Panchkula, satellite township of Chandigarh will soon have its first five-star boutique hotel, The Bella Vista, which will be part of an upcoming shopping mall in City Centre, Sector 5, Panchkula. The hotel project is almost in its final stage and is expected to start by July 2009. Sobha Developers Limited will develop the project.
Confirming the project, Chetan Sood, Marketing Manager, The Bella Vista Shopping Mall and Hotel, Panchkula, said that the hotel is housed on the top three floors of the mall. It has terrace gardens will offer an unobstructed view of the Himalayan Mountains. “A unique feature of this hotel is the six luxury suites, which will have their own private plunge pools and an additional six studios and suites with private, shared swimming pools,” Sood confirms. He reveals that the hotel will have 50 rooms including 12-15 suites; the rest of rooms will be Executive and Standard rooms.
The speciality restaurant for 50 covers and round the clock coffee shop with a roof top garden will offer international cuisines. The banquet and conference facilities at The Bella Vista will provide a venue for business meets and private functions. Other facilities in the hotel include a spa, swimming pool and Health Club.
Sunday, April 19, 2009
Thursday, April 16, 2009
Top Europeon fund may invest Rs 300 cr in Sobha
Redevco, one of Europe’s largest real estate investment and development firms, with a $10 billion portfolio, is understood to be looking at investing around Rs 300 crore in various projects of Bangalore-based Sobha Developers
Redevco, part of the diversified Cafro Holdings, which is into private equity, retail, financial services and renewable energy, in addition to real estate development, set up office in India in late 2008. If the discussions with Sobha fructify, it will be its first investment in India.
Investment banking sources indicated that Redevco has had initial discussions with the management of Sobha Developers, which is mired in debt like many of its peers. The investment, if it materialises, is expected to be tied up by September 2009, they say.
Private equity investments into Indian real estate have been slowing over the past three quarters and this deal is expected to be a major one. While Redevco said it had nothing to comment, Sobha has been maintaining that it is in talks with various funds and nothing has been finalised.
Over the past two quarters, Sobha has been aggressively looking at three options to reduce its debt burden of close to Rs 1,900 crore, a leverage of 1.6 times.
The company, which has Infosys as one of its major clients, is looking to raise around Rs 850 cr by selling around 200 acres of its 3,000 acre land bank, offloading up to 49 per cent stake through special purpose vehicles and to offload up to 25 per cent stake at the enterprise level.
Sobha is understood to have identified around 150 acres of land on which projects can be implemented through special purpose vehicles by divesting stakes.
The company is also engaged with around 12 banks and financial institutions to restructure around Rs 850 cr of debt that will be due for payment during the next 18 months.
Banking sources indicate Sobha has been able to get a nod for a part of that sum and talks are also on with mutual funds to roll over Rs 350 cr of debt.
Redevco, part of the diversified Cafro Holdings, which is into private equity, retail, financial services and renewable energy, in addition to real estate development, set up office in India in late 2008. If the discussions with Sobha fructify, it will be its first investment in India.
Investment banking sources indicated that Redevco has had initial discussions with the management of Sobha Developers, which is mired in debt like many of its peers. The investment, if it materialises, is expected to be tied up by September 2009, they say.
Private equity investments into Indian real estate have been slowing over the past three quarters and this deal is expected to be a major one. While Redevco said it had nothing to comment, Sobha has been maintaining that it is in talks with various funds and nothing has been finalised.
Over the past two quarters, Sobha has been aggressively looking at three options to reduce its debt burden of close to Rs 1,900 crore, a leverage of 1.6 times.
The company, which has Infosys as one of its major clients, is looking to raise around Rs 850 cr by selling around 200 acres of its 3,000 acre land bank, offloading up to 49 per cent stake through special purpose vehicles and to offload up to 25 per cent stake at the enterprise level.
Sobha is understood to have identified around 150 acres of land on which projects can be implemented through special purpose vehicles by divesting stakes.
The company is also engaged with around 12 banks and financial institutions to restructure around Rs 850 cr of debt that will be due for payment during the next 18 months.
Banking sources indicate Sobha has been able to get a nod for a part of that sum and talks are also on with mutual funds to roll over Rs 350 cr of debt.
Sobha Developers defers plans to raise equity
Sobha Developers has deferred plans to raise equity through a rights issue, reports CNBC-TV18, quoting sources. The company had announced plans to raise about Rs 250–300 crore via rights issue in August 2008. However, market analysts say this could be a problem because the promoters cannot really subscribe to their share. CNBC-TV18's correspondent Priyanka Ghosh reports.
Sobha Developers had announced the raising of equity via the rights issue in August 2008. We understand from sources that this has been put on hold for the time being at least because of tough market conditions, as the company says.
Sobha Developers had plans to raise about Rs 250–300 crore via the rights issue. It has 87% promoter holding in the company and market analysts say that this could be a problem because the promoters cannot really subscribe to their share and that is really the reason why this has not worked out. However, Sobha Developers has, in fact plans, to raise about Rs 900 crore going forward. They will do this through land sales and also some kind of equity infusion at the SPV level, which they have confirmed. Their landbank is about 3,000 acres. So, there are no problems there.
There are 23 acres under construction and the rest not even under construction. There are no assets in the books of Sobha Developers that are income generating. So, it looks tough that it would find a buyer in this market. It has a debt of Rs 1,850 crore in its books.
Sobha Developers had announced the raising of equity via the rights issue in August 2008. We understand from sources that this has been put on hold for the time being at least because of tough market conditions, as the company says.
Sobha Developers had plans to raise about Rs 250–300 crore via the rights issue. It has 87% promoter holding in the company and market analysts say that this could be a problem because the promoters cannot really subscribe to their share and that is really the reason why this has not worked out. However, Sobha Developers has, in fact plans, to raise about Rs 900 crore going forward. They will do this through land sales and also some kind of equity infusion at the SPV level, which they have confirmed. Their landbank is about 3,000 acres. So, there are no problems there.
There are 23 acres under construction and the rest not even under construction. There are no assets in the books of Sobha Developers that are income generating. So, it looks tough that it would find a buyer in this market. It has a debt of Rs 1,850 crore in its books.
Sobha Developers - Not Transparent, Cheaters, Never meet their deadlines
Like everyone else, even i am a disgruntled Sobha Customer. Had i known that they would turn out like this, i would have never given them a single cent. Below is the summary of my experience with them.
Booked an apartment in one of Sobha’s Project during November 2006. I was told that the delivery would be sometime during mid 2008. Its now April 2009, but till date there is no final word about handover. They have extended this for about 3 times already now.
Initially due to bank loan and other formalities, my payment was delayed for about 3 days. Just 3 days only, and those crooks charged me an interest @ 24% p.a. Seriously I never expected they would do that. But then it was ok. It was written in their agreement that they would do so, so i was fine with it. After that their CRM use to send me monthly reports by email with photos. But then sometime in Feb 2008, even that stopped. They stopped sending monthly updates and they informed me saying that they would be sending quaterly updates instead. Again, i didnt really have much say in all this, so i just took everything they threw at me.
Till date they have now almost collected 90% of the amount of the house. As per the agreement, they were suppose to pay me Rs.10,000 monthly compensation in case there is any delay beyond Feb 2009. Now this period is also after 6 months of grace. So effectively they were suppose to complete the project by Aug 2008. Now when i ask them about the compensation, their CRM informs me that all of it will be settled during the final handover. Even at my end, i need to do some fair bit of financial planning to cough out the final extra cash that would be needed during the handover. But, Sobha’s CRM just refuses to tell me any average figure. I have some serious suspicions that in the end, they might just add some arbitrary charges and set everything off against it and finally i will have to pay for everything. Already this delay of more than a year has effectively costed me around Rs.10 lacs i don't know whats going to come up next.
Some points i would like to summarize:
1. Sobha is NOT transparent in their dealings with their customers. They arbitrarily include many charges for which there is absolutely no justification or reason. They collect 3 times or even 4 times the actual charges that Sobha incurs for Electricity, Water and etc. The worst is the lawyer fees, if you notice, they charge anywhere between Rs.10000 to Rs.30000 as legal fees. Come on, which lawyer in India charges that much money to draft simple agreements? Even in the US lawyers are not so expensive.
2. Sobha projects are always delayed. So my suggestion to prospective buyers would be to buy only completed flats and never to buy if its incomplete. I repeat, completed means, should be ready to move in. There is a huge difference between completed flats and flats ready to move in.
3. Sobha Agreements are insanely one sided. I have never seen such agreements anywhere. They are not meant to protect the customer, but to kill the customer. Initally the sales guy might give you many sweet talks, but make sure you read the fine lines in the agreement.
4. The main reason why people choose developers like Sobha is because of their so called customer satisfaction, transparency and reliability. Where as now, all of these are simply defeated. So you pay a premium not for these extra services, but to get yourself into an never ending trap.
5. Personally the reason why i chose Sobha and agreed to pay a premium for their apartment, is only for one reason - their commitment to its customers. But now all of that is just broken. If we had to deal with so much issues, then why should we pay premium for their houses?
6. Quality of their houses - Well i havent yet owned any. So i cant comment. But i have read other people’s comments here, so i can safelt assume that its not so great. Its pretty similar to what anyone else would give you.
My Ratings:
Sobha developers - Transparent in dealing : 2 / 10
Sobha developers - Customer Service : 2 / 10 (repeatedly write emails to get one word reply from them)
Sobha developers - In keeping its promises : 0 / 10
A disgruntled sobha customer.
Booked an apartment in one of Sobha’s Project during November 2006. I was told that the delivery would be sometime during mid 2008. Its now April 2009, but till date there is no final word about handover. They have extended this for about 3 times already now.
Initially due to bank loan and other formalities, my payment was delayed for about 3 days. Just 3 days only, and those crooks charged me an interest @ 24% p.a. Seriously I never expected they would do that. But then it was ok. It was written in their agreement that they would do so, so i was fine with it. After that their CRM use to send me monthly reports by email with photos. But then sometime in Feb 2008, even that stopped. They stopped sending monthly updates and they informed me saying that they would be sending quaterly updates instead. Again, i didnt really have much say in all this, so i just took everything they threw at me.
Till date they have now almost collected 90% of the amount of the house. As per the agreement, they were suppose to pay me Rs.10,000 monthly compensation in case there is any delay beyond Feb 2009. Now this period is also after 6 months of grace. So effectively they were suppose to complete the project by Aug 2008. Now when i ask them about the compensation, their CRM informs me that all of it will be settled during the final handover. Even at my end, i need to do some fair bit of financial planning to cough out the final extra cash that would be needed during the handover. But, Sobha’s CRM just refuses to tell me any average figure. I have some serious suspicions that in the end, they might just add some arbitrary charges and set everything off against it and finally i will have to pay for everything. Already this delay of more than a year has effectively costed me around Rs.10 lacs i don't know whats going to come up next.
Some points i would like to summarize:
1. Sobha is NOT transparent in their dealings with their customers. They arbitrarily include many charges for which there is absolutely no justification or reason. They collect 3 times or even 4 times the actual charges that Sobha incurs for Electricity, Water and etc. The worst is the lawyer fees, if you notice, they charge anywhere between Rs.10000 to Rs.30000 as legal fees. Come on, which lawyer in India charges that much money to draft simple agreements? Even in the US lawyers are not so expensive.
2. Sobha projects are always delayed. So my suggestion to prospective buyers would be to buy only completed flats and never to buy if its incomplete. I repeat, completed means, should be ready to move in. There is a huge difference between completed flats and flats ready to move in.
3. Sobha Agreements are insanely one sided. I have never seen such agreements anywhere. They are not meant to protect the customer, but to kill the customer. Initally the sales guy might give you many sweet talks, but make sure you read the fine lines in the agreement.
4. The main reason why people choose developers like Sobha is because of their so called customer satisfaction, transparency and reliability. Where as now, all of these are simply defeated. So you pay a premium not for these extra services, but to get yourself into an never ending trap.
5. Personally the reason why i chose Sobha and agreed to pay a premium for their apartment, is only for one reason - their commitment to its customers. But now all of that is just broken. If we had to deal with so much issues, then why should we pay premium for their houses?
6. Quality of their houses - Well i havent yet owned any. So i cant comment. But i have read other people’s comments here, so i can safelt assume that its not so great. Its pretty similar to what anyone else would give you.
My Ratings:
Sobha developers - Transparent in dealing : 2 / 10
Sobha developers - Customer Service : 2 / 10 (repeatedly write emails to get one word reply from them)
Sobha developers - In keeping its promises : 0 / 10
A disgruntled sobha customer.
Thursday, April 9, 2009
Leading real estate cos headed for a debt trap?
Experts say several companies may get stuck in a debt trap as the quantum of debt is too high when compared with the expected cash flow generation in the next fiscal.
Real estate developers say the worst for the sector is over. But the debt in several of the leading companies’ balance sheet suggest a different story. Experts say several companies may get stuck in a debt trap as the quantum of debt is too high when compared with the expected cash flow generation in the next fiscal.
People familiar with the developments say DLF’s debt is around Rs. 15,000 crore. On an average, the company delivers 10-11 million sq. ft per year. If we take the average cost of interest at 13%, DLF’s interest burden for FY10 will be Rs. 1,950 crore. That means the company will have to pay Rs. 163 crore every month and that’s just the interest component. Even if DLF is able to sell 10 million sq. feet at an average price of Rs. 3,000 a sq. foot, it will generate sales of Rs. 3,000 crore. However, typically just 20% of booking amount is paid upfront by customers. Going by that logic, DLF can expect an inflow of Rs. 600 crore. Compare that to the Rs. 1,950 crore of interest burden that DLF will have to pay in FY10.
Unitech’s story, sources say, is no different. With a debt burden of Rs. 8,000 crore, it will have to bear an interest burden of Rs. 1,040 crore. Assuming that one apartment of Unitech sells for Rs. 40 lakh, the company will have to pre-sell 10,400 apartments to generate Rs. 1040 crore.
There are others too in the same boat. HDIL’s debt figure is Rs. 4,000 crore. The company is launching projects aggressively. It had two launches in March and five others are planned later this year. Not surprising, since at 13% interest cost, the firm will have to bear Rs. 520 crore just as interest burden. The question several analysts are asking is will the pre-sale amount suffice for both servicing the interest cost and construction costs as well? Or is a delay in these new projects inevitable?
Sobha Developers have just 1,500 apartments ready for sale. The company has debt of Rs1,850 crore and the interest that it will have to pay is Rs. 241 crore. Sobha Developers has two launches planned later this year. While Sobha’s land bank may be 3,000 acres, just 23 acres is under construction. Company sources have confirmed that it will take additional debt to service interest cost burden in FY10. And industry players fear, several others will follow suit.
Aggressive asset sales will be another characteristic the year ahead in a desperate attempt to generate cash flow. But in the current environment, there are few takers. Unitech’s Saket property still remain unsold after four months. Experts say, like DLF and Puravankara have done in the past, developers may have to surrender back auctioned land to state governments.
We are at the beginning of earnings season, and simply going by the options several companies have to generate cash flow, it looks like FY10 is going to be a tougher challenge than the year gone by.
Real estate developers say the worst for the sector is over. But the debt in several of the leading companies’ balance sheet suggest a different story. Experts say several companies may get stuck in a debt trap as the quantum of debt is too high when compared with the expected cash flow generation in the next fiscal.
People familiar with the developments say DLF’s debt is around Rs. 15,000 crore. On an average, the company delivers 10-11 million sq. ft per year. If we take the average cost of interest at 13%, DLF’s interest burden for FY10 will be Rs. 1,950 crore. That means the company will have to pay Rs. 163 crore every month and that’s just the interest component. Even if DLF is able to sell 10 million sq. feet at an average price of Rs. 3,000 a sq. foot, it will generate sales of Rs. 3,000 crore. However, typically just 20% of booking amount is paid upfront by customers. Going by that logic, DLF can expect an inflow of Rs. 600 crore. Compare that to the Rs. 1,950 crore of interest burden that DLF will have to pay in FY10.
Unitech’s story, sources say, is no different. With a debt burden of Rs. 8,000 crore, it will have to bear an interest burden of Rs. 1,040 crore. Assuming that one apartment of Unitech sells for Rs. 40 lakh, the company will have to pre-sell 10,400 apartments to generate Rs. 1040 crore.
There are others too in the same boat. HDIL’s debt figure is Rs. 4,000 crore. The company is launching projects aggressively. It had two launches in March and five others are planned later this year. Not surprising, since at 13% interest cost, the firm will have to bear Rs. 520 crore just as interest burden. The question several analysts are asking is will the pre-sale amount suffice for both servicing the interest cost and construction costs as well? Or is a delay in these new projects inevitable?
Sobha Developers have just 1,500 apartments ready for sale. The company has debt of Rs1,850 crore and the interest that it will have to pay is Rs. 241 crore. Sobha Developers has two launches planned later this year. While Sobha’s land bank may be 3,000 acres, just 23 acres is under construction. Company sources have confirmed that it will take additional debt to service interest cost burden in FY10. And industry players fear, several others will follow suit.
Aggressive asset sales will be another characteristic the year ahead in a desperate attempt to generate cash flow. But in the current environment, there are few takers. Unitech’s Saket property still remain unsold after four months. Experts say, like DLF and Puravankara have done in the past, developers may have to surrender back auctioned land to state governments.
We are at the beginning of earnings season, and simply going by the options several companies have to generate cash flow, it looks like FY10 is going to be a tougher challenge than the year gone by.
Lack of or No Transparency - Sobha Developers
The association should go to consumer court if Sobha doesn’t respond in right way. In Indranagar, the charges for 14 flats (15 meter connection) is only 3.75 lacs including under table bribes. And BWSSB is about 2.00 lacs, per FLAT it works out to Rs.42,000 (Elec + Bwssb) !!
Moreover Sobha is known to market their flats to techies and soft mannered people only, their ploy is to market flats with ’MBA’ girls who are groomed to rob money.
The registration charges, BWSSB, Electricity and many deposits are nothing but DIRECT robbing.
I have also been cheated by small builder but not to the tune of Lacs of rupees, but few thousands. It’s better to buy smaller flats in small apartments, the charges are ’lot transparent’ compared to the big cheats.
Moreover Sobha is known to market their flats to techies and soft mannered people only, their ploy is to market flats with ’MBA’ girls who are groomed to rob money.
The registration charges, BWSSB, Electricity and many deposits are nothing but DIRECT robbing.
I have also been cheated by small builder but not to the tune of Lacs of rupees, but few thousands. It’s better to buy smaller flats in small apartments, the charges are ’lot transparent’ compared to the big cheats.
Customer is always cheated ~ Courtesy Sobha Developers Ltd
Please beware of Sobha Developers.... Few facts we want to share so that you don’t do same mistake:
One example how Sobha cheats, rather uses its brand to cheat customers. When we booked the Flat, they quoted following charges:
BWSSB - Rs: 63,314/-
KEB Charges: Rs: 55,399/-
But when we went for Registration , they tripled the charges (Given Below). We dont have any choice, as it was delayed 1 year 8 months, we want to register ASAP. More over we trusted the Sobha brand.
BWSSB:Rs: 2,08,935/-
KEB Charges: Rs: 1,07,633/-
Later one gentle man volunteered and collected the information from Bescom and KEB about the Sobha Payments (Given in the following mails from Mr C N Kumar, he requested to remove his mail-Id).
Usually people goto Sobha, because the brand it established. But Sobha used its Brand for profiteering.
Some more facts:
1) Always the sale agreemt is one-sided, this may be true with all big builders. In all cases Customers have to compromise. Because we trust Sobha brand , we blindly sign on the agreement.
2) Please worry about the Carpet area, Sobha is worst in that.
3) Substandard quality (Sewage pipe is broken in one block), water tickling in my bathroom from above flat . They fixed it but chances of repeating are there. Surprised , dont you.
4) Sobha 99.99% of times delivers late. And they evade the late penaly charges 99.99% of times. Take my case, While selecting bathroom tiles i selected tiles which look good. They say its not part of the package, and i should pay extra.I paid it(~ 15,000/-). you should pay extra since the standard tiles they show are so ugly. But the impact of selecting good looking tiles costed us Rs:1,80,000/- later. You know why, Sobha didnt pay us late delivery penalty charges saying you altered the tiles. Any alteration you make, you dont deserve late handover charges. Double whammy.
5)What ever profit loss they make because of later delivery, they recover with triple profits: BWSSB and KEB charges.
6) Always customer is looser, i mean we.
From: C N Kumar
To: Sobha Iris Owners
Sent: Wednesday, March 18, 2009 9:01:46 AM
Subject: [sobhairisowners] BWSSB Charges
Dear Fellow Owners,
Sobha paid as follows to BWSSB for water and sewage connection charges:
For water connection- Rs 2,00,74,100
For GBWSP charges- Rs 53,76,000
Total - Rs 2,54,50,100 say Rs 2.55 crores
I have this information from BWSSB collected under RTI Act. BWSSB also confirms they are yet to provide the connection.
I have been charged Rs 2.21 lacs by Sobha towards BWSSB charges. Assuming each of us have been charged the same Sobha they have collected Rs 7.43
crores. The difference is almost Rs 5 Crores! Worth fighting for?
I am yet to get some information from BDA regarding our OC. Once I have this I will propose a POA to the group.
As of now we have 40 members in this group.
Best regards
C N Kumar
----- Forwarded Message ----
From: C N Kumar
To: sobha_iris@yahoogroups.com
Sent: Friday, March 6, 2009 5:00:18 PM
Subject: [sobha_iris] BESCOM deposit etc.
I have a formal letter from BESCOM regarding the payments made by Sobha for the electricity connections to the flats collected under the Right To Information Act:
Deposit- 28,51,800 ( Rs 7560 per flat for 336 flats. Balance for 2 other connections ( maybe general lighting and club house) plus meter security deposit. These payments were made on 23 May 2007). Supervision charges - Rs 11,94,780
Total= 40,46,580 for 336 flats.
Supervision charges are usually 10 % of the estimated work and material for bringing power from the nearest point. This is about Rs 1.1 crores.
The total cost should be in the region of Rs 1.5 crores. Sobha has collected from each of us Rs 1.14 lacs or Rs 3.83 crores. Should we not get answers for this?
I will similarly get the figures from BWSSB
Best regards
C N Kumar
One example how Sobha cheats, rather uses its brand to cheat customers. When we booked the Flat, they quoted following charges:
BWSSB - Rs: 63,314/-
KEB Charges: Rs: 55,399/-
But when we went for Registration , they tripled the charges (Given Below). We dont have any choice, as it was delayed 1 year 8 months, we want to register ASAP. More over we trusted the Sobha brand.
BWSSB:Rs: 2,08,935/-
KEB Charges: Rs: 1,07,633/-
Later one gentle man volunteered and collected the information from Bescom and KEB about the Sobha Payments (Given in the following mails from Mr C N Kumar, he requested to remove his mail-Id).
Usually people goto Sobha, because the brand it established. But Sobha used its Brand for profiteering.
Some more facts:
1) Always the sale agreemt is one-sided, this may be true with all big builders. In all cases Customers have to compromise. Because we trust Sobha brand , we blindly sign on the agreement.
2) Please worry about the Carpet area, Sobha is worst in that.
3) Substandard quality (Sewage pipe is broken in one block), water tickling in my bathroom from above flat . They fixed it but chances of repeating are there. Surprised , dont you.
4) Sobha 99.99% of times delivers late. And they evade the late penaly charges 99.99% of times. Take my case, While selecting bathroom tiles i selected tiles which look good. They say its not part of the package, and i should pay extra.I paid it(~ 15,000/-). you should pay extra since the standard tiles they show are so ugly. But the impact of selecting good looking tiles costed us Rs:1,80,000/- later. You know why, Sobha didnt pay us late delivery penalty charges saying you altered the tiles. Any alteration you make, you dont deserve late handover charges. Double whammy.
5)What ever profit loss they make because of later delivery, they recover with triple profits: BWSSB and KEB charges.
6) Always customer is looser, i mean we.
From: C N Kumar
To: Sobha Iris Owners
Sent: Wednesday, March 18, 2009 9:01:46 AM
Subject: [sobhairisowners] BWSSB Charges
Dear Fellow Owners,
Sobha paid as follows to BWSSB for water and sewage connection charges:
For water connection- Rs 2,00,74,100
For GBWSP charges- Rs 53,76,000
Total - Rs 2,54,50,100 say Rs 2.55 crores
I have this information from BWSSB collected under RTI Act. BWSSB also confirms they are yet to provide the connection.
I have been charged Rs 2.21 lacs by Sobha towards BWSSB charges. Assuming each of us have been charged the same Sobha they have collected Rs 7.43
crores. The difference is almost Rs 5 Crores! Worth fighting for?
I am yet to get some information from BDA regarding our OC. Once I have this I will propose a POA to the group.
As of now we have 40 members in this group.
Best regards
C N Kumar
----- Forwarded Message ----
From: C N Kumar
To: sobha_iris@yahoogroups.com
Sent: Friday, March 6, 2009 5:00:18 PM
Subject: [sobha_iris] BESCOM deposit etc.
I have a formal letter from BESCOM regarding the payments made by Sobha for the electricity connections to the flats collected under the Right To Information Act:
Deposit- 28,51,800 ( Rs 7560 per flat for 336 flats. Balance for 2 other connections ( maybe general lighting and club house) plus meter security deposit. These payments were made on 23 May 2007). Supervision charges - Rs 11,94,780
Total= 40,46,580 for 336 flats.
Supervision charges are usually 10 % of the estimated work and material for bringing power from the nearest point. This is about Rs 1.1 crores.
The total cost should be in the region of Rs 1.5 crores. Sobha has collected from each of us Rs 1.14 lacs or Rs 3.83 crores. Should we not get answers for this?
I will similarly get the figures from BWSSB
Best regards
C N Kumar
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