AGREEMENT FOR SALE

This Agreement for Sale (“Agreement”) executed on this 27th day of December, 2020,

By and Between

Mr. Priyank Sharma, having its registered office at A-15 Lajpat Nagar, New Delhi with builder’s
license number 343 of 2015, hereinafter referred to as the “Builder”

Mr. Shyam Sharma, aged about 27 years, residence at B-27 Bhogal, Jangpura, New Delhi,
hereinafter referred as the “Owner”

The Builder and the Owner shall hereinafter collectively be referred to as the “Parties” and
individually as a “Party”.

WHEREAS:

A. The Owner is the absolute and lawful owner of plot number B-38 located at Bhogal,
Jangpura, New Delhi (“Said Plot”) vide sale deed(s) dated 27/12/2019 registered as
documents no. 40441(1) at the office of the Sub-Registrar, New Delhi;
B. This land is earmarked for the purpose of building a residential project, comprising of four
bedrooms, two halls and a kitchen (“Work”) at Plot No. B-38 of the said project shall be
known as ‘Project.’
C. The Owner is fully competent to enter into this Agreement and all the legal formalities with
respect to the right, title and interest of the Owner regarding the Said Land on which Project
is to be constructed have been completed;
D. The Owner to pay Builder the total amount of Rs. 50 lakhs (“Contract Price”) in cash for the
Work, 20% of which was agreed to be paid in advance.
E. The parties agrees that the work shall start on 10 January 2021, and completed by 10 June,
2021 upon the completion of which the builder has to notify the owner that the work is ready
for final inspection after which the Owner shall make payment within 20 days of final
inspection.
 F. The Parties has agreed that the Builder shall provide and pay for all labor and equipment,
including tools, construction equipment, machinery, transportation and all other facilities and
services, and all materials necessary for the completion of the Work.
G. The parties has agreed that any dispute arising out of the agreement shall be resolved through
arbitration under the AIAC Rules.
H. The parties choose the law governing the arbitration agreement to be the Arbitration and
Conciliation Act, 1996 with the seat of arbitration at New Delhi, India.

The Parties have gone through all the terms and conditions set out in this Agreement and
understood the mutual rights and obligations detailed herein. The Parties hereby confirm that they
are signing this Agreement with full knowledge of all the laws, rules, regulations, notifications,
etc., applicable to the Project;

A. The Parties, relying on the confirmations, representations and assurances of each other to
faithfully abide by all the terms, conditions and stipulations contained in this Agreement and
all applicable laws, are now willing to enter into this Agreement on the terms and conditions
appearing hereinafter;
B. In accordance with the terms and conditions set out in this Agreement and as mutually agreed
upon by and between the Parties, the Owner hereby agrees to make payment and the Builder
hereby agrees to start the work as specified in para E.

NOW THEREFORE, in consideration of the mutual representations, covenants, assurances,

promises and agreements contained herein and other good and valuable consideration, the Parties
agree as follows:

1) TERMS:

a) The parties agrees and undertakes that on failure on part of Owner to payment, notice will be
served in writing by the Builder. However, if the owner fails to make payment for a period
exceeding 60 days, the Builder would be entitled to terminate the agreement and forfeit the amount
paid.

b) The parties agrees that in case of default by Builder in completing construction milestones,
Owner would have right to defer payment till the default is rectified, or terminate the agreement
c) The parties agrees that the notice of termination of the agreement has to be served in writing, 30
days prior to such termination.

d) The parties agrees that in case any structural defeat or any other defeat in workmanship, quality
or provision of services or any other obligation of the builder, the owner can issue notice of such
defeat to the builder within 2 years of date of completion of work.

e) The parties agrees that the builder would be responsible to rectify such defeats within reasonable
time and the buyer would be entitled to receive compensation for failure of builder to rectify
defects.

f) The parties further agrees that in case of any provision of the agreement being declared void or
unenforceable, the remaining provisions would continue to be valid and enforceable.

Explanation:

1.  The Total Price above includes the advance paid by the Owner to the builder towards the
Work.
2. Provided that in case there is any change / modification in the taxes, the subsequent amount
payable by the Owner to the Builder shall, be increased/reduced based on such change /
modification:

Provided further that if there is any increase in the taxes after the expiry of the scheduled date of
completion of Work as per registration with the Authority, which shall include the extension of
registration, if any, granted to the said project by the Authority, as per the Act, the same shall not
be charged from the Owner;

3. Upon completion of the Work, Builder must notify Owner that the Work is ready for final
inspection and Owner would then make the final payment within 20 days after final
inspection.
4. The Owner shall make the payment as per the payment plan set out in Schedule B
(“Payment Plan”).
5. On failure on part of Owner to payment, notice will be served in writing by the Builder.
However, if the Owner fails to make payment for a period exceeding 60 days, the Builder
would be entitled to terminate the agreement and forfeit the amount paid. Such a Notice of
 termination of agreement by either party was agreed to be served in writing 30 days prior to
such termination.
6. The Owner has paid a sum of Rs. 10,00,000/- (Rupees Ten Lakhs only) as advance towards
the Total payment for the Work, the receipt of which the Builder hereby acknowledges and
the Owner hereby agrees to pay the remaining price of the Work as prescribed in the
Payment Plan [Schedule B] as may be demanded by the Owner within the time and in the
manner specified in Clause
7. Provided that if the owner fails to make payment, notice will be served in writing by the
Builder. However, if the Owner fails to make payment for a period exceeding 60 days, the
Builder would be entitled to terminate the agreement and forfeit the amount paid.

2) MODE OF PAYMENT:

Subject to the terms of the Agreement and the Builder abiding by the construction milestones, the
Owner shall make the remaining payment (80 % of Contract Price) in cash, on notification by the
Builder of the completion of work , after final inspection, within 20 days of such final inspection
through check or a demand draft.

3) ADJUSTMENT/APPROPRIATION OF PAYMENTS:

The Owner authorizes the Builder to adjust/appropriate all payments made by him under any
head(s) of dues against lawful outstanding of the Owner against the Apartment, if any, in his name
and the Owner undertakes not to object/demand/direct the Builder to adjust his payments in any
manner.

4) TIME IS ESSENCE

The Builder shall abide by the time schedule for completing the project as agreed of the project
with the Authority and towards handing over the Apartment to the Owner and the common areas to
the association of Owners or the competent authority, as the case may be.

5) CONSTRUCTION OF THE PROJECT:

The Owner has seen the proposed layout plan, specifications, amenities and facilities of the
Apartment and accepted the floor plan, payment plan and the specifications, amenities and
facilities which has been approved by the competent authority, as represented by the Builder. The
Builder shall develop the Project in accordance with the said layout plans, floor plans and
specifications, amenities and facilities. Subject to the terms in this Agreement, the Builder
undertakes to strictly abide by such plans approved by the competent Authorities and shall also
strictly abide by the bye-laws, FAR and density norms and provisions prescribed by the Town &
Country Planning and shall not have an option to make any variation /alteration / modification in
such plans, other than in the manner provided under the Act, and breach of this term by the Builder
shall constitute a material breach of the Agreement.

6) FORCE MAJEURE CLAUSE

6.1 The Builder assures to hand over possession of the Apartment along with ready and complete
common areas with all specifications, amenities and facilities of the project in place on 10 th June
2021 unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any
other calamity caused by nature affecting the regular development of the real estate project (“Force
Majeure”).
6.2 If, however, the completion of the Project is delayed due to the Force Majeure conditions then
the Owner agrees that the Builder shall be entitled to the extension of time for delivery of
possession of the Apartment, provided that such Force Majeure conditions are not of a nature,
which make it impossible for the contract to be implemented.
6.3 The Owner agrees and confirms that, in the event it becomes impossible for the Builder to
implement the project due to Force Majeure conditions, then this allotment shall stand terminated
and the Builder shall refund to the Owner the entire amount received by the Builder from the
allotment within 45 days from that date.
6.4 The Builder shall intimate the Owner about such termination at least thirty days prior to such
termination. After refund of the money paid by the Owner, the Owner agrees that he/ she shall not
have any rights, claims etc. against the Builder and that the Builder shall be released and
discharged from all its obligations and liabilities under this Agreement.

7) TERMINATION:
7.1 Subject to the Force Majeure clause, the Builder shall be considered under a condition of
Default, in the following events:
(i) Builder fails to provide ready to move in possession of the Apartment to the Owner within the
time period specified in para 3 or fails to complete the project within the stipulated time disclosed
at the time of registration of the project with the Authority. For the purpose of this para, 'ready to
move in possession' shall mean that the apartment shall be in a habitable condition which is
complete in all respects including the provision of all specifications, amenities and facilities, as
agreed to between the parties, and for which occupation certificate and completion certificate, as
the case may be, has been issued by the competent authority;
(ii) Discontinuance of the Builder’s business as a developer on account of suspension or revocation
of his registration under the provisions of the Act or the rules or regulations made thereunder.
7.2 In case of Default by Builder under the conditions listed above, Owner is entitled to the
following:
(i) Owner would have right to defer payment till the default is rectified; or,
(ii) Owner would have right to terminate the agreement. Notice of termination of agreement is
required to be served in writing 30 days prior to such termination.
7.3 The Owner shall be considered under a condition of Default, in case the Owner fails to make
the payment as per the Payment Plan annexed hereto, despite having been issued notice;
7.4 In case of Default by Owner under the conditions listed above for a period exceeding 60 days,
after notice from the Builder in this regard, the Builder would be entitled to terminate the
agreement and forfeit the amount paid. Provided that the notice of termination of agreement is
required to be served in writing 30 days prior to such termination.

8) MAINTENANCE OF THE PROJECT:

The Builder shall be responsible to provide and maintain essential services in the Project until the
taking over of the maintenance of the project by the association of Owners upon the issuance of the
completion certificate of the project. The cost of such maintenance has been included in the Total
Price of the Project
9) DEFECT LIABILITY:
It is agreed that in case any structural defect or any other defect in workmanship, quality or
provision of services or any other obligations of the Builder as per the agreement for sale relating
to such development is brought to the notice of the Builder within a period of 2 (two) years by the
Owner from the date of handing over possession, it shall be the duty of the Builder to rectify such
defects without further charge, within reasonable time, and in the event of Builder’s failure to
rectify such defects within such time, the aggrieved Owners shall be entitled to receive appropriate
compensation in the manner as provided under the Act.

10) COMPLIANCE OF LAWS, NOTIFICATIONS ETC. BY PARTIES:

The Parties are entering into this Agreement for the allotment of an Apartment with the full
knowledge of all laws, rules, regulations, notifications applicable to the project.
11) ADDITIONAL CONSTRUCTION:
The builder has no right to make additions or to put up additional structure(s) anywhere in the
Project after the building plan, layout plan, sanction plan and specifications, amenities and
facilities

12) ENTIRE AGREEMENT:

This Agreement, along with its schedules, constitutes the entire Agreement between the Parties
with respect to the subject matter hereof and supersedes any and all understandings, any other
agreements, allotment letter, correspondences, arrangements whether written or oral, if any,
between the Parties in regard to the said apartment/plot/building, as the case may be.

13) RIGHT TO AMEND:

This Agreement may only be amended through written consent of the Parties.

14) SEVERABILITY:

If any provision of this Agreement shall be determined to be void or unenforceable under the Act
or the Rules and Regulations made thereunder or under other applicable laws, such provisions of
the Agreement shall be deemed amended or deleted in so far as reasonably inconsistent with the
purpose of this Agreement and to the extent necessary to conform to Act or the Rules and
Regulations made thereunder or the applicable law, as the case may be, and the remaining
provisions of this Agreement shall remain valid and enforceable as applicable at the time of
execution of this Agreement.

14) PLACE OF EXECUTION:

The execution of this Agreement shall be complete only upon its execution by the Builder through
its authorized signatory at the Builder’s Office, or at some other place, which may be mutually
agreed between the Builder and the Owner, in Delhi after the Agreement is duly executed by the
Owner and the Builder or simultaneously with the execution the said Agreement shall be registered
at the office of the Sub-Registrar at Delhi(specify the address of the Sub Registrar). Hence this
Agreement shall be deemed to have been executed at Delhi.

15) GOVERNING LAW:

15.1 That the rights and obligations of the parties under or arising out of this Agreement shall be
construed and enforced in accordance with the Act and the Rules and

15.2 Regulations made thereunder including other applicable laws of India for the time being in
force.

16) DISPUTE RESOLUTION:

16.1 All or any disputes arising out or touching upon or in relation to the terms and conditions of
this Agreement, including the interpretation and validity of the terms thereof and the respective
rights and obligations of the Parties, shall be settled amicably in accordance with the AIAC
Arbitration Rules.

16.2 The seat of arbitration shall be New Delhi.

16.3 The language to be used in the arbitral proceedings shall be English. This contract shall be
governed by the substantive law of India.

16.4 Before referring the dispute to arbitration, the parties shall seek an amicable settlement of that
dispute by mediation in accordance with the AIAC Mediation Rules as in force on the date of the
commencement of mediation.

IN WITNESS WHEREOF parties hereinabove named have set their respective hands and signed
this Agreement for Sale at Delhi in the presence of attesting witness, signing as such on the day
first above written.

SIGNED AND DELIVERED BY THE WITHIN NAMED:

Builder:

(1)  Signature __________________________

Name _____________________________
Address ___________________________

SIGNED AND DELIVERED BY THE WITHIN NAMED:

Owner:

(1)  Signature __________________________

Name _____________________________

Address ___________________________

WITNESSES:
1.Signature __________________________

Name _____________________________

Address ___________________________

2.Signature __________________________

Name ______________________________

Address ___________________________

Schedule- A- Description of the plot of land

1 Address of property B-38 located at Bhogal, Jangpura, New Delhi,

 2 Dimensions
3 Boundaries of the property

Schedule B- Payment plan

Schedules for payment Payment percentage

January 10, 2021 10,00,000Rs
Within 20 days of final inspection 40,00,000Rs