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DEVELOPMENT AGREEMENT CUM IRREVOCABLE GENERAL POWER

OF ATTORNEY

This Development Agreement cum Irrevocable General Power of

Attorney is executed on this Day of January, 2021 at Srikakulam, by
and in between:-
1) SRUNGARAM NAGESWARA RAO, S/o late Suryanarayana,
aged about 65 years, residing at D.NO:7-15-4/1, New Colony,
Srikakulam Town & Dist. Adhaar No.
2) SRUNGARAM PRASAD RAO, S/o Nageswara Rao, aged about
48 years, residing at D.NO:7-15-4/1, New Colony, Srikakulam Town &
Dist. Adhaar No.
3) SRUNGARAM SURYANARAYANA, S/o Nageswara Rao, aged
about 46 years, residing at D.NO:7-15-4/1, New Colony, Srikakulam
Town & Dist. Adhaar No.
Hereinafter called as the party of the “FIRST PART” which term
shall wherever the context so admits, mean and include their respective
heirs, legal representatives, administrators, executors, assigns, etc.,
AND
SARADA CONSTRUCTIONS, Srikakulam represented by its
Managing Partner GURUGUBELLI RAJU, S/o Syamalarao, aged about
35 years, Occupation: Business, residing in Flat No.501, Tirumala
Residency, LBS Colony, Srikakulam Town & Dist. Adhaaer:
Herein after called as party of the “SECOND PART” which term
shall wherever the context so admits, mean and include their respective
heirs, legal representatives, administrators, executors, assigns, etc.,
Whereas the Site owners/First part herein is the absolute owners
of the site admeasuring 418.39 Sq.yards or 349.828 Sq.meters in
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T.S.No.391 Part, Block No:4,D.no:7-15-4/1 situated at New Colony,

Chowka Ward, Srikakulam Town and Municipality, Srikakulam Mandal,
Srikakulam District having got the same through a Registered Partition
deed vide document No.2944/2004 registered in the office of the joint
Sub-Registrar, Srikakulam Hereinafter called the SAID PROPERTY.

Whereas the Site owners/First part has came to know the

experience of the Developer/Second part who had well experience in
construction of residential complexes and also having good will and
reputation the Site owners/First part approached the Developer/
Second part with a proposal to develop the schedule property for
construction of residential complex for mutual benefits and the
Developer/Second part has agreed to construct the residential complex
for construction of Stilt, Ground, First, Second, Third and Fourth Floors
on the site area of 418.39 Sq.yards or 349.828 Sq.meters of the
schedule property. Both parties are agreed for it for more beneficial
enjoyment of the same and the Developer/Second part who is having
requisite experience in construction field has agreed to develop the same
by investing his own funds and both parties have concluded this
development agreement cum Irrevocable G.P.A. on the terms and
conditions agreed in between them as mentioned hereunder.

NOW THIS DEVELOPMENT AGREEMENT-CUM-IRREVOCABLE

GENERAL POWER OF ATTORNEY WITNESSETH AS UNDER:-

1. That the party of the First Part/Site owners hereby declare that
except themselves, there are no other legal heirs or successors in
interest and claim over the said open land admeasuring of 418.39
Sq.yards or 349.828 Sq.meters in T.S.No.391 Part, Block
No:4,D.no:7-15-4/1 situated at New Colony, Chowka Ward,
Srikakulam Town and Municipality, Srikakulam Mandal,
Srikakulam District. The parties of the First Part further declare
and convent that the said property is free from all encumbrances,
mortgages, gift settlement, court orders or attachments and prior
agreements and all other encumbrances of whatsoever nature in
favour of anyone.
2. That the parties herein agreed that the parties of the Site
Owners/First Part shall be entitled for 45% of the total built-Up
area together with 45% undivided share of land, parking etc., at
present and in future and the remaining 55% of the total
constructed area together with proportionate 55% undivided share
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of land parking etc., shall be entitled by the party of the

Developer/Second part.
3. That the party of the Developer/Second part shall undertake the
construction of residential complex by investing his own money as
per approved plan and shall allot constructed area in all floors as
mentioned below to the parties of the Site owners/First part
together with proportionate undivided share of 45% of land.
4. The party of the Developer/Second part shall construct, Stilt,
Ground + 4 Upper Floors and shall be shared by each part as
45% : 55% of the complex.
5. All the said flats in the complex shall be of 2 & 3 Bed Room Flats.
The total proposed constructed area shall be approximately 16000
Sq.feet and the said complex to be named in the style of “
___________ RESIDENCY”.
6. The Site owners/First part shall not be entitled to interfere in the
construction activity in any manner or obstruct the
Developer/Second part in the construction work. However, they
are entitled to ensure the quality of construction in respect of the
flat as per the specification annexure enclosed to this development
agreement in addition to ensuring strict compliance of the
sanctioned plan in terms of proceedings enclosed therein.
7. The Developer/Second part shall construct with his own funds
and deliver the possession of 45% of built up area and 45%
parking area which includes common areas, balcony areas and
circulation areas to the Site owners/First Part in lieu of the
development rights granted to him by the Site owners/First Part.
The remaining property ie., 55% of built up area and 55% of
parking area shall be the property of the Developer/Second part
and the Developer/Second part has right to sell, alienate the
same to the prospective purchasers. The Developer/Second part
has reserve his right to construct further structure on the built up
area in future on obtaining approvals and share the same by both
parties as above mentioned ratio.
8. That the party of the Developer/Second part after construction of
residential flats as supra shall all the flats falling their shares of
the said complex and which shall be numbered in the following
manner along with undivided share of land including common
areas and parking as follows to the party of the Site owners/First
part:
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Sl.No. Flat Floor Name of the area in

No. Owner Sq.feet

1 102 Ground Floor First Party 950

2 201 First Floor First Party 950

3 203 First Floor First Party 1300

4 302 Second Floor First Party 950

5 401 Third Floor First Party 950

6 403 Third Floor First Party 660

7 502 Fourth Floor First Party 950

8 503 Fourth Floor First Party 490

Total :: 7200

And the party of the Developer/Second Part shall be entitled to

hold 55% of the remaining flats which shall be numbered in the following
manner and shall be entitled to enter into the agreement of sale ,
Mortgage and register the sale deeds in favour of the prospective
Customers.

Sl.No. Flat No. Floor Name of the Area in Sq.feet

Owner

1 101 Ground Floor Second Party 950

2 103 Ground Floor Second Party 1300

3 202 First Floor Second Party 950

4 301 Second Floor Second Party 950

5 303 Second Floor Second Party 1300

6 402 Third Floor Second Party 950

7 403 Third Floor Second Party 640

8 501 Fourth Floor Second Party 950

9 503 Fourth Floor Second Party 810

Total :: 8800
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The part of the Site owners/first part is entitled to 7,200 Sq.feet

out of total floor area of 16000 Sq.feet and undivided and unspecified
land admeasuring 188.276 Sq.yards. The part of the
Developer/Second part is entitled for 8800 Sq.feet out of 16000
sq.feet and undivided and unspecified share of 230.114 Sq.yards out of
total extent 418.39 Sq.yards towards their respective shares.
9. The entire cost of the construction of the Residential Apartment till
it is completed and all costs of proceedings in relation to the
proposed construction shall be borne by the Developer/Second
Part only and the First Part shall have nothing to do with the
same. The First Part shall not held responsible for any loss or
damage sustained by the Developer/Second Part during the
construction and shall not be liable for any compensation,
penalties and fines payable to anyone or any authority for any
injury or loss of life if caused during construction work.

10. The party of the Developer/Second Part is entitled to

construct the building. Due to any structural or practical
problems/in-conveniences some minor alterations or amendments
can be done which may slightly effect the measurements of the
flats stated above. However the allotment of the flats shall not be
effected and remains same and also all such alterations are
deemed to be accepted by the parties of the Site owners/First
Part and Developer/Second Part and difference area if any
compensated by the beneficiary to the looser.
11. That the parties herein agreed that in case the parties of the
Site owners/First Part intend to have any changes from the
specifications enclosed to this agreement, in respect of their
allotted flats the parties of the Site owners/First Part shall liable
to bear the difference of cost.
12. The part of the Developer/second part by investing his own
amount shall apply and obtain necessary permission, sanctions
etc., from concerned Municipality, Electricity, and other public
authorities and Departments etc., and shall provide separate
transformer as required to this complex and both parties share the
amount as per their ratio.
13. That the party of the Developer/Second part shall alone be
responsible and liable for any defect in construction or claims from
any of the prospective buyer and parties of the Site owners/First
Part of the said residential complex or objections raised by the
concerned authorities and departments with regard to nature of
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construction and the parties of the Site owners/First Part shall

not be responsible and liable for the same and absolved from all or
any such liabilities.
14. The parties of the Site owners/First Part shall alone be
responsible and liable for any defect in their title or claim from any
of the Third Parties with regard to the right of title in respect of the
said schedule of property and agreed and undertake with the party
of the Developer/Second part that the event of any such claim or
objections raised by any of the Third parties with regard the title,
they shall alone be responsible to settle all such claims to have
clear valid marketable title to the party of the Developer/second
part or its purchasers.

15. The parties of the Site owners/First Part shall be liable to

pay all bills taxes etc. to all the concerned authorities up to the
date and shall handover all such proof of documents to the party of
the Developer/Second part and first part has handover vacant
and peaceful possession of the schedule of property to the party of
the second part and to enable the party of the second part to
undertake the development of the construction of the proposed
residential complex.
16. The parties of the Site owners/First Part herein shall
produce all the original title deeds to the party of the second part
to enable the party of the second part to produce the same to all
the concerned authorities for obtaining necessary permissions,
sanctions and also to enable the prospective purchaser to have a
clear valid title and also to obtain necessary loans from Banks and
other financial institutions. But the Developer/Second Part shall
not create charge or mortgage, pledge the property or documents
with any Bank or financial institutions for obtaining loan for
construction or any other purpose and the Site owners/First Part
has not given any permission for the same.
17. The parties of the Site owners/First Part hereby further
agree and undertake that after completion of the construction of
the said residential complex while taking delivery of symbolic
possession of their right of share, the parties of the Site
owners/First Part shall handover all the original title deeds to the
party of the second part and the party of the second part shall not
entitled to withhold the same on completion of construction it shall
be handed over to the concerned Residential Flats Owners
Associations who shall keep custody of all the title deeds.
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18. The parties of the Site owners/First Part shall join

themselves as Member of the proposed residential society and shall
abide by the rules and regulations of the Society for maintaining
the schedule property.
19. The parties herein agreed that the party of the
Developer/second part shall construct the proposed residential
apartment within a period of 18 months with grace period of 3
months from this date and shall handover the respective areas to
the parties of the Site owners/First Part. In failure to handover
the Flats by the Developer/Second part in the above said period to
the Site owners/First Part and the Developer/Second part is
agreed and accepted to pay Rs.5,000/- per month on the share of
the Site Owners/First Part.

20. That the parties herein agreed that in case the construction
is stopped by reason of claims from any of the third parties in
respect of title of parties of Site owners/First Part to schedule
property or from the orders of any of the departments or from the
Court orders, such period is excluded.
21. That the party of the Site Owners/First Part has handed
over vacant and peaceful possession of the schedule property to
the party of the Developer/Second part.
22. That any profit or loss from the said constructed areas and
any taxes liable to be paid to any of the concerned authorities out
of profits is restricted only to the party of the second part and the
parties of the first part shall not be entitled and liable for the same.

23. The Site Onwers/First Part authorizes empower the

Developer/Second part to do the following:-
a) To institute, sign, file suits, petitions, plaints, appeals writs or
any other legal proceedings in respect of the schedule property
and to defend the Principals in all courts, quasi judicial
authorities, civil or criminal or in the High Court of Andhra
Pradesh or in the Supreme Court of India and to sign and verify
all Applications, Affidavits, Appeals, Plaints, Petitions, Vakalats
etc., from time to time and give evidence in court of law on
behalf of the Principals and to effect compromise in all such
legal proceedings to safe guard the right of the Principal and
due consultation and intimation to the land owners ie., Site
owners/First Part.
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b) To advertise the project for sale in such a manner as may our

attorney shall feel necessary and to solicit such customers for
the purpose of selling the flats.
c) To handover peaceful and vacant possession to the respective
purchasers of the flats after registration.
d) Tot do all acts things as may be incidental or necessary to do
for transfer of the above said property to the respective
purchasers as fully and effectively in all respects.
24. It is further agreed that in case of any encumbrances or
changes are found on the schedule property and in case of
disputes arise regarding the title of the owners and possession over
the schedule property, the parties of the first party agreed to
indemnify the parties of the second party in respect of all expenses
and damages incurred by them and such period of delay will be
executed.
25. In case of any of the legal heirs or third parties claim, any
right in the said property such claim shall be settled out of the
share allotted to the Site owners/First part only and the
Developer/Second part share of built up area or unspecified and
undivided land shall not be affected.
26. Both the parties hereby agree to enter into supplementary
agreements in the event of such contingency etc., for clarification
of necessary clauses of this agreement or to meet the needs of the
time but such supplementary agreement shall be in conformity
with the support of this main agreement.

27. The party of the Site owners/First Part do hereby appoint

SARADA CONSTRUCTIONS, SRIKAKULAM represented by its
Managing Partner GURUGUBELLI RAJU, S/o Syamalarao as their
true and lawful General power of attorney on its behalf in respect
of sale agreements undivided and unspecified share of 230.114
Sq.yards out of total extent 418.39 Sq.yards which is 55% out of
total area of the schedule property and the attorney shall be
entitled to do or cause to be done all the following acts, deeds and
things etc., on behalf of Site owners/First Part.
28. The party of the Site owner/First Part authorize the said
attorney to enter into agreements of execute the sale deed(s) and to
admit, receipt of the sale consideration and to do any act, deed or
things as may be necessary to complete the registration of the sale
deed or deeds in respect of built up area of 8800 Sq.feet out of
total built up area of 16000 sq.feet and undivided share of
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230.114 Sq.yards out of total extent 418.39 Sq.yards areas of

schedule mentioned property which has been allotted to the party
of the Developer/Second part. The Site owners/First Part is at
liberty to execute the agreements, sale deeds in favour of third
parties for his undivided share of land an extent of 188.276
Sq.yards out of total extent of 418.39 Sq.yards and floor area of
7200 Sq.feet out of total floor area of 16000 Sq.feet and the
Developer/Second part has no objection for the same.

29. The Developer/Second part entitled to sign all the papers

sale deed or sale deeds, agreement of sale or any other deed of
transfer and present the same before the registering authority in
land owners name and on land owners behalf in respect of built up
area of 8800 Sq.feet out of total built up area of 16000 sq.feet
and undivided share of 230.114 Sq.yards out of total extent
418.39 Sq.yards areas of schedule mentioned property.
30. To receive the sale consideration in full or in part as the case
may be with respect to the 55% of the Developer/Second part.
31. To sign, file, petition, affidavits and other papers in Govt.
Semi Govt.Officers in furtherance of the before said purposes.
32. The above mentioned parties of the Site Owners/First Part
does hereby agree and declare that all deeds and things lawfully
done, executed or performed by the said General Power of Attorney
for purposes mentioned herein shall be valid and binding on the
parties of the first part as if done by the parties of the first part
personally which they undertake to ratify and confirm wherever
required.
33. The Developer/Second part shall obtain necessary
permissions and sanctions ie., Drainage, Water, Works, Electricity
Board and Transformer connections etc., and the Site
Owners/First Part shall sign all the papers towards obtaining
sanctions and permissions if necessary.
34. The Site owners/First Part shall handover all the original
title deeds of the above said property to the second party to
produce them to concerned authorities for obtaining necessary
permissions and sanction. It is specifically agreed by the
Developer/Second Part that it shall not encumber, mortgage or
alienate the property or otherwise misuse the original title deeds.
However, the prospective purchasers shall be entitled to obtain
loans in respect of the flats purchased by them either from the first
party or second party. After work is completed the
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Developer/Second part shall hand over the said original

documents to the flat owners association.

35. The parties of the Developer/second part or their nominee

or nominees are at liberty to enter into the schedule mentioned
property, show the land and enter into agreements of sale with the
third parties/intending purchasers and to demarcate the land,
building of compound wall and other development purposes,
prepare plans and also to submit the layout to the concerned
authorities for electricity, digging bore wells, telephone and
electrical connections etc., at the expenses of the parties of the
Developer/Second part.

36. In case of any disputes arises between the parties hereto

touching these presents the matter shall be referred to the
Arbitrator one chosen by each party under the Arbitration Act and
in case of any difference of opinion between such Arbitrators, they
shall nominate a common umpire and their award shall be final
and binding on both the parities and relevant provisions of the
Arbitration Act shall apply.
37. To compound and compromise any litigation in respect of
scheduled property.
38. To deliver the possession of land and built up area and
parking areas to the intending purchasers for the undivided shares
allotted to the party of the Site owner/First part and
Developer/Second part shares.

SCHEDULE “A” PROPERTY

All that the open land an extent of 418.39 Sq.yards or 349.828
Sq.meters covered by T.S.No.391 Part, Block No:4,D.no:7-15-4/1
situated at New Colony, Chowka Ward, Srikakulam Town and
Municipality, Srikakulam Mandal, Sub-Registrar, Srikakulam District
measurements and boundaries for the total document extent as under.
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Bounded by:-
East : Attada Krishna Murty Naidu's Property
South : Schedule "B" Property
West : New Colony Municipal Road
North : Attada Krishna Murty Naidu's Property

SCHEDULE “B” PROPERTY

All that the proposed construction of Residential Building Complex

in the name and style of “ ” in open land an extent
of 418.39 Sq.yards or 349.828 Sq.meters covered by T.S.Nos.391 Part,
Block No:4,D.no:7-15-4/1 situated at New Colony, Chowka Ward,
Srikakulam Town and Municipality, Srikakulam Mandal, Sub-Registrar,
Srikakulam District, consisting of Stilt, Ground + 4 Upper Floors.

Bounded by:-
East : Attada Krishna Murty Naidu's Property
South : Schedule "B" Property
West : New Colony Municipal Road
North : Attada Krishna Murty Naidu's Property

SPECIFICATIONS

Main Door : Main Doors Teak wood frame Teak wood flushed
shutter.

Plastings : Cement mortar with smooth finish.

Doors : The Door and shutters are paneled country

wood and water resistant flush door shutters and
painted two coats enamel paint.

Windows : UPVC windows

Floorings : 24X24 Vitrified Flooring

Toilets : Glazed Ceramic tiles dado upto 5’-0’ height with

sanitary with concealed piping.

Kitchen : Polished granite kitchen platform, sink & glazed

ceramic tiles dado upto 2’-0’ height above the
platform.

Water supply : 24 hours water supply from bore well.

Paintings : External: Emulsion paint

Internal: Two coats Emulsion paint.
All doors and windows one coated primer and 2 coats
knifing filler (putty) and two coats of enamel paint.

Lift : Six passengers lift.

Electrical : Standard I.S.I., Branded Cable.

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The built up area of the Site owners/first part is 7200 Sq.feet and
the value of the same is Rs.___________/-.
The built up area of the Developer/Second part is 8800 Sq.feet
and the value of the same is Rs.___________/-.
The site area of the Site owners/First Part is 188.276 Sq.yards
and the value of the same is Rs._____________ /-.
The site area of the Developer/Second Part is 230.114 Sq.yards
and the value of the same is Rs._____________ /-.
The total built up area is 16000 Sq.feet and the value of the same
is Rs._______________/-
Parking area of 2250 Sq.feet provided in the stilt and the value of
the same is Rs._________/-
Total site area is 418.39 Sq.yards and the value of the same is
Rs._________/-
The deficit stamp duty of Rs._________/- registration fee of
Rs._____________/- and user charges of Rs.____________/- in total a sum
of Rs._____________/- is deposited under the challan dated . .2021 In
CFMS
In witness whereof both parties have signed on this Development
Agreement cum irrevocable General Power of Attorney on this ____day of
, 2021.
1)

2)

3)

SITE OWNERS/FIRST PART DEVELOPER/SECOND PART

Witnesses:

1.

2.

Drafted by:-