In terms of the proposals made by the Developer, the land owners have by three
several agreements being dated 23rd March, 2001, 20th March, 2002 and 29th
September, 2003, entrusted their respective plots to the Developer for
development thereof and construction of the residential housing project thereon.
Simultaneously and respectively therewith the land owners have also granted
General Power of Attorney on even dates in favour of the Developer / its
nominee(s). The Developer being one of the land owners has joined therein as
Owner also.
Accordingly, the Developer has the power and authority from the owners to enter
into, hold and possess on behalf of the owners the said several plots of land,
to take all the requisite steps for development and construction thereon,
appoint architect and engineers, install the common services and facilities
including maintenance and rendering of common services and facilities until
handing over of the completed project to holding company who is to ultimately
act as the maintenance society and to commercially exploit the said project as a
whole.
The Developer is required to make construction in accordance with the sanctioned
plan and to provide to the owners the constructed areas falling within the
Owners’ Allocation in terms of the said Development Agreements.
The Developer is entitled to freely and fully deal with and dispose of the
Developer’s Allocation in terms of the said Development Agreements at its sole
discretion and direct the owners to grant appropriate conveyance for conveying
the undivided proportionate right title and interest in the land in favour of
the buyers of apartments, without any interference by or on behalf of the
owners.