DEVELOPMENT AGREEMENT

THIS AGREEMENT made and entered on this day of 16th March 2021, at Belagavi.
BETWEEN:
[1] Mr.ASIFAHAMAD S/o.RAFFIUDDIN ROHILE,
Age: Major, Occupation: Service,
PAN- ANDPR4970N,
UID NO. 8955 7036 0503

[2] Mrs. ARIFA BEGUM W/o ASIF AHAMAD.ROHILE,

Age: Major, Occupation- House wife,
PAN- DBBPR8939E
Both R/o CTS NO.4859/B, 62A/2,
PLOT NO.69, Sadashiv Nagar, Belagavi,
UID NO. 5640 2506 0116

Hereinafter referred to as the “OWNER” (which expression shall, unless it be repugnant

to the context or meaning thereof, mean and include his legal heirs, successors,
executors, administrators and assigns) of the FIRST PART;
AND
M/S.ECO SENSE BUILDERS AND DEVELOPERS,
a Registered Partnership firm having their office at
CTS-3959/1, Block no. C-02,Room No.2/A,
second floor,shikshakbhavan, college road,
Belagavi,
PAN-AAIFE0571A,
represented by its partner
[1] Mr.ISHAN RAJENDRA PANADE,
Age: Major, Occ : Business,
PAN- CPEPP9771E
R/o : CTS No. 55,Teachers colony,
Vinayaknagar, Belagavi.
UID NO. 6297 3495 0168

Hereinafter referred to as DEVELOPER (which expression shall, unless it be repugnant

to the context or meaning thereof, mean and include its legal heirs, successors, executors,
administrators and assigns)OF THE SECOND PART.

AND WHEREAS the parties hereto desire to develop the SAID PROPERTY as referred
in the Schedule of the Property.
AND WHEREAS the owners are desirous of developing the said property by
undertaking construction of Apartment. By providing the required infrastructure as a
development with the intention of sharing revenues arising there from and accordingly
has offered to the developer to develop the said property jointly with them.
 AND WHEREAS the owners do hereby declare:
(a) That the owners' title to the said property described in schedule-I hereto is
valid, legal, clear, marketable, unencumbered and subsisting.

(b) That the said property described in Schedule-I hereto is absolutely free from
encumbrances, lien, charges, litigations, encroachments and that there are no dues
payable to the Government or any other authorities and/or any statutory body/bodies.

(c) That no attachment or notice from the central or state government or any local
body or authority under anyMunicipal Act and /or Panchayat Act or any other Act or
any scheme or legislative Enactment, Government ordinance, order or Notification
including any Notice / Proceedings for acquisition or requisition has / had been
received by or upon the owners and that the said property described in schedule-I
hereto or any part thereof is not subject to any attachment or certificate or other
recovery proceedings under the Income-Tax Act or any statutory law or Regulation /
mortgage to any Bank/ Institutions.

(d) That there is no litigation or any legal proceedings pending in any

Court/Tribunal or any other legal impediment in respect of the said property
described in Schedule-I hereto or any part thereof and/or any structure existing
thereon.

(e) That except this agreement, the owners have not entered into other agreement
and shall not enter into any agreement pertaining to said property and/or effecting the
title of the owners to the said property described in Schedule-I hereto or any part
thereof during the subsistence of this agreement.

(f) That the said layout is laid and developed by City Corporation Belgaum only
and the said property is for residential use only.

(g) That they or their predecessors in title or any one claiming under their name
have not granted any right of way or easement or license or any other right to any
person over the said property or any part thereof.

AND WHEREAS the developer has inspected the said property vis a vis its location,
site conditions, zoning etc. and being satisfied with the same have approached the
owners with the proposal to develop the said property.

AND WHEREAS the parties have mutually discussed the various parameters of the
proposed development on the said property vis a vis planning, design, construction,
marketing and funding etc. andDeveloper has agreed for development of the said
property.

AND WHEREAS pursuant to the mutual discussions and understanding and relying
upon the declaration and representation made by the owners, the developer has agreed
for the development of the said property by undertaking construction of Apartment,
building/s, as perdrawingsattachedto this agreement or modified by competent authority
from time to time.
NOW THEREFORE THIS AGREEMENT WITNESSETH AS FOLLOWS :

1. The DEVELOPER do hereby agreed to develop the said property by

constructing Building as per drawings enclosed thereon after obtaining necessary
license and permissions for the development to be procured by the DEVELOPER in
the name of the OWNERS at the DEVELOPERS own costs, charges and expenses,
risk and responsibility for consideration and on the terms and conditions as set out in
this Agreement.

2. THE DEVELOPER SHALL:

a. Undertake construction of building on the said land as per the proposed plan
which is subject to variations as may be proposed by the concerned authorities and as
per the specifications as contained in the said plan and other specifications as
contained in schedule I,II,written hereunder at its own costs and expenses.

b. Carry out the said development and construction solely and entirely at their
risk and responsibility and costs, charges and expenses and the OWNERS shall not
be called upon to contribute any amount of whatsoever nature

c. At its own costs and risk, appoint and engage competent Architects, R.C.C.
Consultant, Contractors and other servants and agents as may be required for the purpose
of development of the said property.

d. Be liable to undertake all the works for the purpose of development of the said
property which shall include :

i. Preparing/ obtaining and incurring the cost of preparing plans, designs, etc. and
obtaining the necessary sanctions / approvals;
ii. Obtaining and incurring payment for obtaining all kinds of permissions/ licenses
to Government Authorities or to the Panchayat/ Municipality;
iii. Making deposits and other charges payable to any Authorities;
iv. Incurring construction costs including cost of building materials, wages and
salaries payable to the workmen and other persons employed for the purpose of
carrying out the construction work;
v. Incurring fees and charges payable to Architects, Civil Contractors, R.C.C.
Consultants, Supervisors, Engineers, Structural Engineers and contractors and all
other persons engaged for the purpose and all kinds of insurance premium
(including premium payable for employees, labourers, workers, etc.;)

vi. Incurring all costs, charges and expenses if any to be incurred including payment
of any amount in any manner to village panchayat, Sate Government or any other
concerned authority for carrying out the development on the said property; And
the above works are hereinafter referred to as THE DEVELOPMENTAL WORK.
e. Not to grant any right of way, passage, egress/ingress to any third party from the
said property save and except the right of passage as shown in the plan annexed hereto.

f. Carry out as part of their own business activity the developmental work by
arranging its own finance, personnel etc. in accordance with the sanctioned plans as
approved by the concerned Authorities.

g. Pay all dues and settle any claim of any labour or other related agencies for
injury/damage caused during the course of carrying out the works including statutory
claims of ESI, PF, claims under the Workmen Compensation Act and the like.

h. Keep the OWNERS fully indemnified for any deficiencies in execution/

completion of the developer’s liability or for any delays in execution not attributable to
the OWNERS and against any claims resulting there from.

i. On completion of their work, whether the sale of entire saleable area is complete
or not, remove at their own cost from the SAID PROPERTY all their machineries,
workmen, materials, etc.
The developer should complete the construction of building within stipulated time
and developer shall not enter into agreement with other party.

j. Shall indemnify the OWNERS for any monetary and legal consequences arising
out of any relationship contractual or otherwise entered into between the DEVELOPERS
and any third party/agency and/or in respect of losses caused due to actions, claims,
damages, compensation or costs, charges and compensation or costs, charges and
expenses arising out of any accident or injury sustained by any workman.

k. Shall obtain building permission within 6(SIX) MONTHS from the date of
signing of this agreement. This period may be mutually extended by parties hereto.

l. Shall complete the developmental work within 30 MONTHS (THIRTY

MONTHS) including grace period of six months from the date of this agreement. This
period can be extended with mutual consent of parties subject to force majeure i.e. riots,
strikes, civil commotion, lock-outs, earthquake, fire, shortage of material, accident or
act of God and prohibitory order or injunction or directive of any Government Tribunal,
Quasi-tribunal, local or public body or authority or competent authority or any Act,
Ordinance, Statutes, Rules, Regulations, Bye-laws, Notifications by Government (State
and Central) or municipal or other local bodies or competent authorities. And subject to
availability of building materials like sand and metal without any restrictions from
authorities, departments.

The Developer has paid as security refundable amount of Rs.12,00,000/- as

agreed by the both parties, the owner shall return the amount at the time of declaration of
flats or after the completion of work i.e. completion certificate from the concerned
authority .
The Developer has agreed to pay monthly rent of Rs. 10,000/- for the flat which
are allotted to the owner as rent for the said flats in case if he fails to complete the
building in given stimulated time i.e. of 30 months from the date of registration of this
joint venture Agreement. The rent period will be for 6 months only. And there after the
matter will be take in front of the arbitrator.
Shall create mortgage or charges on 60% of the developers share after
completion of the building by the developer in terms of this agreement.However the
repayment of loan advanced for developmental activities shall be repaid/cleared by
Developer only.

However in case the procurement of such approvals, conversions, permissions,

construction licenses etc. is delayed on account of any defect in title, encroachments
and/or any deficiency in the title of the OWNERS as may be pointed out by the
concerned departments, the time for procurement of such approvals, conversions,
permissions, construction licenses etc, shall stand extended proportionately.

3. THE OWNERS SHALL AND DO HEREBY:

a. Authorize and nominate the developer to carry out the development of the said
property by constructing thereon residential buildings as per the plan attached hereto
with such variations as may be insisted by the concerned authorities and in such manner
as developer finds fit, proper and convenient.

b. Authorize the developer to do what is needed including obtaining

approval/renewals/revision of permissions, licenses, etc. from the concerned authorities
for constructing the said building/s or any residential apartments / premises therein.

c. Sign and execute personally notwithstanding execution of specific power of

attorney, all necessary papers, documents and plans that may be required by the
Developer from time to time for carrying out the effective development of the said
property and construction to be undertaken thereon.

d. In consideration of the terms, conditions and stipulations herein contained, the

owners have permitted the developer to enter the said property exclusively for
proceeding with the project of undertaking construction thereon.

e. Allow the developer, its Employees, representatives, and workers at all times
hereafter be free to enter upon in the said land described in Schedule-I hereto and carry
on therein all such works like demarcating, surveying, measuring as may be deemed fit
by the developer exclusively for undertaking the development thereon.

f. Subject to the terms hereof, authorize the developer to seek renewals, revisions,
alterations changes in the plans, permissions approvals on behalf of the owners as their
attorney by virtue of the specific power of attorney that shall be executed in favour of the
developer.

g. Remove defect if any in the title due to which the developmental work of the
said property is stopped/hampered at their own costs within a least possible period.

h. initiate and file such suits, petitions, memorandum for the purpose of enforcing
the rights of and upon the SAID PROPERTY in so far it relates to the title of the
OWNERS to the SAID PROPERTY or defend any suit filed against them.
i. Execute in favor of the developer/developer’s director/partner/their nominees a
specific power of attorney to undertake such works as are intended hereunder or as may
be necessary and ancillary thereto and such power of attorney shall be coextensive with
this agreement.

4. BOTH THE PARTIES hereto do hereby agree, declare and confirm:

a. That the project/building complex shall be developed, constructed and named

as “PARK VIEW RESIDENCE”.

b. Agree and confirm that subject to the terms of this agreement, the access to
the said property is exclusively to carry out development of the said property as per
the terms of this agreement.

c. This agreement relates to the rights of the respective Parties with regard to the
implementation of the Project on the SAID PROPERTY.

d. That this agreement does not constitute a partnership or association and

consequently no Party shall be entitled to represent the other Party. The rights and
responsibilities of the Parties are and shall be as herein set out and to be mutually
agreed from time to time by and between them. The parties shall perform their
respective obligations hereunder as part of their respective obligation/business and
not as contractors, agents or representatives of each other.

e. That 40%ofbuilt up area in the said property with proportionate parking as

per Schedule shall belong to the OWNERS as consideration in exchange of
development right in the above said property, to the developerfor transfer of their
proportionate ownership rights [undivided share] in the SAID PROPERTY to the
prospective buyers and the balance 60%built up area in the said property shall
belong to the DEVELOPERS towards the cost of development of the said property
and profits thereon and he shall be entitled to sell the same.

Schedule :
The 40% of the owners share will include three 2BHK flats on 2 nd floor
and a road facing penthouse on 4 th floor and a more detailed description
attached along with this deed.

ON THE SCHEDULE PROPERTIES

OWNER DEVELOPER
FIRST FLOOR
101 measuring 824.40 Sq.Fts
102 measuring 777.20 Sq.Fts
103 measuring 806.20 Sq.Fts
 2407.8 Sq.Fts
SECOND FLOOR
201 measuring 824.40 Sq.Fts
202 measuring 777.20 SqFts
203 measuring 806.20 Sq.Fts
2407.8 Sq.Fts
THIRD FLOOR
301 measuring 1205.60 Sq.Fts
302 measuring 1175.45 Sq.Fts

FOURTH FLOOR FOURTH FLOOR

401 measuring 1205.60 Sq.Fts +150sqft 402 measuring 1175.45 Sq.Fts +150sqft
penthouse penthouse

As per the agreed ration in between the parties

40 % To the Party No.I-Owners :3763.4 Sq.Fts,
60 % To the Party No.II Developer: 6113.5 Sq.Fts,

Hence total area of construction will be 9876.90 Sq.Fts., on the schedule properties
and same will be constructed by the developer after the approved permission from
City Corporation of Belagavi.

Further in between and among the First Party with their each other mutual consent
and knowledge, in respect of Block-I on the Apartment as mentioned above they
have been partitioned their share and allotted their share in the following manner:
f. Provided however, it is further specifically agreed by and between the Parties
that the DEVELOPERS shall be entitled to receive the revenue and/or cost directly in
their own name from the respective purchasers for sale of flats and any other
additional amenities/items/fittings within their premises at the cost of flat
buyers/owners. Against their respective share of flats of land owners and developers.

g. The DEVELOPER shall be solely responsible in all legal compliance in

respect of VAT, Service tax, GST or any other taxes if any and indemnify the
OWNERS in case any litigation arising from non-compliance of any provisions of
aforesaid laws by the DEVELOPER.

h. The DEVELOPER shall be entitled to promote the sale of the saleable areas
and the costs incurred for such promotions, advertisements, etc. shall be exclusively
borne by the DEVELOPERS.

i. It is hereby clarified and declared that each of the Parties hereto shall be
entitled to carry on their respective business/occupation apart from the present
development. However the DEVELOPERS shall devote the necessary time and effort
in the relation to the execution of the works comprised in the Developmental work
and the owners shall cooperate from time to time in execution of any documents,
agreements etc. required for the purpose of procuring renewals of licenses,
permissions, completing agreements for sale of saleable areas etc..
5. It is further specifically agreed that the absolute ownership, title and
possession of the SAID PROPERTY shall remain vested in the OWNERS till:

a. A conveyance deed is executed for transfer of the same or any part thereof.

b. If there is increase in FSI relating to area of the SAID PROPERTY the

development of additional FSI shall be carried out by the DEVELOPER as additional
developmental work. In such case the built up area shall be shared in same ratio and
owner is entitle for 40% of sale receipts out of sale consideration or else 40% of built
up area in excess area.

6. It is specifically agreed by and between the parties hereto that:

B) This Agreement is not an agreement to share the profits and losses so as to be

regarded as a Partnership between the parties hereto.

i. This Agreement also does not create any relationship of principal and agent or
contractor between the Parties.

ii. This Agreement also does not create any association formed by the Parties
and in fact each Party is doing its own business independent of each other and the
rights and obligations of each Party is well defined, specific and mutually exclusive.

iii. The purpose of the arrangement contemplated in this Agreement is to ensure

optimum realization for each Party independent from others from the respective
activities they perform or obligations undertaken by respective parties in relation to
development of the SAID PROPERTY.

iv. The liability to pay the income tax or any other taxes, cess, levies etc. on gross
and/or net income earned or on costs incurred by each Party shall be their respective
responsibility individually and any other Party shall in no way be involved or
concerned about such liabilities of the other Parties. However the Parties shall ensure
that they discharge all their respective obligations in respect of the matters referred in
this Clause so that the execution, completion and sale of the saleable areas/premises
is not affected in any manner.

v. Each of the Parties herein shall indemnify and keep indemnified, saved,
defend and harmless the other party from or against any liability arising from non-
payment of any taxes, levies, cess etc. on gross and/or net income accruing from the
sale of premises from the SAID PROPERTY.

vii. Any notice to be given by one Party to the other shall be deemed to have been
given by sending a “registered post acknowledgement due” letter addressed to the
Party with copy to other Party at the address mentioned at the beginning of this
Agreement for the said Parties.
viii. This notary Agreement has been printed in two sets and all the two sets have
been executed simultaneously and all shall be considered as original and each Party
will have one of such a notary Agreement till building permission is obtained from
city corporation of Belagavi and there after it has to be registered with Sub-Registrar
of Belagavi All out of pocket and misc. expenses etc. including stamp duty,
registration fees and incidental charges of the agreement required for the successful
and effective development of the said property shall be borne by the DEVELOPER
alone and the other Parties shall not be called upon to contribute any amount towards
such expenses.

7. Subject to what is contained herein the Parties agree as under:

a. OWNERS undertake to divest their title and give the ultimate possession of
the said property to the buyers of the saleable areas or to any society/association or
any other entity formed for taking over the said property, as the case may be upon
receipt of their share of built-up area as agreed above.

c. The OWNERS hereby undertake and declare that their right and title to the
SAID PROPERTY is free, clear and marketable and no third party rights or interest
in the SAID PROPERTY have been created which may affect the developmental
work to be carried out in said property and the same is not a subject matter of any
litigation or order restraining or preventing the sale or transfer thereof and the
OWNERS hereby do agree and undertake to clear and settle each and every defect in
the title of the SAID PROPERTY if detected at their own cost and keep the
DEVELOPER and its successors-in-title and assigns indemnified and harmless
together with all costs, expenses and damages thereof in respect of any demand
raised against the DEVELOPER or loss caused to them by reasons of any person or
persons claimed by, on behalf of or under the OWNERS or their predecessors-in-
title.

d. The owners further declare that there are no outstanding encumbrances,

mortgages, lien, notices, for requisition or reservation or assignments or otherwise or
any outstanding interest or claims by or of any other party/person/s on the SAID
PROPERTY.

8. This agreement hereto by and between the Parties as mutually agreed by and
between them shall or come to an end or shall be deemed to have been terminated
upon:
a. Completion of the developmental works in all respects.
b. After the agreed builtup area is handed over to the owners.

9. It is specifically agreed by the parties hereto is to develop the said property

jointly and for the said work the developer shall undertake the entire work of
construction at its own cost and expenses and is entitled to receive the consideration
from sale of built up area other than allocated to owners.
10. The owner shall become member of society/association to be formed for
maintaining the building and shall pay one time/monthly maintenance for the same.
11. The owner shall proportionately bear electric meter and water connection deposit
charges for their share of flats should be borne by developer.
SCHEDULES FORMING PART OF THE AGREEMENT
DESCRIPTION OF THE SAID PROPERTY

SCHEDULE – I
All that part and parcel of the residential property bearing CTS 4858/14 in
SADASHIV NAGAR, BELAGAVI admeasuring East to West :- 80’ – 0” x North
to South :-at front 50’ -0” = 371.74 Sq/Mtswithin the limit of City Corporation of
Belagavi, within the jurisdiction of Sub-Registrar , Belagavi and the same is
bounded by:
Towards East : CTS No. 4858/19
Towards West : By Road
Towards North : CTS No.4858/13
Towards South : CTS No.4858/15

“SCHEDULE-II PROPERTY ALLOTTED TO OWNERS”

That the property mentioned below is agreed to give to Owner in lieu of
consideration of schedule-I property i.e. Residential Plot.
The blue print drawings showing the details of above said Flats are enclosed
herewith and the same shall form part and parcel of this Deed.
“SCHEDULE-III SPECIFICATIONS OF BLOCK”
a] Walls- 6” thickness – solid AAC blocks & partly 4” solid AAC blocks
b] Plastering- Internal smooth wall care & external regular sponge plaster.
C] Cement- Birla Shakti/ bharti or equivalent.
d] Doors- Entrance-T.W. Frame & T.W. Paneled. Other J.W. framed &
Commercial flush shutters.
f] Windows- UPVC material, Powder coated Aluminum framed & glazed shutters.
g] Electrification- Concealed wiring with 3.5 Pts for every room of make anchor,
GM &Havells or equivalent.
h] Flooring &dadoing- vitrified tiles flooring for hall, kitchen & dining and bed
rooms & bath, ceramic Glazed tiles. Dadoing for Bath 7`0`` height for W.C. 3`
Height.
i] Painting- Internally with wall care finish, plastic emulsion& externally emulsion,
oil painting for woods and steel work Of make Asian paints or equivalent.
j] Sanitary & Plumbing- Regular sanitary & plumbing fittings, Hot & Cold water
mixer for bath. Of make jaguar or cera and birla or finolex or equivalent make
plumbing.
k] Kitchen otta- Granite top otta with stainless steel sink & 3` height Glazed Tiles
dadoing.
l] steel- of make amba Shakti, kamadenu.
The specifications mentioned will be subject to demand and alteration as
required by the intending purchasers.

IN WITNESS WHEREOF PARTIES HERETO SET THEIR RESPECTIVE HANDS

ON THE DAY, MONTH, AND YEAR HEREINABOVE MENTIONED.
Signed sealed delivered by
Within named Owner : Mr. ASIFAHAMAD R. ROHILE

MRS. ARIF BEGUM. ASIF AHAMAD ROHILE,

Signed sealed delivered by

Within named Developers :
M/s. ECO SENSE BUILDERS AND DEVELOPERS
Represented by its Partner
Mr. ISHAN R. PANADE

Witnesses :

1] 2]

Drafted by :

Adv. Shadakshari G.Hiremath

Hiremath & Co. [Law Firm]
BhadakalGalli, Belagavi
9741625009