This Agreement is made at New Delhi on this ___ day of ______, 2009 between
VARDHMAN ESTATES & DEVELOPERS (P) LTD., a Company registered under The Companies Act, 1956 having its Registered Office at 606, 6 th Floor, Ring Road Mall, Sector – 3, Manglam Palace, Rohini, New Delhi - 110085 through its duly authorized Director Mr. Rajendra Prashad Jain , hereinafter referred to as “ developer ”
_______________________________ R/o ____________________________________________, hereinafter referred to as “the buyer”
Whereas the developer has been granted all the rights of construction and development of the entire project on the lease hold land at Greater Noida along with all the rights of Builder's Buyers Agreement / sale / market / transfer/sub-lease/receipt of payment / booking etc.
And whereas the developer has represented that it shall complete the construction of the IT/ITES Complex on or before December 2010 in all respects and shall render the complex ready for occupation & possession by the said date u nless the construction is stopped or delayed on account of factors beyond the control of d eveloper, as stipulated in the later part of this agreement.
And whereas the buyer is interested in booking a Unit measuring 1000 sq. ft. (Approx.), on ____________________Floor at a basic price of Rs. ____/- per square feet, total consideration being Rs. _________/- (Rupees _____________________________ only) of the IT/ITES Complex i.e. in the future project of the developer. The buyer acknowledges that the developer has readily provided all information & clarifications as required by him but that he has not unduly relied upon and is not influenced by any architect's plans, sales plans, sales brochures, advertisements, representations, warranties, statements or estimates of any nature whatsoever whether written or oral made by the developer. The buyer has himself made enquiries from his own sources with respect to the representations made by the developer and only after his satisfaction he is entering into the present agreement.
And whereas the developer , relying on the confirmations, representations and assurances of the buyer to faithfully abide by all the terms, conditions and stipulations contained in this Agreement has accepted in good faith his application to book the above said unit Floor and is now willing to enter into this Agreement on the terms and conditions appearing hereinafter.
It is hereby agreed and declared as follows:-
1. That the buyer(s) has/have chosen the below mentioned booking cum committed return plan on the terms and condition set in this agreement.
2. The said unit is booked by the buyer at a basic price of Rs. ____/- (Rupees ___________________________________________ only] per sq. ft. of super area and hence the buyer agrees to pay the developer a total consideration of Rs. ______________________________ only towards the consideration of the said unit.
3. That the buyer is paying a sum of Rs. _______________/- (95% of the amount) towards the booked unit in the up coming project namely Vardhman's divine ivalley in Greater Noida & the developer is receiving the same. The balance of 5% shall be paid by the buyer on receipt of offer of possession-cum-demand notice along with allied charges.
4. The buyer(s) has/have paid the price / consideration of Rs. __________/-* (Rupees ______________________________________________) as under:
Cheque Number __________ dt. _______________ for Rs. _______________/- drawn on _____________________________________________________
*It is agreed by the buyer that the present agreement shall be valid only subject to the clearance of the above cheques.
It is agreed that in case any cheque issued by the buyer in future in the favour of developer gets dishonored then the present booking shall be cancelled.
5. The developer hereby discharges the buyer of all the payments except Rs. _____________/- along with allied charges & Government dues etc., and any other payments due to variation in area (as also specified in clause 11 below), and the expenses as mentioned in Clause 16 & 18 below, to be paid by the buyer to the developer on the receipt of notice of offer of possession - cum-demand. The developer shall issue a notice in writing intimating the offer of possession-cum-demand to the buyer and asking the buyer to pay the balance as specified above, relating to balance of the consideration and all other dues whatsoever to the developer. In case the buyer fails to pay the said balance amount within 30 days from the issuance of the notice of offer of possession/demand in writing, then the developer shall refund the amount of the buyer by making a deduction of 10% and the booking of the unit shall be cancelled. Offer of possession shall mean issuance of notice of offer of possession-cum-demand, in writing, by the developer to the buyer. It is understood by the buyer that in case the developer fails to include any allied charges/due in the offer of possession-cum-demand notice, then the developer has the right to raise any such demand at any time in future.
6. The developer agrees to pay, a sum of Rs. ______/- per month, from the date of signing of this agreement till December 2010 or till the offer of possession of the unit (in case the developer fails to make the offer of possession till December 2010, to the buyer on 1 st day of each calendar month as committed return. The said monthly payment shall be made after deducting TDS.
7. It is hereby specifically clarified and understood by the buyer that the developer shall stop paying committed monthly payment of Rs. ___________/-, as mentioned in clause 6 above, after December 2010 or till the notice of offer of possession– cum- demand is issued to the buyer by the developer (in case the said notice is not issued and possession is not offered till December 2010. The details of Post Dated cheques issued by Developer in favour of the buyer are as per Annexure attached.
8. It is agreed by the parties that the developer shall complete the construction and offer the possession of the unit latest by 31 st December 2010 , but all periods of delay caused due to any reason whatsoever, shall be excluded.
9. That the buyer agrees and undertakes that he shall not claim for the refund of his money / apply for the cancellation of the booked unit, except if the developer fails to offer possession to the buyer. It is agreed by the buyer that the date of offer of possession could be extended on account of any circumstance whatsoever, beyond the control of the developer.
Conditions Of Allotment
10. The allotment of the unit is purely provisional in nature and is subject to change in unit size due to the architectural plan, the building stipulation, architectural control plans and any change necessitated in the building due to logistics operating at that particular point of time and the buyer hereby agrees and accept the authority and power of the developer for any such variation/change. The Developer has the right to change the building elevation, outer view, design etc. of the proposed building at any point of time with the permission of the concerned authorities.
11. The developer may also change the location, unit no., floor etc. of the unit allotted to the buyer in the present agreement, at any point of time. The rates charged are on the basis of super area. The buyer is aware that the built up area would be less than super area. The buyer also agrees that in case there is any variation in the unit at the time of possession, then in such case the payment for the excess in area shall be adjusted accordingly, as the case may be, proportionately at the basic price as mentioned herein above. It is also agreed by the buyer that in case such variation in the area and its monetary adjustment is unacceptable to the buyer, then the allotment of the unit of the buyer shall be cancelled and money shall be refunded to the buyer after deducting 10% money paid to the developer under this agreement.
12. The buyer agrees to abide by the terms and conditions imposed by any Government or local authority.
The upkeep, maintenance and management of the building and of common areas, maintenance, operation and upkeep of plant and machinery shall be organized by the developer or its nominated maintenance Agency. All such costs, expenses, accruals or provisions shall be borne and paid by the buyer to the extent of its share in the said building after the possession of the unit by him.
The buyer agrees to monthly charges in respect of electricity / water or any other services subscribed directly to the authority or the maintenance agency as the case may be.
14. The buyer agrees that he shall pay the balance of consideration amount, along with allied charges and other dues as mentioned in this agreement, to the developer, on receipt of offer of possession-cum-demand notice. Only after the buyer complies with the offer of possession-cum-demand notice, the developer shall convert the offer of possession into handing over of actual, physical possession of the allocated unit. The developer shall subsequently, either himself or from the lessee(allotee) of the land or from any other concerned person having the title/lease of the land, get the sublease/builder buyer agreement or any other permissible document under the law of the allotted unit, executed in favour of the buyer.
15. That the d eveloper has agreed to bring in and arrange for at its own costs all other permissions, which may become applicable and be required in relation to the Lease of said unit, prior to the execution, registration and possession in favour of buyer. Buyer has undertaken to co-operate with the Developer in obtaining permission by the Developer and sign any paper as may be required by the d eveloper in this regard. The performance of the developer of its obligation under this agreement are contingent upon approvals to be granted by various statutory authorities/ local bodies / departments, from time to time and subject to all applicable laws/ notifications / conditions as imposed by these authorities.
16. That it has been agreed that all the expenses relating to the execution, registration of the unit, including the expenses on stamp paper, registration fee etc., shall be borne by the buyer alone.
17. If the performance of the Agreement by Developer is prevented, in whole or in part, by causes beyond the control of such affected party which it could not avert in spite of best endeavor and due diligence, the causes being (i) acts of God, (ii) strike or lockout (iii) riots, insurrection, war (undeclared or declared), embargoes or blockages, (iv) floods, explosions, fire or earthquake, (v) industrial disturbance or (vi) change in government policies affecting the project because of legislative changes or due to any order of the court or local authorities as the case may be or (vii) inevitable accidents, then in such event the developer shall be excused from performing during the subsistence of the force majeure
Charges, liens etc.
18. The buyer shall be liable to pay all taxes, charges, user fee, lease rent, VAT / Service tax and any other taxes/levies whatsoever as imposed by the govt./local authorities/concerned departments from time to time. In any case if the developer pays any such govt. levy/tax in respect of the unit/project the same shall be recoverable from the buyer.
19. The buyer will use the said unit only for uses permitted in Zoning Plan/Building Plans approved by concerned authorities. That as the Larger Land is not divisible, therefore, all the common areas and other facilities on the Larger Land shall not be interfered or encroached upon by the buyer and buyer at no point of time i.e. in present or in future seek the partition of the property/land under earth and endorsement of the same in the Revenue Records. The buyer understands that the land is being allotted to the lessee(allotee) is on lease hold basis and the buyer understands the limitations, rights & liabilites of the lessee(allotee) and the developer in respect of the project.
20. That this Agreement records the complete Agreement between the parties and supersedes all previous, application, correspondences, understandings, agreements, offers, letters, papers or documents exchanged and/or executed by the parties.
21. That the failure of either party to insist upon strict performance of any provision of this Agreement or to exercise any option, right or remedies, contained in this Agreement shall not constitute a waiver or a relinquishment for the future of such provision, option, right or remedy. No waiver by either party of any provision of this Agreement shall be deemed to have been made unless expressed in writing and signed by such party.
22. If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and application of such provision to the persons or circumstances other than those to which it is held invalid or unenforceable shall not be effected thereby and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by Law. Any invalid or unenforceable provision of this Agreement shall be replaced with a provision, which is valid and enforceable and most nearly reflected the original intent of the invalid or unenforceable provision.
23. Each right, power and remedy provided for herein or now or hereafter existing by law, in equity by law or otherwise shall be cumulative, and the exercise or the forbearance of exercise by either party of one or more of such rights, powers or remedies shall not preclude the simultaneous or later exercise by such party of all such other rights, powers or remedies.
24. All notices and other communications under the Agreement shall be made in writing and delivered either by hand against receipt or sent by certified or registered mail at the notified addresses of the addressee (the current addresses being set out herein). Any such notice or communication shall be deemed to have been duly given and served (i) upon actual delivery and confirmed receipt in case of hand delivery, or (ii) on the third day of the putting the notice/communication in the course of transmission if sent via certified or registered mail. The buyer shall keep the developer informed in writing about any change in his/her postal address.
25. Developer also agrees to keep the buyer indemnified and harmless against any loss, damages, demand or claim of any nature, whatsoever, which the buyer may suffer on account of any default or non-observance of any covenant/term or on account of the title of the developer .
26. That any dispute in the interpretation of any clause of this Agreement shall be referred to the sole arbitration of an Arbitrator to be appointed by the developer only, whose decision shall be final and binding on both the parties. All the arbitration proceedings shall be carried out in terms of the Arbitration and Conciliation Act, 1996 at Delhi . The place of arbitration shall be Delhi only.
27. This Agreement is executed at Delhi and Courts in Delhi alone will have the exclusive jurisdiction over this Agreement to the exclusion of all other courts and Agreement shall be set to and construed in accordance with the laws of India .
28. Two Copies of this Agreement have been prepared, one to be retained by the developer and other to be retained by the buyer.
In witness whereof the parties hereto have signed this agreement at New Delhi on the day, month and year first above written.