Development Agreement

Updated atMarch 2010

Development Agreement

ARTICLES OF AGREEMENT made at Bombay this _____ day of __________, between (1) ____________ and (2) _________________ both of (city) Inhabitants hereinafter called "the Owners" (which expression shall unless it be repugnant to the context or meaning thereof, be deemed to include their respective heirs, executors and administrators) of the One Part and _______________________ of Bombay Indian Inhabitant carrying on business at _____________________________ hereinafter called "the Developer" (which expression shall, unless it be repugnant to the context or meaning thereon be deemed to include his heirs, executors, administrators and assigns) of the Other Part:

Whereas the Owners are absolutely seized and possessed of or otherwise well and sufficiently entitled to all those pieces or parcels of land or ground situate lying and being at Bombay in the registration District and sub-District of Bombay City and Bombay Suburban admeasuring -- square metres or thereabouts and more particularly described in the Schedule hereunder written (hereinafter for the sake of brevity referred to as "the said property");

And whereas the said property is vacant save and except a portion thereof which is presently occupied and encroached upon by some unauthorized occupants or trespassers who have constructed some unauthorized structures/huts thereon and of which fact the Developer is aware, he having inspected the said property prior to the execution of these presents;

And whereas The Owners have represented to the Developer that a portion of the said property is under reservation under the sanctioned development plan and another portion of the said property is reserved under the draft Development plan and of which fact the Developer is fully aware;

And whereas All of the said property has been declared to be surplus vacant land by the Competent Authority under the provisions of the Urban Land (Ceiling and Regulation) Act, 1976;

And whereas The Owners have agreed to grant to the Developer and the Developer has agreed to accept from the Owners exclusive rights of development of the said property upon the terms and subject to the conditions herein recorded.

NOW IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO as follows:

  1. The Owners hereby grant exclusive right to the Developers of development of the said property on what is known as "as is where is basis" and the Developer accepts the same for the consideration and subject to the terms and conditions herein provided.

  2. It is specifically agreed that the Owners shall through the Developers' Architects submit plans for sanctioning of lay out for construction of buildings and/or other structures on the said property or any part or portion thereof.

  3. The said plans shall be prepared by the Architects of the Developer and at the costs of the Developer and the Owners shall submit only such plans as are prepared by the Developer through their Architects and copy of the finally approved plan shall be given to the Owners.

  4. Soon after the execution of this agreement, if so required, the Owners shall execute a Power of Attorney in favour of the Developer or any other person nominated by the Developer to approach all public authorities and to submit and obtain sanction of plans of lay-out and the buildings and structure/s to be constructed on the said property or any portion thereof from the Municipal Corporation of Greater Bombay and all other concerned authorities.

  5. The Developer is aware that certain portions of the said property are under reservation under the sanctioned development plan and under the draft development plan. It is agreed that the Owners shall under no circumstances be liable to remove the said reservations nor shall the Developer be entitled to any reduction in the consideration payable hereunder on account of the said reservations. However, the Owners...

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