IRS (MUMBAI) HOUSING CO-OPERATIVE SOCIETY, MUMBAI

Invitation to enroll new members

1. IRS (Mumbai) Housing Co-operative Society (Society, for short) was set up in 2006-07 to provide affordable housing to the IRS officers in Mumbai. Subsequently few members were taken from outside Mumbai Region. Meanwhile, we got many queries from IRS Officers (DR) all over the Regions. We had discussed with the Builder for accommodating some more members which he agreed on the same terms and conditions. The Society has had an Executive Committee. The Executive Committee of the Society has obtained various proposals and identified freehold land in Ulwe node of Navi Mumbai for its residential towers. The Society entered into an MOU with Shri Kanti Savla for M/s Shah Construction Company (later incorporated as M/s Integrated Spaces Limited) for purchasing land and constructing flats in Ulwe node. The locational advantages of Ulwe include being in the vicinity of New Proposed International Airport, having some of the best civic amenities provided by CIDCO, being in the vicinity of Navi Mumbai SEZ and JNPT, being linked by a railway station next door and being linked by the proposed trans harbor sea link between Sewree and Nhava Sheva. M/s Integrated Spaces Limited (Developer, for short) has purchased adequate plots of land for developing IRS Towers in Ulwe node and has also submitted building plans as per mutual discussions. The Location of the site can be viewed from the web page www.cidcoindia.com., www.navimumbai.com .

2. The General Body Meeting of the Society held on 26 th February, 2009, approved the building and floor plans of its project in Sector 21 of Ulwe Node, Navi Mumbai. Thereafter, on the auspicious day of Gudi Padwa on 27 th March 2009, “Bhoomi Poojan” ceremony was conducted. Chief guest for the ceremony was Shri Shaikh Naimuddin, Member (P&V), CBDT and guests of honour were Shri P.C.Chhotaray, CCIT, Mumbai and Shri Prem Verma, CCIT (Retd.) founder president of the Society. In the ceremony, besides the members of the Society, members of IRS fraternity at Mumbai were also invited. The ceremony was a huge success in terms of arrangements as well as attendance by the members of IRS fraternity. During the course of ceremony and thereafter, the members of the Executive Committee received several inquiries and requests about the possibility of enrollment of new members. The matter was discussed by the Executive Committee with the Developer who agreed to accommodate some more members as they are hopeful of getting more land adjoining the existing plots of land. Following the same, it was decided by the Executive Committee to enroll new members on the following terms;

a) Members will be enrolled on payment of non-refundable fee of Rs.15,000/- for the membership of the Society and submission of duly filled in membership forms by 30th April 2009.

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b) Members will get the flats at the same terms and conditions as the original members except for nominal increase in membership fees from Rs.10,000/- to Rs.15,000/-. The terms and conditions with the Developer are specified in the MOU dated 31st December 2007 entered with the developer except for a small change. MOU can be viewed at http://www.slideshare.net/sandipgarg/slideshows. The only change in the MOU is in respect of calculation of built-up area which was to be calculated at 130-133% of the carpet area. As per actual drawings, the ratio of built-up area to carpet area worked out to 141%. After negotiations with the developer and as per the decision taken in GBM on 27.02.2009 (para 7 of the minutes), the built up area was agreed to be calculated at 136% of the carpet area. The copy of the minutes of GBM can be seen at the above mentioned web address. The presentation made by the Developer in the GBM can also be viewed there.

c) As per the plans approved and rates agreed, the flats will have following cost structure:-

i) Three BHK with Carpet area 1005 sft.

ii) Loading for common areas and amenities is 35-36% extra of carpet area.

iii) Floor rise cost will be in the range Rs.40-80 psf. from 7th Floor onward and a price advantage for 1st floor to 4th floor will be between Rs.40-80 pst.

iv) Rate is Rs.2500/- psf. on Built up Area.

v) Actual such as Registration fee, stamp duty etc. extra.

vi) Stilt parking charges extra and optional.

d) As per the MOU signed by the Society and the Developer, each member should pay to the Developer an amount of Rs.6.50 lakh after he acquire land for construction. The desirous members will have to make payment of at least Rs. 4.00 lakhs (in addition to Rs.15,000/-) by 30th April, 2009 for getting membership of the Society.

e) The remaining unpaid amount will attract interest @ 12% per annum from 1st May 2009 onwards. The interest is levied for the late payment so that members who have paid on time is not put in the disadvantage position for their prompt payments.

f) Those members who make full payment of Rs. 6.50 lakhs by 30 th April will be considered for allotment of flat and the allotment is slated for in the first week of May2009. Those who are not able to make full payment of Rs. 6.50 lakhs by 30th April will be considered in subsequent allotment(s).

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g) Desirous members can make payments in favour of “IRS (Mumbai) Housing Co-operative Society” by cheques/ demand drafts payable at Mumbai at par. Cheque/ DD along with the completed application form may be sent to Shri. D.S.Benupani, Addl. DIT(Inv.), R.N.408, Scindia House, Ballard Estate, Mumbai- 400038. Tel/Fax 022-22635323.

h) The Society is discussing with the banks for loans at favorable rates. It is expected that chosen bank will grant loan for rest of the cost of flat provided the members fulfill eligibility requirements. Banks have also indicated that income of the family members will be taken into consideration for giving maximum loan to the desirous members if they are made co-owners.

i) In conclusion, members are required to make payments of Rs.6,65,000/- including Membership fee of Rs.15,000/-by 30th April 2009. They are also required to fill in the membership forms and option forms giving options in respect of the floor, stilt parking etc. Copies of these forms are enclosed with this letter and can also be downloaded from the abovementioned web address.

j) Members are requested to make prompt payment so that allotment of flat will be carried out by end of April or beginning of May’09. This process of flat allotment will facilitate to have individual purchase agreement of the members with the builder which is mandatory for obtaining early group financing from Banks for which negotiation is on.

k) You are also requested to note that there is considerable information on Navi Mumbai, Ulwe Node on internet and you may like to apprise yourself with the same. Please visit www.cidcoindia.com., www.navimumbai.com. It may be noted that the site is located at near to New Mumbai International Airport (proposed), New Mumbai SEZ promoted by big industrialist of Mumbai and closest to the proposed New Trans-Harbour Line connecting Mumbai & New Mumbai.

l) Please furnish your complete address with E-mail ID, Cell No., Tel/fax for quick communication.

Following persons can be contacted for further information/ clarifications:-

1. Shri D. S. Benupani 9819547981 benupani@hotmail.com

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2. Shri Jayaram Raipura 9892711525 jraipura@yahoo.com

3. Shri Sandip Garg 9892107893 sandipgarg@gmail.com

(D. S. BENUPANI)Secretary

Dated: 1st April 2009Mumbai

i) Attach : 1. Application Form

2. Option form

ii) Copy to all IRS Association Units and CCIT(CCA)for wide circulation among Members.

iii) P.S. The Society Membership is opened to all IRS Officers (DR) both serving and retired and their immediate family members as joint owners.

MEMBERSHIP CUM OPTIONS FORM

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TO BE PROVIDED ALONGWITH THE NON-REFUNDABLE PAYMENT OF RS.4,15,000/- BY MEMBERS OF THE IRS(MUMBAI) HOUSING CO-OPERATIVE

SOCIETY, MUMBAI FOR THE PROJECT AT ULWE AT NAVI MUMBAI

1. Name of the Member :2. Civil List No.3. Address of the Member :

4. Alternative address of the member

5. Telephone No.(Office,Residence, Cell) Pl. provide Cell No. for easy communication

:

6. E-mail Id :7. Cheque details: :

i) Cheque No. : ii) Date :iii) Issuing Bank :

8. Floor options, mention the floors which you will opt for

Floor Option Choice of floors for the option1st & 2nd flr or 3rd & 4th flr or 5th & 6th flr or 7th & 8th flr or 9th & 10th flr.

Floor Option 1Floor Option 2Floor Option 3

9. Option for stilt parking

Cost of Stilt Parking Whether you want stilt parking at this rate?Rs.2,00,000/-

10. I hereby confirm that I agree to the decisions taken in the General Body Meeting of the IRS(Mumbai) Housing Society held on 16th October, 2007 and 27.02.2009 undertake to make all payments for the acquisition of the flat on the due dates as advised by the Executive Committee of the society. I also agree that the deposit of Rs.15,000/- and Rs.4,00,000/- (now being made) will not be refunded to me except in the event that the project is abandoned. In that event, I agree that proportionate expenses incurred in connection with the project may be deducted and only the balance amount be refunded.

(Signature)Name :

Date : Designation :

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