Fwd: Joint Development proposal from a Reputed Builder for Phase 2, enables all withdrawals will full money back

[Anupam Prasad]

FYI & FYA

Those who missed in IndusCrest group.

We are getting very good response.

This input would be used as the basis to get more and better proposals.

We would keep trying with more Reputed builders.

Kind Regards,
Anupam
+ 91 7702066689

---------- Forwarded message ----------
From: Anupam Prasad <anupam...@gmail.com>
Date: Wed, Mar 13, 2013 at 11:55 AM
Subject: Joint Development proposal from a Reputed Builder for Phase 2, enables all withdrawals will full money back
To: IndusCrest <indus...@googlegroups.com>

Dear Members, After a proposal was sent for a joint development with NCC for the Phase 2 land, further talks were made with other builders. We are very happy and excited to share one of the better proposals from a reputed Mumbai based builder Rashmi Builders. They have built over 3 million sq ft of apartments in Mumbai. They are now expanding big time here in Hyderabad. They have plans of building in Hyderabad that is more than the built up space in Mumbai. http://www.apnedampar.com/rashmi-heights/index.php?ldm_source_of_lead=website&ldm_banner_size=300X250&ldm_campaign_id=1 They have partnered with Sri Sairam Developers and building in Hafeezpet. Other projects (independently, Rashmi only) that they have in the pipeline are Lake City in Hafeezpet, Sankalp City in Pragati Nagar and Star City in Bachupally. They have seen our phase 2 land and are mighty happy with the prospects there. Attached is the letter of intent for joint development for phase 2. We are attaching their old offer as well for members perusal. We have been negotiating with them for past couple of weeks and met their Chairman and MD Mr. Deepak on two occasions. During the negotiations we have added the two car parks free of cost per apartment. We could not get to 115000 sq ft but we did not want to stretch it too far to break the deal. The extra 5000 sq ft is less than three apartments. To check for their reputation, we even contacted one of our accomplished SEEHWA member in Mumbai and he gave a very positive feedback. We have not included any of our EC members in these negotiations since from the beginning they are against any joint development and only supporting Tower 3 with the existing builder. EC off course never gave importance to the 200+ withdrawal members. Off course they may have enabled some withdrawals already. The summary of the offer in the revised offer is as follows: Rashmi will give SEEHWA 1,10,000 sq ft of saleable area in two towers. That is about 61 apartments of 1800sq ft each or 63 with 1750 sq ft each. The two towers will have 80 flats. Each apartment is given two car parkings free of cost. The two towers will use approximately one acre of land. They will develop and sell the remaining flats of their choice in the remaining 4 acres of land. The letter of intent also states that the last one acre will be purchased by them at a price acceptable to Phase 2 and them. The time frame will be similar to our Phase 1, i.e. 30 months from date of approvals. Phase 1 approvals came in October 2010 and we are within that time frame already. How does it help phase 2 Members who want to go ahead with construction can take the 60 flats and pay around 1700 per sq ft (excluding amenities and corpus). We think the total pricing for the members will be on par with Phase 1 pricing on even lower. Members who wanted to withdraw will get their full money back, over a period of time. Here is the math 110000 x 1700 = 18.7 crores sale of 1 acre of land = 2.5 crores Total money Phase 2 gets = 21.2 crores 18.7 crores is to be refunded to 300 members (360 - 60 construction members) 2.5 crores is to be refunded to 360 members Each of the withdrawal member gets back 6.25L + 0.7L = almost 7L Each of the construction member gets back 0.7L back from the sale of one acre of land. Although phase 2 members will not reap the benefit immediately but in installments depending upon the agreement with the builder and our 60 construction members. Phase 2 Members who are interested for this proposal, Please Provide your response on this form below to help us take this ahead. https://docs.google.com/forms/d/10BamIE2-Ziy-1P1QnExz1eqO9im_js8sNfU-Fsb0YGc/viewform How does it help Phase 1 The cost to build the clubhouse will now be shared with 80 more members (60 of existing SEEHWA phase 2 members and 20 new members). The retaining wall that is to be built with Phase 1 money towards the east side of existing Phase 1 will move towards the east and can be shared with Rashmi. Phase 1 members will find savings with these two benefits. Also members will get more green area. The two new towers will merge with phase 1 and a compound wall with separate this merged area with the other apartments built by Rashmi. Lastly, regarding the strip of land, it is almost finalized with CEWS that we will swap it with our land in the south east with equal amount of land - not one yard more nor one yard less. The news from them is that it is acceptable. ~ Anupam On Behalf of Phase II Working Committee