EIL proposes construction plan with timeline specifying date of starting construction, possession date and also proposes which tower/block would come under which phase. The plan cited below would be binding on EIL.
|Sr. No.||Project Name||Block/Tower||Starting Date of Construction||Offer Date of Possession|
|1||Earth Techone Phase 1||Studio & Alpha||Apr-18||Apr-20|
|2||Earth Techone Phase 2||Studio, Gama, Beta||Oct-18||Oct-20|
|3||Earth Techone Phase 3||Express One||Apr-19||Apr-21|
|4||Earth Techone Phase 4||Commercial||Oct-19||Dec-21|
|5||Earth Titatnium/Galleria Phase 1||Studio & I.T||Oct-18||Jun-21|
|6||Earth Titanium/Galleria Phase 2||Apr-19||Dec-21|
|7||Earth Titanium/ Galleria Phase 3||IT & Galleria||Oct-19||Jun-22|
|8||Earth Titanium/Galleria Phase 4||Apr-20||Dec-22|
|9||Earth Towne Phase 1||1,2,3 & 25,26,27||Aug-17||Aug-18|
|10||Earth Towne Phase 2||4,5,6,7,8,9||Apr-18||Dec-20|
|11||Earth Towne Phase 3||10,11,12,13,14,15||Dec-18||Jun-21|
|12||Earth Towne Phase 4||15A,16,17,18,19,20||Jun-19||Dec-21|
|13||Earth Towne Phase 5||21,22,23,24,28,29,30||Dec-19||Jun-22|
|14||Earth Sapphire Court Phase 1||B & C||Sep-17||Sep-18|
|15||Earth Sapphire Court Phase 2||A||Apr-18||Dec-20|
|16||Earth Iconic Gurgaon Phase 1||Shop & Office||Dec-17||Dec-18|
|17||Earth Iconic Gurgaon Phase 2||Front Construction & Studio||Dec-18||Jun-20|
|18||Copia Phase 1||A,B,C,J&K||Oct-17||Oct-18|
|19||Copia Phase 2||D,E,F,G & H||Jun-18||Dec-20|
20. Skygate, Gurugram
The company is in advance talks with the joint venture partner to take over the entire project.
Company has given a bank guarantee of Rs. 11 Crores for the project in HUDA.
Company would generate around 31-33 Crores from this deal.
21. Earth Elacasa
Elacasa Buyer’s Association have offered to jointly work with the company to complete this project on certain terms and conditions which would be a win win situation for both the parties.
Two rounds of fruitful discussion have taken place and next round of meeting is scheduled for 14/15th July 2017. Company would decide on this accordingly. Date of construction shall be mutually decided.
22. Earth Gracia
Company would restart the construction work of Earth Gracia by June 2018 and would deliever this project in the next 36 months in phased manner.
For the delayed period of offer of possession the company shall compensate as per terms & conditions of Builder Buyer Agreement (BBA). The compensation amount for the delayed period of offer of possession would be Rs. 6/-sq ft per month. The compensation would be adjusted from the due balance at the time of offer of possession.
(A) There would be a 4 member monitoring committee for each project i.e. two member from the respective buyers association of each project & two members from respective company.
(B) EIL and its Subsidiary Company shall open a joint/Escrow A/c for each project.
(B1) The 4 members monitoring committee would jointly operate the joint account/Escrow Account which would be opened after approval of the same in the Board Meeting of the respective company.
(C) The financial viability of all the projects is enclosed as Annexure P-1 (colly). The construction work of the projects shall start as per schedule given above.
Generation of Funds.
Atul Gupta & Vikas Gupta, Directors of EIL have provided their personal guarantee of Rs. 12.5 Crore each to the two contractors namely JB contractor & Beacon contractors. These personal guarantees are duly supported by tangible assets to the satisfaction of these contractors. On being satisfied by the guarantee of Rs. 12.5 crores each these contractors are signing an agreement with EIL to restart the construction work of Towne, Saphire and further TechOne.
For earth Iconic company is in final stage of discussion with its contractors Sh. B.L Kashyap who shall restart the construction work of Iconic.
With the permission of the Ld. Trial court properties of Rajneesh Mittal, Director of EIL to the tune of Rs. 10 crore would be sold & this amount would be utilized in making part payment of the outstanding of the GNIDA in Towne project, clearing of statutory liabilities
Company has around 2.25 crores in various freezed bank accounts of the EIL & other subsidiary /related companies. The company has with it 10 fixed deposits of Rs. 10 lacs each totaling to Rupees one crore of Indian Bank.
The company has held various meetings with its joint venture partner in Skygate who has offered to take over the entire assets and liabilities of this project. In exiting from this project company would receive approximately around 32-33 crores from its partner.
Below mentioned properties are owned by Earth Infrastructures Ltd, the subsidiary companies and related companies of Earth Infrastructure Limited on which there is no encumbrance.
Company has an unsold inventory of around Rs 1350 Crores in all these projects details of which are available in Annexure P-1 (Colly). Company would generate funds by either taking loans against the unsold inventories or would pledge these unsold inventories with the contractors to get the construction work completely or would sell these unsold inventory in the open market to raise funds to complete the pending work in full swing.
Out of the funds generated from the above mentioned properties/unsold inventories 10 % of the amount which is generated shall be utilized in further clearing the pending statutory liabilities & clearance of the outstanding assured returns of the complainants and also clear the outstanding towards the Noida Authority & other government authorities.
AR w.e.f from 1stJuly, 2017 till the date of possession mentioned above in table in para no.1 would be paid by PDC’s till the specified date of possession given in the table in para no. 1. AR PDC’s forJuly to December in year 2017 and January to August 2018would be given for half of the amount mentioned in MOU/BBA i.e 50% of AR by PDC’s and credit note for balance amount 50% of total assured return value. These credit note amount can be adjusted in future demand/final payment to the tune of 5% on every demand letter raised by EIL or if its exceeds the final payment, then in that case, EIL would adjust the amount in GST/registration charges/stamp duty to be paid by complainants.If the amount still exceeds, builder would pay back the buyer the due amount to him by Bank Draft on offer of possession.
It is further clarified that payment of AR’s would be made till the delivery/possession of the respective units.EIL is providing Cheques for 50% of Assured return amount, as specified in MOU/BBA, for the months of July17, at the time of offer of this proposal. EIL would keep on paying AR amount every time through PDC’s.
Company (EIL) would restart the construction work of 1st Phase of Towne Project in July 2017 and would deliver the 1st Phase of Towne Project by June 2018. From September 2018, EIL would consider to pay AR @ 75% as specified in MOU and issue credit note for balance 25% of AR alongwith PDC’s. All buyers whose credit note amounts exceed the final payment/GSTwould be paid the balance amount due to him/her through Bank Draft at the time of raising final demand by builder/offer of possession.
Those complainants who are senior citizens, widow or single parent would be paid their due AR upto June 2017 @ 3/4th i.e 75% of their assured return as mentioned in MOU/BBA and ¼ i.e. 25% later through Credit notes as explained. Credit notes will be given alongwith PDC’s. Senior citizens, widows and single parents should inform about their status to receive their 75% and 25% of their AR as detailed above.
In case of non encashment of any cheque due to any reason, EIL shall immediately (within 15 days) arrange for payments, failing which the complainant shall have right to seek cancellation of bail. It is clarified that for all the projects (where AR was offered) AR would be paid till the date of offer of possession of respective unit.
Company had recently in July 2017 issued cheque for AR to the complainants along with the letter dated ….July 2017 which gave details of the broad proposals as on that date i.e prior to the present proposal.
In relation to the letter of proposals & the enclosed cheque for AR it is clarified in clear terms to one and all that the company is thankful to all those complainants who encashed their cheques and committed to the proposal.
The proposal of the company is to regularize their AR’s/ committed amount in near future as committed in the proposal letter dated …July 2017 (The proposal of payment of AR in the present proposal is also almost same.)
Company also thanks all those complainants who have not encashed their cheques and have given their full support to the company and gave their support/approval for the start of the construction of the pending projects and adjusting their AR’s at the time of possession of their units.
Company would utilize this unused/unpaid AR amount which was kept reserved in the bank account for the clearance of the AR cheques issued towards AR’s in construction work of the pending projects.
Those investors who have not encashed their cheques are requested/ advised to return these cheques to the company as soon as possible and the same would not be encashed post 20th July & payments of such cheques would be stopped.
It is clarified to one and all that the terms and conditions of BBA/MOU/Application remains unchanged and are binding to both the parties as usual. The present arrangement has no bearing on those terms & conditions.
The terms & conditions so agreed by the complainants and the company for grant of bail and extension of bail has to be followed by both the complainants & the directors in the letter & spirit. Violation of the terms & conditions by both the parties shall be dealt in accordance with law.
In relation to the approvals/site plans/agreements with GNIDA & other authorities pertaining to some of the projects the company would coordinate with the various authorities for revision of building plans, clearance from authorities.
In case of closure of this project on the request/demand of at least 60% buyers or builder not getting requisite sanctions/approvals,NOC as specified in para above,it would be deemed as a closed project and all amount paid by buyers would be refunded within 24 months from date of closure.
The Company undertakes to take up the issue on SOS basis & take necessary steps seeking restoration of the licence and inform all the buyer accordingly and keep them updated of all the developments in this regard. The company undertakes to get timeline sanctioned from Country and Town Planner, Haryana within which the company would complete the said Project. The builder undertakes to address all objection raised by HUDA/Country and Town Planner or any authority and get all sanctions within 12 months of this proposal in regard to this project.A Four members Committee comprising of 2 members from the buyers association & 2 members from the Company including Project Incharge Aparesh Banerjee shall look into this aspect/application on a day to day basis.
For the delayed period of possession the company shall compensate as per terms & conditions of Builder Buyer Agreement (BBA). The compensation amount for the delayed period of possession would be Rs. 6/-sq ft per month. The compensation would be adjusted from the due balance receivable amount.
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