Tutorial III

Agreement of Sale
 
Submitted by
Manasi Dicholkar

Division A
Roll No: 17010323024
Class: 2017-2022, SEM IX

Symbiosis Law School, Hyderabad

Symbiosis International University, Pune

In
Month: October
Year: 2021

Under the guidance of

Dr. Anita Sable
Professor for Drafting, Pleading and Conveyance
Symbiosis law School, Hyderabad.
 AGREEMENT OF SALE

This Property Sale Agreement is entered into on October 11, 2021 at Ghansoli, Navi
Mumbai.

BETWEEN

Hemant Dicholkar,
54, Business, PAN No: BA43906783, S/o. Late Vishwanath Dicholkar, R1 1008 Aurum Q
Parc, Thane-Belapur Road, MIDC, Opposite RCP, Ghansoli, Navi Mumbai, Maharashtra -
400710, IN (Hereinafter referred to as "Vendor"), such phrase shall also imply and include
his successors and allowed assigns unless the meaning or context otherwise requires).

AND

Mr. Jayesh Patel,

Age: 40 years, Occupation: Service, PAN No. CPU 3245679, S/o Dhirubhai Patel, Address:
A-102 Avani Apartments, plot no 20, Sector 3, Ghansoli, Navi Mumbai, Maharashtra-
400701, IN (“hereinafter referred to as Purchaser, which expression shall also mean and
include his successors and permitted assigns unless repugnant to the meaning or context
thereof”).

WHEREAS the Vendor is the sole owner of the Immovable Property Apartment No. 2106.
on the twenty-first floor of the multi-storeyed Apartment tower known as "Purab Heights,"
which has a super built-up area of 1204 square feet and 523 square feet, with an undivided
share, right, title, and interest in the composite property being the converted land bearing
Municipal No. 314/8, located on T Gharpure Rd, Charni Road East, (This Agreement's
Schedule A has a more detailed description of the composite property.)

Whereas, the Vendor bought the Schedule Property in title from the developer by means of
Registered Sale Deed No. 51 2001-02, dated 22.03.2002, in Book-I, at the Office of the Sub
Registrar, Shivaji Nagar, Mumbai.
AND WHEREFORE Purchaser wishes to buy the composite property offered for sale by the
Vendor on the following terms and conditions. “in consideration for the mutual promises and
other value exchanged by the parties as set forth herein, the parties, agree to be legally bound,
agree as follows”:
1. That the total consideration for the transfer of Schedule "B" & "C" Property is agreed at
Rs. 85,00,000/- (Rupees Eighty-Five Lakhs Only) which the PURCHASER will pay to the
VENDOR, before the mentioned witnesses. The VENDOR hereby acknowledges the receipt
of the same in the presence of the witnesses signing this agreement.
a. Rs.10,00,000/-(Rupees Ten lakh Only) by online account transfer, transaction
reference No:ABC18321745, on the 10th Day of September in 2021, drawn in Axis
Bank, MIDC Road Branch, in favour of Mr. Hemant Dicholkar
b. Rs.15,00,000/- (Rupees Fifteen Lakhs Only) by online account transfer within two
months, from the day of execution of this agreement of Sale i.e., 11th October,2021,
Drawn in Axis Bank, MIDC Road Branch in favour of Mr. Hemant Dicholkar
c. The TDS as per Income Tax Act, 1961 deducted for payment towards sale
consideration and shall be deductible from the total settlement of Sale Consideration,
The Purchasers Bank is obligated to deposit the TDS amount and provide the
certificate to enable the vendor to claim the TDS.
d. That the PURCHASER has agreed to pay the remaining balance. consideration
amount of Rs.60,00,000/-(Rupees Sixty Lakhs Only)on or before day of registration.

2. The Sale Deed shall be executed and registered in favour of the PURCHASER or in favour
of his nominees within 21st December 2021 and is set as final date. This Agreement becomes
null and void after the said period of 21 st December 2021, unless extended by mutual consent
of both parties. The PURCHASER will pay the full remaining amount to the VENDOR on
the date of registration and execution of the Sale Deed and The VENDOR has agreed to
handover vacant possession of the mentioned apartment at the time of execution and
registration of the sale deed.
3. The VENDOR shall agree to hand over the No Objection Certificate from bank along with
the Original Sale Deed, Allotment Letter and all other documents and correspondence in
respect of purchase of the said flat including those received from M/S.Gami Constructions
Pvt.Ltd, to the PURCHASER.
4. The VENDOR shall convey the Schedule Property free from all encumbrances,
attachments, court proceedings charges kind and pay all taxes due up to the date of sale.
Vendor shall provide encumbrances certificate up-to-date to the PURCHASERS. The
VENDOR shall pay any “maintenance charges, water charges, electricity bills and any other
bills raised against the scheduled property by the Builder/Resident's Welfares Association
until the date of registration of sale deed”. This has been agreed upon between the VENDOR
and the PUCHASER that the VENDOR will bear and pay the maintenance to the Apartment
Association pertaining till the date of registration of deed of sale. The VENDOR will need to
pay NOC related charges to Apartment Association and obtain NOC before the registration of
deed of sale and handover the same to the PURCHASER. Also, any bill (electricity, water,
maintenance) raised even after the registration of sale deed but pertaining to the period before
the date of registration needs to be paid on pro-rate basis by the VENDOR.
5. The PURCHASER or his nominees shall bear the stamp duty and registration charges and
other Incidental charges in respect of the sale deed for the Schedule C Property.
6. Provided that there is no issue of legality, and the VENDOR has provided all necessary
documents including encumbrance certificate to prove absolute ownership and possession of
the PROPERTY, If any side decides to retract from this transaction and does not make
payments or execute the documents, they will be liable for a penalty of an amount of Rs.
3,00,000/- (Rupees Three Lakhs Only). Specifically, if the VENDOR backs out from the
transaction, the VENDOR shall return all payments received as an advance (including TDS
paid by PURCHASER) and also pay Rs. 3,00,000/- (Rupees Three Lakhs Only) as penalty. If
the PUCHASER backs out, or does not complete the entire transaction in the timelines
envisaged, provided the Vendor provide all necessary documents, The PURCHASER will
forfeit Rs. 2,00,000/- (Rupees Two Lakhs Only) as penalty. In case of mutual termination, all
payments (without any interest) from either side should be completed within 15 days.

7. VENDOR’S OBLIGATIONS
a. The Vendor certifies that all information supplied is correct. 
a. The Vendor certifies that all information supplied is correct. 
c. Vendor has the legal authority to engage into and execute this Agreement.
d. The VENDOR has consented to execute the Sale Deed in favour of the PURCHASER or
his nominees or assigns, as the case may be, and has agreed to execute and perform any acts
and deeds that may become required for the successful completion of the Sale Deed.
a. The VENDOR further confirms that previous to this sale agreement, he has not entered
into any agreement or GPA with anybody else, and that the Property is free of all
encumbrances.
f. The Vendor warrants that there are no pending court cases or taxes against the property,
and the VENDOR agrees to produce current property taxes and any other relevant documents
as requested by the Sub Registrar for the purpose of registration of the conveyance deed, as
well as all original documents at the time of registration.
g. The Vendor has informed the Purchaser of any existing problems with the Property of
which the Vendor is reasonably aware, and that there are no intentionally concealed flaws on
the Property. At the time of delivery, the Vendor will supply the Purchaser with all
spare/duplicate keys to the Property.
h. Upon receipt of the above-mentioned price, the Vendor shall supply the Purchaser with all
paperwork related to the ownership and transfer of the Property.
i. The Vendor shall provide all assistance in transferring the property to the Purchaser's name.
j. The Vendor is not responsible for any future problems, natural wear and tear, or defects
unless the flaws were purposefully concealed or the Purchaser provided a guarantee to the
Vendor.

8. THE PURCHASER'S OBLIGATIONS

a. The Purchaser agrees to pay the Seiler the agreed-upon amount as stated in the Agreement
of Sale. 
b. The Purchaser certifies that all information given is correct.
c. The Purchaser certifies that he is fully aware of the Property's history as well as any
present flaws. 
d. The Purchaser has inspected the Property and accepts it in its current condition.

“IN WITNESS WHEREOF, the parties hereto have executed this agreement on October 11,
2021.”

SCHEDULE OF PROPERTY

All that portion forming a one-bedroom hall kitchen flat on the 21 st floor in block 3
measuring 900 sq ft consisting of (70 sq ft of common area) along with an undivided land of
830sq ft and a reserved parking space for a single four-wheeler/two-wheeler measuring 95 sq
ft located on the ground floor of the Purab Heights, T Gharpure Rd, Charni Road East, Path,
Mugbhat, Girgaon, Mumbai, Maharashtra 400004
NORTH: 25’ Wide Corridor
SOUTH: Flat no: 2107
EAST: open to sky
WEST: Flat no:2106

“IN WITNESS WHEREOF, the VENDOR and PURCHASER herein have put their
respective signatures to this Agreement of Sale on the day, month and year mentioned above
in the presence of the following witnesses.”

Hemant Dicholkar ("Vendor")

Email: hdicholkar@gmail.com
Date:
Signature

Mr. Jayesh Patel ("Purchaser")

Email:jpatel@gmail.com
Date:
Signature
WITNESS-1

Name: Akanksha Yerunkar

Address: Tower 2- 2107,Dalamal Co-op housing society, Cuffe Parade, near Taj President
Hotel, Colaba, Mumbai, Maharashtra 400005

Signature

WITNESS-2

Name: Arjun Kapoor

Address: A-1709 Tulsi Vihar,Netaji Subhash Chandra Bose Road, 95-B, Marine Ln,
Mumbai, Maharashtra 400002

Signature