CONFIDENTIAL

PERMANENT ALTERNATE ACCOMMODATION AGREEMENT

BY AND AMONG

[______________________]
(“OWNER”)

AND

______________________
(“TENANT/OCCUPANT”)

Owner Tenant/Occupant
1
Owner Tenant/Occupant
2
Owner Tenant/Occupant
3
 THIS PERMANENT ALTERNATE ACCOMMODATION AGREEMENT
(“Agreement”) is made, entered and executed into at, Mumbai on
this ___day of ______ 2024;

BETWEEN

[______________________], aged [_______] years and an adult Indian

Inhabitant, having his address at
[______________________________________], hereinafter referred to as
“Owner” (which expression shall, unless it be repugnant to the
context or meaning thereof, be deemed to mean and include his heirs,
executors, administrators and assigns);

AND

[________________________] aged [______] years, an adult Indian

Inhabitant assessed to income tax and having PAN [_______________]
and presently residing at
[_________________________________________________________________]
(hereinafter referred to as the “Tenant/Occupant”), which expression
shall unless the context otherwise mean and include his/her heirs,
executor’s, administrators, nominees and assigns.

The Owner and the Tenant/Occupant, may, hereinafter, be jointly

referred to as the “Parties” and severally as the “Party”.

Owner Tenant/Occupant
4
WHEREAS:

A. The Owner is seized and possessed and otherwise sufficiently

entitled to the leasehold rights of all that piece and parcel of land
bearing [_________________________________], admeasuring
[_________] square meters or thereabouts (as per the Property
Register Cards) and bearing corresponding CTS nos.
[_________________] all of [_____________________________] (“Plot”)
and lying, being and situate at [_____________________] and the
ownership rights in the then building structure standing on the
said Plot, known as “[___________]” (“Old Building”). The Plot
and the Old Building shall hereinafter be collectively referred to
as the “Property” and is more particularly defined under the
First Schedule written herein below.

B. The Tenant/Occupant was in occupation/possession of a flat

bearing no. [______] admeasuring [________] square feet of carpet
area (“Existing Premises”). The Existing Premises is described
in [__________] Schedule hereunder written.

C. The Owner is desirous of developing the said Property by

demolishing the Old Building standing thereon and utilizing the
maximum available FSI under any provision of the Development
Control and Promotion Regulation for Greater Mumbai 2034
(“DCPR”) including but not limited to regulation [_________] for
redevelopment and construction of a new building thereon, and
thus the Owner negotiated and discussed inter alia with the
Tenant/Occupant and the Parties have mutually agreed to carry
out redevelopment of the said Property, at the costs and
expenses of the Owner, to accommodate the existing tenants
including the Tenant/Occupant herein and to sell the saleable
area to the prospective purchasers.

D. The Tenant/Occupant herein hereby gives his/her/their

unequivocal and irrevocable consent to the Owner for carrying
out redevelopment of the said Land under any regulation of
DCPR 2034.

E. Accordingly, the Owner has agreed to provide to the

Tenant/Occupant, entirely at its own costs and expenses, a new
residential flat admeasuring [______] square meters RERA carpet
area which is equivalent to [____] square feet of RERA carpet
area in lieu of his Existing Premises (hereinafter referred to as
“New Flat”).

F. However, the Tenant has agreed to pay a lumpsum consideration

to the Owner towards conversion of the said new flat on
ownership basis as per agreed terms and the construction cost
and the Tenant/Occupant will take possession of the new
residential unit mentioned herein only once he pays entire
consideration to the Owner.

G. The Owner has now obtained an intimation of disapproval dated

[_______________] bearing no. [______________] ("IOD") and
procured approved plans in respect of the New Building. A copy
of the IOD has been attached hereto as Annexure "[__]".

Owner Tenant/Occupant
5
H. Based on the approved plan, the Tenant/Occupant has been
allotted a new self-contained residential flat, on ownership basis,
bearing no. _______ admeasuring [_______] square meters of RERA
carpet area equivalent to [____] square feet of RERA carpet area
on the ____ floor of the New Building ("New Flat") to be
constructed on the Land in lieu of the Existing Premises held by
him on tenancy basis. The New Flat is described in Third
Schedule hereunder written.

I. In the circumstances, the Parties hereto are entering into this

Agreement for the purpose of recording the terms and conditions
agreed upon between themselves including, inter alia, to record
the obligation of the Owner to hand over the New Flat to the
Tenant/Occupant in the New Building to be constructed by the
Owner on the Land and provide other
benefits/entitlements/payments, as per the terms and conditions
of mentioned herein below.

NOW THIS AGREEMENT WITNESSTH AND IT IS HEREBY AGREED,

DECLARED, CONFIRMED AND RECORDED BY AND BETWEEN THE
PARTIES HERETO AS FOLLOWS:

1. RECITALS

The Owner and the Tenant/Occupant hereby declare that the

statements, declarations and representations on their respective
parts as contained in the foregoing Recitals as also hereinafter
contained are true to their own knowledge and are made by
them conscientiously, believing the same to be true knowing full
well that relying upon the said statements, declarations and
representations to be true and correct, the Owner and the
Tenant/Occupant, as the case may be, have agreed to execute
this Agreement.

2. PERMANENT ALTERNATE ACCOMMODATION AND OTHER

COMPENSATION

As per the terms and conditions of the Development Agreement,

in consideration of the development rights granted by the
Society in respect of the Land:

2.1 Permanent Alternate Accommodation:

The Owner hereby agrees to construct, entirely at its own

cost, risk and expenses a proposed new building known as
‘[____________]’ consisting of Stilt + [___] upper floors.

The Owner hereby provides, free of all costs, charges and

encumbrances, a new residential flat bearing no. [_____] on
the [______] floor admeasuring ______ square meters of
RERA carpet area which is equivalent to 470 square feet of
RERA carpet area (which is inclusive of the fungible FSI) in
the New Building to be constructed on the Land.

The floor plan of the New Flat (with the New Flat marked in
the hash line is attached herewith as Annexure "[__]"
hereto).

Owner Tenant/Occupant
6
2.2 Consideration payable by the Tenant/Occupant

The Tenant/Occupant has agreed to pay to the Owner, a

lumpsum amount of Rs. [______________] (Rupees
[_________________________]) towards converting the existing
tenancy rights of the Tenants to ownership and the
construction cost which will be paid in the following
manner:

(a) [___] of the above consideration has already been

paid by the Tenant/Occupant;

(b) [_____] of the above consideration is being paid upon

execution of the Permanent Alternate
Accommodations Agreement;

(c) [____] in equal instalments for 10 slabs; and

(d) Balance [____] on handing over possession.

Thus, by virtue of this Agreement, the Owner has agreed to

convert the tenancy rights of the Tenant into ownership
rights upon receipt of the entire consideration as
mentioned hereinabove and till such time the tenancy
rights of the Tenant/Occupant will continue.

The time for making payments of the above mentioned

instalments is strictly of the essence. In the event the
Tenant/Occupant defaults in making such payment within
the stipulated time line as mentioned hereinabove, the
Tenant/Occupant shall be liable to pay to the Owner such
amount which is due along with an interest at the rate of
9% per annum till such time the delay continues.
Notwithstanding any instructions to the contrary by the
Tenant, the Owner shall be entitled to appropriate the
amount received first towards the interest receivable in
respect of the delayed payment and thereafter towards the
principal amount of the delayed payment.

2.3 Monthly Rent:

The cost of temporary accommodation to be provided by

way of displacement compensation (“Monthly
Displacement Compensation”) to the Tenant/Occupant
on the existing carpet area, for the period commencing
from the date of receipt of IOD till the Final Completion
Date, shall be borne and paid by the Owners as under:

Period Monthly Displacement

Compensation (per
month)

From the date of receipt of Rs. [________] (Rupees

IOD till the Final Completion [___________] Only)
Date

Owner Tenant/Occupant
7
 One current dated cheque comprising of the first months’
Monthly Displacement Compensation will be paid by the
Owners on the date of receipt of IOD and thereafter
monthly cheques will be handed over by the Owner to the
Tenant/Occupant.

2.4 Stamp Duty, Registration Charges, Taxes and Other

Expenses:

The Tenant/Occupant agrees that stamp duty, registration

charges, GST and or any other taxes, levies duties payable
in respect of this Permanent Alternate Accommodation
Agreement shall be solely borne and paid by the
Tenant/Occupant themselves.

3. SPECIFIC OBLIGATIONS OF THE OWNER

3.1 The Owner shall take all precautions and safety measures in
accordance with the various provisions of law, rules and
regulations governing the development and construction work.

3.2 The Owner shall undertake the said redevelopment, demolish the
existing structures and construct the New Building in compliance
and accordance with the sanctioned plans and the IOD & CC
issued by the MCGM; the DC Rules (as amended from time to
time); the provisions of the Maharashtra Regional Town Planning
Act and the rules made there under; and any other applicable
statutory provisions and the law governing redevelopment and
construction work pertaining to the Land.

3.3 During the course of construction, the Owner shall take adequate
proper insurance of the workers as also the third party for the
injuries or death during the course of construction and take all
statutory insurances required by law.

3.4 It is specifically agreed by the Owner that the Owner shall pay all
local taxes, water charges, insurance and all other levies if and
which are imposed by the concerned local authority and/or
Government and/or public authority in respect of the proposed
re-development from the date of the handing over of vacant
Property to the Owner and till the expiry of [____] ([______]) days
from the date of receipt of the notice from the Owner to the
Tenant to take possession of the New Premises.

3.5 The Owner shall procure the OC in due course of time from the
MCGM at his own risks and costs.

4. MODIFICATION OF PLANS AND RIGHT TO CONSUME

ADDITIONAL FSI:

4.1 The Owner may make any modifications or alterations in the

said Plan as shall may be required or as the Owner shall deem
fit PROVIDED ALWAYS that the carpet area of the said New Flat
i.e. the Permanent Alternate Accommodation and its location
agreed to be allotted herein and delivered to the Tenant/s is not
altered, modified, reduced.

Owner Tenant/Occupant
8
4.2 It is expressly agreed that the Owner shall alone be entitled to
utilize / consume the entire FSI obtainable from the said
Property without any recourse to the Tenant and the Tenant
hereby confirms the same.

5. DECLARATIONS AND OBLIGATIONS OF THE TENANT

5.1 That the Tenant/Occupant alone is effectually and absolutely

entitled to the tenancy right of the Existing Premises and save
and except himself nobody else has any right or claim or interest
in the tenancy right or interest in the Existing Premises or any
part thereof. That the Tenant/Occupant shall indemnify and keep
indemnified the Owner against any one lawfully claiming the
tenancy rights in respect of the said existing premises and/or
said new permanent alternate accommodation in lieu thereof
when constructed.

5.2 The Tenant/Occupant has not created any third party rights in
respect of the Existing Premises or any part thereof and save and
except the Tenant/Occupant and members of his/their family no
one else is in use occupation or possession thereof or any part
thereof.

5.3 That the Tenant/Occupant has absolute right and authority to

enter into this agreement.

5.4 The Tenant/Occupant does hereby agree and undertake that

he/she shall not hereafter create any third party right or part
with the possession of the Existing Premises or any part thereof
and/or of this Agreement and/or of the Existing Premises in any
manner till the entire Consideration is paid to the Owner and
thereafter with the prior consent in writing of the Owner.

5.5 Till the receipt of the total consideration by the Owner/Owner,

the tenancy rights of the Tenant/Occupant in respect of the
Existing Premises shall continue. Upon receipt of the total
consideration, the tenancy rights of the Tenant/Occupant will
ipso facto stand terminated and the same shall get converted
into ownership rights with regards to the newly allotted flat
pursuant to the said re- development.

5.6 Upon completion of the redevelopment project, the

Tenant/Occupant agrees and undertakes to become a member of
the proposed Society/condominium/association. For the aforesaid
purpose the Tenant/Occupant, shall from time to time, sign and
execute the application for membership and other papers and
documents necessary for being member of the Society.

5.7 The Tenant/Occupant has agreed to pay all outgoings in respect

of the New Flat from the date of receipt of the occupation
certificate.

5.8 The Tenant/Occupant will not create any unnecessary

hindrances, obstacles in the redevelopment process and extend
his co-operation to the Owner for any lawful purpose under this
Agreement/Development Agreement.

Owner Tenant/Occupant
9
5.9 The Tenant/Occupant agrees and states that they give their
consent to the Owner to claim incentives under any relevant
scheme of DCPR 2034.

5.10 The Tenant/Occupant agrees, declares and states that MCGM

may issue the commencement certificate under any scheme put
forth by the Owner.

5.11 The Tenant/Occupant shall maintain the New Flat at his own cost
and in good and tenantable condition from the date on which the
possession of the New Flat was taken by him and shall not do or
allow or suffer to be done anything in and or to the staircase or
any passage or compound wall of the New Building or any part of
the New Building in which the New Flat is situated which may be
against the rules, regulations, or bye-laws of the concerned local
or any other authority or change, alter or make addition in and or
to the New Building in which the New Flat is situated.

5.12 The Tenant/Occupant shall not store in the New Flat, any goods
which are of hazardous, combustible or dangerous nature or are
so heavy as to damage the construction or structure of the New
Building in which the New Flat is situated or storage of which
goods is objected by the concerned local or other authority and
shall not carry or cause to be carried heavy packages to upper
floors which may damage or are likely to damage the staircase,
common passage or lift or any other structure of the New
Building in which the New Flat is situated including entrance of
the New Building. In case of any damage caused to the New
Building on account of negligence or default of the
Tenant/Occupant, the Tenant/Occupant shall be liable to pay or
make good the damage incurred or caused due to the default of
the Tenant/Occupant.

5.13 The Tenant/Occupant shall carry out at his own cost, all internal
repairs to the New Flat and maintain the New Flat in the same
condition, state and order in which it was delivered by the Owner
to the Tenant/Occupant. Further, the Tenant/Occupant shall not
do or allow or suffer to be done anything in the New Flat or to the
New Building in which the New Flat is situated, or carry out the
repairs and changes in the New Flat which may be forbidden by
the rules and regulations and bye-laws of the concerned local
authority or other public authority which may endanger the New
Flat. In the event of the Tenant/Occupant committing any act in
contravention of the above provision, the Tenant/Occupant shall
be responsible and liable for the consequences thereof to the
concerned local authority and/or public authority.

Owner Tenant/Occupant
10
5.14 The Tenant/Occupant shall not demolish or cause to be
demolished the New Flat or any part thereof, nor at any time
make or cause to be made any addition or alteration of whatever
nature in or to the New Flat or any part thereof; nor any
alteration in the elevation, and outside colour scheme of New
Building in which the New Flat is situated and shall keep the
premises, sewers, drains, pipes in the New Flat and
appurtenances thereto in good and tenantable conditions so as
to support, shelter and protect other parts of the New Building in
which the New Flat is situated and shall not chisel or in any other
manner damage any columns, beams, walls, slabs or RCC pardis
in the New Flat without prior written permission of the Owner, as
the case may be.

5.15 The Tenant/Occupant shall not throw dirt, rubbish, rags, garbage
or other refuse or permit the same to be thrown from the New
Flat in the compound or any portion of the New Building in which
the New Flat is situated.

6. APPROVALS AND CONSTRUCTIONS MILESTONES

6.1 The Owners shall complete the construction of the New Building
within a period of [___] ([______]) months from the date of receipt
of commencement certificate (“CC”) subject to any occurrence
Force Majeure (as defined herein under) or any other event
which is outside the reasonable control of the Owners including
delay in giving permission by various authorities.

For the purpose of this Clause, 'Force Majeure' shall mean any of
the following events affecting the construction namely, an act of
God, act of civil or military authority, total/partial
statewide/districtwide/nationwide lockdown, act of Government,
Governmental restriction, war, invasion, rebellion, revolution,
insurrection, terrorism, riot, fire, earthquake, lightning, storm,
typhoon or flood or events beyond the control of the Owner
including any judgment or order of any court/authority which
directly affect the performance of the Owners.

6.2 The date on which the New Flat is ready for use and occupation,
the Owners shall intimate thereof to the Tenant/Occupant along
with a [____] days’ notice to the Tenant/Occupant to take
possession of the New Flat. Within [____] days from the date of
receipt of notice from the Owners, the Tenant/Occupant shall
take possession of the New Flat in the New Building. For the sake
of clarity, the Tenant/Occupant shall be deemed to have taken
possession of the New Flat on the [____] day of receipt of such
notice (“Final Completion Date”), irrespective of whether they
have taken physical possession of the New Flat or not and shall
be liable to bear and pay the taxes and other outgoing relating to
the New Flat from the date of such deemed possession. It is
agreed between the Parties that the Owners shall not be
obligated to pay the Monthly Rent to the Tenant/Occupant after
the expiry of the [____] days’ notice period or the
Tenant/Occupant taking possession of the New Flat in the New
Building (whichever is earlier).

7. DEFECT LIABILITY

Owner Tenant/Occupant
11
7.1 The Owner shall be liable for any defects/leakages arising in the
New Flat, which is purely attributable to the work carried out by
the Owner for a period of [__] years from the date of receipt of
OC which will be deemed as the defects liability period ("Defect
Liability Period"). If during the Defect Liability Period, the
Tenant/Occupant finds any defect in the New Flat, which is
purely attributable to the work carried out by the Owner, the
Tenant/Occupant shall provide a written notice of the same to
the Owner.

7.2 It is hereby agreed and understood by the Tenant/Occupant that

(i) the Defect liability will automatically lapse in the event of any
structural work carried out by the Tenant/Occupant; (ii) the
Owner shall not be responsible for any defect arising due to any
act or omission or negligence by the Tenant/Occupant. The
Tenant/Occupant will indemnify and shall keep the Owner
indemnified for any such defects. It is further agreed and
understood that the Owner shall also not be responsible for any
defect arising due to the Force Majeure event or any event
beyond the reasonable control of the Owner.

8. NOTICE AND COMMUNICATION

All notices and other communications to be given under this

Agreement shall be in writing and delivered (i) by hand against a
written acknowledgement of receipt, or (ii) by Registered Post A.
D., and addressed to the Parties at the addresses mentioned in
the title clause of this Agreement or at such other address as is
from time to time designated (in writing) by the Party to whom
the communication is addressed. Any communication that is
delivered in accordance herewith shall be deemed to be received
when delivery is received or wrongly refused, as the case may
be.

9. PAN CARD

As required by the Income-tax (Sixteenth Amendment) Rules,

1998:-

9.1 The Tenant/Occupant is assessed to Income Tax and

his/her/their Permanent Account Number is _________, and a
copy of his PAN Cards are annexed hereto and marked
Annexure “[___]”;

9.2 The Owner is assessed to Income Tax and his Permanent

Account Number is _______________, and a copy of its PAN
Card is annexed hereto and marked Annexure “[___]”.

10. MODIFICATION

This Agreement may be modified or amended only by a writing

making specific reference to this Agreement duly executed by
the Parties.

11. INVALIDITY AND SEVERABILITY

Owner Tenant/Occupant
12
 Any provision of this Agreement, which is invalid or
unenforceable, shall be ineffective to the extent of such invalidity
or unenforceability, without affecting in any way the
enforceability or validity of the remaining provisions of this
Agreement, which shall remain in full force and effect to the
maximum extent permitted by law.

12. FURTHER ASSURANCES

Each of the Parties shall co-operate with the others and execute
and deliver to the other such instruments and documents and
take such other actions as may be reasonably requested, from
time to time, in order to carry out, give effect to and confirm
their rights and intended purpose of this Agreement.

THE FIRST SCHEDULE

(Description of the Property)

THE SECOND SCHEDULE

Flat bearing no. ______ admeasuring [________] square feet of carpet

area in [_____________].

THE THIRD SCHEDULE

New Flat bearing no. ______ on the [____] floor admeasuring [________]
square meters of RERA carpet area which is equivalent to 470 square
feet of RERA carpet area in the new building proposed to be
constructed on the said Land.

IN WITNESS WHEREOF the Parties hereto have hereunto set

and subscribed their respective hand and seal the day and year first
hereinabove written

Signed and Delivered by the

withinnamed “OWNER”
[__________________]

In presence of:

1._________________________________
_

2._________________________________
_

Owner Tenant/Occupant
13
Signed and Delivered by the
withinnamed “Tenant/Occupant”
MR./MRS. ______________

in presence of:

1._________________________________
_

2._________________________________
_

Owner Tenant/Occupant
14