Agreement for Sale of a Plot for Constructing Flats (India) by OLL
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Agreement for Sale for Purchase of a Plot for Constructing Flats
THIS AGREEMENT of sale made at
………………. on this ………….. day of …………………, 20,
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
(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.
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This is a legal template for the purchase of a plot of land specifically intended for the construction of residential flats. It outlines terms for title investigation, price calculation based on land measurement, and conditions for rescinding the agreement if the land cannot be used for its intended residential purpose.
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About this template
What is this template?
This document is a land sale agreement used in India that binds a seller to transfer a plot to a builder. It contains specific clauses for joint area measurement and a contingency allowing the buyer to withdraw if residential construction is not possible, which distinguishes it from a standard unconditional land sale.
When should you use it?
Use this when a corporate developer is acquiring undeveloped land from private individuals for housing projects and requires the seller to clear all title defects. Use a standard Sale Deed instead if the transfer is immediate and does not involve conditions regarding planning permission or measurement.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Purchase Price and Measurement | Calculates the price at Rs. 400 per sq. mtr. based on a joint measurement of the land by both parties. |
| 2 | Tenure and User | Declares the land as freehold and specifies its intended use for the construction of residential buildings. |
| 3 | Marketable Title | Obliges the Vendors to clear all defects and encumbrances to the satisfaction of the Purchaser's advocate. |
| 6 | Town Planning and Acquisition | Grants the Purchaser the right to rescind if the plot is affected by government requisition or town planning schemes. |
| 7 | Completion and Conveyance | Sets a deadline in months for payment of the purchase price and execution of the conveyance deed. |
| 9 | Option to Rescind | Allows the Purchaser to cancel the agreement if they determine the land cannot be used for residential flats. |
| 13 | Tax Clearance and Permissions | Requires the Vendors to obtain a tax clearance certificate under section 230A of the Income-tax Act. |
Who it's for
- a builder purchasing a plot in India for the specific purpose of constructing residential flats
- multiple individual land owners selling a freehold plot to a corporate entity
- parties requiring a price determined by the actual measured area at a rate of Rs. 400 per sq. mtr.
How long it runs and how it's signed
Law it's drafted under
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