DEVELOPMENT AGREEMENT

This Development Agreement is made and executed at

Pune on this day of the month of _______ in the
year Two Thousand Twenty Three.

Between

1. Mrs. Priya Atul Vartak, age about 46 years,

Occupation: business, residing at:____________,
(PAN ___________) hereinafter referred to as `the
Owner No.1’ (which expression shall unless
repugnant to the context or meaning thereof be
deemed to mean and include her heirs, executors,
administrators and assigns) of the First Part

2. (a)Mrs. Mugdha Anay Joshi, age about ___years,

Occupation: ___________, (PAN ___________) and
(b)Mr. Anay Anand Joshi, age about ___years,
Occupation: _________, both residing
at:____________, (PAN ___________) hereinafter
collectively referred to as `the Owner No.2’
(which expression shall unless repugnant to the
context or meaning thereof be deemed to mean and
include their heirs, executors, administrators
and assigns) of the Second Part

3. Mr. Niranjan Shankar Vaidya, age about ___years,

Occupation: __________, residing at:____________,
(PAN ___________) hereinafter referred to as `the
Owner No.3’ (which expression shall unless
repugnant to the context or meaning thereof be
deemed to mean and include his heirs, executors,
administrators and assigns) of the Third Part

4. Mrs. Deepali Dilip Walimbe, age about __ years,

Occupation: _________, residing at:____________,
(PAN ___________) hereinafter referred to as `the
Owner No.4’ (which expression shall unless
repugnant to the context or meaning thereof be
deemed to mean and include her heirs, executors,
administrators and assigns) of the Fourth Part

5. Mr. Shrikrishana Mohaniraj Deshpande, age about

___ years, Occupation: _____________, residing
at:____________, (PAN ___________) hereinafter
referred to as `the Owner No.5’ (which expression
shall unless repugnant to the context or meaning

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 thereof be deemed to mean and include his heirs,
executors, administrators and assigns) of the
Fifth Part

6. Mr. Sharangdhar Anant Sathe, age about __ years,

Occupation: ___________, residing
at:____________, (PAN ___________) hereinafter
referred to as `the Owner No.6’ (which expression
shall unless repugnant to the context or meaning
thereof be deemed to mean and include his heirs,
executors, administrators and assigns) of the
Sixth Part

Hereinafter the Owner No.1 to Owner NO.6

collectively referred to as ‘the said Owners’

AND

M/s. Acumen Developers LLP, a Partnership registered

under The Limited Liability Partnership Act, 2008,
having its office at Plot NO.68/39, Bharat Kunj
Society, Pune 4ll 038, through its Partners (1) Shri
Aditya K. Pratinidhi, Age about 52 years, Occupation :
Business and (2) Chintamani B. Nadgauda, Age about 52
years, Occupation : Business, hereinafter referred to
as `the Developer’(which expression shall unless
repugnant to the context or meaning thereof be deemed
to mean and include its partners for the time being,
their successors, executors, administrators and
assigns) of the Second Part.

WHEREAS

a) Land bearing Plot No.16, out of Survey No. 128,

Hissa No.2, Mouje Kothrud, Taluka Haveli,
District Pune was originally owned by Shri. G.V.
Karmarkar;

b) AND WHEREAS Shri. G.V. Karmarkar sold the Plot

bearing No.16 its Survey No.128, Hissa No.2, its
City Survey No.832/B/80, admeasuring 520.7
Sq.mtrs i.e.5598 Sq.ft. to Dr. Anant Gopal Sathe
vide Sale Deed dated 25.12.1975 which sale deed

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 is registered in Haveli No.1 at Sr. No.3224
hereinafter referred to as ‘the said plot’ and
which is more particularly described in the
schedule hereunder written;

c) AND WHEREAS thus by virtue of the registered sale

deed dated 25.12.1975 Dr. Anant Gopal Sathe
became the owner of the said plot and the name of
Dr. Anant Gopal Sathe was duly entered and
recorded in the Property Register extract of the
said plot as the owner thereof;

d) AND WHEREAS thereafter Dr. Anant Gopal Sathe and

Shanta Anant Sathe executed a gift deed dated
17.09.1983 in favour of Shri. Makarand Anant
Sathe and Shri. Sharangdhar Anant Sathe in
respect of the said plot which gift deed is
registered in the office of Sub-Registrar Haveli
No.2 at Sr. No.2185. (Query: why is Smt. Shanta
Anant Sathe shown as one of the Doners in the
gift deed?)

e) AND WHEREAS Shri. Makarand Anant Sathe and Shri.

Sharangdhar Anant Sathe submitted building plan
for sanctioning to Pune Municipal Corporation and
obtained the sanction from the Pune Municipal
Corporation for construction of structure on the
said plot vide Commencement Certificate bearing
No.3285 dated 15.10.1983 and thereafter revised
the same by obtaining revised Commencement
Certificate bearing No.11.04.1984.

f) AND WHEREAS the Collector granted N.A. permission

in respect of the said plot vide its order
bearing No. NA/SR/IV/210/84 dated 09.07.1984.

g) AND WHEREAS Shri. Makarand Anant Sathe and Shri.

Sharangdhar Anant Sathe agreed to sell 1/6th share

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 each of their ownership rights in the said plot
in favour of Mrs. Sushama Datta Damle, Mr.
Shrikrishana Mohaniraj Deshpande, Mrs. Sarojini
Shankar Vaidya, Mrs. Prathibha Pandharinath
Ranade and Mrs. Sushama Datta Damle, Mr.
Shrikrishana Mohaniraj Deshpande, Late Mrs.
Sarojini Shankar Vaidya, Mrs. Prathibha
Pandharinath Ranade agreed to contribute their
shares in the cost of development of the said
plot and erection of the said structure by
executing separate agreement dated 14.01.1984.

h) AND WHEREAS Shri. Makarand Anant Sathe, Shri.

Sharangdhar Anant Sathe, Mrs. Sushman Datta
Damle, the owner No. 5 herein, Pratibha
Pandharinath Ranade & late Smt. Sarojini Shankar
Vaidya completed the construction of the
structure namely ‘Yashoda Apartments’ consisting
of six ownership units/flats/apartment and a
garage and obtained part Completion Certificate
bearing No.4115 dated 20-04-85 and obtained
Completion Certificate bearing no.1526 dated 29-
01-86 in respect of the garage from Pune
Municipal Corporation. (the said plot and the
said structure/building are described in the
schedule hereunder written and hereinafter
referred to as ‘the said property’.)

i) AND WHEREAS Shri. Makarand Anant Sathe and Shri.

Sharangdhar Anant Sathe executed sale deed dated
11.04.1986 in favour of Mrs. Sushama Datta Damle,
Mr. Shrikrishana Mohaniraj Deshpande, Mrs.
Sarojini Shankar Vaidya, Mrs. Prathibha
Pandharinath Ranade, thereby sold undivided 1/6th
share each to them in the said plot which sale
deed is registered in the office of Sub-registrar
Haveli No.2 at Sr. No.14349 dated 11.09.1989.

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j) AND WHEREAS thereafter, Mrs. Sushama Datta Damle,
Mr. Shrikrishana Mohaniraj Deshpande, Mrs.
Sarojini Shankar Vaidya, Mrs. Prathibha
Pandharinath Ranade, Shri. Makarand Anant Sathe
and Shri. Sharangdhar Anant Sathe took possession
of their respective flats/apartments which is
held by them in the following manner-

Unit No. Name of the Flat/Apartment Holder

1. Mrs. Sushama Datta Damle
2. Mr. Makarant anant Sathe
3. Mrs. Sarojini Shankar Vaidya
4. Mrs. Prathibha Pandharinath Ranade
5. Mr. Shrikrishana Mohaniraj Deshpande
6. Mr. Sharangdhar Anant Sathe
And entitled to undivided 1/6th share each in the
said plot.

k) AND WHEREAS Mrs. Sushama Datta Damle, Mr.

Shrikrishana Mohaniraj Deshpande, Late Mrs.
Sarojini Shankar Vaidya, Mrs. Prathibha
Pandharinath Ranade, Shri. Makarand Anant Sathe
and Shri. Sharangdhar Anant Sathe executed Deed
of Declaration dated 08.03.1991 thereby
submitting the said property to the Maharashtra
Apartment Ownership Act 1970 and the Maharashtra
Apartment Ownership Rules 1972. However, the
registration of the said Deed of Declaration
dated 08.03.1991 was remained to be registered
with the Registrar of Assurances.

l) AND WHEREAS thereafter Shri. Makarand Anant Sathe

execute sale deed dated 27.03.1991 with respect
to flat/apartment No.2 in favour of Shri.
Madhavrao Nivruttirao Khaire and Shri. Ajay
Madhavrao Khaire Patil which sale deed is
registered in the office of Sub-registrar Haveli
No.2 at Sr. No.5265. However due to absence of

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 Shri. Ajay Madhavrao Khaire Patil at the time of
registration of the Sale deed dated 27.03.1991
the Sub-Registrar refused to registrar the sale
deed so far as Shri. Ajay Madhavrao Khaire Patil
is concerned and therefore Shri. Makarand Anant
Sathe execute Confirmation Deed dated 14.11.2002
in favour of Shri. Madhavrao Nivruttirao Khaire
and Shri. Ajay Madhavrao Khaire Patil which
Confirmation Deed is registered in the office of
Sub-registrar Haveli No.4 at Sr. No.9816.

m) AND WHEREAS thereafter, Shri. Madhavrao

Nivruttirao Khaire and Shri. Ajay Madhavrao
Khaire Patil executed a sale deed dated
26.12.2002 with respect to flat/apartment bearing
No.2 in favour of the owner No.2 herein, i.e.,
Mrs. Mugdha Anay Joshi and Mr. Anay Anand Joshi
which sale deed is registered in the office of
Sub-Registrar Haveli No.4 at Sr. No.11130 on
27.12.2002. Thus by virtue of the sale deed dated
26.12.2002, the Owner No. 2 herein, i.e., Mrs.
Mugdha Anay Joshi and Mr. Anay Anand Joshi became
the owners of the flat/apartment bearing No.2
along with the 16.66% undivided right, title and
interest in the common areas and facilities in
the said property.

n) AND WHEREAS Mrs. Deepali Dilip Walimbe acquired

right, title and interest with respect to the
flat/apartment bearing No.4 by virtue of
Certificate of sale of immovable property dated
06.02.2004 issued in execution of the Recovery
Certificate dated 05.07.2002 drawn up by the
Hon’ble Presiding Officer, DRT, Pune in O.A.
No.169-P/2001 (R.P. No.172/2002) for recovery of
dues from M/S. Chinmay Associates and others
which Certificate of sale of immovable property
is registered in the office of Sub-Registrar

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 Haveli No.4 at Sr. No.3635 on 07.06.2004. Thus by
virtue of the Certificate of sale of immovable
property dated 06.02.2004 Mrs. Deepali Dilip
Walimbe became the owner of the flat/apartment
bearing No.4 along with the 16.66% undivided
right, title and interest in the common areas and
facilities in the said property.

o) AND WHEREAS Mrs. Sarojini Shankar Vaidya, the

owner of Apartment No. 3 expired intestate on
03.08.2007 leaving behind her husband Shri.
Shankar Vinayak Vaidya and son Niranjan Shankar
Vaidya i.e., the owner No. 3 herein. Her husband
i.e., Mr. Shankar Vinayak Vaidya also expired
intestate on 23.09.2014 leaving behind him the
owner No. 3 herein i.e., Mr. Niranjan Shankar
Vaidya as their only legal heir. Thus, the Owner
No. 3 herein, i.e., Mr. Niranjan Shankar Vaidya
alone is having the rights, title and interest
with respect to the said flat/apartment bearing
No.3. Thus, Mr. Niranjan Shankar Vaidya became
the owner of the said flat/apartment bearing No.3
along with 16.66% undivided right, title and
interest in the common areas and facilities in
the said property.

p) AND WHEREAS as the Deed of Declaration dated

08.03.1991 was remained to be registered with the
Registrar of Assurances the flat/apartment
holders of Yashoda Apartments executed a separate
Deed of Declaration dated 27.05.2016 which deed
of Declaration is registered in the office of
Sub-Registrar Haveli No.13 at Sr. No.4240 thereby
submitting the said property to the Maharashtra
Apartment Ownership Act 1970 and the Maharashtra
Apartment Ownership Rules 1972.

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q) AND WHEREAS Mrs. Sushma Datta Damle executed Deed
of Apartment dated 01.09.2021 with respect to
Apartment bearing No.1 in favour of Mrs. Priya
Atul Vartak i.e., the owner No. 1 herein, which
deed of apartment is registered in the office of
Sub-Registrar Haveli No.2 at Sr. No.13924. Thus,
by virtue of the Deed of Apartment dated
01.09.2021, the owner No. 1 herein, i.e., Mrs.
Priya Atul Vartak became the owner of the
Apartment bearing No.1 along with the 16.66%
undivided right, title and interest in the common
areas and facilities in the said property.

r) AND WHEREAS the following are the Owners of the

respective Apartment in Yashoda Apartments-

Apartment Name of the Flat/Apartment Holder

No.
1. Mrs. Priya Atul Vartak i.e. Owner No.1
2. Mrs. Mugdha Anay Joshi and Mr. Anay
Anand Joshi i.e. Owner No.2
3. Mr. Niranjan Shankar Vaidya i.e. Owner
No.3
4. Mrs. Deepali Dilip Walimbe i.e. Owner
No.4
5. Mr. Shrikrishana Mohaniraj Deshpande
i.e. Owner No.5
6. Mr. Sharangdhar Anant Sathe i.e. Owner
No.6

s) AND WHEREAS thereafter the Owners decided to

develop the said property and the Developer
getting the knowledge of the same approached the
Owners and offered to redevelop the said property
by constructing a new building consisting of 12
Apartments and to allot one Apartment to each
Owner in the new building;

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 t) The Owners accepted the offer of the Developer
and the parties hereto have settled the terms and
conditions and reduce in writing. The Owners are
executing the present agreement in favour of the
Developer.

NOW THEREFORE THIS DEVELOPMENT AGREEMENT witnesses

and it is hereby agreed by and between the parties
hereto as follows -

1. The Owners have given the said property to the

Developer for redevelopment and the Developer has
taken the said property for redevelopment from
the Owners.

2. The Developer is entitled to redevelop the said

property and to construct new building/s pursuant
to the construction plans to be approved by the
concerned authorities of Pune Municipal
Corporation. -

3. As against the redevelopment rights entrusted by

the Owners in favour of the Developer the
Developer has agreed to construct flats/
Apartments and allot one residential Apartment to
each Owner admeasuring total carpet area of 1410
sq.ft (carpet area of the flat +terrace) i.e. 131
sq.m. according to norms laid down by RERA. As
per the request of the Owners the Developer has
agreed to give the above-mentioned area to the
respective owners as detailed in Annexure.
4. The Developer shall provide to each owner 2 car
parking slots (i.e One stack parking) in
mechanized parking system as per Pune Municipal
Corporation Rules. The actual area of the
Apartment might vary more or less subject to a
variation cap as prescribed by RERA in course of

9
 sanctioning of which the Owner shall not make any
grievance and shall not be entitled to any
compensation from the Developer.

5. The Developer has agreed to pay GST, stamp duty

and registration charges which are required for
the area agreed to be given by the Developer to
the Owners towards the consideration of the
Redevelopment rights.

6. The Developer shall have an exclusive right over

parking spaces other than meant for Owners and
will be authorized to allot/sell those as per
his choice to prospective purchasers of flats/
Apartments in the said scheme.

7. In addition to flats/ Apartments agreed to be

given to the owners as mentioned above the
Developer has agreed to pay betterment fund of
Rs.9,00,000/- (Rupees Nine Lakhs Only) to each
Owner at the time of handing over the actual,
physical and vacant possession of the flat to
the Owner in the new building.

8. The Developer has agreed to pay to each Owner

Rs. 60,000/- (Rupees Sixty Thousand only)
towards interest free refundable security
deposit for his/her/their temporary alternate
accommodation. The Owners shall refund the said
amount of interest free deposit to the Developer
at the time of handing over the possession of
the new flat by the Developer to the Owners in
the new building.

9. The Owners have agreed to search for their

respective temporary alternate accommodation and
the Developer shall not be responsible for the
same. However, the Developer shall pay Rs.

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 30,000/- (Rs. Thirty Thousand only) per month to
each Owner from the date of handing over of the
possession of the existing flat to the Developer
till handing over of the possession of the newly
constructed flat to the concerned Owner in the
new building.

10. The Developer has agreed to provide

assistance of Rs. 20,000/ (Rupees Twenty
Thousand only) to each Owner of the Apartment
for to and fro shifting to prospective temporary
address and back to new the new address.

11. The Developer has agreed to pay corpus fund

of Rs. 36,00,000/- (Rupees Thirty-Six Lakhs
only) to the ‘Yashodha’ Apartment which is
inclusive of the owners, i.e., the existing
Apartment Holders and new/prospective flat
purchasers. The Developer shall pay Rs.
18,00,000/- (Rupees Eighteen Lakh only) at the
time of the handing over of the flats on behalf
of existing members in the new building and the
remaining Rs. 18,00,000/- (Rupees Eighteen Lakh
only) at the time of handing over the possession
of the new flats in the new building on behalf
of prospective purchasers.

12. If the Owners mentioned herein want to

purchase the additional area other than the area
agreed to be given by the Developer to the
concerned Owner then the concerned Owner is
liable to pay Rs. 11,500/- per Sq. Ft on
saleable area which is a discounted rate on the
terms and conditions that may be decided by the
Developer. However, the concerned Owner is
liable to pay stamp duty, registration fee, GST
or such other levy or tax for such additional

11
 area which the concerned Owner may agree to
purchase and the said payment including the
consideration for additional area has to be
given at the time of execution of the agreement
with the concerned Owner for such additional
area.

13. The Owners doth hereby grant unto the

Developer the exclusive redevelopment rights and
authority to redevelop the said property
described in the schedule hereunder written and
to utilize maximum Floor Space Index (FSI) of
the said property along with all building
potentials under the Development Control rules
and regulations also to use T.D.R or any other
benefit with right to construct building on the
said property and to allot and sell the
remaining Apartments/ car parking spaces on
ownership basis. Except the Apartments of the
Owners in the proposed building the Developer
shall have a right to construct and to sell the
remaining Apartments to the prospective
Purchasers of developer’s choice by utilizing
the available, remaining, future FSI and TDR and
any other benefits and the Owners shall have no
right to claim the same under any head and under
any circumstances.

14. In lieu of redevelopment rights given by the

Owners to the Developer the Owners hereby
authorizes the Developer –

a) To get the building plans prepared through

any approved Architect and get the same
sanctioned within agreed time limit as per
convenience of the Developer from Pune
Municipal Corporation to get the requisite
plans, designs, sections, elevations, etc.

12
 duly prepared by the Architect, RCC
Consultants etc. as the Developer may
nominate and on payment of such
professional fees as may be fixed and paid
for by the Developer as also pay the
requisite fees, development / betterment
charges and other claims and demands
whatsoever by the local authority etc. and
to take all such steps as may be necessary
for the benefit of the scheme and the
construction of the building.

b) To obtain, if required, permission/s from

the Collector or Additional Collector,
District Pune and/or from such other
concerned/ revenue authorities as may be
necessary and for the said purpose to sign
and submit all necessary applications and
all relevant papers and to pay all charges,
fees and other levies whatsoever for the
purpose of getting the said permissions.

c) To undertake the development of the said

property and construct thereon the
permissible tenements and building in
accordance with the plans approved by the
concerned authority i.e. Pune Municipal
Corporation from time to time by consuming
total entire FSI/TDR available till the
date of execution of final deed of
conveyance.

d) To undertake, execute and do all other

matters as may be incidental to or
otherwise related to the aforesaid
development, construction, etc.

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 e) To enter into Agreements for construction/
to deal with the Apartments by the
developer as per its choice for such
consideration as the Developer in its
absolute discretion may think proper and
agree upon.

12. The Developer has prepared the building plan

to be submitted to the Pune Municipal Corporation
for sanctioning the same. The Developer shall
obtain Commencement Certificate within 4 months
from the date of this Agreement. The Owners have
agreed to co-operate and will sign all necessary
documents which are required for the development
of the said property and will sign all necessary
documents which are required for sanction of
building plan. The Owners will co-operate with
the Developer for sanction of building plan and
for carrying out the construction. The Owners
have given irrevocable Power of Attorney in
favour of the Developer for carrying out all
activities which are necessary for the
development of the said property. The Owners have
allowed the Developer and/or its authorized
personnel to enter into said property for
carrying out the development activities and shall
allow the Developer to store/stock necessary
building material within the said premises.

13. The Owners will not claim additional

benefits in respect of the said existing
structure towards the consideration of the
present agreement. If the Owners fails to hand
over the possession of the vacant property within
the aforesaid period, then the Owners shall be
liable to pay interest on the amount of Rs.

14
 ________ till handing over the possession of the
said property by the Owners to the Developer.

14. The Developer after obtaining the

Commencement Certificate from Pune Municipal
Corporation, has agreed to inform the Owners
within _____ days of the receipt of intimation of
obtaining the Commencement Certificate. The
Owners shall hand over the actual, physical and
vacant possession of the said property to the
Developer within one month from the date of
receipt of such intimation from the Developer for
development of the said property.
15. The Developer has agreed to hand over the
actual, physical and vacant possession of the
flats agreed to be allotted to the Owners within
30 months from the date of handing over the
actual, physical and vacant possession of the
said property by the Owners to the Developer.
However, the Developer is entitled to the
reasonable extension of time for giving delivery
of the said flats to the Owners within stipulated
time if completion of building in which the said
flat of the Owners are situated is delayed on
account of –

a. non-availability of steel, cement, other

building material, water or electricity
supply;

b. War, civil commotion or act of god;

c. Any notice, order, rule, notification of the

Government and/or other public or competent
authority.

d. Non-availability of labourers.

15
 e. Any order of any Court, Office or authority
prohibiting the construction activity on the
said plot.

f. Any other reason beyond the control of the

Developer.

g. Under any other mitigating circumstances.

16. The Apartments agreed to be given to the

Owners shall be completed as per the
specifications of construction and amenities
described in Annexure ‘___’. The Owners have no
objection for utilizing the amenities and
facilities by the Developer in the units of their
share as per their choice and the Owners shall
not make any grievance about nor make any
comparison about the same.

17. The Developer shall have an exclusive right

over entire terrace above the building and
parking other than meant for Owners and open
space would be exclusively belong to the
Developer.

18. The Developer shall be entitled to use

entire available F.S.I. and the T.D.R. as per
present Development Control Rules of Pune
Municipal Corporation. The Developer shall
purchase the T.D.R. at its entire costs and shall
carry out and complete the entire scheme at
Developer’s entire cost and risks. Except the
said flats, and parking’s of the Owners, the
Owners shall have no right on the remaining
portion, FSI, TDR and other benefits of the said
plot.

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19. The Owners and the Developer will form
Association of Apartment Holders and the parties
will execute necessary documents, such as
Declaration, individual Deeds of Apartment or
Agreement of Assignment as contemplated by
Maharashtra Apartment Ownership Act l970. (Kindly
confirm)

20. The Owners have agreed to bear the common

expenses i.e. lift, common passages, MSEB bill
for connection areas and facilities and any other
charges which are required for maintenance of
watchman and security facilities as per their
shares on getting possession the said flats.

21. The Developer shall have right to mortgage

the said plot and tenements of his share and it
shall be the responsibility of the Developer to
repay the said amount and the Owners shall not be
held responsible for the same.

22. The Owners declare and assure to the

Developer that the said property i.e. the said
plot and the structure thereon are not the
subject matter of any mortgage, charges or
encumbrances. The Owners alone have right to deal
with the said plot and the structure and they
alone have right, title and interest in the said
property. The Owners declare that the said
property is not subject matter of any litigation
or proceeding before any Court, Office or
Authority and there is no prohibitory order of
whatsoever nature restraining the Owners from
entering into any transaction in respect of the
said property with anybody including the
Developer. The Owners have not received any

17
 notice of acquisition, reservation from any
authority in respect of the said property.

23. The Owners declare that their rights, title

and interest in the said property are clear,
marketable and free from encumbrances, mortgages,
charge and except Owners nobody else has any
right, title and interest therein. The Owners
have not entered into any transaction, either
orally or in writing, with respect to the said
property with anybody.

24. If anybody claims any right, title and

interest in the said property then it shall be
the responsibility of the Owners to remove the
same at their own cost and risk and the Developer
shall not be responsible to remove the same. If
on account of such objection or claim the
development work is stopped or delayed then the
Developer shall be entitled to extension in
period and the Owners will indemnify the
Developer for the loss that the Developer may
suffer on account of such claim or objection.

25. If it is found that the signature of anybody

other than the Owners is required then it shall
be the responsibility of the Owners to obtain the
same at their own cost and risk. If it is found
that some documents are required for the purpose
of perfecting title and for complete development
of the said property then in that case the Owners
shall sign the said documents and will arrange to
obtain and get the said document from concerned
person, authority, officer without demanding any
additional consideration and without any delay.

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26. The Developer shall be entitled to the
compensation, FSI or benefits in any form of road
widening which will be available due to area
under road widening in the said plot.

27. The Owners undertake not to do any act by

which the development of the said property would
be hampered. The Owners will not create any
hurdle in development activities nor will they
resort to any legal proceeding to stop the
development agreement under any circumstances.
The Owners shall co-operate the Developer in
completing the said development work smoothly.
The Owners will sign all necessary documents
which are necessary and incidental for the
purpose of development of the said property
without any additional consideration and without
any delay.

28. The Owners shall execute and furnish at the

cost of the Developer all such documents,
applications, undertakings, representations and
affidavits, bonds, etc. as may be reasonably
required to be submitted with the Local
Authorities for enabling the Developer or its
Architect/Lawyer to obtain necessary approvals.

29. All the costs and expenses relating to the

construction of the tenements including cost of
material, labour supervision charges and any
other incidental charges etc. shall be borne
exclusively by the Developer and the Owners shall
not be liable in respect thereof.

30. All materials required by the Developer for

development of the said plot and construction of
the building shall be purchased by the Developer

19
 in its own name and on its own account and the
Owners shall have no liability to the parties
supplying the same. The Developer has agreed to
use the building construction material of
standard norms.

31. The Owners hereby agree and undertake to pay

all government assessments, taxes, cesses,
charges, dues and duties in respect of the said
property till handing over the possession of the
said property to the Developer and the Developer
shall be liable to pay all such taxes and
outgoings including Government amount, dues and
duties, taxes on proposed construction and
extended building etc. after the said date till
handing over the possession of the Apartment
agreed to be given to the Owners in new building.

32. The Owners have no objection to install the

electrical transformer, if required, in the said
plot and the Owners have given their
consent/permission for the same by the present
document.

33. The Developer has agreed to bear the charges

of stamp duty and registration fee in respect of
the present Development Agreement. If in future
i.e. after the execution of the present
development agreement and Power of Attorney it is
realized that stamp duty and registration fees
are to be paid on any document prior to the
execution of this agreement then it shall be the
responsibility of the concerned Owners to pay the
same and the Developer is not liable to pay the
same.

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34. It is not the intention of the parties by
nature of these presents to enter into
partnership. It is further agreed that the Owners
shall not be entitled to any additional
consideration or share in profits of the
Developer on any count and their total
consideration shall be restricted to the details
mentioned in Clause No.3,6,7,9,10 above.

35. All sums receivable and recovered by way of

consideration or otherwise in the said scheme
shall accrue to the benefit and/or the account of
the Developer. It is clarified that the Owners
shall not be entitled to receive either from the
Developer and/or from the ultimate transferees or
from any other person any amount.
36. During the existence of this Agreement the
Owners do hereby irrevocably agree and undertake
not to alienate, encumber or otherwise transfer
the said property or any part thereof and/or
their rights in the said property or do or cause
or permit to be done any act which may
prejudicially affect the rights and authorities
of the Developer.

37. If either party fails to carry out these

obligations under this Agreement, then either
party will be entitled to specific performance of
the contract against the other party through
Court of Law at the cost of the defaulting party.

38. If the Owners point out to the Developer any

structural defect within a period of five years
from the date of handing over the possession of
the said flats constructed for the Owners or from
the date of completion certificate whichever is
earlier, the Developer shall remove the said
defect at its own cost and in case it is not

21
 possible to rectify such defects then the Owners
shall be entitled to receive from the Developer
reasonable charges for repairs of the same. The
word `defect’ means only the structural defect
caused on account of willful neglect on the part
of the Developer and shall not mean the defect
caused by normal wear and tear, negligent use of
the Units by the Owners and vagarious of nature
etc. It is agreed that the Owners shall not carry
out any alterations of whatsoever nature in the
said Units or in the fittings therein, in
particular it is hereby agreed that the Owners
shall not make any alterations in any of the RCC
structure, fittings, pipes, water supply
connections or any other erection in the
bathroom, kitchen, toilet, W.C. terrace etc. If
any of such works are carried or any heavy load
is stored in the said Apartments, balcony,
terrace etc. any liability including the defect
liability automatically shall be void and the
Owners shall be responsible for it. If, due to
the Owners or any other purchasers’ act or
negligence the structure is damaged, the repairs
shall be carried out by the party who is
responsible for such act and the Developer shall
not be liable for the same.

39. The Owners shall join in executing document

of Title that will be required as per the law and
any other document that may be required for doing
and completing the development of the said plot
as per the directions of the Developer without
any additional consideration and without any
delay.

40. The Developer has agreed to bear the stamp

duty and registration fee of the present
agreement and power of attorney agreed to be

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 executed in view of the present Development
Agreement.

41. The parties are aware that the present Resp

Estate project is required to be registered with
the Regulatory Authority under the provisions of
the Real Estate Regulation and Development Act,
2016. The parties will cooperate with each other
for registering the said project with the
Regulatory Authority and to make necessary
compliances of the same as required by the law.

42. This Agreement shall be subject to the

provisions of Real Estate Regulation and
Development Act, 2016, Maharashtra Ownership
Flats Act l963, and Maharashtra Apartment
Ownership Act 1971.

SCHEDULE
(Description of the said property)
All that piece and parcel of the Plot bearing No.16
out of sanctioned layout of Survey No.128, Hissa
No.2/16C its City Survey No.832/B/80, admeasuring
520.07 Sq.mtrs i.e.5598 Sq.ft. of Mouje Kothrud,
District Pune, within the limits of Pune Municipal
Corporation and within the Sub-registration District
Taluka Haveli District Pune and Bounded as follows:-
On or towards East: Plot No.17;
On or towards South: 60 feet road;
On or towards West: Plot No.15;
On or towards North: Plot No.23 and 24;

along with 6 flats in the structure standing thereon

consisting of ground + 3 floors totally admeasuring
520 sq.mtrs. i.e. 5,595 sq. ft. (Carpet /built up) and
one garage admeasuring 120 sq. ft. i.e. 11.14 sq.
mtrs. (Carpet).

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 IN WITNESS WHEREOF the parties hereto have signed
this Agreement on the day, month and year
hereinabove written.

Mrs. Priya Atul Vartak

Owner No. 1

Mrs. Mugdha Anay Joshi

and Mr. Anay Anand Joshi
Owner No. 2

Mr. Niranjan Shankar Vaidya

Owner No. 3

Mrs. Deepali Dilip Walimbe

Owner No. 4

Mr. Shrikrishana Mohaniraj Deshpande

Owner No. 5

Mr. Sharangdhar Anant Sathe

Owner No. 6

M/s. Acumen Developers Limited

Liability Partnership
Through its Partners

Shri Aditya K. Pratinidhi

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 ______________________

Developer

Witnesses –

1. Signature-

Name-

Address-

2. Signature-

Name-

Address-

25