FRRQUENTLY ASKED QUESTIONS
WHENEVER A QUESTION IS REFERRED BY A MEMBER /PROSPECTIVE MEMBER ,IT IS ANALYSED AND IF IT IS FELT THAT THE CLARIFICATION WILL HELP ALL, THE SAME GETS INCLUDED HERE.
1.0what is the initial payment schedule?
A—At the time of Joining , 3 lakhs seed Money plus Rs 1100 (Rs 100 for membership Fee + Rs 500 for 10 nos shares of Rs 50 each + Rs 500 for Miscellaneous Expeneses of Society ) is being taken from all Members ,irrespective of their Choice of Flatsi.,e Gold,Platinum and signature .A tie up with BOI has been done. .As per the present RBI Guidelines the ratio is 20:80 which means 20% has to be put by each member for availing balance 80% Loan.
The payments from members are softly designed so that there is sufficient spread and at the same time ,our commitment towards Contract is kept honoured .Seeing the progress of works at site, there is time to time adjustments in seeking installment from Members
After paying membership Fee of Rs 1100 and Seed Money of Rs 3 Lakhs ,allMemebrs were to pay their First installment by 31.10.12.as per the installment notification dated 9/9/2012 .
GOLD MEMBERS—NIL
PLATINUM MEMBERS-1.235 Lakhs
SIGNATURE MEMBERS-2.775 Lakhs
After First installment as above, all Memebrs were to pay theirSecond instalment by 15.02.2013 as per the installment notification dated 29/11/2012 (Shown below ).
GOLD MEMBERS—Rs 102000
PLATINUM MEMBERS-Rs 211750
SIGNATURE MEMBERS-Rs 288750.
After Second installment as above, all Memebrs were to pay their Third instalment by 30.04.2014 as per the installment notification dated 29/11/2012 (Shown below ).
GOLD MEMBERS—Rs 402000
PLATINUM MEMBERS-Rs 635250
SIGNATURE MEMBERS-Rs 866250
Note—
1)Members who entered late are supposed to catch up with others ASAP.
2)Irrespective of date of Joining of Society by a member , the notional interest @ 14.5% per annum will be calculated wrt the notified dates of installments (not on the seed Money ) and a new member can neutralize the positive accrued interest by paying in advance in future installments till the handing over of the Flats.In other words, Society is not keen to levy interest to any Member for delayed payments but to give justice to those members who are paying in time and supporting the Society in right earnest , there has to be same Level Playing Field for all. Hence a Member delaying payment is doing so on his own risk and cost.
3)A member paying his Third installment through BOI Loan will have to pay future installments before the non Loan takers to have the same Lavel playing Field eventually for both type of members ie Home loan seekers and non Home Loan seekers.
2.0 what is the overall payment schedule?
The overall Payment Schedule as tied up with Developer and as being adjusted from time to time ,seeing the Project Progress isas under.Since NAINA has been launched by State Govt, Society is moving ahead with the existing Gauthan Scheme and slowly and slowly aligning itself to NAINA Scheme.
1)STAGE1-15% at the time of Registration of Land in the name of the Society.---We have already achieved this Target and entire Land piece of 10.7 Acres has been legally registered in the name of the Society. Even ultimate 7/12 documents have come in the name of Society and has been shared with all the Members.
2)Society had notified t he 1st installment for Gold, platinum n Signature and it was due on 30.10.12 (Gold –Nil,Platinum –123500, Signature-277500).The 2nd installment for all was due on 15.02.13 .(Gold- 102000, Platinum-211750, Signature- 288750). This alongwith seed Money of 3 lakhs made 15% of the Flat Cost for all the Three Categories.
After this a member became eligible to get Share Certificate and he can apply for LOAN
with Bank Of India for Balance Payments . Off course still 5% he will be required to pay
from his kitty in between the construction Period. Share Certificate is a Pre-requisite for
getting the Loan Disbursed from BOI.
Members who joined late after sl no 300 will have to catch up with Others ASAP and will get shares only after complete 15% payment as stated above and also after getting the clearance from Developer indicating that they have paid the One Time escalation Fee,
3)STAGE2-3rd Installment (15% at the Commencement of Work like Compound wall etc on Registered Land--This became due on 30.04.2014.
GOLD- Rs 402000.
Platinum- Rs 635250
Signature—Rs 866250
3) STAGE3—(4th installment)-15% at the time of Completion of Plinth Beam--- Tentatively it is now due on 15/06/2015
4) STAGE4--15 % at the time of of completion of First Floor Casting.Tentatively it is now due on 30/09/15
5)STAGE 5--15% at the time of Completion of Second Floor Casting. ---will be reviewed and intimated later.
6)STAGE6-- 15% at the time of Completion of Third Floor Casting. -- will be reviewed and intimated later.
7) STAGE 7--5% at the time of Completion of Brickwork of Corresponding Flats.-- will be reviewed and intimated later.
8) STAGE 8--5% at the time of handing Over. - will be reviewed and intimated later.
3.0What is the Safety net of members Payments.
Members Money is safely parked in the three Bank Accounts 1)Cooperative Bank in Panvel 2)SBI Bank In Andheri(East) and Bank of India , Panvelin the Society Account .only proportionate payment which are much less than the acquired asset of the Society is being Paid. For example as on date the Asset created in the name of Society is 63 Crorers whearas we have released onlty about 32 Crorers.
While doing this also ,the following Contract clause will be ensured by the Society.
As per clause 4f of the RFP
“At no stage of the construction of the Proposed Integrated township, society or its members will be paying any amount to the Selected Developer which may lead to a situation wherein the payment made by society/Members to selected Developer is not equivalent to the approximate Cost of the total asset registered in the name of the society or physically developed atsite on the registered land [i.e. cost of construction done on the registered land].only after creation of the asset the payments will be made ,”
HUGE SAFETY NET FOR MEMBERS HAS BEEN ENSURED FOR MEMBERS.IS NOT IT?
4.0WHAT IS THE COST OF LAND?
It is an Irrelevant question as we have contracted Built Cost of Flat inclusive of Land Cost.The rates are a details to be sorted out between Developer and Land Owner. Tender was called on the Land identified by Society.Our Contract is Rs 3850 per sft for Platinum and signature and Rs 3350 for Gold.The reference of land cost sometimes come only to assess the likely asset value of the Society at any time as per the prevailing market rates.The prevailing Land cost is 15 Lakhs per Gunthas which in turn comes to 6.0 Cr per Acre.
5.0WHERE IS THE REGISTERED BY LAWS OF THE SOCIETY?
As per the Maharashtra Society Act 1961 and BY LAWS there is standard By Laws to be adopted by all Societies constructing Flats .Soft copies of this is not available. However Glimpses of this is available by various Authors on Web site.
Hard copies of this is available in a shop near Bombay Stock Exchange at a cost of Rs 45..As per the clause 172.a member can have the copies at a price more than 10 Rs than the cost price.Hence If any Member wants these By Laws ,they should send a Cheque/Draft in the name of societyfor Rs 55 and we will procure and send them .
However Society can have its add on By laws which are not infringing the standard laws or rules of the MSA 1961.Such add on by Laws will be shared with the members as and when they are made by the sankalp Society.As on date ,only the following is the Add on Law as decided in GBM.
a)Pl see Para 13 reg the quit option.
6.0Can Relatives and Friends of PowerGridEmpolyees become Members?
Now the Society is not only open for POWERGRID,it is open for POWER SECTOR,ENERGY SECTOR,PSU BANKS ,PSU ,Established Business entitities.Any one from these establishments or their Friend or Relatives referred by someone known are eligible.DueDilligence will be made by the Society before accepting the Membership
7.0WILL THE MONEY FROM OUTSIDE INDIA WILL BE ACCEPTED?
NO.Members will be required to send/arrange through someone from Indian Source.
8.0IS THE MONEY OF RS 1100 PAID IS REFUNDABLE?
The Breakup of Rs 1100 is Rs 100 towards membership fee,Rs 500 towards Miscelleneopus expenses and Rs 500 towards 10 shares of Rs 50 each.Those who have paid Rs 1100 will have the option of taking Membership in Phase 1 till 300 nos,which is now already filled up..After that the same membership Fee will be valid for Phase 2 at a cost to be mutually decided with Developer.There are One Time escalation Fee being decided from time to time Those who want to cancel the Membership Fee ,they may contact Secretary with a request application and Rs 500 towards Share Money will be returned.The balance 600 is not refundable..
9.0 WHAT IS THE DIFFERENCE BETWEEN FLATS OF 3350 PERSFT AND 3850 PERSFT.
All these has been clearly mentioned in the RFP provided to all Members in the CD and the soft copy.
To summarise
3850 persft has vitrified tiles ,Green Granite Platform,shining steel sink .All bath and sanitary fittings shall be of premium quality from brands like Jaquar , hindware,cera or equivalent as approved by the society.
One bathroom shall accommodate shower enclosure of premium quality.Main Doors shall be designer doors fitted with quality chaukhats.
10.0IS THE COST OF FLAT IS INCLUSIVE OF PARKING.
YES.THIS HAS BEEN CLEARLY MENTIONED AT CLAUSE 12 d of RFP,Text of which is available to all Members in the CD provided to all/ soft copies provided in the Mails.The cost is inclusive of all the amenties except the Registraton Charges ,VAT or Sales Tax or any other taxes applicable as per the Law of the Land.Further any Cost for any facilities to be provided by GOVT or its bodies Outside Our Society like Roads/ Drainage/ Lighting which were of course not the Part of the Contract with Developer and naturally will be required to be Paid by Society (if it comes) will be shared by all the members.
11.0what is the distance from nearest Railway station?
The distance fronm nearest railway station and other prominent Milestones are clearlymentioned on Final Landmark link on the website.
12.0As I am based at Kolkata(or any other Place in India), will I get support from society for availing bank loan in Mumbai.
Yes.The Society has already tied-up withBOI for PAN INDIA and complete details have been made available to all the Members PAN GLOBE through direct Mail from BOI.Any member posted anywhere can directly interact with the BOI coordinators whose contact details were also shared. All members should submit their Documents through e methodology or otherwise and get their Loan capability assessed in advance .All support will be extended by the Society.
However members are free to opt any other bank of their Choice and Society will try to make available the required support documents on Best Effort basis.
13.0 At worst, case if I have to quit , then how much money will be refunded to me.
25% will be deducted i,e75000 Rs. as decided during GBM if the Member has paid 3 lakhs . If subsequently suppose a Member after having paid 10 lakhs wished to opt out. Then he will have to forego 25% of 10 lakhs I,e 2.5 Lakhs.
One Time Payment towards Escalation Fee is also not refundable By Developer.
14.0.What are the upcoming or already developed projects are there in that area?
HIRCO (Hiranandani 1200 Acres Project ) just 2kms further towards Pune .India Bulls on Mumbai-Goa highway .Godrej Panvel on back side of Our Project .
15.0What is the likely cash Flow in the FY 2014-15
A)For old Members
As can be seen that from the Question No 2 above, there is already notification of 3rdinstalment of 15%(STAGE 2 as per contract) by 30st April 14.
Thus the cash Flow is 15%
for the FY 2014-15.
To summarise,
a)For GOLD FLATS- It is Rs 402000 by April 14 End.
b)For Platinum FLATS- It is Rs635250 by April 14 End.
c)For Signature FLATS- It is Rs 866250 by April 14 End.
B)For Fresh Members
1) GOLD- One Time Escalation Fee to developer + Rs 301100+ Rs 102000+ Rs 402000(If applied Loan then this will be disbursed by Bank)
2)PLATINUM - One Time Escalation Fee to developer + Rs 301100+ Rs 123500+ Rs 211750+Rs 635250(If applied Loan then this will be disbursed by Bank)
3)SIGNATURE - One Time Escalation Fee to developer + Rs 301100+ Rs 277500+ Rs 288750+Rs 866250(If applied Loan then this will be disbursed by Bank)
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16.0What is the likely cash Flow in the FY 2015-16
C)For old Members
As can be seen that from the Question No 2 above, there is already indication of 4rdinstalment of 15% by 15th June 15 and 5th installment of another 15% by 3oth Nov 15.
Thus the likely cash Flow is 30 % for the FY 2015-16.
To summarise,
a)For GOLD FLATS- It is Rs 804000 by March 16 End.
b)For Platinum FLATS- It is Rs 1270500 by March 16 End.
c)For Signature FLATS- It is Rs 1732500 by March 16 End.
D)For Fresh Members
4) GOLD- One Time Escalation Fee to developer + Rs 301100+ Nil+102000+402000(If applied Loan then this will be disbursed by Bank )+ a as above (If applied Loan then this will be disbursed by Bank)
5)PLATINUM - One Time Escalation Fee to developer + Rs 301100+ Rs 123500+ Rs 211750+Rs 635250(If applied Loan then this will be disbursed by Bank)+ b as above (If applied Loan then this will be disbursed by Bank)
6)SIGNATURE - One Time Escalation Fee to developer + Rs 301100+ Rs 277500+ Rs 288750+Rs 866250(If applied Loan then this will be disbursed by Bank)+c as above (If applied Loan then this will be disbursed by Bank)
17) Can any one switch over from One Type of flat to another Type of Flat
Yes. It is like a family atmosphere and all possible support will be extended to the
Members in all the Matters if reasonable like the above request.
Any One willing to go for higher version should write to Society and the differential will be required to pay. There will be no levy of interest at the time of switch over but the calculation of notional interest will be calculated for the new version wef the notified dates of installments and Member will have the opportunity of neutralsing the positive accrued interest by paying early for future installments. However if in the end , the calculation still remains positive , then Member will have to Pay to the Society the accrued interest so as to ensure same level playing field to all the members.
For downward revision no money will be returned but excess money will be adjusted against future version.
18) Is there any proposal for higher Version called “The ADDRESS” as being shown in the layout.
Yes.It is there as decided during GBM held on 26.01.15 at site. It is approx 2200 sqft saleble Area. It will be officially launched after formal Clearance by Society Management.
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