Phase 2 - Option 4

[Sreenivas Gukal]

Surya / EC,

I did not see any reply on this. Did you get a chance to talk to our architect about this? If so, pls let us know. I sincerely believe that this is the only way to not only move forward on phase 2, but also take advantage of the (literal) hole we are in :-). 

Thanks

Sreenivas Gukal

On Mon, Dec 19, 2011 at 12:42 PM, Sreenivas Gukal <sreeniv...@gmail.com> wrote:

Thanks Surya for your response. I am not suggesting of having a separate ramp for each house, but a common underground parking with a single common ramp. Each house may have parking spots assigned below the house. That should be feasible.

In fact, given that we have excavated up to 30 feet, we may even be able to accommodate an additional level for each house below ground level. Parking can be below that.

Can the EC please talk with the architect to see if there is *any* way we can go with independent houses? If so, we have the perfect solution - people who want an apartment can go with the three additional floors in the blocks being constructed and people who want to withdraw can get a significant portion of their investment back.

Thanks

Sreenivas

On Mon, Dec 19, 2011 at 10:31 AM, Kiran Reddy <suryakir...@gmail.com> wrote:

Hi,

 

There are technical problems for Option#4.

 

Land is excavated up to 30 feet depth, foundation for the building needs to start from 30 feet and then it should be filled with gravel. It might cost almost the same as the building structure.

 

For 1000 sft plot making under ground parking, ramp building will be a technical challenge. Very small space, ramp needs to be lay ed down without impacting any pillars (for 1000 sft we might have at least get 12 pillars) after getting down the ramp Car needs to take a turn to get to the parking space, I am not sure how we can achieve this.

 

As I previously mentioned in many of my mails, please don't take it sarcastically " We can only build Bunkers or Apartments" only two options.

 

 

Regards

surya Kiran

 

On Mon, Dec 19, 2011 at 6:32 AM, Sreenivas Gukal <sreeniv...@gmail.com> wrote:

Excellent analysis and questions, Vamsee. 

I have always supported some version of option 4. My suggestion was to make that even smaller plots (say, 132 plots of 1000 sft - you can build a 3-floor 2000 sft independent house on that) and use the pit for underground parking, just as for apartments.

On Mon, Dec 19, 2011 at 2:51 AM, Vamsee Chakka <vams...@gmail.com> wrote:

All:
Joint development option seems to be most popular option from the list, don't know if every one knows the details or not but just wanted to throw some light on it.

Everybody agrees the land lost lot of value since it was acquired. We became members by paying 6L-7L, based on current economical and political situation, that may be worth about 2L-2.5L per share, with a pit in the middle, even lower.

Joint development option works only when lands value is almost the same value as the development cost. For e.g, if land value is 1Cr and development cost is 1Cr, builder can offer 50/50. If the land cost is 40L and development cost is 60L, then builder can offer 40(owner)/60(builder).

Using phase 1 apartment cost as a yard stick, for 1645 sft, development cost is 29.61L without corpus fund or amenities. That is only good enough for 8(owner)/92(builder). If amenities/corpus fund are considered, then this ratio even goes down.

I would have preferred Orbit Hall meeting was held after some ground work was done.
#1: Sell the land: Instead of giving simple one liner, there should have more details to this, like the worth of the land at current rate, how much of investment can be reclaimed like 50 paise on every rupee invested. Underlying number will change perspective of any member.
#2: Construction: This is the intended purpose for purchasing this land.
#3: Joint development: Again value of the land should have been appraised. This value is instrumental in engaging any builder to get joint development percentage. I explained details in the beginning of this email. Realistically, this is the most complicated option present on the table. Realistically, this is next to impossible. Again, if some numbers had been provided, that would help members make right decision.
#4: Convert into plots: This was an option that I suggested in one of the emails. Most crucial decision will be what to make of the pit, may be an artificial lake! Land fill is most dangerous proposition, it is not as solid as regular land, lot of safety concerns. Assuming pit issue is taken care of, next comes the number of plots that can be made out of the remaining land. About 50%-60% land can only be used for plots after leaving roads and common areas. With 44K sq ft per acre, assuming 5 acres of land is left after the pit, total area is about 220k sft. Considering 60% convertion rate for the plots leaves about 132K sft. This can be made into 66 plots of 2000 sft each. These can be opened up to interested members first and then to public at prevailing rate. With an approximate value of 15K Rs/sq yd will make the 220sq yds (2200 sft) worth 33L. Assuming non-phase 1 members are about 400, 6 members will own 1 plot. This gets about 5.5L to each member, close to 91% for members who paid 6L or 78% for members who paid 7L.

There always has been only one society, only phases exist are for construction. Regarding strip of the land between the 2 sites, if the society finalizes to purchase this site, all members will have to contribute. We may never have to purchase the strip of land for option #4.

Mere options will not help, underlying numbers will help members make the right decision. Whoever is taking active role in phase, please look into these before next meeting.

All above numbers are imaginary to show some understanding, need to be taken with a pinch of salt. This my personal, 2 cents opinion.

Please do share minutes from Orbit Hall meeting.

On Sun, Dec 18, 2011 at 1:27 AM, Amit singh (Google Docs) <thakura...@gmail.com> wrote:

I've shared Phase2MemberList

Click to open:

• Phase2MemberList

Google Docs makes it easy to create, store and share online documents, spreadsheets and presentations.

--
Regards
Surya Kiran Reddy

[Kiran Reddy]

Dear EC members,

Please take up this query.

Surya Kiran



Sent from my Windows Phone

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From: Sreenivas Gukal
Sent: 27-12-2011 19:49
To: sees...@googlegroups.com; suryakir...@gmail.com; EC (SEESTAR)
Cc: vams...@gmail.com
Subject: Phase 2 - Option 4

[Sreenivas Gukal]

Surya/EC,

Did you get the Architect's opinion on this? Appreciate any update. Since we are now talking about phase 2, can you pls check if this is viable.

Thanks

Sreenivas