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Progress Report as on Date of AGM

Application Details

Land Requirement – 10,00,000 Sq Feet which is equivalent to 41 acres. (24000 Sq Ft site saleable area per acre, as per the MOU)

Land Acquisition Procedure:

Step I
Society has identified a Developer for assembling of land and later to develop. Then the Society has entered into a MOU with developer for assembling of land to a minimum extent of 65 acre at Banandur Village, Bidadi Hobli, Ramanagar and after assembling the Developer shall have to form the layout. – This stage is complete.

Step II
Developer shall negotiate with the Land Owners and enter into Agreement of Sale by paying advances and also General Power of Attorney with powers to apply for conversion and related matter. (Land covered through AOS around 25 acres).

Step III
Society shall enter into a Nomination Agreement with the Developer, under which the developer undertakes to get the sale deed executed in favour of the Society from the Land owners after the conversion of land from agricultural status to residential status.Nomination Agreement is entered in to for an extent of 20 acres. Under Nomination Agreement, the Developer is obligated to provide all the legal papers required to our satisfaction.

Step III
Society shall enter into a Nomination Agreement with the Developer, under which the developer undertakes to get the sale deed executed in favour of the Society from the Land owners after the conversion of land from agricultural status to residential status.Nomination Agreement is entered in to for an extent of 15 acres. Under Nomination Agreement, the Developer is obligated to provide all the legal papers required to our satisfaction.

Step IV
Developer shall apply of phody of land and also for conversion. Once, the land is converted the Developer will make arrangements for land owners to execute the sale deed in favour of the Society. Phody of Land and Conversion – by

Step V
Society shall apply for plan sanction through Developer and it shall be the obligation of the Developer to get the approval. Once, the approval is obtained the society can allot the site no based on seniority of members.

Step VI
On development of layout and obtaining site release order. Society shall execute sale deed in favour of members with respect to site allotted.

LOAN APPROVAL

The Executive Committee has already approached Canara Bank, Circle Office, M G Road, Bangalore and had a meeting on 11th September, 2013 and requested the Bank to provide financial assistance

  • To our members from 3rd instalment.

The Bank has asked for following details to process the matter further, which being

  • Detailed Project report
  • Members eligibility for Loan
  • Details of Land and title reports

The Executive committee in the coming weeks will approach the members to get the information of members required as demanded by Canara Bank to enable them to give loan to Society for formation/development of Loan.

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