20-09-2016, 10:59 AM
1455274993-RealEstateproject.docx (Size: 122.55 KB / Downloads: 4)
Design Procedure:
Basic group, composition and responsibilities are given in below:
Basic Group:
The group is basically divided into three parts viz.
• TPSL Corporate
• Advisory committee
• Estate Committee
Composition:
• Advisory committee comprises Shri.Subodh Panjiyar and Prof.D.V.R.Rajakumar
• Estate Committee comprises Shri. Bijoy Bajesaria and Shri.Praveen Agarwal
Responsibility:
• TPSL Corporate will inform Advisory committee of their intention for purchase of real estate
• Advisory committee will discuss and inform the Estate committee for their further actions and in case of any trouble they will guide them for further activities
• Estate committee will interact with Builders / Contractors / Agents presently as well as future for total execution of Real Estate right from Ready to occupy immediately or within end March 2014
• TPSL Corporate will finalise all the below mentioned information
Division:
• The group will be divided into two groups basically
• Top Management Group
• Middle Management Group
Group Composition:
• Top Management Group
o Comprises: S/Shri. Subhodh Panjiyar, Sanjay Panjiyar, Rajesh Kumar Gupta, Arya Kumar Dutta, A.R.Barat, Prof.D.V.R.Rajakumar, Amit Gupta, Varun Gupta, Raghavendra Gupta, A.K.Mittal, etc.
• Middle Management Group
o Comprises:S/Shri. Praveen Agarwal, Abhijit Bose, Bijay Bajesaria, T.B.Nandi, Kuldip Sarawgi, Surindr Gandhi, etc
Besides the above, TPSL Corporate will be signing all documents
Plan of Action for Purchase of Real Estate:
• All data about purchase of real estate
o Basics
Number to be purchased :
• 20 nos. in Top Management Group at a cost of Rs. 25.00 Crores
• 15 nos. in Middle Management Group at a cost of Rs.10.00 Crores
Time Period / Anticipated complexes
• Mainly ready to occupy immediately or within 6 months from today or 3 months from the start date (upto the end of December 2013 or maximum upto end March 2014),
• Diamond City South-Tollygunge, Eden City-Behala, Garden City-Behala, Siddha complexes, etc……
Ownership
• TPSL will be the first owner and Employee will be co-owner
o Rules and Regulations (See Example-1, 2 and 3 for clarity)
o Selling rights (Refer Example-3)
TPSL is the first owner of the property and he has got overriding authority over the co-owner for selling or letting it for rent/lease
Co-owner do not have any right to sell or renting/leasing etc., however they can help TPSL in doing so.
If the employee leaves for any reason within 3 years for Top Management group and 7 years for Middle Management group then deducted money will be returned to the Co-owner with 8% interest within 7 days period and the property will become the exclusive property of TPSL
If the employee leaves for any reason after 3 years for Top Management group and 7 years for Middle Management group then payment will be done within 7 days period and the property will become the exclusive property of TPSL.TPSL and Co-owner gets equal share in the initial investment and in the balance share TPSL gets 55% share and Co-owner gets 45 %
o Rent rights (Refer Example-3)
Co-owner or his legal wards can live in that property by paying 50% of market rent at the time of taking over
If let for rent for outside or TPSL takes it for its use then 50% of rent will go to TPSL and 50% to Co-owner
All capital expenditure will be equally shared by the employee and TPSL (like maintenance charges, painting, interiors)
Tenant only will have to pay for electricity, gas and other small activities
o Co-owner rights (Refer Example-3)
The Co-owner i.e. employee should have been in continuous service of atleast 3 years
50% of CTC will be deducted every year for 5years in case of Top Management group or for a period of not less than 5 years or just one or two extra years over 5 years or completion of financial commitment whichever is lesser
50% of CTC will be deducted every year for a period till repayment of 50% of purchase value between 5 to 8 years depending on purchase price
TPSL and the employee who has signed the agreement becomes 50%: 50% owner after deposit/deduction of the money of his 50% share in the stipulated tenure
TPSL will initially deposit total value of the property