Meeting is call by committee of members of association of flat
owners dated 19-12-2021 at 10.30 am at Satellite Heights to
discuss the agenda given below:
                             PREFACE
Dear members,
Since 1st May 2021 after our positive intervention by issuing a letter
to all flat purchaser, requesting all individually to make their
balance payment (if any) towards their respective flat.

It was very shocking that, most of the members not have contacted
to the committee, or neither have made any complaints or gave
their ideas regarding the project, nor any reply offer of payment, or
even not shown their inability in making further payment, so that,
at least planning for the future can be decide. Above all, we all
didn’t have any practical capacity, guidance and intelligence to
complete the project by our self.

It was also a surprising to knew that, many members have lost the
opportunity to register their flats at a concessional rates offered by
the state Government till March 2021, and could have save their
hard earned money. It is very strange to understand the mentality
of flat buyers and their closed-lipped policy which have further
sadden us.

We have also tried our level best to make you understand with
WhatsApp messages, but nothing has made you awake and alert. In
2015 when we met first time with Developer, He has offer us an
escalation cost of Rs.5000/- per sq. feet but after a throat cut
negotiation with him which was finalized at Rs.3250/- per sq. feet
in the year 2016. We have made every effort along with the
developers to uplift the project since then, and developers have
completed inspite of a stay on the project because we as a
committee members had push hard to the developers to complete
the project, beyond the approvals received so far. Very few
members have come forward and paid their dues in advance which
were decided in the previous all meetings.

It is to mention herewith that, our project was got stuck for 12
years since a stay ordered by HPC and It is also pertinent to
understand that, since escalation rate was decided in 2015 and
thereafter increase in price of all building materials and labours has
gone beyond the imagination, now due to the price rise factors
project is neither profitable nor it is in good financial condition and
it can be completed only with our positive efforts and with financial
support from us, by all members suitably pay their dues and
escalation amount timely.

For your information that, we are well aware of the Developer’s
efforts to raise the finance for project through available sources
but he was failed because there is no visible profitability in the
project as per the calculations by financers which could be
materialize in completion of the project
the financers overall reply is as follows:

   A. SWAMIH FUND: Developer has tried to get financial assist
      from Government offered SWAMIH fund for stuck
      construction projects which was rejected by the surveyor
      because its non-feasible as per their calculations on
      receivable including escalation price.

   B. PRIVATE FINANCER: A private financer who in return shall
      charge 3% p.m. as interest on the investment plus a lump
      sum profit of Rs 1000/- per sq feet. And it would not be
      feasible as it will increase cost of escalation by over Rs.
      6000/- per salable sq. feet.

We have also obtained further estimate from other contractors for
balance completion of the project but many has denied to work in
half-finished project and some who have accepted to work on our
request, but their offered rates are too high to afford. After
watching the progress by the developer who has single handedly
manage to work on project with a very thin payments procure from
us, and beyond we have also notice his sincerity towards
completion task and Therefore, we have come to the conclusion to
get continue with the existing Developer.

Agenda:
  1. To pay escalation cost of Rs. 3250/- per sq. feet in three
     equal trench as per the progress and list given by the
     developers. (we can change the type of stage after our
     discussion with developers and seeing its possibilities)
  2. Developers has given time to complete the project till 16-17
     floors within 9-10 months from the day of payment subject
     to our prompt payment to them.
  3. To decide for the defaulting members and help the
     developers in carryout termination of their agreement or
     allotment.
       4. Developer has specifically insisted that committee would not
          interfere, but help them in their dispute with any buyers.
       5. Or anything that be decided by the members.

     Name of Buyer          Mobile Number            Signature
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     Name of Buyer   Mobile Number   Signature

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