agreement of sale draft

8/13/2019 Agreement of Sale Draft

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AGREEMENT OF SALE

This Agreement to Sale made at Hyderabad on this 4 th of febraury, 2014 by andbetween:

M/s. United Enterprises, Represented by its Managing Partner Mr. Syed Anwar,S/o Syed Akbar aged about 66 years Occ: Business, having its office 1-4-523/1,Musheerabad, Hyderabad 5000####.

Hereinafter referred to as the PARTY OF THE FIRST PART / VENDOR , whichexpression shall mean and include all its successors, legal heirs, representatives,successors, executors, administrators and assigns etc.

AND

M/s. Scope Industries (India) Limited Represented by its Chairman & MangingDirector Aged about 34 Years, Occ: Business R/o 608 Teja, My Home NavadeepaHyderabad 5000####

Contd…. 2



2

Hereinafter referred to as the PARTIES OF THE SECOND PART / VENDEE , whichterm shall mean and include all his legal heirs, executors,administrators, successors,and assignees of the other part.

And whereas the Party of the Second Part is a Infrastructure Company which hasentered into a purchase Agreement with M/s. United Enterprises (Landlord) for theSale of property bearing Municipal No.12-5-108, On Sy No 14/2 Admeasuring 3583Sq Yds Or 3000 Sq.mts,Situated at Bharath Nagar Colony, Moosapet, Hyderabad,having purchased the same from 1) Sree Vallabh and others vide document no2341/82, Regd at district registrar Rangaredyy District.

And whereas the Party of the First Part is fully competent and entitled to sell its land

and building.

And whereas the Party of the First Part has agreed to sell and the Party of the

Second Part has agreed to purchase bearing Municipal No.12-5-108, On Sy No 14/2

Admeasuring 3583 Sq Yds Or 3000 Sq.mts,Situated at Bharath Nagar Colony,

Moosapet, Hyderabad. which shall herein after be referred to as “the said premises”

and which has been more particularly described in the schedule hereunder written

subject to the terms, conditions and covenants contained herein.

NOW THIS AGREEMENT IS WITNESSETH AND IT IS HEREBY MUTUALLY

AGREED AS FOLLOWS :

1. That the Party of the First Part shall construct premises and building as per

plans, designs and specifications shown in the layout plan as approved by

the Municipal Corporation of Hyderabad and as examined and approved by

the Party of the Second Part subject to such variation and modifications asmay be considered necessary and desirable by the Party of the First Part in

respect of the said premises as well or entire layout of the building and the

consent of the Second Party shall not be necessary for any such alteration

or amendments and changes.2.



2. That the Party of the Second Part has agreed to purchase propertybearing Municipal No.12-5-108, On Sy No 14/2 Admeasuring 3583 Sq YdsOr 3000 Sq.mts,Situated at Bharath Nagar Colony, Moosapet, Hyderabadmore particularly described in the schedule hereunder for a total saleconsideration of Rs.16,12,35,000 (Rupees Sixteen Crores Twelve Lakhs

Thirty Five Thousand Only) @ 45000 per sq. yrd including the cost of oldbuilding.

3. That the Party of the Second Part has paid an initial amount of sale

Consideration of Rs.1,00,00,000 (Rupees One Crore only) for which

receipts have been taken, that the party of the second part also agreed to pay

the remaining balance amount of Rs.15,12,35,000 (Rupees Fifteen crores

Twelve Lakhs Thirty Five Thousand only ) will be made on or before 21 st

Febraury 2014.

4. That on payment of full consideration as specified in the schedule herein

above the Party of the First Part shall deliver the possession of the Land and

building to the Party of the Second Part and the Party of the Second Part shall be

entitled to enter into the premises and hold and enjoy the same with all rights and

privileges.

5. That the Party of the Second Part shall not have any claim right or titleover the land on which the said premises is constructed and it is hereby

specifically agreed and declared that the land is for the common use of the

owners of all premises and tenements that are proposed for construction in

the said premises as per the rules.

6. That the Party of the Second Part shall be entitled to the right of

approach and easement rights attached to the property.

7. That the Party of the Second Part is satisfied with the title to the

property held by the Party of the First Part and the power and authority of the

Party of the First Part to deal with the same.



8. That in the event of any delay in the completion of the construction of

the Flats and in the delivery of the possession by reason of non-availability of

steel, cement etc. or by reason of war, civil commotion etc. due to any act of

God or due to any difficulty or impossibility arising from any Government &

Local authority etc. the party of the First Part shall not be held responsible,

but however, the Party of the First Part assures the Second Party that the

construction of the Flat would be completed within 12 months from the date of

this agreement and the delivery of possession will be made over to the party

of the Second Part within that period.

9. The Party of the Second Part shall take delivery and possession of the

said premises on and within one week of the receipt of intimation, that the

Second Party fails to take delivery within one month, from the date of said

intimation, the Party of the First Part is entitled to cancel this agreement and

allot the said premises to any Third Party Purchaser.

10. The Parties of the Second Part shall become a member of the

cooperative society or an Association registered under Societies Registration Act or any other analogous enactment or regulation, that may be formed with

the owners of the premises as members and shall abide by rules and by-laws

of the said society who shall be administrators and supervisors of common

services (Lift, toilets, staircase, drainage, water supply, electricity and other

properties of common enjoyment). That Party of the Second Part shall

pay to the said society / association his / her / their share of the amount

towards common services etc. as maintenance and rates livable or any other

sum property tax to the Municipality and other taxes to concerned authority of

possession of the premises. The electricity meter for his / her / their premises

shall borne and payable by the Party of the Second Part to the concerned

authorities.



11. The Parties of the Second Part shall not let out, sublet, transfer or

assign or part with his interest or possession of the said premises or transfer

or assign the rights under this agreement without the previous permission in

writing of the party of the First Part in that behalf. Any Transfer or assignment

or any agreement made in that behalf by the Party of the Second Part in

contravention of this clause shall be null and void and shall not be binding on

the Party of the First Part.

12. That the Parties of the Second Part covenants that he/she/they would

not object to the inconvenience that may caused during the construction of

other above floors, tenements or structures and any buildings in the premises

by gathering of men and material and by erection of scaffolding and such

other acts.

13. The Party of the Second Part shall further deposit with the Party of the

First Part such sum as may be required towards the legal and the other

expenses for registration of incorporation and / or co-operative society and /

or Association.

14. The Party of the Second Part also agrees not to object or obstruct the

laying of any wires and erection of poles and laying of pipes for water,

drainage, telephone and electricity line and other such items.



15. The Party of the Second Part further covenants with the Party of the

First Part and through them to the Purchasers of the other premises, that he

/ she / shall not demolish or caused to be demolished any structure in the said

building or any portion of the same nor will he/she/they at any time make a

cause to be made any new construction of whatsoever nature on the said

premises or building or any part thereof nor make any additions, alternations

in the said premises without the previous consent of the Party of the First Part

or the proposed society or Association of all purchasers which may be

formed.

16. That the party of the second part is liable to pay VAT on the sale

consideration as applicable by the VAT Act.

17. That the party of the second part intents to sell the flat to any third

party they can do so after paying the full and final payment to the party of

the first part.

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SCHEDULE ‘ A’ OF THE PROPERTY

All that House Property bearing Municipal No.12-5-108, On Sy No 14/2

Admeasuring 3583 Sq Yds Or 3000 Sq.mts,Situated at Bharath Nagar Colony,

Moosapet, Hyderabad, A.P.India and bounded by:

NORTH : Plot Belonging to Smt B. Laxmi and others

SOUTH : Road Housing board

EAST : Land belonging to Housing board

WEST : Land belonging to T. Hanumaiah and others

IN WITNESS WHEREOF both the parties have signed this Agreement of Sale with

free will and consent on this ______________in the presence of the following

witnesses:

WITNESSES:

1. 1) PARTY OF THE FIRST PART

2.2) PARTY OF THE SECOND PART

agreement of sale draft

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