ORIGINAL a PAGES is his Document Consist 9. psy This Document Cons bet ae ou First Page Doct. No, soa 2023-24 Wy JOINT DEVELOPMENT AGREEMENT THIS JOINT DEVELOPMENT AGREEMENT ("AGREEMENT") EXECUTED ON THIS THE =) 26% DAY OF MAY TWO THOUSAND TWENTY THREE (26/05/2023) aT () (TD BENGALURU, BY & BETWEEN: 1. Sri, RAVI @ SURYANARAYANA @ SURYANARAYANASWAMY, aged about 63 years, S/o Late Munivenkatappa Aadhaar No.941930003172 PAN No. CIEPR4459Q, 2. Smt. MANJULAMMA, aged about 58 years, W/o Sti. Ravi @ Suryanarayana Aadhaar No. 311571270178 3. Sri. R. ANAND, aged about 38 years, S/o Sri. Ravi @ Suryanarayana Aadhaar No. 257048202167 PAN No. CIEPR4463G 4, Sti. R. PRABHAKAR, aged about 36 years, S/o Sri. Ravi @ Suryanarayana Aadhaar No. 452115625644 PAN No. CIEPR44648 For wa (eonnreat uote — BeeneFh DL RAronk — yivataredeed dard Aeroded marke aagot wend Department of Stamps and Registration deine 3g, 1987 v dmcess awe mohod goo 10 a waobYob game ss {M/S PRESTIGE PROJECTS PRIVATE LIMITED represented herein by its Authorised Signatory Mr, fan Rezack tep by his SPA holder Mr, Dileep Kumar 8 N saat 4181000,00 nxncdariday, Srias aoagod sboysA endsachaideh, dadowenAdl [ea 8 Fees sob aad | Boat & ewe ae “FIST006 G0" Chan No CRosnECNAORNASSTO | [Re .4151000/- dated 25/May/2023 STS Re ateiach Biaa0d : 26/05/2023 Boted, dopder Designed and Developed by C- DAC Pune.5. Sti, R, BEERESH, aged about 33 years, S/o Sri. Ravi @ Suryanarayana Aadhaar No. 536305279065 PAN No. CIEPRA941M Qe 6. Sri, R, DIVAKARA, aged about 30 years, S/o Sri. Ravi @ Suryanarayana ‘Aadhaar No. 835506001010 PAN No. CIEPRA938N All are residing at Chikkabanahalli Village, Bidarahalli Hobli, Bangalore East Taluk, Owner Nos. 1 to 6 are hereinafter, commonly and collectively referred to as the “OWNERS” (which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include their respective heirs, successors, executors, administrators and permitted assigns) of the ONE PART: :AND: M/s. PRESTIGE PROJECTS PRIVATE LIMITED, a private limited company, having its registered Office at: ‘Prestige Falcon Tower’, No. 19, Brunton Road, Ashok Nagar Bangalore - 560 025, represented herein by its Authorised Signatory Mr. Irfan Razack, and hereinafter referred to as the “DEVELOPER”, (which expression shall, unless repugnant to the context or meaning thereof, be deemed to mean and include its successors in interest and permitted assigns) of the OTHER PART. {wherever the context so requires or admits the Owners and the Developer are hereinafter individually referred to as “Party” and collectively as “Parties”. Reference to the ‘Owner/s’ shall mean and include each of the Owners, jointly and severally) “Sobatexs Beeregh Ow pots ¥ QRrroarwh Pivarenka ‘Sheet of Doct, NO... vim 2023-24 red Print Date & Time : 26-06-2023 12:22:06 PM ageleno dow}, : 681 erkach Gochs eusdorodenpind dawddrid Usd dekDab® Bise08 26-05-2028 doth 11:18:15 AM otf eh det axon adoyhoott : aay 338 es 1 [aedooa 75560 00 2 |Rwea T8000 cr 7005 ey: 78850 00 3p M/S PRESTIGE PROJECTS PRIVATE LIMITED represented herein by Its Authorised Signatory Mr, fan Razack rep by his SPA holder Mr. Dileep Kumar BN waded aaesd aime i ‘Be M/S PRESTIGE PROJECTS PRIVATE LUMITED represented herein by its |Authorised Signatory Mr, fan Razack rep by his SPA holder Mr. Dileep Kumor BN @ debBaeypgn ia) Gonae/oprtd: Sago to.. gto’ sic onto BYgaredd ah M/S PRESTIGE PROJECTS PRIVATE LUMITED represented herein by Is Authorised Signatory Mr, ifan, Razack rep by hs SPA holeler Mr, Dileep Kumar BN 2" rs 20, (odnbooctic) Mr RAVI @ SURVANARAVANA @ SURVANARAVANASWAMY S/o Late Munlverkatappe (exSchhorbited) ~DOD evidadonmasorne Boxaw,! Bordecd4 7 / 5S Sheet of Bor :WITNESSETH AS FOLLOWS: WHEREAS the Owner No. 1 is the son of Late Munivenkatappa. Originally 3 brothers namely, Sri. Bandappa, Sri. Motappa and Sri. Munivenkatappa, all sons of Late Dasappa constituted a Hindu Undivided Family and as such acquired several agricultural lands in the village of Chikkabanahalli, either in their own names or in the name of their children which were treated by them as the joint family properties of the said HUF. Upon the demise of Sri. Bandappa, his eldest son namely Sri. B. Anjinappa came to represent the family of Late Bandappa and the said Hindu Undivided Family was dissolved and there was a partition amongst Sri. B. Anjinappa, Sri. Motappa and Sri. Munivenkatappa which came to be recorded under a Partition Deed dated 04/06/1982 and the same was executed by the said parties in the presence of the Panchayathdars of the said village. later on, Sri. Munivenkatappa and his son SriRavi @ Suryanarayana @ Suryanarayanaswamy i.e., the Owner No.1 herein executed a Partition Deed dated 15/04/1985 further partitioning the properties which were allotted to the share of Sri Munivenkatappa; WHEREAS in terms of the aforesaid Partition Deed dated 15/04/1985, the Owner No. 1 namely, SriRavi @ Suryanarayana @ Suryanarayanaswamy was allotted lands bearing Sy. No, 77 measuring 21 Guntas (including 1 Gunta ‘A’ Kharab) and Sy. No. 78 measuring 21 Guntas, situated in Chikkabanahalli Village, Bidarahalli Hobli, Bangalore East Taluk, more particularly described in item Nos. 1 and 2 of the Schedule hereunder and hereinafter collectively referred to as the Schedule Lands and also shown in the Plan attached hereto as Annexure D and Owner No. 1 started enjoying the Schedule Lands along with the rest of his family members namely Owner Nos. 2 to 6 referred above. WHEREAS the Schedule lands are contiguous parcels of land admeasuring in all about 1 ‘Acre 2 Guntas which are converted to non-agricultural residential purposes by the order of the Deputy Commissioner, Bangalore District and thus capable of being utilized for non-agricultural residential purposes. The conversion order numbers have been mentioned in the respective schedules of the Schedule lands. WHEREAS in terms of a Receipt cum Confirmation dated 16/11/2010, the Owner No.1 as the Kartha of the family had agreed to sell the Schedule Lands to M/s. Sterling Urban Condominiums Private Limited (SUCPL for short) for development as residential apartment buildings by integrating the same with the adjoining lands being acquired by SUCPL. Before and after the aforesaid Receipt cum Confirmation, SUCPL had acquired about 43 Acres 7.5 Guntas of land adjoining the Schedule Lands. In addition to that, SUCPL had also negotiated for developing 20 Acres 18 Guntas of lands purchased by M/s. Gopalan Enterprises, interspersed amongst the lands owned by SUCPL. Collectively the Schedule Lands, lands acquired by SUCPL and the lands owned by M/s. Gopalan Enterprises form a large block of lands measuring about 71 Acres 25.5 Guntas capable of being developed as a large township of residential apartment buildings. 6A Frakes ro Dw Y Bee rer ML B.Rronds — yrvarsor For PRES UMITEDse a ‘Bont, ‘Mis MANJULAMMA W/o 81. Ravi @ Suyanorayana 3 (odebforbskte) Mr. ANAND S/o St, Ravi @ Suryanarayana 4 ceadebcetstta) Mr. PRABHAKAR 8/0 $i, Ravi @ Suryanarayanc: (udebtodstse) Mi, BEERESH S/o Sf. Rav @ Suyonarayene Bergh 2. (wdebdoedtsey) Mi. DIVAKARA S/0 Sf, Ravi @ Suryanarayana aes. L (oscbaoastia) MIS STERUNG URBAN ‘CONDOMINIUMS PRIVATE UMITED represented by its Director, Si, Romani Sasi rep by| is SPA holdor Mr. 7 Madeshwaran ‘Consonting Party (odchtontse) A i H awe ditags adabluadacdammbaabrids i Gg a] ened, Bored ~-ctieet of Doct. No, 2023-24gi Sheet of Doct. 6e) 1 fae Do earsearenenresser Of BOOK vages 2023-24 9 > WHEREAS since the development of such large tract of land requires substantial expertise and financial strength therefore both SUCPL and M/s. Gopalan Enterprises have agreed to entrust their respective lands to the Developer herein which is a large real estate company having developed several similar projects in Bangalore to undertake the development of the aforementioned lands under a common master plan into a large residential township and the Developer has agreed to undertake such development; WHEREAS pursuant to such understanding, SUCPL has sold to the Developer and its holding company, M/s. Prestige Estates Projects Limited, a portion of its land holdings detailed in Annexure A hereto under two separate Sale Deeds dated 08/07/2022 and 21/11/2022 respectively and also entrusted the remaining lands detailed in Annexure B hereto for development on Joint Development basis under a registered Joint Development Agreement 03/03/2023. Similarly, M/s Gopalan Enterprises have entrusted their lands detailed in Annexure C for development on Joint Development basis to the Developer herein under a registered Joint Development Agreement dated 10/10/2022; WHEREAS in order to facilitate the development of the Schedule Lands by the Developer herein together with the lands detailed in Annexure A, B and C, SUCPL has called upon the Owners to entrust the Schedule Lands to the Developer herein for development under a Joint Development Agreement. SUCPL has agreed to join this Agreement as a Consenting Party not only to confirm the fact that it has facilitated this Agreement between the Owners and the Developer and also lend assurance to the Owners that it will continue to take care of Owners’ interest visa vis the Developer in all matters concerning the development of the Schedule Lands as though the said lands are owned by SUCPL ; WHEREAS the Developer has agreed to undertake the development of the Schedule Lands along with lands detailed in Annexure A, B and C into a large township of apartment buildings and the Owners have represented to the Developer as under: a) __ that the Owners are the absolute owners of the Schedule Lands and their title to the same is good, marketable and subsisting and that none else have any right, title, interest or share therein and cost of good title shall be that of the Owners at all times and that the Schedule Lands are free from encumbrances and claims including all claims by way of sale, exchange, mortgage, gift, inheritance, trust, possession, easement, lien or otherwise; b) the Owners have not entered into any agreement or arrangement for sale or development of the Schedule Lands, with anyone and have not executed any Power/s of Attorney to deal with the same; c) the Schedule Lands are not subject to any attachment by the process of the courts or in the possession or custody by any Receiver, Judicial or Revenue Court or any Officer thereof and are not the subject matter of any suit, writ, execution Parrot oS us ” Beenezh, “ QR. Arar yvaror For PRseaxb si dead ; “Shashidhar Patel | d No. 19, Btunton Road, Ashok Nagar, Bloro “Manjunath 49/1, Ranga Rao Read, Basavanagud., Blore Boxaw, dgridad Difference between Original ond Duplicate is NI eee Bored, Bored * 1 8 338d ge Sond HLS-1-00681-2023-24 esr 840, dotod HISD 1282 ae ide) tsae08 26-05-2023 dor Sacomachateans ovat @dob vod Desired and Devepedty COAG. ACT ine Bored, Bordsdent qd) f} e) d K) pages 2023-24 or other legal proceedings which bars development and sale of the Schedule Lands; ‘the Owners do not have any pending liabilities with income tax or any other tax which would affect their title to the Schedule Lands and/or its development and/or sale in terms herein; the Owners have not created any charge, mortgage or encumbrances on the Schedule Lands, affecting development and have not alienated, leased, transferred or created any other third party rights of whatsoever nature in respect of the Schedule Lands or any part thereof; the Schedule Lands are not a property in respect of which there is a prohibition regarding sale and/or development and that there is no bar or prohibition to acquire, hold or to develop or sell the Schedule Lands; the Owners have paid property taxes, cesses and other statutory charges with regard to the Schedule Lands to the concerned authorities up to date; the Owners will keep the Schedule Lands free from all encumbrances, attachments, court orders, charges, leases, mortgages and other third party claims during the term of this Agreement; that no notice from Government or any other local body or authority or under the Land Acquisition Act or any other Act (Central or State) otherwise or under any other Legislative Enactment, Government Ordinance Order or Notification (including any notice for acquisition or requisition of the Schedule Lands) has been received by the Owners to acquire whole or portions of the Schedule Lands; that the Owners have been in peaceful possession and enjoyment of the Schedule Lands, without any let, claim or hindrance from any persons whatsoever ; that the Schedule Lands are the family properties of the Owners with the Owner No.1 being the Karta of the family and other than the Owners herein no other person/s has or have any manner of right, title or interest; WHEREAS, the Developer has agreed to develop the Schedule Lands as aforesaid and has represented to the Owners that the Developer: a) b) wal Rabrolot For PRESTIGE pRotEers p has the necessary experience and expertise as a land developer; has the necessary financial capacity to complete the development of the ‘Schedule Property and to construct building thereon at its cost, as per the agreed specifications and timelines hereunder ; es ort & Beene QR Aerawder Davari UnTeD“Bea AO A OBES. ©} would comply with all applicable laws and would complete the development and construction in accordance with the terms and conditions and conforming to the specifications stipulated under this Development Agreement; and d) would secure at its cost appropriate clearances, permissions, sanctions etc,, from the Bangalore Development Authority and all Government Agencies and promptly comply with plans and sanctions and all the laws and regulations at all times. WHEREAS the Developer has agreed to develop the Schedule Lands by integrating the same with lands detailed in Annexure A, B and C at its cost by undertaking the development in the Schedule Lands consisting of a Residential Apartment Building/s and has also agreed to secure at its cost all the required approvals, sanctions, licenses, no objection certificates etc., as are necessary from statutory authorities to construct Residential Apartment Building/s on the Schedule Lands and deliver to the Owners 35,700 Sq, Ft. of super built up area or 33% of the total constructed area (i.e. super built- up area), relatable to the Schedule Lands, whichever is higher, to the Owners and in consideration thereof the Owners have agreed to convey and transfer 67% undivided share of land in the Schedule Lands to the Developer and/or their nominees to enable them to hold, own and possess the remaining 67% of the total constructed area (ie., super built-up area) in the proposed development, relatable to the Schedule Lands. Parties also have the option to go in for revenue share without changing the percentage of sharing agreed between them; WHEREAS, both the parties to this Agreement have reached a clear understanding and working of the scheme and are desirous of recording their mutually agreed terms and conditions for development of the Schedule Lands as follows: NOW THIS AGREEMENT WITNESSETH AS FOLLOWS: ‘That, in pursuance of the foregoing, and subject to the mutual obligations undertaken by the Owners and the Developer under this Agreement, the Owners hereby entrust to the Developer the Schedule Lands only for the purposes of development of the same as Residential Apartment Building/s and the Developer hereby agrees to develop the Schedule Lands into Residential Apartment Building/s, with required car parking spaces and all other common amenities and facilities as detailed hereinafter, subject to the terms and conditions hereinafter contained (a) The Developer is/are hereby irrevocably empowered and authorised to develop the Schedule Lands into “Residential Apartment Building/s’ (as per the specifications set out under Annexure-{ hereto) at their cost. we) A ch otuegy Benen “| 2 Anonlr DivaraxL wororte JECTS PRIVATE LIMITED(b) ( (d) 1a 1.2 ( \ Sheet of Doct. No. 2023-24 Page? The Developer shall construct and deliver to the Owners totally 35,700 Sq, Ft. of. or 33% of the total super built-up area comprised in the Residential Apartment Building/s to be constructed in or upon the Schedule Lands, together with 33% car parking spaces, terrace areas, private garden areas and all other built up areas and 33% undivided interest in the common areas and amenities, hereinafter referred to as OWNERS’ CONSTRUCTED AREA’ which is further detailed in Clause No. 6.2 below. The remaining 67% of the total super built-up area in the Residential Apartment Building/s to be constructed in the Schedule Lands together with 67% of car parking spaces, terrace areas, private garden areas, and all other built up areas and 67% undivided interest Schedule Lands and all the common areas and amenities is to the share and ownership of the Developer and shall hereinafter be referred to as ‘DEVELOPER’S CONSTRUCTED AREA’ which is further detailed below in Clause 6.3 hereunder. In consideration of the Developer carrying out and completing the construction of OWNERS’ CONSTRUCTED AREA’ at its cost and delivering the same to the Owners in terms hereof, the Developer and/or its nominees/transferees shall be entitled to conveyance of 67% undivided share of the Schedule Lands proportionate to the ‘DEVELOPER’S CONSTRUCTED AREA’ in terms hereof, either in the name of the Developer and/or their nominees/transferees/ assignees. ‘The Owners at any time after receipt of plan sanction may opt for revenue share in which case the Developer agrees to sell the OWNERS’ CONSTRUCTED AREA’ and distribute the ‘Revenue’ arising from such sale with Owners. POWER TO DEVELOP & PERMISSION TO ENTER: In consideration of the mutual promises and covenants set out under this ‘Agreement, the Owners hereby irrevocably empower and authorize the Developer to develop the Schedule Lands into a ‘Residential Apartment Building/s’ as aforesaid in terms of this Agreement (hereinafter the said development is referred to in general as ‘Development/Project’) and to sell / transfer the ‘DEVELOPER'S CONSTRUCTED AREA’ and proportionate undivided share in the land in the Schedule Lands. The Owners agree not to revoke the said power/ authorization until completion of Development and sale / transfer of the entire (DEVELOPER'S CONSTRUCTED AREA’ and proportionate undivided share in the land in the Schedule Lands. The aforementioned authorization in favour of the Developer is exclusive and is coupled with interest The permission to enter by way of license so granted shall not however be construed as the delivery of possession of the Schedule Lands in part performance of any contract as defined under section 53 A of the Transfer of Property Act, 1882 read with section 2 (47) {v) & (vi) of Income Tax Act, 1961. pa esbho lon th oT Qu Beeresh .L R.Anawh» — owoknre13 24 22 23 Page 8 The Owners hereby agree not to interfere or interrupt in any manner whatsoever the Development of Schedule Lands and construction of the Residential Apartment Building/s as stated above and/ or stopping the work that has to be done under this Agreement. However, the Owners and/or their authorized representatives are entitled to inspection the Development as provided in this Agreement, to ensure that the Developer is carrying out the Development work in accordance with the scheme mutually agreed between the Owners and the Developer and in accordance with the sanctioned development plan. PLANS/LICENCES: The Developer agrees to prepare or get prepared building construction plans and all required drawings as per the building bye-laws, rules and regulations in force for Development of the Schedule Lands into Residential Apartment Building/s with required parking spaces and common amenities. Subject to any force majeure limitations or other factors which are not within the reasonable control of the Developer, the Developer shall take appropriate steps to secure, at its cost, necessary consents, no objection certificates and other permissions required for undertaking Development, within 12 (twelve) months from the date of this Agreement, The Developer agrees to take the confirmation of the Owners for the proposed concept, design and plans for Development of the Schedule Lands before submission to sanctioning authorities and the Owners shall confirm the same, so long as the said designs and plans conform to the terms of this, ‘Agreement. tts clarified that the Development on the Schedule Lands shall be an integrated development with lands detailed in Annexure A, B and C under a common a development / master plan and shall not be an independent development. ‘The Owners agree to sign and execute all necessary applications, paper/s and documents in respect thereto, However, the responsibility for preparing the plans and obtaining necessary licenses, sanctions, no objection certificates and all other permissions and approvals required to take up and complete the Development and construction of the Residential Apartment Building shall be that of the Developer The Developer shall fully bear all costs, expenses, charges and fees to get Development and construction plan approvals and all other costs required to take up, commence and complete the construction of the Residential Apartment Building and all other facilities and infrastructure. The plan approval charges, development charges, cesses, fees any other charges/levies and all sums demanded by the Bangalore Development Authority (“BDA”) for giving approval for constructions plans shall be fully borne by the Developer and the Owners shall have no liability whatsoever in this behalf. The Owners shall be liable to pay only betterment charges levied by BDA on the land if the same is not already paid ow Teokrskex eu 0G RF Beenefh 0 Re Qigode OvaKor,-2.4 25 2.6 27 BL 3.2 Sheet Of Bot. NO.ccsunseeendlf BOSE 023-24 > raga 202824 by the Owners at the time of obtaining katha for the Schedule Lands from local Panchayath. The Developer, if necessary under law, shall be entitled to transfer/relinquish the parks and open spaces to be provided in the Schedule Lands in favour of BDA or local authority as per the rules and building bye laws. In the event such transfer/relinquishment is so done, then it shall be construed that relinquishment has been done solely for and on behalf of the Owners and the Developer in doing so is acting purely as a representative of the Owners. Upon receipt of approvals, the Developer shall furnish to the Owners one set of all approvals, permissions and sanctions including sanctioned development plan and building constructions plans for its record. In furtherance to the interest created hereunder in favour of the Developer over the Schedule Lands, the Owners have executed a Power of Attorney in favour of the Developer to enable the Developer to secure, plans, licenses and other permissions and for purposes connected with the Development of Schedule Lands as agreed herein, at the Developer’s cost and expenses. It is clearly agreed between the Owners and the Developer in developing the Schedule Lands the Developer shall consume permissible FAR of 1: 2.25 and the Developer shall endeavour to maximize the FAR utilization allowed under the prevailing zoning regulations and building bye laws. The Developer shall have absolute discretion in designing and conceptualizing the Development as the Developer has gained considerable experience in designing developments of this nature. Parties have clearly agreed not to utilize or load any Premium FAR or TOR in the Project and the Developer shall be required to utilize only the permissible FAR in securing plan approval from BDA. CONSTRUCTION/DEVELOPMENT & SPECIFICATIONS: The Developer shall develop the Schedule Lands in accordance with approved/sanctioned construction plans with necessary internal and external services, driveways, common area amenities, facilities including compound and passages and sewerage disposal system, water distribution lines and electricity connections. The construction of Residential Apartment Building and other developments in the Schedule Lands shall be in accordance with the Specifications mentioned in Annexure | attached hereto or equivalents thereto. ‘The Developer shall be entitled to make additions, deletions and alterations to the development and construction plans as demanded by the sanctioning authorities and/or as per construction exigencies, without affecting the Ga FRaQns 0% ote w Beenegh KR Rife — pivako aiTED33 4. 4a 42 43 4a seonsSheet of Doct, Page 10 entitlement of the Owners. The Developer shall have absolute discretion in matters relating to the method and manner of construction without affecting the quality, safety and time frame agreed for completion of the development. ‘The Developer shall have absolute discretion in selection of construction materials, methodology of construction, equipments to be used for construction and other related techniques of construction and the Owners shall not interfere with the same provided it is made clear that the Development and construction shall be in accordance with the Specifications agreed between the Parties. APPOINTMENT OF ARCHITECTS, CONTRACTORS AND ENGINEERS: The Developer shall be entitled to appoint architects, contractors, engineers and other consultants at their cost to execute the Development and construction works. The fees payable to the architects, engineers, contractors, consultants and other staff and workmen and all persons connected with the Development shall be borne by the Developer and they shall have no claim on the Owners and/or Schedule Lands. In case of disputes between the Developer and its architects, engineers, contractors, consultants, other workmen, suppliers of materials and/or all other persons who are engaged or employed in the Development, the same shall be paid / settled / adjudicated exclusively by the Developer without in any way making the Owners liable for the same. In case of any accidents or injury or death of any workmen or third party during the Development and construction in the Schedule Lands or elsewhere in relation to the Development in the Schedule Lands and construction, the Developer shall solely be responsible for payment of any compensation or any actions arising there from and the Owners shall have no liability whatsoever in this behalf. The Developer shall keep the Owners fully indemnified and harmless against all such claims and also reimburse the Owners all expenses incurred in defending any such claim/action and/or the amounts ordered to be payable by them. All items of plants and machinery, tools and implements, stores and materials, the Developer and/or their contractors, workmen and other agencies may bring to the Schedule Lands for the development and construction of the Residential Apartment Building shall remain the exclusive property of Developer at all times and/or entitled to remove the same. The Owners shall have no claim or lien whatsoever on any such items of plant and machinery, tools and implements, stores and materials at any time. vA Febeleot D0 TY Deeneph RQ Aewrole — pivarsayih6. 61 6.2 63 Sheet of Doct. Page 11 COST OF DEVELOPMENT AND CONSTRUCTION OF RESIDENTIAL APARTMENT/S: The Developer shall undertake development of Residential Apartment Building together with all other infrastructure for sewerage disposal, water and electricity supply as per the agreed Specifications and as per sanctioned plans, including the OWNERS’ CONSTRUCTED AREA’ fully at its cost. The Owners shall not be required to pay any amount for the aforesaid purposes, except the amounts agreed to be paid by the Owners under this Agreement. SHARING: As aforesaid the Developer shall develop the Schedule Lands into Residential Apartment Building/s under a common master plan encompassing the Schedule Land and the lands detailed in Annexure A, B & C, together with car parking areas, internal driveways, common amenities such as water and electricity supply system, drainage system, sewerage disposal / treatment system, power back up and all other utilities and facilities and infrastructure required for the completion and occupation of the Residential Apartment Building as per the Specifications attached hereto as Annexure |, at its cost. In consideration of the Owners agreeing to transfer 67% or such percentage of undivided land share in the Schedule Lands as is proportionate to the total super built up area to be constructed, allocated, retained and disposed off by the Developer, the Developer agrees to develop the Schedule Lands at their cost into Residential Apartment Building and construct and deliver to the Owners totally 35,700 Sq. Ft. of super built-up area or 33% of the total super built-up area to be constructed in the Schedule Lands in the form of residential apartments to be owned, held and possessed by the Owners along with 33% of the car parking spaces, terrace areas and private garden areas (if any) and 33% undivided share in ll the common areas, facilities as per the construction plans to be approved by the statutory authorities, hereinafter collectively referred to as ‘OWNERS’ CONSTRUCTED AREA’. The Owners shall also be entitled to retain with themselves the corresponding 33% undivided share of the Schedule Lands. The ‘OWNERS’ CONSTRUCTED AREA’ together with the proportionate 33% undivided right, title and interest in the land comprised in the Schedule Lands shall hereinafter be commonly and collectively referred to as ‘OWNERS’ ENTITLEMENT’. The remaining 67% of the total super built up area to be constructed in the form of residential apartments together with 67% of all car parking spaces, terrace areas and private garden areas (if any) and 67% undivided share in all the common areas, facilities, hereinafter collectively referred to as ‘DEVELOPER'S CONSTRUCTED AREA’. The Developer shall also be entitled to the remaining proportionate 67% undivided share in the Schedule Lands to be allocated to the Bo Poorolers ot PY Teorefh.a Q Armond Pix ECTS PRIVATE LIMITEDLois 4 64 65 66 67 68 Mo heel of Dact. No. Page 12 “DEVELOPER'S CONSTRUCTED AREA’, which shall belong exclusively to the Developer, to be retained and/or disposed off by the Developer as it may deem fit. The ‘DEVELOPER’S CONSTRUCTED AREA’ together with the proportionate 67% undivided right, title and interest in the Schedule Lands shall hereinafter be commonly and collectively referred to as ‘DEVELOPER’S ENTITLEMENT’. In consideration of the Developer delivering the ‘OWNERS’ CONSTRUCTED AREA’ as above, the Owners hereby agree and undertake to transfer/convey to the Developer and/or their nominee/s or assignee/s 67% undivided right, title and interest in the Schedule Lands. After completion of the Project, OWNERS’ ENTITLEMENT’ shall be the absolute property of the Owners and the Owners shall be entitled to hold, sell, mortgage, gift, lease and alienate or otherwise dispose of the same or any part thereof without any limitations whatsoever and shall be entitled to all income, gains, capital appreciation and benefits of ail kinds and description accruing, arising or flowing there from The ‘DEVELOPER’S ENTITLEMENT’ shall be the absolute property of the Developer and the Developer shall be entitled to hold, sell, mortgage, gift, lease and alienate or otherwise dispose of the ‘DEVELOPER'S ENTITLEMENT’ or any part thereof and shall be entitled to all income, gains, capital appreciation and benefits of all kinds and description accruing, arising or flowing there from. The Developer shall, on receipt of sanctioned building construction plans, forthwith inform the Owners in writing. Within 30 (thirty) days thereafter, or such extended time as may be mutually agreed, the Owners and Developer shall decide upon and earmark OWNERS’ CONSTRUCTED AREA and the DEVELOPER'S CONSTRUCTED AREA by mutual discussions and reduce the same into writing in the form of Allocation/ Sharing/ Supplemental Agreement. At the time of deciding on such allotment of the areas, the Owners and Developer shall give due consideration to both the advantages and disadvantages in proportion to their respective shares and divide the area on equitable basis. The parties shall co-operate with each other in executing the Allocation/Sharing/ Supplemental Agreement. In the event the Owners fail to come forward for demarcation of the built-up areas in the manner stated above and fall to enter into an Allocation Agreement within 60 (sixty) days from the date the Developer intimates the Owners of receiving sanctioned plan, the allocation to the Owners shall be made by the Developer in any blocks of residential apartment buildings being constructed in or upon the Schedule Lands and the Developer shall also be entitled to earmark whole or portion of any blocks equivalent to the entitlement of the Owners as os Jowrolos Shs o thy HY Deererhim R. Rennie OVAKOSA For PRES GE PROJECTS PRIVATE LIN\ OISS me NN bs oekel eons GEL servers BOCK T MA nT tea Page 13 OWNERS’ CONSTRUCTED AREA and confirm the same to the Owners by means of allotment letter/s and such allotments shall be binding on the Owners. 6.9. Notwithstanding the above, the parties acknowledge that it may not be possible to divide the built-up areas in the buildings to enable the Parties to be allotted exactly their entitlement of super built-up area etc., in the Schedule Lands and hence the Owners shall be entitled to such number of apartments/areas whose super built-up area will be closest to such percentage of super built-up areas agreed to be allotted to the Owners. If the total area contained in apartments allotted to the Owners falls short of their entitlement of super built-up area and car parks, the Developer shall pay the price there for to the Owners for the deficit area at mutually agreed rates and vice versa. The payment for such area, if any, shall be paid on completion of construction of the building and delivery of OWNERS’ CONSTRUCTED AREA' in such building and vice-versa. 6.9A Further its clearly agreed between the Parties that allotment to Owners i.e. OWNERS’ CONSTRUCTED AREA’ shall be only in the form of residential apartments and the same can be allotted in any tower or towers being constructed within the entire development encompassing the Schedule Lands and lands detailed in Annexure A, B and C and same need not be necessarily in the buildings being built in or upon the Schedule Lands. 6.10 For the purposes of this Agreement the word ‘built up area’, ‘constructed area’ or ‘super built-up area’ shall mean the plinth area of the apartment including sit- outs/balconies plus proportionate share in the common areas such as lobbies, staircases, security rooms, generator and electrical rooms, club house area , lift machine rooms and in case of private terraces, one third of private terrace area and In case private gardens one fourth of private garden area and proportionate share of any other common areas and the club house. A signed area statement by the Architect of the Project appointed by the Developer, shall be final and binding on both the parties and all calculation shall be based on such area statement provided by the Architect. 6.11) The Owners at any time after having executed the Allocation Agreement opt for selling the ‘Owner's Entitlement’ or portion thereof. In the event of the Owners opting of selling and getting the revenue arising therefrom, they agree to be bound by the below stated terms. 6.12) Only the Developer shall be entitled to sell the ‘Owner's Entitlement’ under its brand name and marketing strategy and the Developer shall be entitled to sell the ‘Owner’s Entitlement’ in the Project without any limitations and/discrimination as per the terms of this Agreement and the Owners shall accordingly authorize to the Developer to sell the ‘Owner's Entitlement’ in the Project. =e Fedbneleos Oa) she Las Ye REMI R QR. Roth etoe ( 6.13) 6.14) 6.15) Page 14 It is further agreed between the Owners and the Developer that all revenue arising out of sale of the ‘Owner's Entitlement’ shall accrue to the Owners. For the purpose of arriving at the revenue which is to be distributed to the Owners and the Developer, “Sale Proceeds” / “Revenue Share” shall mean proceeds of the sale of constructed area/saleable super built up area, including sale value of super built up space (inclusive of all common areas), car parking space, garden area, terraces, balconies, club membership fees (if any) preferential location charges, and all other proceeds realized from the customers including cancellation charges/damages, interest on delayed payment of installments collected from the customers of built up area in the said Project, hereinafter called (Distributable Revenue). The Distributable Revenue does not include amounts collected by the Developer as transfer fee/assignment charges, BESCOM/BSSWB charges/deposits, DG Charges, advance common area maintenance charges and maintenance corpus deposit, taxes such as GST, documentation charges, stamp duty and registration fee from the customers of built up area (Non Distributable Amount). It is clarified that if the Developer collects from the customers of built up space any amount in excess of Rs.150/- {Rupees One Hundred Fifty Only) per sq. ft. as BESCOM/BSSWB charges/deposits, then the amount collected in excess of Rs.150/- (Rupees One Hundred Fifty Only) per sq, ft. shall be treated as Distributable Revenue and shall be paid to the Owners. COLLECTION AND DISTRIBUTION: It has been agreed between the Owners all amounts to be collected from the purchasers/customers of ‘Owners’ Entitlement’ towards Distributable Revenue shall be collected only by cheque/NEFT/RTGS/demand draft favouring the Developer and deposited into a separate bank account periodically. The Parties acknowledge withdrawals from this account is subject to the provisions of Real Estate (Regulation and Development) Act, 2016 (‘RERA’). The amount withdrawn/withdrawable from this account and forming part of the Distributable Revenue shall be available for distribution to the Owners after deduction towards the following: a) 5% of the ributable Revenue to the Owners until recovery of a sum of % 42,00,000/- (Rupees Forty Two Lakhs Only) paid by the Developer to the Owners as Interest Free Refundable Deposit (IFRD); and b) 3% of the Distributable Revenue towards marketing fee. CZ xo Rotrokar — For PRESTIGE PROJECTS PRIVATE LIMITED RY 0 GH KY Beerofh RK QR. Riratahe DiVbKOY pL ret FON6.16) 6.17) 6.18) 6.19) 6.20) Page 15, the Owners shall designate their bank accounts for the purposes of transfer of their respective share of revenue and distribution shall be based on the entitlement of each group of Owners stated in clause 6.2A. it has been further agreed between the Owners and the Developer that the Owners shall be entitled to their share of revenue on every sale made and from out of each installment of payment received under every sale made, from the purchasers of ‘Owners’ Entitlement’ in the Project. [At the end of every calendar month commencing from the month of launch of the Project, on or before 10" of succeeding calendar month, the Developer shall send a statement of sales made, amount collected and deposited into the aforesaid bank account (supported by bank statements) with calculation of Distributable Revenue, for distribution to the share of the Owners and the Developer. ‘Accordingly, the amounts in the said bank account shall be transferred (as per instructions of the Developer) to the Owners’ bank account. Other than for the purposes of collection of sale proceeds from the customers of the ‘Owners’ Entitlement’ and distribution of revenues to the Owners, the above bank account shall not be used for any other purpose. For clarity, it has been understood between the Parties hereto that the distribution of the revenue is based on the amounts actually received and not on accrual basis. At the end of each quarter (three months) the Developer shall provide a certificate from an independent chartered accountant certifying the revenue amounts due to the Owners and amounts received and paid and accordingly the accounts shall be adjusted/squared up. While squaring up the accounts once in a quarter, errors, omissions, cancellations, refunds etc. shall all be taken into account. ‘The Developer shall also send to the Owners a monthly statement on or before the 10 day of each subsequent month containing all the information pertaining to sales made, such as apartment number, area, rate / sq. ft., amounts collected towards Distributable Revenue and Non-Distributable Amount and amounts due from purchasers of apartments. in addition, the Developer shall provide any other reasonable information as may be sought by the Owners to assess their share of revenue and the Owners shall also be entitled to inspect the records of receivable account and customer documentation maintained by the Developer at its office and if need be, take copies of the same. On completion of the said Project, the Developer shall reconcile the entire accounts as provided supra. If the Owners have any concerns / require clarifications, they may address their concerns / seek clarifications from the Developer. The Developer shall provide full co-operation and do the needful, taking into account the concerns / issues of the Owners. on PELwclesG Bro Wow Burg. 0. goerchs pivatrdy, 2 ESTIGE PROJEL6.21) b) ¢) d) OS, be 7 poct. Ne. Page 16 All Non-Distributable Amount to be collected from the purchasers of the apartments in the Project shall be separately denoted in their agreements and collected as applicable, Marketing of Development/ Pricing Policy: The Developer shall have the sole and exclusive right to market the ‘Owners’ Entitlement’ in the Project in the most prudent manner and in such a way that it is to the best advantage of the Owners and the Developer. This is an essential condition of this agreement and the Owners shall not be entitled to separately sell or market the ‘Owners’ Entitlement’ without the written consent of the Developer. In the event the Owners have interested parties willing to purchase the built-up area, the Owners may also refer all such interested persons to the Developer for evaluation and conclusion of sale. The Developer will announce the launch price in consultation with the Owners and shall make available to the Owners the pricing policy of the sale of the constructed area as and when the same are being announced, changed, modified including any promotion scheme etc, The Developer shall not under any circumstance sell any unit or constructed area below the existing announced current price, without the written consent of the ‘Owners. The Developer shall also not do a downward revision of any of the prices already announced without the written consent of the Owners. ‘The Owners have agreed to pay to the Developer 3% (Three Percent) of Distributable Revenue to the Owners as marketing fee with applicable taxes and the same shall be deducted from the Owners share of revenue proportionately from and out of every distribution and shall not be collected upfront. Other than the said marketing fee the Owners are not be required to contribute any amount towards marketing cost, brokerage, overheads, salary, promotions or any other cost etc. which the Developer would incur in the marketing of the constructed area including brokerage payable to agents and property brokers and all the brokerage charges shall be borne solely by the Developer as part of its marketing cost. The Developer shall be entitled to brand the development and name various buildings to be developed in the Project and the same shall not be changed. However, the said Project name shall be prefixed by the brand name of the Developer “PRESTIGE” and the project name shall not be changed without Developer's consent. SA Wekha kos se Boy Bee ne$h Ro Armond. . pivakox(2 sabe For PRESTIGE PROIECT PRIVATE AMATEDf) 8) h) 6.23) ool ene Sheet of Doct. Poge 17 It is clarified that though the Owners are entitled to share the revenue/sale proceeds in the manner stated above, the Owners shall not be made liable for any claims from the customers of constructed area and the Developer shall be sole and exclusively responsible and liable to settle all customers claims be it for compensation for delay, quality of construction or any other kinds of damages claimed by the customers and any amounts paid by the Developer to customers ‘on account of such claims shall not be deducted from the revenue share of the Owners. The Owners are also not be liable to share any losses which the Developer may incur in executing the Project due to any reasons whatsoever. Further, due to delay in completing the Project (not due to any force majeure events), if the customers have withheld the payment of their installments due (or any part thereof) as per the sale agreements, the Developer shall be liable to make good such payments as the Owners are not responsible for such delays. Failing which, the Developer shall pay the Owners an interest of @1.25% (One & Quarter Percent) per month, every month on the with-held amount, as liquidated damages. In respect of unsold built up area, whether under constructed or not constructed, the Owners shall be entitled to liquidated damages at rate of 0.5 % {Half Percent) per month of delay applicable for any delay beyond a period of six months of the scheduled completion, on the Distributable Revenue attributable to the unsold built up area calculated on the basis of the average selling rate achieved during the immediately preceding 3 (three) months. If the delay on the part the Developer is over 12 (twelve) months from the scheduled date of completion, the Owners shall be entitled to call upon the Developer to settle ‘Owners’ share of revenue in respect of Distributable Revenue of such unsold built up area, calculated on the basis of the average selling rate achieved during the immediately preceding 3 (three) months. Upon settlement of Owners share of revenue as aforesaid, the Developer shall cease to be accountable to the Owners for such unsold built up area and shall be free to sell the same at any rate without being liable to share pay the revenue with the Owners and the Owners shall be deemed to have surrendered such unsold area to the Developer and the ‘Owners agree to execute any documents and deeds as may be required by the Developer to effectuate such surrender. It is agreed between the Owners and the Developer that the Project shall be marketed by the Developer as a ‘Prestige’ project. The Owners and the Developer shall record election of their option to go with area share or revenue share by of a Supplementary Agreement. The Owners shall also execute an irrevocable Power of Attorney to enable the Developer to give effect to the ‘revenue share’ arrangement. The irrevocable Power of Attorney shall be duly registered with the jurisdictional office of the Sub-Registrar. oa Banos Bo Buy Femesh nr QR Lorormlo yuansy.ie PRIVATE LIMITED8.1 8.2 ae pf Bact. 2 Pagets CLUB HOUSE & OTHER AMENITIES: ‘As a part of overall development, the Developer shall provide a Club House consisting of swimming pool, gym, party hall etc. commensurate with the size of the development. The occupants/owners of the apartments in the Schedule Lands shall be entitled to make use of the facilities by following the rules and regulations prescribed for the usage of the facilities. The Club House shall form part of the common amenities for the owners / occupants of the apartments in the Development and area of the club house shail be taken into consideration for arriving the super built up area of every apartment in the Project, COMMENCEMENT AND COMPLETION OF CONSTRUCTION: Within 60 [Sixty] days from the date of securing sanctioned plan for construction and executing the Sharing/Allocation Agreement, the Developer shall commence construction of the Residential Apartment Building/s at the Schedule Lands. The Developer shall develop the entire Schedule Lands in one phase and the Developer shall under normal conditions and in the absence of any Force Majeure event, complete the overall development and construction of the Residential Apartment Building in accordance with the Specifications set out in Annexure I hereto and the Sanctioned Plans within sixty (60) months from the date of receipt of the said sanctioned plans. However, the Developer shall not incur any liability for any delay in delivery of possession of the ‘OWNERS’ CONSTRUCTED AREA’ by reason of non-availability of Government Controlled Materials, and/or by reason of Governmental restrictions and/or civil commotion, transporters strike, Act of God or due to any injunction or prohibitory order (not attributable to any action of the Second Party) or conditions of force majeure (as defined under Clause 36.2 below), provided the Developer notifies the Owners of any such event within fifteen (15) working days of such event occurring or during such event persisting. In which events, the Developer shall be entitled to corresponding extension of time for completion and delivery of the said ‘OWNERS’ CONSTRUCTED AREA’, The time taken for obtaining occupancy certificate / completion certificate / power / water / sanitary connections by the Developer shall be excluded at the time of computing the period stipulated for construction. However, the Developer in any event shall secure the Occupancy Certificate with respect to the entire Residential ‘Apartment Building within six (6) months from the date of completion of construction. In the event of delay in securing Occupancy Certificate / Completion Certificate or Power/sanitary/water connections, the Developer shall arrange to have temporary electrical, water and sanitary connections until permanent connections are obtained. oF Bedakrokox — ForPREST Bue Taser Beeresh KR Qo Ranke — arn 9, = PROJECTS PRIVATE LIMITED83 91 Page 19 In the event of any delay in completing the construction and development of the Residential Apartment Building beyond sixty (60) months from the date of receipt of the said sanctioned plans as stated above (other than for exempted delays for reasons stated in Clause 8.2 above), the Developer shall be entitled to Six (6) months grace period to complete the development and construction of OWNERS’ CONSTRUCTED AREA, without any liability. If there is any delay beyond the grace period, the Developer shall be liable to pay to the Owners liquidated damages at the rate of Rs.5/- (Rupees Five Only) per sq. ft. of OWNERS’ CONSTRUCTED AREA per month of delay in completing and delivering the OWNERS’ CONSTRUCTED AREA, applicable for period of Six (6) months after the grace period, If however the delay continues beyond Six (6) months from expiry of grace period, the Developer shall be liable to pay liquidated damages at the rate of Rs.7.50 (Rupees Seven Paise Fifty Only} per sq. ft. of OWNERS’ CONSTRUCTED AREA, per month of delay. The Owners acknowledge that the liquidated damages provided in this clause is a reasonable estimate of the loss that would be suffered by the Owners on account of delayed delivery of OWNERS’ CONSTRUCTED AREA’ and apart from the agreed liquidated damages stated herein above, the Owners shall not be entitled to claim any other indemnification /compensation/damages from the Developer for such delay. It is clarified that, if the Owners have opted to sell the whole or part of the Owners Entitlement as provided in clause 6.11 and recorded in terms of Clause 6.23 above, the Owners’ right claim damages shall be in accordance with Clause 6.22 (g) for such area and not under this clause. INDEMNITY AND ASSURANCE BY OWNERS: ‘The Owners hereby confirm that their title and ownership to the Schedule Lands is valid, good, marketable and subsisting and that no one else has any right, title, interest or share or claim in respect of the Schedule Lands and that the Schedule Lands are not subject to any encumbrances, mortgages, litigation, lien, attachments, court or taxation of acquisition proceedings or charges of any kind of any tenancy claims or any third party claims. They further confirm that there is no impediment on the Development and/or sale of the Schedule Lands and/or disposal of the DEVELOPERS’ CONSTRUCTED AREA’. The Owners shail keep the Developer fully indemnified and harmless against any loss or liability, cost or claim, action or proceedings and third party claims that may arise against the Developer or any one claiming through the Developer for any act or omission of commission of the Owner/s in breach of the terms hereof or on account of any defect in or want of title on the part of the Owners to the Schedule Lands or by reason of any misrepresentation or negligence on the part of the Owners. The representations of the Owner set out under the Recitals to this Agreement shall be deemed to form a part and parcel of the representations and confirmations of the Owners to the Developer under this Agreement. oa Rodos shel Beenegh @ R Rar. VyAKer NITED For PRES92 93, ‘The Owners acknowledge that the Developer has entered into this Agreement expressly on the faith and strength of such representation that the Owners have encumbrance free marketable right, title and interest to the Schedule Lands as its absolute owners thereof and that there are no other persons interested in the Schedule Lands or having any right or claims thereon. The Developer has come forward to invest huge sums of money for Development of the Schedule Property and if it is found at a later date that the representations made by the Owners regarding their title to the Schedule Lands are false / misleading, the Developer shall be entitled issue a notice of termination of this Agreement and call upon the Owners to refund the entire refundable deposit amount paid by the Developer and the Owners shall also be solely liable to indemnify the Developer for the losses incurred by the Developer due to the Owner's misrepresentations / default and the Owners shall reimburse all the costs, charges and expenses incurred by the Developer to obtain permissions, clearances, consents, No Objection Certificates and sanction of license and plan and the cost of construction and other consented losses and damages. Upto the time the Owner's fully indemnify the Developer for the losses suffered by the Developer, the Developer shall have a right of lien and charge over the Schedule Lands. The Owners shall not encumber the Schedule Lands nor deal with or dispose of the Schedule Lands or any interest or portions therein or part with its possession. Provided that, nothing contained herein shall prevent the Owners from selling and disposing off the OWNERS’ CONSTRUCTED AREA’ together with proportionate undivided share in the Schedule Lands in any manner they deem it fit after execution of the Sharing Agreement/Allocation Agreement or in terms of clause 6.8 supra. The Owners shall not part with his possession or grant any licence to use the Schedule Lands or do any act / omission which will prejudice the rights of Developer under this Agreement. The Owners shall not grant any Power/s of Attorney to deal with the Developer's undivided share in the Schedule Lands or deal with the Developer's Entitlement in any manner whatsoever inconsistent with this Agreement. The Owners shall prior to allotment of any of their apartment units in the Project (forming part of the Owner's Entitlement) to any person, ensure appropriate compliance to RERA, in co-ordination with the Developer. The Owners covenant with the Developer that the Developer and/or any transferee/s of the Developer shall enjoy the ‘DEVELOPERS’ CONSTRUCTED AREA’ or any part thereof and all the common areas and facilities in the Schedule Lands with undivided share in the land without any let or hindrance whatsoever from the Owners or any person claiming through or under them and the Developer shall have the absolute right to transfer whole or any part of the “DEVELOPERS’ CONSTRUCTED AREA' with undivided share in the land in ‘Schedule Lands in accordance with the terms of this Agreement and the Owners do hereby undertake to execute at the cost of the Developer and/or its assignees as the case may be all such deeds, documents, agreements, covenants and oa okhofcox, xe ou yw Beenesh Q-Aiartr pivasoy, 2 UMITED94 10. 11. wa 2 7 Page 21 writings as may be required by the Developer and/or their assignees for securing and perfecting the title to their share in the Schedule Lands subject to the Developer having delivered the OWNERS’ CONSTRUCTED AREA to the Owners. The Developer acknowledges that the Owners have entered into this Agreement and permitted Development of the Schedule Lands expressly on the faith and strength of representation and assurance given by the Developer as set out in the recitals above, which is part of this Agreement, and on the strength and assurance of the Developer incompliance of the terms of this Agreement in time, time being the essence of this Agreement. The Developer acknowledges that if the representation and assurance or the obligations of the Developer are not kept up and or complied it would be in breach of this Agreement and the Owners will suffer greatly and in which case the Developer shall be solely liable for the losses suffered by the Owners and the Developer shall make good any such losses costs, charges and expenses incurred by the Owners. INDEMNITY BY DEVELOPER: Subject to the limitations owing to force majeure events and / or the provisions of Clause 8, the Developer shall keep the Owners fully indemnified and harmless against any loss or liability, cost or claim, action or proceedings, that may arise against the Owners and/or the ‘OWNERS’ CONSTRUCTED AREA' in the Schedule Property and the Residential Apartment Building to be constructed thereon by reason of any failure on the part of the Developer to discharge their liabilities/obligations or on account of any act of omission or commission in using the Schedule Lands or arising out of development and putting up of the construction or in delay thereof (subject to the limitations agreed herein) and further the Developer shall be fully liable and responsible for any labor disputes, injury, deaths etc or to the Government, Statutory Authorities, and all other Authorities for compliance of all the statutory requirements regarding development and construction of Residential Apartment Building in or upon the Schedule Lands. It is hereby clarified that the indemnity obligation of the Developer shall be subject to the maximum liquidated damages liability of the Developer as set out under Clause 8 supra. The Owners shall not be entitled to both indemnity and liquidated damages separetely. ‘TRANSFER OF DEVELOPER'S ENTITLEMENT: ‘The Developer shall an sanction of license and plan for construction of Residential Apartment Buildings and execution of the Allocation/ Sharing/ Supplemental Agreement or determination of allocation, in terms of this Agreement, be entitled to enter into agreements to seli/transfer/lease in respect of the whole or portions of undivided share in the Schedule Lands corresponding the ‘DEVELOPER'S CONSTRUCTED AREA’ and / or whole or portions of the ws JSwwoesh For PRESTIGE PROJECTS PRIVATE LIMITED Bron PY Beregh & 0. Brrr PiVapoy je‘ rage 222023-24 ~— “DEVELOPER'S ENTITLEMENT’, to the persons desirous of owning/holding the “DEVELOPER’S CONSTRUCTED AREA’ in the Residential Apartment Building/s. The Developer will be entitled to receive the consideration reserved for such sale and transfer in its own name without being liable to render any accounts thereof to the Owners, 11.2 That, on completion of the Development of the Schedule Lands and construction of the Residential Apartment Building, including the OWNERS’ CONSTRUCTED AREA duly certified by the Architect of the Project, the Developer shall intimate the same in writing to the Owners and the Owners shall take possession of the same within thirty (30) days of such intimation against payment of the amounts due and payable by them to Developer under this Agreement. Upon sending such notice of possession of OWNERS’ CONSTRUCTED AREA the Developer shall be entitled to hand over possession, execute sale deeds and all other deeds of conveyance to convey and transfer the Developer's share being 67% undivided interest in the Schedule Lands and/or the entire ‘DEVELOPER'S: ENTITLEMENT’, to any third party / ies, including the allottees of the apartment units in the Project. 11.3 The Owners at their cost shall from time to time obtain clearances, wherever applicable, under the statutes, if any and other permissions, as required under any law for sale/lease/ transfer within thirty (30) days or any extended time as may be mutually agreed to between the parties in writing from the date of request by the Developer and delivery of draft of Sale Deeds or lease/license agreements and deeds as the case may be by the Developer in order to sell/lease/ transfer the specified undivided share of land and proportionate built areas in ‘DEVELOPER'S CONSTRUCTED AREA’ in favour of Developer and/or in favour of their assignee/s and/or nominee/s of Developer. In the event of the Owners not obtaining Clearance/s, Certificate/s and other permissions from the authorities under any law as aforesaid, the Developer shall be entitled to obtain the same for and on behalf of the Owners, which shall be a joint effort in the interest of the development to resolve the issues at the earliest. In the event of there being any liability towards the Income-tax or other dues that are required to be paid, the Owners shall pay the said amount/s and obtain Clearance Certificate/s without any delay. On default, the Developer may at their discretion pay the said amount/s and obtain the said Clearance/s Certificate/s and/or permission and recover the said amount/s so paid and cost of securing such clearances/ certificates and other expenses from the Owners. It is clarified the Owners shall not be required to obtain any clearances/permissions if such clearances/permissions is/are required to be taken due to any acts of the Developer. 11.4 The stamp duty, registration charges legal fees and expenses in connection with the preparation and execution of the Deed/s of Conveyance and/or other documents relating to ‘DEVELOPER'S ENTITLEMENT in Schedule Lands to be ood eho For PRESTIGE Pl aoe Xe Bee neKh fu Q Annnde — vakore JECTS PRIVATE LIMITED115 11.6 12. 12.4 oy a) REEL GF DOKL NO... 2623-24 € Page 23 conveyed to Developer and/or their nominee/s and assignee/s shall be borne by Developer and/or their nominee/s and assignee/s. Similarly what is applicable to “OWNERS’ ENTITLEMENT’ will be borne by the Owners and/or its nominee/s or assignee/s or purchasers of ‘OWNERS’ ENTITLEMENT’. ‘The capital gains tax, if any, that may be leviable on the transfer of land rights as aforesaid in Schedule Lands to Owners and/or their nominees under one or more documents shall be borne by the Owners. The Developer shall meet all their tax liabilities arising on transfer of ‘DEVELOPER'S CONSTRUCTED AREA' and any nomination fee charged by the Developer towards the sale of the undivided share falling to the share of the Developer. It is clarified that realization secured by the Developer over and above the cost of construction incurred shall be deemed as Developer's gains and the Owners shall not be liable to pay any tax such amount. The Parties have agreed that in respect of transfer and sale of the whole/ portions of DEVELOPER'S ENTITELMENT, Owners shall be made as the Sellers ‘and Developer as the Builder/Confirming Party in the Sale Deeds/other Conveyances to be executed in favour of purchasers of DEVELOPER'S ENTITLEMENT’. In this regard, the Developer shall represent the Owners in such instruments as the Owner's power of attorney holder. In respect of the sale deeds for OWNERS’ CONSTRUCTED AREA the Developer shall be a party either as builder or confirming party to such sale deeds/conveyances. The execution of Sale Deeds/other Conveyances in respect of sale/transfer of DEVELOPER'S ENTITLEMENT (or any portion thereof), shall be by the Owners through thelr Power of Attorney Holder the Developer herein and also by the Developer as Builder/Confirming Party. ‘TAXES, MAINTENANCE, DEPOSITS ETC., ON OWNERS’ CONSTRUCTED AREA: The Owners have paid and discharged property taxes and other outgoing in respect of the Schedule Lands upto the date of this Agreement and shall continue to pay and discharge property taxes, land revenue dues and assessments in respect of the Schedule Lands from the date of this Agreement until the completion of development and delivery of the ‘OWNERS’ CONSTRUCTED AREA’ intimation thereof to the Owners. The Owners shall be liable to bear and pay all property taxes, rates and cesses and charges for electricity, water and sanitary and other services and outgoings payable in respect of the ‘OWNERS’ CONSTRUCTED AREA' from the date of delivery of possession of the same or on the expiry of thirty (30) days from the date of service of a written notice by Developer to the Owners that the OWNERS’ CONSTRUCTED AREA' is ready for delivery and occupation. In the event the Developer making payment of property taxes upto the time of completion of OWNERS’ CONSTRUCTED AREA , the same sa Sedtnchoy” For PRESTG mote BeeneFh QR rnrt — Divapor 2 RQJECTS PRIVATE LIMITED12.2 12.3 12.4 12.5 13. 13.4 Page 24 shall deemed to have been paid for and on behalf of the Owners and shall be recoverable at the time of handing over of the OWNERS’ CONSTRUCTED AREA . The Owners shall be liable to pay to the Developer, proportionate to the OWNERS’ CONSTRUCTED AREA’, the departmental charges, pro-rata charges and deposits payable to the BESCOM, BWSSB and other Authorities and cost towards installation and creation of water, sanitary and electrical infrastructures like Transformers, ring main units, cable charges and work executed on D.C.W. basis along with supervision charges by the Electricity authorities, pipe laying charges for water and sanitary connections from the Main Road and for entire infrastructure. It is however agreed between the Owners and the Developer that the above charges payable by the Owners shall not exceed Rs.150/- (Rupees One Hundred Fifty Only) per sq. ft. of the OWNERS’ CONSTRUCTED AREA. ‘The Owners shall also be liable to pay GST and any other taxes and charges as applicable. The above charges, deposits taxes etc. shall be paid by the Owners against the delivery of the OWNERS’ CONSTRUCTED AREA’. ‘The Owners and the Developer shall from the date of completion of the ‘construction of the Residential Apartment Building in all respects, maintain their respective portions at their own cost in good and tenantable condition and shall not do or suffer to be done anything in or to the said premises, and/or common areas and passages which may be against law or which will cause obstruction or interference to the users of such common areas. The Owners and/or their transferees in regard to the OWNERS’ CONSTRUCTED AREA’ and the Developer and/or their nominee/s in respect of ‘DEVELOPER'S CONSTRUCTED AREA’, shall become members of Association to be formed by all the owners for the purpose of attending to maintenance and safety of the development and all matters of common interest and concern and shall observe and perform the terms/conditions/Bye-laws/Rules/Regulations of such Organisation. The Developer until formation of the owners association and hand over of development to owners association agrees to undertake maintenance of common areas and facilities or entrust the same to a maintenance company of their choice for the aforesaid purposes and shall be entitled to collect the common areas maintenance expenses/charges from all the owners of the apartments Including from the Owners in respect of the OWNERS’ CONSTRUCTED AREA' retained by the Owners. COMMON AMENITIES AND MAINTENANCE CHARGES: The Developer will be developing the Schedule Lands into Residential Apartment Building/s and other areas of common enjoyment. The Owners/occupants of Sa orev ho Uw gr Brerefh 1 Akron dvAKart ForPR PROJECTS PRIVATE LIMITEDaN 24... Page 25 *OWNERS’ CONSTRUCTED AREA’ and DEVELOPER’S CONSTRUCTED AREA shall be entitled to make use of all such common amenities provided in the development including the right to enjoy all such common areas/amenities. OR) ce vocet pieaaale BOGE O- the Developer/occupants of the 13.2 It is hereby agreed by the Owners that from the date the development is complete in all respects (the Developer having also secured occupancy certificate] and the ‘OWNERS’ CONSTRUCTED AREA’ is ready for occupation for which a notice has been sent to the Owners by the Developer, whether possession of the same is taken by the Owners or not, the Owners shall bear and pay proportionate maintenance expenses for maintenance of common areas and facilities, proportionate deposit to the owners association or to the Developer or to the agency appointed by the Developer for maintenance of common areas, till the formation of Association and all out goings on general expenses in respect of the OWNERS’ CONSTRUCTED AREA such as insurance, municipal tax/es or cess/es, electrical and water tax/es and charge/s or deposit/s in respect of meters, maintenance charges, maintenance security charges and all other costs and expenses connected with maintenance and its common areas/facilities. Similarly the Developer or any one claiming through the Developer shall be liable ‘to pay the charges as set out in this clause, proportionate to the DEVELOPER’S CONSTRUCTED AREA’. 14. OBLIGATION OF THE OWNERS: 14.1 The Owners shall pursuant to the execution of this Agreement, execute one or more Powers of Attorney in favour of the Developer to enable the Developer to proceed with the obtaining of Development Plan, Licenses and Building Construction Plans, consents in regard to the development on the Schedule Lands and construction to be made in the form of apartments in the Residential Apartment Building and other fa ies and authorising the Developer to represent the Owners before the BDA, BBMP, State and Central Government Force Department, Electricity, Water Supply Departments/Companies, Telecom Department, Airport and Pollution Control Departments, Fire Board and alll other Statutory Autho! ies, which will be in force until the project, development and sale are completed. 14.2. The Owners shall also authorize the Developer (including its nominees) under the said powers of attorney to sell or otherwise dispose of undivided share of land in the Schedule Lands proportionate to the “DEVELOPER'S CONSTRUCTED AREA‘ and / or the DEVELOPER’S ENTITLEMENT, which the Developer agrees to exercise in terms of this Development Agreement. In case of revenue share the Developer shall be entitled to sell the whole of the Schedule Lands in the undivided form in favour of the purchasers of the apartments in the Project. od uote & Q ference Fedo Kos Feenesh vaKer,h PR moe PRONETS PRIVATEJo see NEEL OF VO NO. 202. Page 25 14.3. Notwithstanding the execution of such power/s of attorney, the Owners shall sign and execute necessary applications, papers, affidavits, undertakings and documents and do all acts, deeds and things as the Developer may lawfully require for completing the Development of the Schedule Lands and in order to legally and effectively vest in the Developer and/or their nominee/s title to the “DEVELOPER’S CONSTRUCTED AREA & DEVELOPER'S ENTITLEMENT! in the Schedule Lands subject to the to the terms of this Agreement. 14.4 Its agreed between the Owners and the Developer that the power attorney that shall be executed by the Owners in terms of Clause 14.1 above shall also empower the Developer, upon execution of Supplementary Agreement for allocation of built up area as provided in clause herein above, to enter into agreements with its nominees to agree to sell / convey / transfer the DEVELOPER'S ENTITLEMENT and / or the undivided share in the ‘Schedule Lands proportionate to the ‘DEVELOPER’S CONSTRUCTED AREA' and receive advances towards sale / transfer consideration and all other amounts in its own name without being liable to give any account to the Owners and without delivering the possession of such undivided share under such agreements for sale/ transfer. However, it is clearly agreed that the Developer shall be entitled to ‘convey’ by means of sale deeds / transfer deeds in favour the such nominees the DEVELOPER'S ENTITLEMENT and / or proportionate undivided share in the land in Schedule Lands shall only upon completion of development and issue of notice ‘of possession of ‘OWNERS’ CONSTRUCTED AREA’ as provided in Clause 11.2 above. 15, REFUNDABLE DEPOSIT: 15.1 _In addition to constructing and delivering the OWNERS’ CONSTRUCTED AREA to the Owners, the Developer has agreed to place with the Owners a sum of 42,00,000/- (Rupees Forty Two Lakhs Only) as Interest Free Refundable Deposit {IFRD) calculated at the rate of € 40,00,000/- (Rupees Forty Lakhs Only) per Acre ( 15.2 On or before execution of this Agreement the Developer has paid to the Owners the said sum of € 42,00,000/- (Rupees Forty Two Lakhs Only) as follows : Name of the Owner Amount Demand Draft No. RAVI %8,40,000/- _| 861160 ANAND.R %8,40,000/- 861161 _| PRABHAKAR.R | % 8,40,000/- 861162 BEERESH.R % 8,40,000/- 861163 DIVAKARA.R_ %8,40,000/- 861164 He Ted Ferenc tos For PRESTIGE PROJECTS PRIVATE LIMITED Booty Berghe A. deronehr uray, 2153, 16. 16.1 16.2 a7. page2r 2022 All the above Demand Drafts are dated 18/05/2023 and drawn on Kotak Mahindra Bank, Lavelle Road Branch, Bangalore, towards full payment of the IFRD the receipt of which is hereby acknowledged by the Owners. ‘The IFRD amount paid by the Developer to the Owners shall be recovered from the Distributable Revenue payable to the Owners in terms of Clause 6.15 above or in the alternative, the Owners shall pay back the IFRD amount against the handover of the OWNERS’ CONSTRUCTED AREA. The Owners shall also be entitled to surrender an extent of 1000 sqft. from out of OWNERS’ CONSTRUCTED AREA to the Developer in lieu of refund of the FRO in full settlement. DOCUMENTS OF TITLE ‘The Owners have earlier furnished to the Developer a set of copies of title deeds of the Schedule Lands. The Owners have this day deposited all the original title deeds in respect of the Schedule Lands with the Developer. Subject to Clause 17, upon completion of the development by the Developer and on formation of the apartment owners’ association the Developer shail be entitled to hand over the original title documents relating to the Schedule Lands to such apartment owners’ association. ‘The Owners assure and covenant with the Developer that their title to the Schedule Lands is clear and marketable and free from all encumbrances and that they have not agreed to sell whole or portions of the Schedule Lands with any third parties and have not executed any Power of Attorney or other agreements empowering any person/s to deal with the Schedule Properties. The Owners also assure that the sale of the Schedule Lands and/or portions thereof in terms of this Agreement shall be with encumbrance free marketable title of the Owners and free from all claims and demands. POWER TO RAISE LOANS: ‘The Developer shall, on execution of Allocation Agreement and/or on earmarking the areas falling to the share of the Owners, be entitled to obtain loan facilities and / or monetary funds from Banks, Financiers, Financial Companies and/or other Financial Institutions, required for development and construction of the Residential Apartment Building/s in the Schedule Property on the security of development rights of the Developer and by creating any charge / mortgage or other encumbrance on the DEVELOPER'S ENTITLEMENT. Further, there shall be no liability on the Owners in regard to any such debts or borrowings, interest, penalty etc and in the event of any defauit in repayment of any debt/borrowing incurred by the Developer, recovery shall be enforced only against the Developer ro) fe dolksh ni oh Ce W Beene fh Pe R.Aeramle — pieikax IESTIGE PROIEGTS PRIVATE LIMITEDf Doct. Ne. of) f Pagezs and their share of land and building. The power to raise loans by the Developer shall be restricted on the “DEVELOPER'S CONSTRUCTED AREA’ and “DEVELOPER'S ENTITLEMENT’, The Owners are not liable for any liability created by the Developer at any time, The Developer assures and covenants with the Owners that the liability so created by them as aforesaid will be fully met by them without making the OWNERS’ CONSTRUCTED AREA’ and/or the OWNERS’ ENTITLEMENT liable and responsible for the same and in the event of such claims, the Developer agrees to fully indemnify and keep the Owners indemnified from such claims and demands and protect them at all times in this regard, The Owners agree to provide reasonable co-operation and assistance to the Developer to give effect to the above understanding without being liable to extend any guarantee. In case of revenue sharing the borrowing by the Developer shall be against its share of revenue and the developer shall be entitled to deposit original title deeds with the lender 18. NAME OF THE PROJECT/BUILDINGS: The Residential Apartment Building to be developed on Schedule Lands shall be known by such name as the Developer may decide. 19. COMPLIANCE WITH LICENCE AND PLAN: In formation of layout and construction of the Residential Apartment Building/s and providing electricity, water and sewerage, environmental clearance and all other facilities and other amenities therein, the Developer shall duly observe the rules and regulations and the laws relating thereto. In developing and selling the - Project the Owners and the Developer shall also comply with provisions of Real Estate (Regulation & Development) Act, 2016 read with Rules (RERA) framed thereunder by the State of Karnataka. aad 20. ADDITIONAL wor! \ The Developer may at their discretion agree to execute additional items of work (other than those specified in the specifications annexed hereto) as required by the Owners on a separate and mutually agreed terms/and/or rates or that the Owners shall be at liberty to get any additional items of work done by their own agency only after possession is handed over to them by the Developer. The time taken for undertaking such additional work shall be added to the time stipulated for completion of construction of OWNERS’ CONSTRUCTED AREA’ stipulated above if the same is undertaken by the Developer. Oo brooks, For PRESTIGE PROJECTS PRIVATE LIMITED. she tu yr Banwh it Q. Berard Pik. Q~ tS 24. 22. 23. 24. Page 29, RIGHT OF THE OWNERS TO INSPECT THE CONSTRUCTION: The Owners and/or their authorised representative/s at all reasonable times shall with 24 hours prior notice to the Developer, have the right of inspection of the progress of work and quality of construction and require the Developer to rectify any errors or require the Developer to properly implement the work of OWNERS’ CONSTRUCTED AREA in the Schedule Lands. The decision of the Architect for the Project as to the quality of the material and work, the rate of progress of work and other related matters shall be final and binding on both the parties. DEFECT LIABILITY PERIOD: The Developer shall be responsible to the Owners to set right at its cost any defect in the construction of proposed apartments noticed upto a period of twelve months from the date of completion of the construction and delivery of the same. However small hair-line cracks in the plaster, masonry, door and windows shall not be considered as defects, ACQUISITION: If the entire Schedule Lands is acquired under any Law by the Government or other Authority under the law, then this Agreement shall stand terminated. Compensation payable for the full area of land shall be taken by the Owners in entirety and the compensation payable for development and construction made thereon by the Developer shall be taken by Developer in its entirety if the acquisition takes place before completion of 80% of development and construction. If the acquisition takes place beyond 80% of construction as aforesaid the compensation and other sums payable on the land and building and developments in Schedule Lands shall be shared in the ratio of 33% to the ‘Owners and 67% to the Developer. The Owners shall also be liable to refund the security deposit paid by the Developer. INTELLECTUAL PROPERTY RIGHTS: Neither this Agreement nor any of the terms of this Agreement shall be: a) construed or sought to be interpreted as authorising either Party to use the other Party's intellectual property rights; and b) understood or sought to be interpreted to permit either Party to use the other Party's logo, trade name, brand name, trade mark, service mark or copyright in any manner whatsoever save and except if agreed and recorded in writing. oy Rae rottot For PRESTIGE PROJECTS oo er Beenefh tai — A-Aman ——ipaverse aT UNATTED.