13/04/2020
Dear Panchkula / Chandigarh Residents & Friends,
Heartiest Greetings on the Auspicious Occasion of “Baisakhi”. Please do read & study this complete post & Financial Info and note that we again promise to utilize all the money earned as profits from the already 80% completed HRERA registered Project “Ess Vee Apartments, Sector-20, Panchkula, Haryana” on 14.95 acres land owned itself by the Company-Samar Estates Private Limited, towards the development of 300 Bed Multi-Specialty Hospital, University and other Development Works in Panchkula, thus providing employment to more than 5000 Person/s of Panchkula Constituency. As per our Investment Scheme/s, you may invest, any amount starting from Rs.52Lacs secured by PDC/Allotment of 2BHK costing Rs.65Lacs, Rs.67Lacs secured by PDC/Allotment of 3BHK+Study Room costing Rs.84Lacs and Rs.72Lacs secured by PDC/Allotment of 3BHK+Servant Room costing Rs.90Lacs & multiple thereof and fetch minimum 30% per annum returns, from the above said Project. All these flats are 85% to 95% complete. However, person investing more than Rs.50Cr secured by PDC/Allotment of mutually discussed flats may fetch more than 50% per annum returns on his investments. We have unsold inventories of more than Rs.500Cr. With GOD’s Grace, Ess Vee Group had constructed 11 Group Housing Societies in Sector-20, Panchkula, Haryana, which are occupied by the Flat Owners. Further, we clarify that some of the existing buyers/alottees & even the concerned authorities, instead of co-operating with the Company-SEPL, are harassing the promoters of the Company-SEPL through Media Trial / Negative Propaganda, under the influence of certain Big Developers/ Politicians, which is not as per the “Ease Of Doing Business / Definition of Public Trust Doctrine / Law of Land under Article-21 of the Constitution”, to be taken care of by the Government / Panchkula Administration. Hence, Let Us, All shall Unite, Collaborate, Innovate & Invent for solving each & every Development Issue of Panchkula Constituency, which shall help All of Us in fighting the situation/s like CoronaVirus/ COVID-19.
As desired by some of the Buyers/Alottees, we clarify that the Company-SEPL has not diverted a single penny received either from the Buyers/Alottees or from the Bank-PSB as credit facilities. As on 31.03.2019, the Company-SEPL has incurred Rs.186.05Cr towards Development/Construction Cost, deposited Rs.30.50Cr towards Development Charges, etc with Government Departments & incurred Rs.5.38Cr towards book value of the land cost paid to the land owners/HUDA, thus totaling Rs.221.93Cr on the above said Project and as per Price List/ Apartment Buyers Agreement, about Rs.186.18Cr (about Rs.205Cr as on 01.03.2020) are still trade receivable/ overdue/ recoverable from the existing Buyers/Allottees after adjusting Rs.92.75Cr (exclusive of Service Tax/GST) deposited by the existing 342 luxurious & 122 EWS flat Buyers/Alottees, thus totaling 464 flats, out of 786 luxurious & 139 EWS flats, thus totaling 925 flats. Rest of the amount has been incurred by the Directors of the Company-SEPL in addition to the above said land cost for the last more than 13 years, including Rs.58Cr as credit facilities from the Bank, as per detailed sheet enclosed herewith. That as per the provisions of the Haryana Development & Regulation of Urban Areas Act, 1975 & rules made therein, the Developer is required to incur 30% of the receipt amount towards internal development & construction cost, whereas the Company-SEPL has incurred much more than the prescribed amount. As per the Real Estate (Regulation and Development) Act, 2016, the Developer is required to incur 70% of the receipt amount towards land, internal development & construction cost and the Company-SEPL has incurred much more than the prescribed amount.
That if the Buyers/Alottees have any doubt about the intentions of the Company-SEPL in completing the said Project, let the construction works be handed over to an independent Construction Agency under the supervision of either Construction Committee comprising of five members i.e. one experienced Civil Engineer, one Chartered Accountant, one authorized person from the Company-SEPL & two persons from the existing Buyers/Alottees and/or Government Agency like HSVP/ HUDA/ Housing Board Haryana/ HSIDC and assure that construction works are completed within the stipulated period from the funds collected by the said Construction Committee and/or appointed Government Agency from the above said trade receivables/ overdue/ recoverable & yet to be made due amounts from the existing Buyers/ Alottees and/or resale of some of the inventories, on mutually decided rates, allotted to M/s SRV Investments on a/c of land share & Rs.61.51Cr received against development/ marketing rights of Pocket-B measuring 7.182 acres and subsequently, offer phase wise possession of the above said Project. Further, it is clarified that 107 Alottees have deposited about 80% dues, 56 Alottees have deposited about 50% to 80% dues, 49 Alottees have deposited about 25% to 50% dues and 130 Alottees have deposited upto 25% dues. The Company-SEPL has reduced the agreed delay payment interest from 18% to 12% PA w.e.f. 01.08.2017 of all the Buyers/Alottees as per HRERA Rules, 2017. That as per Apartment Buyers Agreement, the Company-SEPL has credited the delay possession compensation (DPC) to the ledger accounts of the Buyers/Alottees, out of which considerable amount has already been adjusted towards due payments of installments, paid more than Rs.2Cr to the complainant/s towards DPC and balance shall be adjusted either towards future installments or on possession. However due to non-payment of due installments by most of the Buyers/Alottees, the construction work could not be completed on time and the Company-SEPL was unable to offer the possession to the Buyers/Alottees on or before the stipulated period. Thanks & Regards.
Jai Hind. Jai Haryana.
Bhai Vinod Bagai, Panchkula.
09888914301, 09814076845.
Email: [email protected]
