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 To, 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 All the members Date: 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 Redevelopment scheme. Since then, the managing committee is continuously making efforts to overcome the hurdles which were time consuming and required lot of detailed work for the process of Re-development 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 held on 1 st Feb to appoint M/s. Matoshree Infrastructure Pvt. Ltd. as the Developers for our Redevelopment project, a letter of intent dated. 03/02/2009 was issued to them. The Developers have given their confirmation vide 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 to the members. All the members have diligently responded within the stipulated time. A few members had made some suggestions/request. Having regard to these suggestions the Managing Committee had discussions with the Developers. We are pleased to inform the members that most of the suggestions are being incorporated in the layout and building plans by the Developers. The Developers have agreed to add two more categories of flats of 600 sq. ft. (2 BHK) and 800 sq. ft. (3BHK) in their plans for choice of members. Any member who desires to opt for 600 sq. ft. (2BHK) OR 800 sq. ft. (3BHK) flat, should submit his/her revised option in prescribed option form available in the office, and return it duly completed to the society office not latter than 21 st June 2009, within office time i.e. 10 AM to PM and Sunday AM to PM from. This will be final opportunity for selection of new flat area. The members who do not want to revise there options submitted earlier are not required to submit any option for now since their earlier option stands. 1

2 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 (like flower beds) 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 second 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. 6) The members who want to revise their option for TWO FLATS are requested to submit an application within stipulated time 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 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. (after approval from General Body) 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 in its meeting held on unanimously decided to recommended the method of seniority of existing members based on the members register maintained by the society. Accordingly new flats will be allotted in the proposed 2

3 towers 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 in due course.. 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. Resignation of Mr. Abhijit A. Sawant (C-1/9) from the Sub-committee: Mr. Abhijit A. Sawant has resigned as a member of the sub-committee on 16/03/2009 and the Managing Committee has accepted his resignation at its meeting held on 25/05/2009. The Managing Committee has appointed Mr. Sanjay Nawani (B-7/8) (Associate Members) as a member of the sub committee in place of Mr. Abhijit A. Sawant at its meeting held on 06/06/2009, Shri. Sanjay Nawani is a qualified Civil Engineer (B.E.) and also has successfully completed course of construction management programming. 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. Advocates, Architects, Tax Consultant for the proposed Re-development and fix their remunerations in the best interest of the members, in terms of the resolution no.5. Initially, the Managing Committee received four proposals/quotations each for Advocates and Architects. The Managing Committee made a fresh attempt to adhere to procedure and called for the proposals/ quotations giving the scope of work and stipulating the final date of submission to the following Advocates and Architects. 3

4 ARCHITECTS M/s. Niwate & Asso.. Ar. Shri Vijay Turbadkar. M/s. Popat Narkhede & Asso. M/s. Sapre & Associates. M/s. Architectural Associates Ar. Shri Datta V.Damle M/s. Harish Gawankar & Asso. ADVOCATES M/s. Seelan & Associates. Shri Rajeshwar M. Deshmukh. Shri Ajit Karandikar. Smt. Rekha Pendharkar & Asso. Miss. Komal Kandhaarkar 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 i.e. 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 Sub- committee (Redev.) for evaluation and ranking. The Sub-committee (Re-dev.) analyzed all the quotations and had personal discussions with all the four Architects and four 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 above four Architects and four Advocates. The Managing Committee in its meeting held on 25 th May 2009 unanimously approved the report dated 23 rd May 2009 submitted by the Sub- committee (Re-dev.). The Managing Committee 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 of M/s. Architectural Associates, which is having four Architects as partners, three Architects are full time employees, and in addition, two site Architects and two supervisors. M/s. 4

5 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 negotiated to 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 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, the Managing Committee came to the unanimous decision that M/s. Architectural associates are very much suitable for our Re-development 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 matters and she is currently working as Legal Advisor for housing societies. She said that necessary approval could be obtained from the Dy. Registrar for utilization of sinking fund by following proper procedure under Maharashtra Co.op. Societies 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 favour 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- 5

6 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 Khandaarkar 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-development Project. PAYMENT OF PROFFESSIONAL FEES: Thus, it is to be noted that we have to pay professional fees about Rs. One Core (including relevant taxes) within a period of four to five years. The Managing Committee has studied the financial condition of the society and we are glad to mention that society can pay the professional fees as per schedule given by them without putting additional financial burden on members; in the event of our Society having to pay any litigation fee or such other expenses in future, we will have to raise additional fund. PLANNING OF BUILDINGS:- The developers M/s. Matoshree Infrastructure Pvt. Ltd. have shown PowerPoint presentation to the managing committee members about re development of our society. The managing committee along with subcommittee attended the presentation on 2 nd June The developer along with their architect explained us their concept and vision about our re-development. The developer has also incorporated our major suggestions in new planning. It is to be noted that a draft building layout plan for your suggestion is displayed in societies office from Dt:11/06/2009 and final building plan, lay out plan with detailing and incorporating all amenities and municipal submission plan with detail FSI & area calculation will be put up to the members in AGM. / Sp. GM for approval. The developer has submitted the building layout plan comprising of three wings containing four flats of different typologies. The managing committee has requested the appointed architects M/s. Architectural Associates to give overall comments to that effect. The members are requested to go through the plans displayed in the office. 6

7 Development Agreement & other related documents: The development agreement, power of attorney and other related legal documents are expected soon from the M/s. Matoshree Infrastructure Pvt. Ltd. which will be checked and approved by our appointed professionals. All the draft documents will be available for the members for giving their final comments (by giving sufficient time) before placing them before the General Body for its approval. The office bearers of the society will be available for the discussion/queries in the above matter from 12/06/2009 from to 21/06/ PM to PM on working days and AM to PM on Sundays. Your co-operation will be highly appreciated. Hon. Secretary Annexure: a) Comparative statement of advocates/solicitor. b) Comparative statement of architects. 7