Is the fsi a tangible property or not.
Atul Kumar
(Querist) 09 July 2014
This query is : Resolved
Dear Sir,
The attached file is an Exchange Deed. in this deed FSI area exchange with a land.
the attached file not found so I have post deed in this massage box : -
EXCHANGE DEED
1. MARKET VALUE : ₹ 50,00,00,000/-
2. STAMP DUTY : ₹ 2,50,00,000/-
IN CONNECTION WITH THE a Plot of Land in the Jaypee Greens Sports City admeasuring 21622.6 Square Meters (approximately 5.34 Acres) being Plot No.GH-B1, situated at Sector-25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar (U.P.).
This Exchange Deed through Assignment is made and executed at GREATER NOIDA, GAUTAM BUDH NAGAR on this _________ Day of July 2014, between M/s. P.A.R.Y. Developers Private Limited, (PAN-AADCP4564C), a company duly incorporated and validly existing under the provisions of the Companies Act, 1956 and having its registered office at 167, Sukhdev Vihar, New Delhi-110036, through its Director/ Authorized representative Mr. RAJAT DUA, S/o. Shri S.L. Dua R/o 6/2, Jangpura-B, Ground Floor, New Delhi-110014 duly authorised by Board of Directors vide Board meeting dated _______________ held at registered office of the Company (hereinafter referred to as the “Transferor”), which expression or term shall, unless excluded by or repugnant to the context or meaning hereof, be deemed to include its legal heirs, executors, successors and legal representatives) of the FIRST PART.
AND
M/s. Solitaire Realinfra Private Limited, (PAN-AACCH4156K), a company duly incorporated and validly existing under the provisions of the Companies Act, 1956 and having its registered office at D- 835, New Friends Colony, New Delhi- 110065, India (PAN-AACCH4156K), through its Director/ Authorized representative Mr. Harjeet Singh Sahni, S/o. Mr. Manmohan Singh Sahni, R/o. D- 835, IInd Floor, New Friends Colony, New Delhi- 110065, India (PAN No- AAWPS4765J) duly authorised by Board of Directors vide Board meeting dated 22.01.2013 held at registered office of the Company (hereinafter referred to as the “Transferee”), which expression or term shall, unless excluded by or repugnant to the context or meaning hereof, be deemed to include its legal heirs, executors, successors and legal representatives) of the OTHER PART.
Whereas the Transferor aforesaid is an Allottee/Sub-Lessee and in possession of a Plot of Land in the Jaypee Greens Sports City admeasuring 21622.6 Square Meters (approximately 5.34 Acres) being Plot No.GH-B1, situated at Sector-25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar (U.P.), (hereinafter referred to as the “First Schedule Property”).
Whereas, the Second Party is the absolute owner/Sub Lessee of a Plot of Land in the Jaypee Greens Sports City admeasuring 45389.00 Square Meters (approximately 11.215 Acres) being Plot No.GH-B2, situated at Sector-25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar (U.P.) (hereinafter referred to as the “Second Schedule Property”).
AND WHEREAS the Sub Lease Deed in respect of the First Schedule Property has been executed by and between Jaypee Sports International Limited & Transferor and same was registered with the Sub-Registrar, Gautam Budh Nagar in Book No.1, Volume No.13592 at pages 237-612 at Sl. No.15862 on 27.06.2013.
AND WHEREAS the Sub Lease Deed in respect of the Second Schedule Property has been executed by and between Jaypee Sports International Limited & Transferee and same was registered with the Sub-Registrar, Gautam Budh Nagar in Book No.1, Volume No.14745 at pages 71 to 136 at Sl. No.32715 on 27/12/2013.
AND WHEREAS the TRANSFEROR aforesaid has obtained permission to transfer the said Property in favour of the TRANSFEREE from the Yamuna Expressway Industrial Development Authority vide transfer Memorandum No._________ on DATED _______________, hereinafter referred to as the Transfer Memorandum.
And whereas the Transferor aforesaid has sold and transferred the above said Property in favour of the Transferee. That the Transferee give and transfer his right in Second Schedule Property in favour of Transferor to Construct FSI area 950000.00 Sqft. (88264.53 Sqm. approximately) as a Consideration in respect of the First Schedule Property and the Transferor have also agreed to acquire the same.
NOW THIS TRANSFER DEED WITNESSETH AS UNDER:-
1. That the consideration of the First Schedule Property has been settled to as, Transferee give and transfer his right in Second Schedule Property in favour of Transferor to Construct FSI area 950000.00 Sqft.
2. That the Transferor shall construct FSI area 950000.00 Sqft. on the Second Schedule Property and Sale/Transfer the said FSI Area.
3. That the both Parties aforesaid has assured the each other that the said Properties is free from all sorts of encumbrances such as charges, sale, lien, gift, pledge, loan, dispute, mortgage, litigation and attachments.
4. That the Transferor has transferred all his rights and interests in the First Schedule Property TO HOLD the same by the Transferee finally, absolutely and forever.
5. That the Transferor has handed over the vacant and actual physical possession of the First Schedule Property to the Transferee aforesaid on the spot.
6. That the both Parties aforesaid has assured the each other that Transferor is liable to make assured that the Transferee will be the confirming part of further Transfer/Assignment Deed which will be executed by Transferor as further Transfer of FSI area.
7. That the Transferee give only FSI construction and Sale rights in the Second Schedule Property to the Transferor.
8. That the Transferee is aware that the residential building on the above said Property is to be constructed with such area as is required to be counted as per the Rules and Regulations of YEA.
9. That the Transferee is entitled to enjoy the full rights of the said Property and is entitled to further transfer/construct the residential building on the said plot according to the bye laws of the YEA.
10. That the Transfer Memorandum issued by YEA is the part of this Transfer Deed and Transferee is bound by the terms and conditions mentioned therein.
11. That the Transferee shall be bound by the terms and conditions of the Sub Lease Deed executed between Vendor & Transferor on dated 27/06/2013 subject to the change mentioned in the Transfer Memorandum otherwise from time to time.
12. That the Transferee shall enjoy the lease hold rights of the above said Property for the balance period of 90 years from the Lease Deed upto 23/09/2099.
13. That the Transferee automatically would inherit all the assets and liabilities connected to the above Property relating to deviation made in building viz building plan approved by the YEA.
14. If the Transferee does not abide by the terms and conditions of the Lease Deeds and residential purpose framed by the Authority then the lease may be cancelled by the YEA.
15. That the vacant physical possession of the above said Property has been handed over by the Transferor to the Transferee. Hereafter, the Transferee shall peaceably and quietly continue with the possession and enjoy the same in accordance with the terms and conditions mentioned herein without any let, hindrance, interruption or disturbance from the Transferor or from any person in any manner whatsoever, provided the Transferee adheres to and abide by the terms and conditions of the said Lease Deeds & Conveyance Deed.
IN WITNESS WHEREOF the Transferor and the Transferee have set their respective hands on this Transfer Deed on the Day and month above written, at Noida, Distt. Gautam Budh Nagar, U.P., in the presence of the following witnesses.
WITNESSES:
1. (TRANSFEROR)
2. (TRANSFEREE)
ajay sethi
(Expert) 09 July 2014
no attachments found
Atul Kumar
(Querist) 10 July 2014
Dear kindly now give your advise. i have paste draft of the deed in massage box :- -
EXCHANGE DEED
1. MARKET VALUE : ₹ 50,00,00,000/-
2. STAMP DUTY : ₹ 2,50,00,000/-
IN CONNECTION WITH THE a Plot of Land in the Jaypee Greens Sports City admeasuring 21622.6 Square Meters (approximately 5.34 Acres) being Plot No.GH-B1, situated at Sector-25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar (U.P.).
This Exchange Deed through Assignment is made and executed at GREATER NOIDA, GAUTAM BUDH NAGAR on this _________ Day of July 2014, between M/s. P.A.R.Y. Developers Private Limited, (PAN-AADCP4564C), a company duly incorporated and validly existing under the provisions of the Companies Act, 1956 and having its registered office at 167, Sukhdev Vihar, New Delhi-110036, through its Director/ Authorized representative Mr. RAJAT DUA, S/o. Shri S.L. Dua R/o 6/2, Jangpura-B, Ground Floor, New Delhi-110014 duly authorised by Board of Directors vide Board meeting dated _______________ held at registered office of the Company (hereinafter referred to as the “Transferor”), which expression or term shall, unless excluded by or repugnant to the context or meaning hereof, be deemed to include its legal heirs, executors, successors and legal representatives) of the FIRST PART.
AND
M/s. Solitaire Realinfra Private Limited, (PAN-AACCH4156K), a company duly incorporated and validly existing under the provisions of the Companies Act, 1956 and having its registered office at D- 835, New Friends Colony, New Delhi- 110065, India (PAN-AACCH4156K), through its Director/ Authorized representative Mr. Harjeet Singh Sahni, S/o. Mr. Manmohan Singh Sahni, R/o. D- 835, IInd Floor, New Friends Colony, New Delhi- 110065, India (PAN No- AAWPS4765J) duly authorised by Board of Directors vide Board meeting dated 22.01.2013 held at registered office of the Company (hereinafter referred to as the “Transferee”), which expression or term shall, unless excluded by or repugnant to the context or meaning hereof, be deemed to include its legal heirs, executors, successors and legal representatives) of the OTHER PART.
Whereas the Transferor aforesaid is an Allottee/Sub-Lessee and in possession of a Plot of Land in the Jaypee Greens Sports City admeasuring 21622.6 Square Meters (approximately 5.34 Acres) being Plot No.GH-B1, situated at Sector-25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar (U.P.), (hereinafter referred to as the “First Schedule Property”).
Whereas, the Second Party is the absolute owner/Sub Lessee of a Plot of Land in the Jaypee Greens Sports City admeasuring 45389.00 Square Meters (approximately 11.215 Acres) being Plot No.GH-B2, situated at Sector-25, Jaypee Greens Sports City, SDZ, Yamuna Expressway Industrial Development Authority Area, District Gautam Budh Nagar (U.P.) (hereinafter referred to as the “Second Schedule Property”).
AND WHEREAS the Sub Lease Deed in respect of the First Schedule Property has been executed by and between Jaypee Sports International Limited & Transferor and same was registered with the Sub-Registrar, Gautam Budh Nagar in Book No.1, Volume No.13592 at pages 237-612 at Sl. No.15862 on 27.06.2013.
AND WHEREAS the Sub Lease Deed in respect of the Second Schedule Property has been executed by and between Jaypee Sports International Limited & Transferee and same was registered with the Sub-Registrar, Gautam Budh Nagar in Book No.1, Volume No.14745 at pages 71 to 136 at Sl. No.32715 on 27/12/2013.
AND WHEREAS the TRANSFEROR aforesaid has obtained permission to transfer the said Property in favour of the TRANSFEREE from the Yamuna Expressway Industrial Development Authority vide transfer Memorandum No._________ on DATED _______________, hereinafter referred to as the Transfer Memorandum.
And whereas the Transferor aforesaid has sold and transferred the above said Property in favour of the Transferee. That the Transferee give and transfer his right in Second Schedule Property in favour of Transferor to Construct FSI area 950000.00 Sqft. (88264.53 Sqm. approximately) as a Consideration in respect of the First Schedule Property and the Transferor have also agreed to acquire the same.
NOW THIS TRANSFER DEED WITNESSETH AS UNDER:-
1. That the consideration of the First Schedule Property has been settled to as, Transferee give and transfer his right in Second Schedule Property in favour of Transferor to Construct FSI area 950000.00 Sqft.
2. That the Transferor shall construct FSI area 950000.00 Sqft. on the Second Schedule Property and Sale/Transfer the said FSI Area.
3. That the both Parties aforesaid has assured the each other that the said Properties is free from all sorts of encumbrances such as charges, sale, lien, gift, pledge, loan, dispute, mortgage, litigation and attachments.
4. That the Transferor has transferred all his rights and interests in the First Schedule Property TO HOLD the same by the Transferee finally, absolutely and forever.
5. That the Transferor has handed over the vacant and actual physical possession of the First Schedule Property to the Transferee aforesaid on the spot.
6. That the both Parties aforesaid has assured the each other that Transferor is liable to make assured that the Transferee will be the confirming part of further Transfer/Assignment Deed which will be executed by Transferor as further Transfer of FSI area.
7. That the Transferee give only FSI construction and Sale rights in the Second Schedule Property to the Transferor.
8. That the Transferee is aware that the residential building on the above said Property is to be constructed with such area as is required to be counted as per the Rules and Regulations of YEA.
9. That the Transferee is entitled to enjoy the full rights of the said Property and is entitled to further transfer/construct the residential building on the said plot according to the bye laws of the YEA.
10. That the Transfer Memorandum issued by YEA is the part of this Transfer Deed and Transferee is bound by the terms and conditions mentioned therein.
11. That the Transferee shall be bound by the terms and conditions of the Sub Lease Deed executed between Vendor & Transferor on dated 27/06/2013 subject to the change mentioned in the Transfer Memorandum otherwise from time to time.
12. That the Transferee shall enjoy the lease hold rights of the above said Property for the balance period of 90 years from the Lease Deed upto 23/09/2099.
13. That the Transferee automatically would inherit all the assets and liabilities connected to the above Property relating to deviation made in building viz building plan approved by the YEA.
14. If the Transferee does not abide by the terms and conditions of the Lease Deeds and residential purpose framed by the Authority then the lease may be cancelled by the YEA.
15. That the vacant physical possession of the above said Property has been handed over by the Transferor to the Transferee. Hereafter, the Transferee shall peaceably and quietly continue with the possession and enjoy the same in accordance with the terms and conditions mentioned herein without any let, hindrance, interruption or disturbance from the Transferor or from any person in any manner whatsoever, provided the Transferee adheres to and abide by the terms and conditions of the said Lease Deeds & Conveyance Deed.
IN WITNESS WHEREOF the Transferor and the Transferee have set their respective hands on this Transfer Deed on the Day and month above written, at Noida, Distt. Gautam Budh Nagar, U.P., in the presence of the following witnesses.
WITNESSES:
1. (TRANSFEROR)
2. (TRANSFEREE)
