DEED OF TRANSFER OF LEASE RIGHTS
(Chandigarh leasehold property)
This deed is made at Chandigarh on 1 April 2026.
BETWEEN
Harpreet Singh, Son of Sh. Gurdev Singh, of House 12, Sector 35-A, Chandigarh, PAN ABCDE1234F, together with X (the "Transferor")
AND
Aarav Sharma, Son of Sh. Gurdev Singh, of House 12, Sector 35-A, Chandigarh, PAN ABCDE1234F, together with X (the "Transferee")
Where more than one person is named as Transferor or as Transferee, each of them is bound by this deed jointly and separately.
RECITALS
The Transferor holds, as lessee, the site or building known as SCO 45, Sector 17-C, Chandigarh, measuring 250 square yards, with a three-storey building (the "Property"), under Chandigarh Administration; allotment letter dated 12 May 1998; lease deed registered 3 June 1999. Lease term and ground rent: 33 years from 1999, renewed; ground rent paid up to 31 March 2026.
The Transferor wishes to transfer, and the Transferee wishes to take, the Transferor's rights as lessee in the Property. The Estate Office has permitted the transfer: Permission no. EO/2026/1234 dated 5 October 2026.
- 1. TRANSFER AND PRICE
For the price of ₹2,50,00,000 (Rupees Two Crore Fifty Lakh only), which the Transferor admits having received in full as follows: Rs 2,50,000 by bank transfer on 5 Oct 2026; balance by bank draft on the date of this deed, the Transferor transfers to the Transferee all the Transferor's rights, title and interest as lessee in the Property, including the building on it.
Tax was deducted at source from the price and deposited as follows: X. The amount deducted counts as part of the price paid.
Only the lessee's rights pass. The lessor's reversion stays with the lessor, and the Transferee holds the Property subject to the lease and the Chandigarh Estate Rules as they apply from time to time.
- 2. THE TRANSFEREE STEPS INTO THE LEASE
From the date of this deed the Transferee takes the Transferor's place under the lease. The Transferee will pay the ground rent and other charges that fall due from that date, will use the Property only for the purpose for which it was allotted, and will keep to the conditions of the lease and the Estate Rules.
The Transferee will apply to the Estate Office to have the Transferee's name recorded as lessee, and the Transferor will sign any paper the Estate Office needs for that.
- 3. THE TRANSFEROR'S PROMISES
Lessor's dues: All ground rent, transfer charges and other dues of the lessor are paid up to date. Loan or mortgage: No loan or mortgage is outstanding on the property.
The Transferor promises that the Transferor is the recorded lessee with the right to transfer the Property; that the Property has not been sold, gifted, sub-let or charged to anyone else except as written in this deed; that no condition of the lease has been broken and no notice of breach is pending; and that all property tax, electricity, water, sewerage and maintenance dues up to the day of this deed have been paid.