DEVELOPMENT AGREEMENT

Vendor Purchaser Village S. No. Area : : : : : MR. K. R. MALIK . . ___ H. __ R.

DEVELOPMENT AGREEMENT

THIS DEVELOPMENT AGREEMENT OF AGRICULTURAL LAND IS MADE ON THIS _____TH __________ DAY OF _________ MONTH & IN THE YEAR 2013.

BETWEEN

MR. K. R. MALIK Age : 51 years R/o. :

Occupation : Agriculture & Business

501, 502, Corporate Plaza, Off. Senapati Bapat Road, Near Chaturshrungi Temple, Pune 411 016.

PAN No. : ABVPK5212G Hereinafter referred to as OWNER (which expression shall, unless it be repugnant to the context & meaning thereof, mean and include the Vendor & its Power of Attorney Holder, their respective legal heirs, successors, executors and/or administrators and assigns) PARTY OF THE FIRST PART

AND

___________________________________________ Age : ___ Years, Occupation : Agriculture & _______ ______________ Age : ___ Years, Occupation : Agriculture & _______ R/at: ____________________________, ____________________________

PAN:

______________________

Hereinafter referred to as DEVELOPER (which expression shall, unless it be repugnant to the context & meaning thereof, mean and include the Purchaser, their legal heirs, successors, executors and/or administrators and assigns) ..PARTY OF THE SECOND PART.

WHEREAS the Owner is absolutely seized and possessed of or otherwise well and sufficiently entitled to the land bearing Survey No. Situated at village of Taluka .. Of . District admeasuring area.. (Hereinafter referred as Said property For the sake of Brevity) more particularly described in the Schedule I written hereunder . AND WHEREAS, the Owner has purchased said property from ..by virtue of Sale Deed which was registered of Sub-registrar office . No. 2 (.) on dated at Serial No. .. AND WHEREAS, the name of Owner Mr. K. R. Malik has got his name mutated his name in 7,7A & 12 extracts of said property. Thus the Mr. K.R. Malik became the absolute owner of said property. AND WHEREAS Owner has decided to give All that is piece & parcel of Agricultural land out of the said property, which is agricultural land admeasuring an area __ H ______ i.e Sq.. Ft.__ R i.e. __Sq. Mtrs for development which is (Hereinafter referred as Said Land) AND WHEREAS the Owner Has an absolute right to give said land for development . AND WHEREAS the Owner Has agreed to assign the development rights of the said land to the Developer for a consideration of between the Owner and the Developer. Rs. _____________/- (Rupees ___________) Only. After due negotiation

NOW IT IS HEREBY AGREEDBY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1.

The Owner hereby has entrusted and assigned to the Developer the rights of development of the said land Described in Schedule II on the terms and condition hereinafter mentioned.

2.

The Developer hereby agrees to develop the land on the terms mention herein. The Developer agrees that he will obtain whatever permission are required to develop the Said land at his own costs and on his own responsibility.

3.

In consideration of the Owner having agreed to entrust to the Developer the right of development of the said land and to confer upon the Developer, Powers and privileges and benefits as mentioned herein, the Developer agrees to pay to the Owner a sum of Rs. _________/- (In Words Rupees __________ Only) as the consideration price for acquiring the development rights of the Said land.

4. 5.

The Owner has assigned development rights of the land to the Developer.

The Developer is satisfied that the Owner is the De jure and De facto owner of the land which is free from all encumbrances & having a clear marketable title.

6.

The Developer shall make the development as per the sanction plan of the competent Govt. Authority. In compliance of the rules and regulation of

state and central government violation of which may cause penalty and damages for which the Developer solely accepts liability.

7.

The development of the land by the construction of bungalow thereon shall be at the entire costs, expenses and risk and on the entire account of Developer. All the development of the land will be in accordance with the scheme of the competent Govt. Authority.

8.

The Owner gives license and permission to the Developer to enter upon Said land with full rights and authority to Commence, carry on & complete development thereof in accordance with the permissions herein mentioned.

9.

That Said land is free from all encumbrances and is not acquired by the Govt. For any purpose. There is no notice received from Govt. For the acquisition or requisition. If the Govt. Acquired the said land in the future for any purpose the Developer is only responsible and the Developer will take Compensation form the Govt. The owner is not responsible for the acquisition or requisition made by the Govt . after this development agreement.

10. The Developer shall be entitled to carry out at his own costs, charges and
expenses in all respects for development of the said land as per the terms and conditions imposed by the competent Govt. Authority. All finances for completion of the work shall be provided and borne and paid by the Developer alone.

11. The Developer shall be at liberty to sell or allot the dwelling units,
structures on the land at such price and on such terms and conditions & provisions as the Developer may think fit.

12. It is agreed that after the date of this development agreement the
Developer shall pay and discharge all taxes & outgoings including local Govt. Taxes and other charges, rates, cases, taxes that may be levied by any Public Body or Authorities in respect of the land. The Developer shall indemnify & keep indemnified the Owner from and against non-payment thereof.

13. The Developer shall carry out the development strictly in accordance with
the laws & rules & the building plan as may be approved & sanctioned by competent Authority and other concerned authorities. The Purchaser shall develop the said land entirely at his own costs & expenses. The purchaser shall duly observe and comply with & abide by all the byelaws, rules and regulations and the relevant provision of law to while camping out the development of the land. The purchaser shall indemnify and keep duly indemnified Owner and well defended against any suits actions or proceedings which may initiated against the owner by reason of any default on the Part of Developer in complying with the requirements.

14. The Owner declare I. That the Owner is entitled to enter into this agreement with the Developer
and he has full rights & authority to sign & execute the same.

II. That the Owner has not agreed, committed or entered into any agreement
for sale or lease of the land to any person or persons other than the Developer and that he has not created any mortgage charges or any other encumbrances on the land.

15. The Developer declares that he/she has/had entered into this agreement
after fully satisfied about the clear marketable title of the land.

16. The Developer shall indemnify and keep Indemnified the Owner against all
losses, damages, cases, changes, expenses that will be incurred or suffered by the Owner on account of or arising out of any breach of any these terms or any law rules or regulation or due to accident on any mishap during construction.

17. The Developer shall be entitled to enter into a separate contract in his own
name with the building. Contractors, Architects & other for carrying out the development at his risks and costs.

18. The Developer shall be under the obligation to keep reserve a strip of the
area to the extent of 10 Ft. Towards the West Side out of the plot which is written hereunder for the purpose of the Common Road in the project and shall not build any structure/s and/or create any kind of construction which will affect the area under the Road which shall be common for the remaining plot holders. This condition of the sale shall be the prime condition and even if the Plot Holder, in future, transfer, Sale, assign or convey the said Plot of Land to and third Party the Developershall be under obligation to put a convenient in such future transfer document and the same shall be binding upon future Party of the Second Part.

19. PAYMENT SCHEDULE

SR. NO. DATE CHEQUE NO. BANKS NAME AMOUNT

Total

20.

The Owner has executed a Power of Attorney in favor of Developer in respect of the Said Land on dated .. The said Power of Attorney is registered at Registrar Office

21.

LOCATION AND STAMP DUTY:

The said agricultural land bearing _____ is from out of

S. No.

. of Village : , Taluka : Dist. : The area of the agricultural land admeasuring __ H & ___ R i.e. _____ Sq.fts. Therefore the prescribed Market Value for in respect of the said plot is Rs. _______/- (Rupees ______) Only & Total Consideration is for in respect of the said plot is Rs. _______/- (Rupees ________) Only. Thus Paid Stamp duty viz. is Rs. ___________/- (Rupees _________) Only which is paid

on the Market value/ consideration Price of the said Plot & as per the provision of the Bombay Stamp Act 1958. SCHEDULE OF THE PROPERTY SCHEDULE I All that piece & parcel of Agricultural land bearing S. No. of the Village : ., Taluka : .., Dist. :., admeasuring an area .. Hectre . Are + Potkharaba Hectre .Are the total area Hectre Are & Akar Rs. . and . paise, out of it area . Hectre .. Are within the jurisdiction of Sub-Registrar . (.) / No.. (.) and also within the limits of .., Pune, Panchayat Samiti and Grampanchayat . & Village : . , along with all easementary rights thereto. The land is bounded as follows:

ON OR TOWARDS EAST WEST SOUTH NORTH : : : : . . . .

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SCHEDULE II

All that piece & parcel of Agricultural land out of the SCHEDULE-I hereinabove written, agricultural land admeasuring an area __ H ______ i.e Sq.. Ft.__ R i.e. __Sq. Mtrs. Which is bounded as follows : ON OR TOWARDS EAST SOUTH WEST NORTH : : : : __________ __________ ___________ ___________

IN WITNESS WHEREOF THE PARTIES HERETO HAVE SIGNED TODAY AT PUNE; Signed Sealed and Delivered By the Within Named Party Of The First Part} MR. K. R. MALIK } _____________ PARTY OF THE FIRST PART Signed, Sealed & Delivered by the within named Party of the Second Part, } } }

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______________________

_________ PARTY OF THE SECOND PART

WITNESS: 1. Sign Name Address 2. Sign Name Address : : : : : : ___________________________ ___________________________ ___________________________ ___________________________ ___________________________ ___________________________

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