IRS-CHS-MOU-31-12-07

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 and THE IRS (MUMBAI) CO-

OPERATIVE HOUSING SOCIETY LTD. (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

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said Society, its Chief Promoters and Promoters and their successors) of the Other

Part.

W H E R E A S :

(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’.

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NOW THIS MEMORANDUM OF UNDERSTANDING WITNESSETH AND IT

IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS UNDER:-

1. ESSENCE OF THE MOU : The essence of this MOU is the desire of the

existing 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.

2. PROPERTY: The Developers have agreed to provide to the Society and the

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.

3. TYPE OF BUILDINGS AND AREA OF RESIDENTIAL PREMISES (FLATS) :

The 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

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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.

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.

5. METHOD OF BUILT-UP AREA CALCULATION: The built-up area means the

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.

6. PRICE OF RESIDENTIAL PREMISES : The Developers have agreed to

provide to 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 Flat1277-1297 sq.ft. Rs.31,92,500/- to Rs.32,42,500/-

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7. ADDITIONAL RESIDENTIAL PREMISES : The Society expect to get more

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.

8. TERMS OF PAYMENT FOR THE CONSIDERATION AMOUNT : The

Tentative 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 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 amount for 3 BHK Flat

Installment amount for 2 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

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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.



iv) Rs.3,22,000/- Rs.2,83,000/- being 10% on casting of plinth to

be paid by the members of the

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


viii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the

Fourth slab to be paid by the


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

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xi) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the

Seventh slab to be paid by the


xii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the

Eighth slab to be paid by the




xiii) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the

Ninth slab to be paid by the


xiv) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the

Tenth slab to be paid by the


xv) Rs.80,500/- Rs.71,000/- being 2.5% on casting of the

Eleventh slab to be paid by the


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


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

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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


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.

9. COLLATERAL SECURITY : The Developer has agreed to provide Flat

No.________ 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 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.

10. PRICE ESCALATION : The Developer undertake to provide 150 Residential

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.

11. AGREEMENT BETWEEN THE CIDCO, THE LESSEE OF THE SAID

PROPERTY AND THE DEVELOPERS: After execution of this MOU the Developers

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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.

12. AGREEMENT WITH THE MEMBERS AND LEASE DEED AND

CONVEYANCE 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.

13. OTHER COSTS NOT INCLUDED IN THE PREMISES PRICE: It is specifically

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:

For3 BHK Flat

For2 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.

(iv) Rs.46,332/- Rs.40,680/- 12 months Maintenance Deposit at the rate of Rs.3/- 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.

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----------------- ----------------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.

14. TITLE: After execution of the Tripartite Agreement between the CIDCO, the

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.

15. DEVELOPMENT AND CONSTRUCTION AT THE COST OF DEVELOPERS:

The 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, 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

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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.

16. PARKING: The Developers propose to provide one parking for each

residential 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.

17. AMENITIES TO BE PROVIDED TO THE FLATS: It is hereby specifically

agreed by and between the parties hereto that the Developers shall complete the

construction of 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.

18. PROJECT DURATION: The Developers propose to complete the construction

of 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.

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19. TIMELY PAYMENT: The Society hereby specifically agrees and undertakes

to see 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.

20. COMPENSATION FOR DELAY: In the event Developer is unable to provide

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.

21. FULL CO-OPERATION : The parties hereto shall fully co-operate with each

other 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.

22. DEVELOPERS ENTITLED TO FULLY DEVELOP THE SAID PROPERTY: It is

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 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.

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23. PAYMENT OF TAXES: All the property taxes, outgoings, dues etc. in respect

of 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.

24. POSSESSION OF FLATS : Upon the flats and the buildings being ready for

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.

25. REGISTRATION OF SOCIETY: The Society hereby agrees and undertakes to

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.

26. CONVEYANCE OF PROPERTY IN FAVOUR OF SOCIETY : 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.

27. OFFER OF FLATS AT RS.2,500/- per Sq. ft. ONLY DUE TO GROUP

BOOKING :

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

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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.

28. ALTERNATE LOCATION:

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.

29. CONSTRUCTION OF THE SAID PROJECT AT PAR WITH PRANAY VIDYA

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).

30. TIME PERIOD FOR EXECUTION OF DOCUMENTS:

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.

31. STAMP DUTY AND REGISTRATION CHARGES: As proper stamp duty will

be 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

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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.

32. REFUND TO MEMBERS : The Developer undertakes that in the event that

the 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.

33. DISCLOSURES : The Developers have made and undertake to make full and

true 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.

34. WITHDRAWAL : In the event that any member resigns from the society due

to 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 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

15

of the Society on the payment of only Rs.250/- as share money and Rs.100/- as

entrance fees.

35. UNDERTAKING : The Developers shall prior to the handingover of the

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.

36. RESOLUTION : In pursuance of a Resolution passed in the General Body

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.

37. SPECIAL PURPOSE VEHICLE : The Developers reserve the right to execute

this 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.

38. ARBITRATION : Any disputes or differences and questions whatever which

may arise pursuant to or concerning this Memorandum of Understanding or any

16

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.

3. Window sil : Granite/Marble Window sil.

17

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.

18

13. Staircase trade and: Green Marble in combination with Jaisalmer stone

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 )

In the presence of........ ) Partner

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 )

19

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

1. For M/S. SHAH CONSTRUCTION COMPANY

2.

Partner

20

===============================

=========

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

Date post:	16-Dec-2014
Category:	Real Estate
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IRS-CHS-MOU-31-12-07

Real Estate