MEMORANDUM OF UNDERSTANDING

This Memorandum of Understanding made this ___ day of

September 2023 between 1) MR. ABIDHUSAIN AKBARALI INDOREWALA

& 2) MRS. JUMANA ABIDHUSAIN INDOREWALA both adults, Indians

Inhabitants of Mumbai, residing at Flat No. 9, 1 ST Floor, Karani Niwas Co-

operative Housing Society Ltd., situated at 2 ND Victoria Cross Lane, Byculla,

Mumbai 400027., (which expression shall unless it be repugnant to the

context or the meaning thereof shall include their executor, administrator and

assign) herein referred to as Party of PART FIRST AND 1) MR. MURTUZA

TAFAZZUL MANDSAURWALA, 2) MR. TAFAZZUL ABBASBHAI

MANDSAURWALA & 3) MRS. BATUL MURTUZA MANDSAURWALA all

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adults, Indian Inhabitants, residing at 4TH Floor, 413/414, A wing, Saifee

Burhani Transit Camp, Mazgaon, Mumbai 400010., (which expression shall

unless it be repugnant to the context or the meaning thereof shall include

their heirs, executor, administrator and assign) herein referred to as party of

PART SECOND.

…..2/-
WHEREAS 1) MR. ABIDHUSAIN AKBARALI INDOREWALA & 2)

MRS. JUMANA ABIDHUSAIN INDOREWALA were Owners of Flat No. 9 on

1ST Floor, Karani Niwas Co-operative Housing Society Ltd., 2 ND Victoria Cross

Lane, Byculla, Mumbai 400027., admeasuring 500 Sq. feet (Carpet Area) and

also member of the society duly registered under the Maharashtra Co-

operative Societies Act,1960 under registration No. Bom/Hsg/1775 of 1968

(hereinafter referred to as the said society). The Party of the Part First are

members of the said society are holding 5 shares paid up shares of Rs. 50/-

each bearing distinctive number 51 to 55 (both inclusive) bearing Share

certificate no. 11.

AND WHEREAS the party of the Party of the Part First had gifted

their 100 % undivided shares in the said Flat No. 9, 1 ST Floor admeasuring

500 sq. feet Carpet area of Karani Niwas Co-operative Housing Society Ltd

Co-op. Housing Society Ltd, situated at 2ND Victoria Cross Lane, Opp. Masina

Hospital, Byculla, Mumbai 400027 to their son MR. HASAN ABIDHUSAIN

INDOREWALA by an vide Gift Deed dated 18/09/2023 which was duly

registered in the office of Joint Sub Registrar office Mumbai City 4 bearing

document BBE4-16206-2023 dated 18/09/2023. The said filed has till not
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submitted to the society office for transfer of said flat in the name of MR.

HASAN ABIDHUSAIN INDOREWALA.

AND WHEREAS that the Party of the First Part is absolutely entitled

to the said residential premises the Party of the First Part his having full right

and absolute title to sell and transfer the said residential premises to the Party

of the Second Part. Besides the Party of the First Part no other person has

any right, title or interest in the said residential premises.

AND WHEREAS the Party of the First Part is not prevented by any

act or law for the time being in force from dealing with the said residential

premises and also the said residential premises is free from encumbrances

and that the said residential premises is not subject matter of litigation or

warrant of attachment.

AND WHEREAS the Party of the First Part hereby once again

declare and confirm that the said Residential premises absolutely belongs to

him and the party of the first part shall give clear and marketable title to the

party of the Part Second and the same shall be free from mortgages, bank

loans any gift, lease, lien or attached of any statutory authorities.

AND WHEREAS the Party of the First Part has agreed to sell and the

party of the Second Part have agreed to purchase the said Residential

premises i.e. Flat No. 9, 1ST Floor, Karani Niwas Co-operative Housing

Society Ltd., 2ND Victoria Cross Lane, Byculla, Mumbai 400027., admeasuring

500 Sq. feet (Carpet Area) (hereinafter referred to as the said Residential
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premises) for a total consideration of Rs. 1,00,00,000/- (Rupees One Crore

Only).

AND WHEREAS the Party of the Part Second already have paid the

token amount of Rs. 1,10,000/- (Rupees One Lakh Ten Thousand Only) by

Cheque advance token amount against the total consideration of Rs.

1,00,00,000/- (Rupees One Crore Only) for which the party of the part first do

agree and acknowledged. The Schedule of balance payment is as mentioned

below.

Sr. Date of Payment Amount

No.
1 The Party of the Part Second had already paid
to the Party of the Part First before execution
of this MOU through NEFT . 1,10,000
2 The Party of the Part Second shall pay to the
Party of the Part First on the day of execution
of this MOU by cheque or RTGS 10,00,000
3 The Part of the Part Second shall pay to the
party of the Part First the Balance full and final
payment on or before 1 months from the date 88,90,000
of execution of this MOU.

Total 1,00,00,000
AND WHEREAS the Party of the Second Part shall deduct 1 % TDS

on Agreement value on sale of flat which shall be paid by the Party of the

Second Part and Party of the Second Part will issue TDS Certificate in favour

of Party of the Part First. The Party of the First Part and the Party of the

Second Part shall execute and register the said documents and Sale Deed as

per mutual understanding amongst the Parties, subject to completion of

payment of the Total Consideration by the Party of the Second Part in a

timely manner.
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AND WHEREAS Party of the Part First, upon receiving the full and

final consideration of payment, will handover the Chain of original Agreement,

Original Gift Deed, Original share certificate, of the said flat to the Party of the

Second part and also from time to time will help the Party of the Part Second

in getting the Flat No. 9, 1ST Floor, Karani Niwas Co-operative Housing

Society Ltd., 2ND Victoria Cross Lane, Byculla, Mumbai 400027., transferred

to the name of Party of the Second Part and will co-operate in getting the

membership for Party of the Second Part from the society.

Further the Party of the Part Second shall pay the balance full and

final money consideration to the Party of the Part First and shall received the

peaceful possession of the said flat from the Party of the part First on or

before 1 months from the date of execution of this MOU and will complete the

due formalities with the society and get the said flat transfer in the name of

Party of the Part Second. The Party of the part First shall get the proper, clear

marketable title of the said flat. The Party of the Part First hereby further state

if may have any liabilities including society dues till the date of possession on

the said residential flat or its shares than party of the part first will clear even

before the day of registration. The stamp duty and Registration charges shall

be paid and borne by the Party of the Second Party alone and society

transfer charges shall be paid by both the parties of Party first and Second in

equal proportion i.e. 50 % each.

AND WHEREAS It is further agreed that upon receiving the entire

Balance consideration from the Party of the Second Part the Party of the Part

First shall sign and execute the transfer papers including possession letter
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and other related document for transfer of the flat residential premises to the

name of the Party of the Second part.

AND WHEREAS the Party of the Part First hereby further covenants

with the Party of the Second Part that upon receiving the entire balance

amount, the Party of the Second Part shall henceforth quietly and peacefully

hold, possess, occupy and enjoy the said residential premises without any

hindrances, denial, demand, eviction or claim by the Party of the part First or

any other person or persons lawfully or equitably claiming by from through

under or in trust of the Party of the Part First.

AND WHEREAS it is further agreed that upon receiving the entire

consideration amount from the Party of the second part, as agreed

hereinabove the Party of the First part or any of their family members shall

have no right, title claim or interest of any nature on the said residential

premises or any portion thereof or i/ts shares.

ANDWHEREAS further both the party of the Part First and Second

hereby confirms and ratify each other of the above said clauses.

In witness whereof the parties hereto have into set their respective

hands on the ____day of September 2023 here in above written.

SIGNED AND DELIVERED )

By the withinnamed )
1) MR. ABIDHUSAIN AKBARALI INDOREWALA )
2) MRS. JUMANA ABIDHUSAIN INDOREWALA )
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Being the party OF THE FIRST PART )

In the presence of …………………….. )
1) )
2) )

SIGNED AND DELIVERED )

By the withinnamed )
1) MR. MURTUZA TAFAZZUL MANDSAURWALA, )
2) MR. TAFAZZUL ABBASBHAI MANDSAURWALA )
3) MRS. BATUL MURTUZA MANDSAURWALA )
being the party OF SECOND PART )
In the presence of …………………. )
1) )
2) )

RECEIPT

Received a sum of Rs. 10,10,000/- (Rupees Ten Lakh Ten Thousand

Only) as earnest money from 1) MR. MURTUZA TAFAZZUL

MANDSAURWALA, 2) MR. TAFAZZUL ABBASBHAI MANDSAURWALA &

3) MRS. BATUL MURTUZA MANDSAURWALA for the sale of Flat No. 9,

14TH Floor, Karani Niwas Co-operative Housing Society Ltd., 2 ND Victoria

Cross Lane, Byculla, Mumbai 400027., The Mode of payment is mentioned

below.

MODE OF PAYMENT

Dated Cheque Drawn on Amount

25/08/2023 NEFT HDFC Bank Ltd., Mumbai 1,10,000

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-----------------
(Rupees Ten Lakh Ten Thousand Only) 10,10,000
TOTAL Rs ==========

WE SAY RECEIVED

``
(1) MR. ABIDHUSAIN AKBARALI INDOREWALA &
2) MRS. JUMANA ABIDHUSAIN INDOREWALA)
Owners
WITHESS:
1.

2.