RAHMA CENTRE DEVELOPMENT Vs. BESTECH INDIA PVT. LTD.

JUDGEMENT

(1.) It is conjointly submitted by learned counsel for the parties that they have settled the dispute amongst and between them in terms of the settlement agreement which is in the following terms:-

(2.) The Developer has obtained pre-certification for Green Rating for Integrated Habitat Assessment (hereinafter referred to as GRIHA) for the Athena project and has got sanction of additional FAR of 15% of net plot area which is approx. 69000 sq. ft. from HSIIDC vide its Memo dated 11th June, 2018.

(3.) The Developer has completed the construction of approx. 40000 sq. ft out of the said additional FAR made available under GRIHA and the Developer has claimed that the balance additional area available under GRIHA is also under construction. The Developer had also demanded the additional share of cost of construction towards additional area from the Owner in the ratio of 65;35 as per the Collaboration Agreement which was not accepted by Owner. The Parties have now agreed to attain GRIHA ratings for the Project Athena which would result in construction of additional FAR for the Project. Both parties have also amicably agreed that construction of temporary roof covering for the Project should be undertaken. 3, The Parties shall jointly within 15 days hereof appoint a Project Management Consultant ("PMC") who shall monitor the progress of the Project, the specifications being implemented in the Project and shall prepare monthly reports with respect to the quality and progress of the Project. The PMC shall submit the said monthly report to the Parties on or before the 7th day of each month. The parties shall bear the cost/fees of the PMC in area sharing ratio of 65;35. The PMC shall meet at the project site on monthly basis and representatives of both parties shall also be present at the time of such meetings at the project site.