Jeevan Nagar Co-operative Housing Society Ltd. (REG.NO.BOM/HSG/812 OF 1964) BLOCK NO.C-1/4, MITHAGAR ROAD,MULUND (E),MUMBAI 81. Ph.

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1 Jeevan Nagar Co-operative Housing Society Ltd. (REG.NO.BOM/HSG/812 OF 1964) BLOCK NO.C-1/4, MITHAGAR ROAD,MULUND (E),MUMBAI 81. Ph Date: To, All the members Subject: Proposed Re-development of Land & Property of Jeevan Nagar CHS ltd. It is nearly four months since the special general body meeting held on 01/02/2009, gave its unanimous mandate to the managing committee to proceed ahead with the Re-development scheme. Since then, the managing committee is continuously making efforts to overcome the hurdles which are time consuming and require lot of detailed work for the process of Redevelopment scheme. The managing committee is pleased to give here below the steps taken so far in implementation of the scheme. LETTER OF INTENT:- Pursuant to the decision taken by the special general body meeting on 1 st Feb to appoint M/s. Matoshree Infrastructure Pvt. Ltd. as the developers for our Re-development project, a letter of intent dated. 03/02/2009 was issued to them. The Developers have given their confirmation vided their letter dated 05/02/2009. OPTION FORMS:- The option forms for the selection of a new flat area desired, from six categories was distributed. All the members have diligently responded within the stipulated date. A few members had made some suggestions/request. To consider the suggestions made by the members, the managing committee had discussions with the Developers. We are pleased to inform all the members that most of the suggestions are being incorporated by the Developers. The Developers have decided to plan the flats of 600 sq. ft. (2 BHK) and 800 sq. ft. (3BHK) from their side. Any member, who desires to opt for 600 sq. ft. (2BHK) OR 800 sq. ft.

2 (3BHK) flat, should collect an application and submit to the society office. Schedule of the same will be displayed on the notice board. This will be the final opportunity for selection of new flat area. CONVERSION OF BIG FLATS INTO TWO FLATS :- Some of the members had requested to examine the feasibility of their entitled area to be converted into TWO FLATS. We have requested the Developers to make this feasible for the existing members only. Any member can divide his/her entitled area into TWO FLATS subject to the following conditions. 1) That if the total area of two flats exceeds the entitled area the concerned member shall have to pay for the additional carpet area at the rate of Rs.8000/- per sq. ft. of carpet area. 2) The 50% (half) of the total additional projection area of two flats will be charged at the rate of Rs.8000/- per sq. ft. for the additional projection area. 3) The additional cost of one no. kitchen including plumbing, electrical fittings and additional main door and miscellaneous items will be Rs.1,75,000/- on fixed basis. 4) The cost of stamp duty, adjudication, and registration and out of pocket expenses for the agreement for the additional flat will be borne by the concerned member. 5) The member concerned shall not be entitled to additional membership. That is TWO FLATS would remain in the name of the same member by holding the same share certificate. The member will have to pay Rs.250/- by way of share capital for the additional flat. 6) The members who want to revise their option for TWO FLATS, are requested to submit the application within stipulated time schedule of which will be displayed on the notice board. OPTION ABOUT SOCIETY;S OFFICE PREMISES:- The managing committee has decided to opt for an entitled area of 540 sq. ft. for the existing office area of 360 Sq.Fts. this would be in addition to the office premises to be provided free of charge by the Developers. The 2

3 managing committee shall endeavor to make the best use of 540 sq. ft. + office area (free of charge). In the best interest of the members. Allotment of New Flats: Having regard to methods of allotment of flats as given in the bye-law no.76 (a) the Managing Committee has unanimously decided to adopt the method of seniority. Accordingly new flats will be allotted on the basis of the dates of admission of the members. The list of seniority as per the record of the society will be notified on the notice board and also will be kept in the Society office for perusal and information of the members. The detailed scheme of the allotment procedure/rules will be placed before the General Body for its approval. TAXATION :- The members have been raising queries about capital gains vis-à-vis taxation. The taxation aspect varies from individual to individual depending upon income, sources of income and standard deductions allowed under income tax rules. The managing committee has decided to arrange for a workshop on taxation matter. The date, time and place for workshop for taxation will be intimated to the members sufficiently in advance. For the broad guidelines, the members note that there will not be capital gain tax if member s additional area from developers since no long term or no short term capital gain tax is applicable. If any member surrenders any additional area, the short-term capital gain tax is applicable and to save the capital gain tax there are several many criteria s which can be identified individually. 3

4 APPOINTMENT OF PROFFESSIONALS: The special general body in its meeting held on 1 st Feb.2009 had unanimously authorized the managing committee to appoint professionals i.e. Advocate, Architect, Tax Consultant for the proposed Re-development and fix their remunerations in the best interest of the society, in terms of resolution no.5. Since the number of proposals/quotations i.e. two each from Advocates and Architects were received, the managing committee made a fresh attempt and called for the proposals/ quotations giving the scope of work and stipulating the final date of submission to the following Advocates and Architects. ARCHITECTS ADVOCATES M/s. Niwate & Asso.. M/s. Seelan & Associates. Shri Vijay Turbadkar. Shri Rajeshwar M. Deshmukh. M/ s. Popat Narkhede & Asso. Shri Ajit Karandikar. M/s. Sapre & Associates. Smt. Rekha Pendharkar & Asso. M/s. Architectural Associates Miss. Komal Kandhaarkar Shri Datta V.Damle M/s. Harish Gawankar & Asso. The Managing committee received sealed quotations within the stipulated final date from four Architects i.e. Sapre & Asso., M/s. Architectural Asso., Shri Datta V. Damle and Harish Gawankar & Asso. And from four Advocates M/s. Seelan & Asso., M/s. Karandikar & Vaidya Asso., Smt. Rekha Pendarkar & Asso. and M/s. Komal Kandhaarkar. The managing committee handed over all the quotations to the Subcommittee (Re-dev.) for evaluation and ranking. The Sub-committee (Redev.) analyzed all the quotations and had personal discussions with all the Architects and Advocates. The Sub-committee (Re-dev.) submitted the detailed report dated 23 rd May 2009 to the Managing committee giving evaluation and ranking to all the Architects and Advocates. 4

5 The managing committee in its meeting held on 25 th may 2009 unanimously approved report dated 23 rd May 2009 submitted by the subcommittee (Re-dev.). The managing selected the professionals who ranked no.1 as Architects and no.1 as Advocate which are as follows. ARCHITECTS M/s. Architectural Associates- Estd.1942 Name of the Associates. 1) Ar. Anand Pandit. (B.Arch), 2) Ar. Devendu Sawant (B.Arch.), 3) Ar. Dushyant Desai (B.Arch), 4) Ar. Abhijit Sawant (B.Arch) It is a partnership firm and Shri A.M.Pandit is the Sr. Architect M/s. Architectural Associates are having four Architects as partners, three Architects are full time employees, and in addition two side Architects and two supervisors. M/s. Architectural Associates has given a list of 29 projects of different types along with their quotations. It is observed that they have carried out Re-dev. Projects for housing societies also. They have quoted their fees at 1% of the cost of construction (not exceeding Rs.90,00,000/-) including fees for structural, electrical, plumbing and sanitary consultancies. They have assumed the cost of projects At Rs. 100 crores. They have also given their schedule of payments to be made at different stages. In addition they have insisted to have site office for them so that they can keep constant supervision during the progress of work. They agreed to co-ordinate with Ms. Komal Kandhaarkar, Adv. for preparation of Re-dev. Agreement, Power of Attorney, Tri-partite agreements and other documents. The managing committee found that M/s. Architectural Associates have adequate professional experience to supervise the Re-dev. Project of our society. The managing committee also observed that their fees include structural, electrical, plumbing and sanitary consultancies. Therefore the entire package at 1% of construction cost not exceeding Rs.90,00,000/- will be more beneficial to the society, and will be in the best interest of 5

6 All the members of the society. Looking to their experience, their perceptions and their suggestions during our personal discussions as well as the quantum of fees, M/s. Architectural associates are very much suitable for our Re-dev. Project. Advocate/Solicitor Miss Komal Kandhaarkar- Advocate & Solicitor Name of the firm - The Law House Qualifications- LL.B,LL.M,Solicitor (England & Wales) Name of the Associates- Advocate V.S.Khurana. Advocate Miss. Komal Kandhaarkar explained that she has specialization in property matter and she is currently working as Legal Advisor for housing societies. She said that necessary approval could be obtain from the Dy. Registrar for utilization of sinking fund by following proper procedure under Mahs.Cop.socities Act In case of any disputes between society and developers or between members and the society or between any third party and the society, she will handle all such matters and will charge separately depending upon merits of each case. She suggested obtaining a declaration and Indemnity Bond in favor of the society from the members who have raised housing loans against their flats, She is of the opinion that the society s representatives can participate in the joint meetings to be held with the Advocates of the developers. She has quoted her total fees Rs.3.25 lakhs. She has clarified that it is necessary to have the opinion and comments from the Architects on all the plans and important drawings before finalizations of the Re-dev. Agreement. She has clarified that she will be available to the society for consultations/discussions and even for important meetings of the general body. The managing committee came to the unanimous decision that Advocate Miss. Komal Kandaarkar is capable, knowledgeable and most efficient amongst all the four Advocates. She has also handled arbitration cases and is found suitable as Advocate for our Re-dev. Project. PLANNING OF BUILDINGS: The developers M/s. Matoshree Infrastructure Pvt. Ltd. have planned buildings of and. Wings. The entire Layout plan is displayed in the society s office from to. The members are requested to see all plans diligently. The office bearers of the society will be 6

7 Available during pm. to pm. for giving explanations/clarifications on all the matters mentioned in this circular. The members are requested to submit their suggestions in writing in the society s office latest by June You co-operation will be highly appreciated. Hon. Secretary 7