AGREEMENT FOR TRANSFER OF DEVELOPMENT RIGHTS
THIS AGREEMENT made at ____________ this ______ day of ____________, 20____,
Between M/s XYZ Builders, a firm registered under the Indian Partnership Act, 1932, having their office at ____________ (hereinafter referred to as the "Vendors", which expression shall, unless repugnant to the context or meaning thereof, mean and include the partners for the time being of the said firm, their survivor or survivors, and the heirs, executors and administrators of the last survivor) of the FIRST PART;
ABC Developers Pvt. Ltd., incorporated and registered under the Companies Act, 1956, having their office at ____________ (hereinafter referred to as the "Confirming Party", which expression shall, unless repugnant to the context or meaning thereof, be deemed to include its successors and assigns) of the SECOND PART;
AND M/s. MNP Builders & Developers, a firm registered under the Indian Partnership Act, 1932, having their office at ____________ (hereinafter referred to as the "Purchasers", which expression shall, unless repugnant to the context or meaning thereof, mean and include the partners for the time being of the said firm, their survivor or survivors, and the heirs, executors and administrators of such last survivor) of the THIRD PART.
WHEREAS by two deeds of Conveyance, both made between ____________ of the ONE PART and the Vendors of the other part respectively — (1) dated ____________, registered under No. ____________, and (2) dated ____________, registered under No. ____________ — with the Sub-Registrar at ____________, the Vendors purchased different pieces of land bearing No. ______ of ____________ in the registration Sub-district of District ____________, admeasuring about ______ sq. mts. (hereinafter referred to as the said "Bigger Plot"); and the said ____________ granted and conveyed unto the Vendors the said Bigger Plot;
AND WHEREAS the layout named as ____________ Complex in respect of the said Bigger Plot, and the building plans for development inter alia of the said Sector ______ Plot by construction of Buildings 1 to ______ thereon, have been sanctioned by the Collector of ____________ under No. ____________ on the ____________;
AND WHEREAS on account of the internal roads of the said layout, the said Bigger Plot has been divided into four sub-divided Plots, including a sub-divided Plot known as Sector No. ______, bearing No. ______ of ____________, admeasuring about ______ sq. mts., shown by red boundary on the said plan annexed hereto and hereinafter referred to as the said Sector ______ Plot;
AND WHEREAS the full FAR available in respect of the said Sector ______ Plot has not been utilised by construction of the said ______ buildings, and there is scope for construction of additional buildings to consume the full FAR in respect of the said Sector ______ Plot;
AND WHEREAS the Vendors have engaged the services of M/s. ____________, Architects & Consulting Engineers, for preparation of structural designs and drawings of the said buildings, and also, if necessary, for supervising construction thereof;
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