 5366 of village Ghatkopar-Kirol being situated at Joshi Lane, Ghatkopar (East) which is being developed by the associate concern of the Developer by way of security against the payment of Earnest Money amount of Rs.1,50,00,000/- (Rupees One Crore and Fifty 7
    • Lacs only) which is agreed to be paid by the Society on behalf of the members to the Developer as mentioned in clause 8(i) hereinabove. It is specifically agreed that the society shall have a lien on the above referred residential premises till the execution of Tripartite Agreement proposed to be executed between allottees of plots, CIDCO & the Developer or till Developer refund the Earnest Money Deposit Amount with or without interest as mentioned hereinafter in the event parties hereto agreed to cancel this MOU whichever is earlier. The Developer shall not create any third party right of whatsoever nature on the above referred premises during the pendancy of lien in favour of the Society. PRICE ESCALATION : The Developer undertake to provide 150 Residential 10. premises and the additional 25% residential premises to the members of the society at the agreed price without asking any escalation in the price under any pretext of whatsoever nature. AGREEMENT BETWEEN THE CIDCO, THE LESSEE OF THE SAID 11. PROPERTY AND THE DEVELOPERS: After execution of this MOU the Developers shall proceed with the work of execution of the Agreement to Lease between the CIDCO and the Lessees of the said Property as well as Tripartitie Agreement between the CIDCO, the Lessees of the said Property and the Developers. The Developers hereby agrees to ensure the execution of Tripartitie Agreement between the CIDCO, the Lessees of the said Property and the Developers at the time of receipt of payment under clause 6 (ii) hereinabove. The entire consideration for acquiring the development rights in respect of the said Property shall be borne by the Developers. AGREEMENT WITH THE MEMBERS AND LEASE DEED AND CONVEYANCE 12. IN FAVOUR OF SOCIETY: The Developers shall get prepared from their Advocates and Solicitors the draft of the agreements for sale of the flats to be executed between the Developers and the members of the Society. The Developers shall furnish to the Society the draft of such agreement sufficiently in advance and in the event there are any suggestions by the Society the same shall be discussed in the joint meeting to be held between the office bearers of the Society, the Advocates for the Society, the partners of the Developers and their Advocates and Solicitors. The Society shall ensure that within 30 days from the date of sanction of the building plans each of its members shall execute agreement for sale in respect of the flat allotted to them after paying requisite Stamp Duty & lodge the same for registration with concerned Sub – Registrar of Assurances within the prescribed time. However the Developer undertakes to admit the documents with the concerned Sub-Registrar of Assurances as and when requested by the members. 8
    • OTHER COSTS NOT INCLUDED IN THE PREMISES PRICE: It is specifically 13. agreed that in addition to the price of the each flat to be paid by the members of the Society at the rate of Rs.2500/- per sq.ft. of built up area, the member of the Society shall be liable to pay the following amounts over and above of the consideration amount to the Developers as is mentioned herein below: For For 3 BHK Flat 2 ½ BHK Flat (i) Rs.5,000/- Rs.5,000/- Legal charges for Agreement for Sale of flats and lease of land and conveyance of buildings in favour of the Society. (ii) Rs.350/- Rs.350/- Share money payable by each member which includes entrance fee. (iii) Rs.4,000/- Rs.4,000/- Society formation charges. 12 months Maintenance Deposit at the rate of Rs.3/- (iv) Rs.46,332/- Rs.40,680/- per sq.ft. of carpet area (if the Developers do post possession maintenance). (v) Rs.64,350/- Rs.56,500/- Corpus fund @ Rs.50/- per sq.ft. carpet area for working capital of the Society. ----------------- ---------------- Rs.1,20,032/- Rs.1,06,530/- ============ ============ In addition to the above amounts each member will have to pay the Stamp Duty and Registration Charges in respect of the Agreement for Sale of flat agreed to be purchased by him. TITLE: After execution of the Tripartite Agreement between the CIDCO, the 14. Lessees of the said Property and the Developers as provided hereinabove the Developers shall make out a marketable title to the said Property and the necessary Title Certificate issued by the Advocates and Solicitors for the Developers shall be annexed to the Agreement for Sale of flats to be executed between the Developers, the Society and the members of the Society. DEVELOPMENT AND CONSTRUCTION AT THE COST OF DEVELOPERS: The 15. Developers shall appoint their own Architects, R.C.C. consultants and other professional agents for the development of the said Property and construction of buildings thereon. Within 15 days from the date of execution of Tripartite Agreement between the CIDCO, the Lessee of the said Property and the Developers as above, the Developers shall get prepared from their architects the proposed Layout plan and proposed building plans and submit the same to the Society for its approval. The Society specifically agrees and undertakes to approve such plans within 15 days from date of receipt of such plans and the Developers, at their own cost, shall get prepared revised layout and building plans, incorporating the suggestions, if any, of the society. The Developers at their own costs, 9
    • charges and expenses shall get the building plans sanctioned and obtain all the necessary permissions, approvals, exemptions and sanctions from CIDCO/Municipal Corporation for development of the said Property and for the construction of buildings thereon. The entire development of the said Project in pursuance of this MOU and in accordance with the sanctioned and amended sanctioned plans that may be approved by the authorities concerned shall be carried out by the Developers at their own cost, charges and expenses. The Developers shall take steps and obtain the requisite sanctions of the layout plans and building plans as approved by the society from the local, municipal and any other authority concerned within a period of 12 months from the date of this MOU or within such extended time, as may be agreed to by the society. The Developers shall commence the construction within 3 months from the date of sanction of the building plans by the authority concerned. The Developers shall complete the development of the said Property and construction of buildings thereon within 24 months from the date of execution of Tripartite Agreement as mentioned hereinabove. The completion of the development of the said property shall be deemed to include all measures to integrate the water supply, electrical, sewage system & other infrastructure, if any, of the proposed buildings with the sewage, water supply and electrical infrastructure provided in the area by the authority concerned. The Developers shall strictly comply with the terms and conditions of the sanctioned plans and various permissions, approvals and orders as applicable. The Developers alone shall be liable to bear and pay the professional fees, cost, charges and expenses of Architects, R.C.C. consultants and other professional agents appointed by them. The Society if so desire may appoint its own Architects, R.C.C. consultants and other professional agents provided however the professional fees, cost, charges and expenses of such professional shall be borne and paid by the Society alone. Suggestions, if any, made by the society shall be considered by the developer and to the extent practicable will be incorporated or implemented. However the Developers shall not be responsible for any delay on the part of the authorities concerned in providing any infrastructural facilities such as water, road, electricity, sewage etc. IF required the Developers will construct the necessary soak pit and septic tanks for sewage disposal and subject to the availability of the water the Developers will provide water for flushing through borewell. PARKING: The Developers propose to provide one parking for each residential 16. premise constructed in the said Project. The open to sky parking on ground level or at podium level if proposed will be allotted by the Developers to the Society at free of cost. It is specifically agreed by and between the parties hereto that the covered or stilt parking at ground or podium level in the said Project will be allotted by the Developers at the rate of Rs.2,00,000/- per parking to the members of the Society. AMENITIES TO BE PROVIDED TO THE FLATS: It is hereby specifically agreed 17. by and between the parties hereto that the Developers shall complete the construction of 10
    • the buildings on the said Property in accordance with the plans/amended plans that may be sanctioned by the authorities concerned and the Developers shall provide the amenities as specified in Second Schedule hereunder written. PROJECT DURATION: The Developers propose to complete the construction of 18. buildings on the said Property within 24 months from the date of obtaining physical possession of the said Property from the CIDCO. However in the event of circumstances beyond the control of the Developers, the Developers shall be entitled to the reasonable extension of time for completion of construction of buildings. TIMELY PAYMENT: The Society hereby specifically agrees and undertakes to see 19. that each of its members acquiring the flat in the said Project makes payment of the installments of consideration and other amounts payable by them to the Developers in respect of their respective flats so that the Developers can carry on the development of the said Property and construction of buildings thereon smoothly and in timely manner. The Society and its members are fully aware that the timely payment of the amounts payable under this MOU to the Developers shall be the essence of the contract. In the event of any delay in payment of the amounts due and payable to the Developers the member concerned shall be liable to pay the interest to the Developers at the rate of 18 % per annum for the period of delay. COMPENSATION FOR DELAY: In the event Developer is unable to provide 20. physical possession of the premises within prescribed time frame subject to force measure condition in such case the Developer have agreed to pay 18% interest compounded annually on the amount paid by the members of the Society for such delayed period. FULL CO-OPERATION : The parties hereto shall fully co-operate with each other 21. in development of the said Project in pursuance of this MOU and each of the parties hereto shall sign and execute such further and other agreements, letters, papers, plans and documents, etc as may be reasonably required by the other party. DEVELOPERS ENTITLED TO FULLY DEVELOP THE SAID PROPERTY: It is 22. specifically agreed by and between the parties hereto that the developers shall be entitled to fully develop said Property by consuming and utilising the entire available F.S.I. in respect of the said Property and will convey the land representing undivided share of members to the society and if any additional F.S.I.over and above 1.5 times of plot area + 10% Balcony area permitted under the law becomes available in respect of the said Property by virtue of any change or amendment in any law, bye-laws or building regulations then in that event the Society and the Developers alone shall be entitled to consume and utilise such additional F.S.I. on the said Property in the 11
    • proportion of the total area of flats occupied by the members enrolled by the Society and the total area of flats occupied by the persons to whom the flats are sold by the Developers. It is also agreed by the society that the Developer shall have first right of refusal for utilization of such additional F.S.I. on the same plot for construction of additional area for which Developer will compensate the amount equivalent to the prevailing market rate of FSI to the Society or its members as the case may be. PAYMENT OF TAXES: All the property taxes, outgoings, dues etc. in respect of 23. the said Property till the date of completion of construction and handingover possession of the buildings and flats respectively shall be borne and paid by the Developers alone and the same for the period thereafter shall be borne and paid by the Society and its members alone. POSSESSION OF FLATS : Upon the flats and the buildings being ready for 24. occupation the Developers shall intimate the Society and the members concerned in writing to take possession of the flats and the Society shall ensure that the members concerned takes possession of his respective flat within 30 days from the date of receipt of intimation from the Developers failing which the member concerned shall be liable to bear and pay all the taxes, charges, outgoings, etc in respect of his flat as well as his prorata share of taxes, charges, outgoings, etc in respect of the building after expiry of period of 30 days from the date of receipt of intimation from the Developers. REGISTRATION OF SOCIETY: The Society hereby agrees and undertakes to 25. cause all its members to sign and execute all the necessary applications, forms, papers and documents for registration of the Society and get itself duly registered under the Maharashtra Co-operative Societies Act. The Developers shall fully co-operate with the Society and its members in getting the Society registered. CONVEYANCE OF PROPERTY IN FAVOUR OF SOCIETY : 26. The Developer undertakes to convey lease hold right alongwith building constructed thereon in favour of the society within 6 months from the date of completion of the entire construction work on site or from the date of issue of occupation certificate by the Planning Authority whichever is later and in the event developer differ to convey the building and the leasehold right in favour of the society within prescribed time frame in such case, upon the expiry of 6 months as mentioned hereinabove it will be deemed to have been conveyed the leasehold right alongwith building thereon in favour of the society by the developers. OFFER OF FLATS AT RS.2,500/- per Sq. ft. ONLY DUE TO GROUP 27. BOOKING : 12
    • In view of the group booking by the Society the Developers are committed to provide to the Society the flats at the confessional rate of Rs.2,500/- per sq. ft. and upon the terms and conditions provided herein only to those members who have enrolled their name on or before the execution of this M.O.U. and thereafter the Developers shall be entitled to sell the additional Flats and commercial premises in open market as such terms & Conditions as the Developer may deem fit & proper. However the Society & its members shall have first right of refusal for such Residential Premises and commercial premises for the first 30 days from the date of such offer by the Developer and in the event of the Society’s fails to buy such flats and commercial premises within that period the Developers shall be entitled to sell such flats and commercial premises to such persons as they may deem fit and proper without any further reference and upon receipt of the intimation from the Developers the Society shall admit such purchasers as its members by charging only Rs.350/- as share money and entrance fees. ALTERNATE LOCATION: 28. In the event due to any reason whatsoever if the Developers are unable to acquire the said Property, the Developers shall be entitled to offer alternate site at one place in the Sector No.19, 20, 21 and 24 of Ulwa node for construction of buildings to provide the flats for the members of the Society. CONSTRUCTION OF THE SAID PROJECT AT PAR WITH PRANAY VIDYA 29. The Chief Promoter, the Promoters and the Members of the Society have visited the Pranay Vidya project at Kandivali completed by the Developers. It is specifically agreed by the Developers that they shall complete the construction of the said project with the same workmanship, planning, elevation and use same quality material in line with their building known as Pranay Vidya situated at Sai Baba Nagar, behind Raghu Leela Shopping Complex Kandivali (West). TIME PERIOD FOR EXECUTION OF DOCUMENTS: 30. The Developers have already informed the Society that CIDCO may execute Agreement to Lease in favor of the allotee within 3 months time from the date of this MOU. The Developers shall get executed Tripartite Agreement between the CIDCO the said Lesses and the Developers within 6 months from the date of this MOU and the Developers shall be entitled to extension of further period of 3 months for this purpose. However in the event inspite of their best efforts if the Developers are unable to acquire the said Property or any other Property at an alternate location as provided hereinabove within 12 months from the date hereof then in that event the Society at their option shall be entitled to cancel this M.O.U. and ask for the refund of Earnest money Paid under this M.O.U. with 18% interest from the date of receipt of the payment by the Developer. 13
    • STAMP DUTY AND REGISTRATION CHARGES: As proper stamp duty will be 31. paid on the individual agreement for sale of the flats to be executed between the Developers, the Society and the members of the Society as well as on the Deed of Lease of the said Property and conveyance of the building constructed on the said Property as provided hereinabove this MOU has been prepared on Rs.100/- stamp paper. The stamp duty and registration charges in respect of the Tripartitie Agreement to be executed by and between the CIDCO, the Lessees of the said Property and the Developers shall be borne and paid by the Developers alone. REFUND TO MEMBERS : The Developer undertakes that in the event that the 32. Developers are unable to make out a marketable title of the said property and/or get the Tripartitie Agreement with CIDCO executed and/or get the requisite approval from the authorities concerned of the layout and building plans within 12 months from the date of the MOU or any further extended period as may be mutually agreed, any sum paid by the member of the society or by the society, on behalf of its members, shall be, at the option of the individual member be refunded to them with 18% interest accruing with effect from the date of the payment of the amount to the Developer till the date of receipt of refund by the individual member. However, refund for any withdrawal of membership not covered by this clause will be a subject matter of negotiation and decision between the individual member and the developer. DISCLOSURES : The Developers have made and undertake to make full and true 33. disclosure in respect of title of the said Property proposed to be acquired for the construction of residential premises for the members of the society and produce title certificate with detail disclosure of their Advocate and Solicitor prior to execution of Agreement for Sale in respect of the Residential Premises with each individual members of the society. The Developers shall give inspection to the Chief Promoter/Promoter of the Society of all the documents of title relating to the said Property, permissions, orders and sanctions received from any authority relating to the project and plans, designs etc. prepared by the Architects and, Structural Engineer or any other Agency associated, in any manner with the project and also such other documents as are specified under the Maharashtra Ownership Flats (Regulation of Construction, Civil, Management and Transfer) Act,1963 and Rules made thereunder. The Developer also undertakes to provide a status report of the progress of construction and any other relevant issue in writing to the Chief Promoter on the 1st January and 1st July of every year till the completion of development and construction of the said property. WITHDRAWAL : In the event that any member resigns from the society due to 34. the circumstances mentioned in Clause 27 or for any other reason, the Developer shall first offer the flat allotted to such outgoing member to the Society to enroll new member in respect of such flat at a specified price (which may or may not include any premium 14
    • or over and above the rates specified in Clause 3 above) for any new member and if such right is not exercised by the Society within 30 days from the receipt of the offer, the Developers will be at liberty to sell such flat to a person of their choice and the Society shall admit such non-member as a member of the Society on the payment of only Rs.250/- as share money and Rs.100/- as entrance fees. UNDERTAKING : The Developers shall prior to the handingover of the 35. possession of the residential premises to the individual members shall obtain all requisite clearances including permission for occupation from the authorities concerned. The Developers shall also certify that all infrastructural systems such as lifts, electrical system, drainage system, sewage system, water supply system, etc. have been adequately tested for proper functioning and have been fully integrated with the civic infrastructure of the area provided by the CIDCO Authorities. Further if within a period of 3 years from the date of handingover the flat to the individual members, the flat purchaser brings to the notice of the Developers any defect in the flat or the building in which the flats are the situated or the material used therein or any unauthorized change in the construction of the said building in which the flats are situated, then such defects or changes shall be rectified by the Developers at their own cost and in case it is nor possible to rectify such defects or unauthorized changes then the flat purchasers would be entitled to receive from the developer reasonable compensation for such defect and change provided however the Developers shall not be responsible for any defects arising due to negligence of the member concerned or due to any changes in the flats or the buildings made by the member/s and/or the Society. RESOLUTION : In pursuance of a Resolution passed in the General Body 36. Meeting of Members of the Society held on 26th November 2007, the Executive Committee has nominated SHRI V.S.SINGH as CHIEF PROMOTER and SHRI D.S.BENUPANI and SHRI JAYARAM RAIPURA as PROMOTERS, and has authorised Chief Promoter and Promoters to sign this MOU, letters and other necessary papers and documents in respect of Residential Premises proposed to be acquired for the members of society. SPECIAL PURPOSE VEHICLE : The Developers reserve the right to execute this 37. contract in any of their associate or newly formed company wherein the partners of M/s. Shah Construction Company have controlling interest either through themselves or through their any of the family member. In the event Developers choose to execute this contract in any of their associate company in such case the amount of Earnest Money paid under this MOU will be considered as deemed to have been paid to their associates company and this MOU also will be considered as deemed to have been executed by their associate company. 15
    • ARBITRATION : 38. Any disputes or differences and questions whatever which may arise pursuant to or concerning this Memorandum of Understanding or any meaning or interpretation hereof or the construction or application hereof or any clause or things herein contained or other matter or things herein contained or other matter or things in any way relating to the affairs under these presents shall be referred to the arbitration of single Arbitrator if the parties hereto agree upon one otherwise to the two Arbitrator one to be appointed by the society and one to be appointed by the Developer. In such an event both the Arbitrators shall appoint a third Arbitrator before entering upon the reference. Such Arbitration shall be in Mumbai and shall be subject to the provisions of Arbitration & Conciliation Act, 1996 or any modification or reenactment therefore for the time being the force. IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands to this M.O.U. the day and year first hereinabove written. THE FIRST SCHEDULE HEREINABOVE REFERRED TO: ALL THOSE pieces or parcels of land bearing Plot Nos.4, 5, 6 and 7 in all admeasuring 15,519 sq.mtrs. situated at Sector-22, Ulwa, Taluka : Panvel, District : Raigad, Navi Mumbai and bounded as follows:- On or towards East : by On or towards West : by On or towards North : by On or towards South : by THE SECOND SCHEDULE HEREINABOVE REFERRED TO: Construction specification RCC framework structure of M250 standard having earthquake resistance design, all outerwalls of 150 mm thick brick masonry and internal wall of 100mm thick brick masonry structure with underground tank and overhead tank for each building/wing. Each building/wing will be provided with 2 lifts of OTIS/Schindler Brand. Amenities to the Flats 1. Flooring : Marbogranite tiles flooring in entire Flat Area. 2. Kitchen Platform : Granite platform with stainless steel sink. 16
    • 3. Window sil : Granite/Marble Window sil. 4. Tiles in Kitchen : Dedo upto full height above of granite platform will be covered with ceramic tiles. 5. W.C.and Bath : Full height covered with glaze tiles of branded quality. 6. Electrification : Concealed copper wiring by providing points in line with flats constructed for sale. 7. Plumbing : Concealed plumbing with Jaguar middle range fitting in bathroom and W C area 8. Door and Window : Main door will be panel door with safety latch, magic eye and key hole and all other door will be flush door having veneer finish duly polished with melamine polish. : Aluminium sliding window fabricated out of door section with 5mm thick glass covered with M.S.fabricated safety grill. : Bathroom/ WC door will be made out of Aluminium door section with Acrylic sheet. 9. Telecommu- : Internet cabeling and Intercom cabeling upto main nication facility hub, Videophone to each flat. 10. Entrance Lobby : AC entrance lobby with security guard table and chair along with visitors’ chairs. 11. Compound paving : Entire compound will be covered with checkered tiles and sufficiently lighted with decorative garden light. 12. Borewell : Flushing water will be provided through borewell subject to water quality test report. 13. Staircase trade and : Green Marble in combination with Jaisalmer stone 17
    • riser with landing and midlanding 14. Lift Lobby area : Lift Lobby area will be finished with granite flooring in pattern and Lift vertical surface will be cladded with Ceramic tiles. 15. Other Amenities : Solar Heating Panels, Water recycling system. SIGNED AND DELIVERED by the ) Withinnamed 'DEVELOPERS' ) M/S. SHAH CONSTRUCTION ) For M/S. SHAH CONSTRUCTION COMPANY ) COMPANY ) Through their partner SHRI KANTILAL MANILAL SHAH ) alias SAVLA ) ) Partner In the presence of........ 1. 2. SIGNED AND DELIVERED by the ) Withinnamed 'SOCIETY' ) THE IRS (MUMBAI) CO-OPERATIVE ) HOUSING SOCIETY LTD.(PROPOSED) ) through its Chief Promoter SHRI V.S. ) SINGH and Promoters SHRI D.S. ) BENUPANI and SHRI JAYARAM ) RAIPURA ) ) In the presence of........ 1. 2. RECEIVED of and from withinnamed ) 18
    • The Society prior to and upon execution ) (i) Rs.____________/- by Cheque No.___________ ) Dated ____/____/2007 (ii) Rs.___________/- by ) Cheque No.__________dated ____/____/2007 ) both the cheques drawn on __________________ ) ________________________________________in all ) Aggregating to Rs.1,50,00,000/- (Rupees One ) Crore Fifty Lacs only) paid on behalf of the ) Members being the amount payable to us as ) withinmentioned. ) Rs.1,50,00,000/- ============== Witnesses: WE SAY RECEIVED For M/S. SHAH CONSTRUCTION COMPANY 1. 2. Partner 19
    • ======================================== DATED THIS DAY OF , 2007 ======================================== M/S. SHAH CONSTRUCTION COMPANY ...Developers AND THE IRS (MUMBAI) CO-OPERATIVE HOUSING SOCIETY LTD. (PROPOSED) ... Society MEMORANDUM OF UNDERSTANDING