Agreement for Sale for
Purchase of a Plot for Constructing Flats

This Agreement of
sale made at ………………. on this ………….. day of
…………………, 2000, between (1) A, son of …………………. (2)
B, son of ……………………… (3) C, son of …………………….
(4) D, son of …………………………. all residents
of…………………………. hereinafter collectively called the Vendors
of the ONE PART and M/s. ………………………………………, a company incorporated under the
Companies Act, 1956 and having its registered office at
………………………, hereinafter called the Purchaser of the OTHER
PART.

Whereas the Vendors
are absolutely seized and possessed of or otherwise well and sufficiently entitled
to the plot of land bearing plot No. …………………., situated at
……………………………………………. and more fully described in the
Schedule hereunder written.

And Whereas the
Purchaser is the builder, who is interested to purchase the plot of land for
constructing the flats and the Vendors have agreed to sell the said plot of
land to the Purchaser on the terms and conditions mentioned below:

Now it is hereby
agreed between the parties as follows:

1.    
The
Vendors will sell and Purchaser shall purchase the plot of land bearing Plot
No. …………………, situated
at……………………………………. and admeasuring about ……….
sq. mts. more particularly described in the Schedule hereunder written. The
purchase price will be calculated at the rate of Rs. 400 per sq. mtr. of the
actual area of the land and the actual area of the land will be ascertained by
joint measurement of the land by the representatives of both the parties.

2.    
The
Vendors declare that the tenure of land is freehold and the user of the said
land is for the construction of the buildings including residential buildings
thereon. The said plot is not subject to any assessment or tax or levy except
assessment payable to ……………. Municipal Corporation and the land tax
payable to the Government of …………….. as under:

Municipal taxes Rs.
……………….per annum

Land Revenue
Rs……………………… per annum

1.    
 

2.    
 

3.    
The
Vendors will make out a marketable title to the said plot free from all
encumbrances, charges and claims to the satisfaction of the purchaser’s
advocate. The Vendors will, at their own cost, get in all outstanding estates
and clear ail defects in title, encumbrances and claims on or to the property.

4.    
The
Vendors will within ………………… days of this Agreement deliver the
title deeds of the property to the purchaser’s advocates on their accountable
receipt for investigation of title to the property.

5.    
The
Vendors declare and confirm that the said plot is not subject to any agreement
for sale or lease in favour of any person and no interest in the said plot of
any nature whatsoever has been created in favour of any person. The Purchaser
shall be able to commence construction on the said plot immediately on
completion of sale.

6.    
The
Vendors hereby agree and declare that the said plot is not affected by any Town
Planning or any other scheme and that no notice of requisition/acquisition has
so far been served on them by Government or Municipal Corporation or any other
local or public body or authority for acquisition, requisition, set back or
otherwise of the said plot or any part thereof. If before the completion of the
sale, it is found that the said plot or any part thereof is affected by any
town Planning intended or published scheme of improvement or is affected in any
manner by any intended or published scheme of the municipal corporation or any
other public body or Government or is reserved for any public purpose, the
Purchaser shall have a right to rescind this agreement and in that event each
party shall bear and pay its own costs, provided that if the Vendors or any one
of them have or has concealed any notice issued or served as aforesaid, the
Purchaser will be entitled to all costs, charges and expenses incurred and
damages sustained by it.

7.    
The
sale shall be completed within ………….. months from the date of this
agreement, when the purchase price, shall be paid by the Purchaser to the
Vendors. The Vendors shall execute and deliver or to be executed and delivered
a proper conveyance deed in favour of the Purchaser or its nominee or nominees.

8.    
If
the Vendors fail to complete the sale as aforesaid, they will make good to the
Purchaser all losses and damages suffered by it by reason of the Vendors
default.

9.    
The
Purchaser hereby declares that it is purchasing the said property for building
residential flats and if the Purchaser is satisfied that it will not be able to
use the said plot for the construction of flats for residential purposes, the
Purchaser shall have an option to rescind this agreement and in that event
neither party shall have any claim against the other for costs, charges,
compensation, damages or otherwise.

10. 
The
stamp duty registration charges and all other out of pocket expenses shall be
borne and paid by the purchaser. Each party shall bear and pay its own
solicitor’s or advocate’s costs.

11. 
The
Vendors will deliver vacant possession of the plot to the Purchaser at the time
of registration of the conveyance deed.

12. 
The
Purchaser shall not pay any brokerage in respect of this transaction.

13. 
The
Vendors shall obtain necessary tax clearance certificate in pursuance of
section 230A of the Income-tax Act or any other permission from the Government
or any other authority required for the completion of the sale.

14. 
If
the sale is not completed within …………. months from the date of this
agreement for no act or omission or default on the part of the Vendors, the
Purchaser shall pay interest to the Vendors on the consideration amount at the
rate of ………….. % per annum from the date of expiry of the said period
of six months till the date of completion of the sale on the purchase price
payable by it.

Schedule of property

IN WITNESSES WHEREOF,
the Vendors have set their hands and the Purchaser has hereunto set its hand to
these presents through Shri ………………………….. Managing Director,
the day and year first above mentioned.

Signed and delivered
by

(1) Shri A

(2) Shri B

(3) Shri C

(4) Shri D

the within named
Vendors

Signed and delivered
by M/s. ……….,

the within named
Purchaser by its duly

authorised executive
Shri …………………

Managing Director

WITNESSES;

1.

2.

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