Agreement for Allotment of Alternative Accommodation
This Agreement for allotment of permanent alternative accommodation is made and entered into at______, this_____ day of________ 20___ amongst ABC Pvt. Ltd., a real estate company incorporated under the provisions of the Companies Act, 1956/2013, having its registered office at______, through Shri___________, the Executive Director of the company duly authorised vide Board Resolution No_____ , dated______, hereinafter, for the sake of brevity, referred to as the “Developer Company” (which expression, unless it be repugnant to the context and meaning thereof, shall include its officers, agents, servants, nominees, legal representatives, liquidators and assigns) AND DEF, an adult Indian, aged about_____ years, occ:-____, resident of___________________________, hereinafter, for the sake of brevity, referred to as the “Said Allottee” (which expression, unless it be repugnant to the context and meaning thereof, shall include his legal heirs, executors, administrators and assigns) AND GHI, a co-operative Housing Society (proposed) of the tenants of__________ building, through its Hon’ Secretary Shri______________, hereinafter, for the sake of brevity, referred to as the “Confirming Society” (which expression, unless it be repugnant to the context and meaning thereof, shall include its authorised members, office bearers, agents, officers, nominees and assigns).
WHEREAS, the “Developer Company” herein has undertaken the work of a redevelopment project comprising_________ tenements and_____ shops collectively known as________ building, being and situate at_______________, hereinafter, for the sake of brevity, referred to as the “Said Building” in which the “Said Allottee” is a tenant of tenement no____, situate on_____ floor, admeasuring about______ Sq. Feet, hereinafter, for the sake of brevity, referred to as the “Said Tenement”, which is more particularly described in Schedule I appended hereto and the “Confirming Society” is the proposed co-operative housing society and representative body of the tenants of the “Said Building” which monitors and coordinates the redevelopment project undertaken by the “Developer Company” vis-à-vis the “Said Building”.
AND WHEREAS, the “Developer Company”, “Confirming Society” and Shri___________________, an adult Indian, aged about____ years; occ:-_____, resident of____________________________, the lawful owner of the “Said Building” and the land underneath and surrounding it on C.S/S.N/C.T.S No_____ (hereinafter, for the sake of brevity, referred to as the “Said Landlord”) jointly executed a Development Agreement on_______, which was duly registered in the office of Sub-Registrar,________ Division, on_________, vide Sr.No_____, Pages ____ to _____, volume______ (hereinafter, for the sake of brevity, referred to as the “Said Development Agreement”).
AND WHEREAS, under the “Said Development Agreement” all the executing parties thereto agreed for the re-development of the “Said Building” together with the land surrounding and underneath the same as comprised in C.S/C.S.N/C.T.S No_______ and more particularly described in the Schedule appended thereto on certain terms and conditions which form part of the “Said Development Agreement”.
AND WHEREAS, under the “Said Development Agreement” the “Developer Company”, in lieu of the grant of rights for the sale of saleable component of built-up area in the form of flats and shops as described in the “Said Development Agreement” agreed and undertook to compensate the “Said Landlord” as well as the individual tenants lawfully occupying the tenements and shops in the “Said Building” by allotting them flats and/or shops in the newly constructed buildings of such area and specifications as are generally described in the “Said Development Agreement”.
AND WHEREAS, the compensation payable to the “Said Landlord” viz. flats + monetary consideration is more particularly described in a separate agreement executed between the concerned parties the compensation payable to each of the eligible tenants in the form of free allotment of flats and/or shops in the newly constructed building needs to be set out in a separate agreement to be executed with the concerned tenant.
AND WHEREAS, the “Said Allottee” is one of the beneficiaries under the above referred Re-development Project and has given his irrevocable consent for carrying out the redevelopment in terms of the proposal given by the “Developer Company”, which has since crystallised in the execution of “Said Development Agreement” and he is desirous of entering into an Agreement with the “Developer Company” with a view to reducing into writing all the relevant terms and conditions pertaining to the said Allotment; hence, both the parties hereto proceed to execute the agreement as hereunder.
NOW THIS AGREEMENT FOR ALLOTMENT OF ALTERNATIVE ACCOMMODATION WITNESSETH AS HERE UNDER:-
1] The “Said Allottee” hereto agrees with the “Developer Company” and gives his consent for the execution of the re-development project as described and envisaged in the “Said Development Agreement” and ratifies its contents;
2] The “Developer Company” in consideration of the peaceful and vacant vacation of the “Said Tenement” on the part of the “Said Allottee” and his irrevocable consent for the re-development work, hereby agrees to grant, give and allot unto and in favour of the “Said Allottee” a permanent alternative accommodation on ownership basis in the newly constructed building (hereinafter, for the sake of brevity, referred to as the “Permanent Alternative Accommodation”) of_____ square feet carpet area (______ square metres carpet area) with such amenities and facilities as described in Schedule II appended hereto and the “Said Allottee” on his part agrees to accept the same without any protest or demur;
3] The “Developer Company” and the “Said Allottee” hereby agree that the number of tenement/flat, its location, floor number and other identification marks shall be determined in the lot to be drawn by the representatives of the “Developer Company” and the “Confirming Society” soon after the grant of Occupation/Part-Occupation Certificate in the presence of some independent respectable person to be nominated by the “Confirming Society”. The “Said Allottee” hereby agrees that he or any of his duly authorised representatives shall remain present at the said draw and accept the flat/tenement that is disposed to his lot without any protest or demur. The “Said Allottee” further agrees that in the event of his failure to attend the said draw, either in person or through his representative, owing to any reason whatsoever, the independent person to be nominated by the “Confirming Society” shall have the full and absolute right to exercise the draw on his behalf;
4] The “Said Allottee” hereby agrees and undertakes to the “Developer Company” that on the disbursement and physical transfer of the “Permanent Alternative Accommodation” as described in the preceding paragraphs, he shall have no more claim against the latter and that he shall acquit, discharge and release the “Developer Company” from all the liabilities and obligations arising under the “Said Development Agreement” and hereunder;
5] The “Developer Company”, the “Said Allottee” and the “Confirming Society” hereby agree and reiterate that the “Said Development Agreement” as described hereinbefore shall be regarded as the Principal Agreement for the purpose of all the transactions, deals and affairs arising under the aforesaid Re-development Project and in the case of any omission, inconsistency or repugnance in the instant Agreement vis-à-vis the “Said Development Agreement” the provisions of the latter Agreement shall prevail and bind all the parties concerned;
6] The “Developer Company”, the “Said Allottee” and the “Confirming Society” hereby declare and reiterate that full stamp duty as prescribed under the__________ Stamp Act,____ has been paid on the “Said Development Agreement” by treating the same as Principal Agreement for the purpose of payment of Stamp Duty and the instant agreement being the subsidiary instrument involved in the integrated transactions of the aforesaid Re-development Project shall be liable only to the nominal duty which has been paid accordingly;
7] The “Confirming Society” on its part declares and reiterates that it is bound to honour the commitments made under the “Said Development Agreement” and promises to all such acts, deeds and things as may be necessary to give effect to the covenants contained herein.
SCHEDULE I
Description of the “Said Tenement”
A tenement admeasuring about______ sq. feet carpet (________ sq. mt carpet), comprising a single room of_____ x ______dimensions with attached bathroom, but without W.C, bearing No_____, _____ Floor of the Building known as___________, situate on C.S/C.S.N/C.T.S No______ in the Revenue Sub-District of______, _______(Taluka),_______ (District),__________ (State)
SCHEDULE II
List of Amenities to be provided in the Permanent Alternative Accommodation
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IN WITNESS WHEREOF, all the parties hereto have set and subscribed their respective hands to this writing on the day, month and year first herein before mentioned.
Signed, Sealed and Delivered
by ABC Pvt. Ltd., the withinnamed
“Developer Company” through its Executive Director
Shri__________ in the presence of Witness
Name:-________________
Address:-______________
Sd/-
Shri_____________________
Executive Director of
ABC Pvt. Ltd
The “Developer Company”
(Common Seal)
Signed, Sealed and Delivered
by DEF, the withinnamed “Said Allottee”
in the presence of Witness
Name:-________________
Address:-______________
Sd/-
DEF
The “Said Allottee”
Signed, Sealed and Delivered
by GHI Co-operative Housing Society Ltd (Proposed),
the withinnamed “Confirming Society”
through its Hon’ Secretary Shri__________
in the presence of Witness
Name:-________________
Address:-______________
Sd/-
Shri____________ Hon’ Secretary
GHI Co-operative Housing Society Ltd (Proposed)
The “Confirming Society”
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