Memorandum of Agreement made, this ______ day of ____ 2006 between the ----------, a Promoter/Developer through its authorized person namely ____________Promoter/Developer and having its registered office at _______________ (hereinafter referred to as “the Promoter/Developer”) of the one part  and the Governor of Punjab, through the Secretary, Department of Housing & Urban Development, Govt. of Punjab ( hereinafter referred to as “State Government”).

Whereas the State Government with a view to attract new investment in Punjab has under Industrial Policy 2003 provided for consideration and determination of a special package of incentives for infrastructure project including Housing and Urban Development through an Empowered Committee duly notified under the said policy for this purpose, provided fixed capital investment in these projects is more than Rs. 100 crores.

Whereas the Promoter/Developer proposes to set up ______project at ----- (---- acre area) with minimum investment of over Rs. 100 crores.

Whereas the Promoter/Developer for implementation of the aforesaid project, requested the State Government for grant of special package of concessions enabling them to implement this project.  Request of the Promoter/Developer was duly discussed and considered by the Empowered Committee constituted under Industrial Policy, 2003 in its meeting held on _______

Whereas on the basis of decision of the Empowered Committee, ‘Letter of Intent’ indicating the concessions proposed to be granted to the Promoter/Developer by State Government has been issued to the Promoter/Developer vide No______/____/ dated ______06.

Whereas the Government of Punjab has required the Promoter/Developer to enter into an Agreement within three months of issue of LOI with the Governor of Punjab as per the terms and conditions  hereinafter contained.  Now this indenture witnessed i.e. hereby agreed and declared as follows :-

• The  Government of Punjab has agreed to provide reliefs and concessions to the Promoter/Developer for implementation of aforesaid ___________ Project at _________as per LOI appended to this agreement.
• The promoter shall submit copies of the sale deeds of at least 50% of the total land under the project within a period of 6 months of the signing of the legal agreement.  The agreement of sale with the landowner in respect of remaining 40% of the total land shall also be submitted by the Promoter/Developer, along with details of the 10% (maximum) area, if any, which is required to be acquired by the State Government at the cost of the developer.
  Minimum investment of Rs. 100 crore shall be completed within a period of 3 years from the date of signing of the Agreement.
• Besides, the grant of above concessions will be subject to signing of an agreement by the  Promoter/Developer and the State Government and complying with the terms & conditions of the agreement, failing which the said concessions shall stand withdrawn.  The agreement in this regard shall be signed with the promoter/developer by the officials of Housing & Urban Development Department, Government of Punjab.  The Promoter/Developer is requested to send the consent to the Secretary, Department of Housing & Urban Development, Government of Punjab with a copy to this office.
• The promoter shall  sign the agreement within three months from the date of issue of Letter of Intent (LOI) incorporating any applicable fee/charges/ dues etc. failing which the Letter of Intent (LOI) shall be deemed to be cancelled.
• Barring unforeseen circumstances, the Government of Punjab shall facilitate provision of power supply, road, accessibility, water and infrastructure required for the project after the same is applied for to the concerned department/agency/authority/local body on fulfillment of various terms and conditions required in this regard at such rates/fees etc. which shall not be less favorable to them compared to similarly placed projects/customers.
• Concessions given in LOI will be granted subject to the condition that each of the Residential Project at any individual location must comply with the following conditions :
  1. Developers of Mega Projects in Housing shall earmark 10% of the land and develop it for allotment to Economically Weaker Sections of the Society. The price to be charged for EWS houses/flats would be determined by the Government, in accordance with Section 5(9) of the Punjab Apartment & Property Regulation Act, 1995.
  2. “Rain Water Harvesting” shall be provided in all Mega Projects, which shall be indicated on the building plans submitted for approval and shall be installed as per the approved plan.
  3. “Sewage Treatment Plant” shall be provided in all Mega Projects, of 10 & above 10 acres which shall be indicated on the building plans submitted for approval and shall be installed as per the approved plan. The treated water shall be recycled for irrigation & surplus water generated shall be utilised for beautification.
  4. Developers of Mega Projects in Housing shall submit six-monthly progress reports to the Nodal Agency to be tabled at the meeting of the Committee under the Chairmanship of Chief Secretary, Punjab to monitor the progress made by each Developer.
  5. That the area proposed under these projects does not conflict with acquisition plans of the Government for any purpose. The specific location details can be worked out at the instance of submission of layout plan or submission of land details by the applicant Promoter/Developer.
  6. The Promoter/developer shall not be allowed to execute the development works on the project land except in accordance with the environmental clearance from the Punjab Pollution Control Board, following the Environmental Impact Assessment process.
  7. The electrification work will be carried out as per design and specification approved by PSEB under their strict supervision.
  8. Promoter/Developer will obtain No Objection Certificate before the construction of high rise buildings in their township projects from Director General of Civil Aviation, Govt. of India, New Delhi in case of Civil Airports and Ministry of Defence in case of Air Force Station.
  9. The promoter/developer undertakes to pay the relevant statuory charges i.e. land use conversion charges, dues, fees etc., as leviable by the Govt. or any other authority within the schedule time period as and when demanded.

In witness whereof the Promoter/Developer has cause its common seal to be affixed and the Government of Punjab both hereunto set their hand and seal on the day and year first above written.