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To,

,. -403, M-308, M-402,

Group of members (.M .
M-407, M-105 &106, M-601, M-604)

Aranath Malinath Co-op hsg. Soc. Ltd.,

Mulund (W);

Mumbai- 400 080.

Dear Members,
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Sub. : Your dissatisfaction for selection of developer for redevelopment of Our society
buildings.

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W' n:c.<:.-\V e_d\
·· ur leher dated 2-2-2019 by speed post on 6-2-2019 afternoon.
Ongoing throu h the contents
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therein it appears that you have misunderstood the concept of
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our procedure nd with your prejudiced negative thought believing that we are very impatient
and overzealous to s·tart the work of redevelopment. To clarify these I would like to draw your
attention to the following facts.
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From the extracts of\he minutes of past AGM'S & Sp. AGM's of our society it reveals' that the
thought of REDEVELOPMENT by getting deemed conveyance originated in 2011. I.e. 8 years
back.

Thereafter by appointing Advocate Harshad Desaiin 2013 work of deemed conveyance was
started and after paying handsome amount he finished the work pending for adjudication
workwhich was very complicated. •

However even 2- 3 years thereafter could not proceed further

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due to lack of initiatives to carry
out complicated work and were viewing to go for major repair.
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IN 2015 r t:W COM.: ::: ::E 'WAS ELECTED IN PRESENCE OF DY. REGISTRAR PERSONEL MR.
VINAYAK MAHADIK.

Since the work of adjudication (2nd stage) was very complicated it was resolved to call a
meeting with experts 6f Stamp duty consultant and to regularize the stamp duty Arrears to be
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paid by member but even after trying to the best the further 2 steps of conveyance work could
not be started .It was opined beyond our control and as such decided to go for extensive repair
of the buildings and were proposing to collect Rs. 2-3 lacs per flat per member. For that tliey
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were carrying out opinion poll of all the members.
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At this juncture In first week of May'2016, the senior members of the society gathered and
called one get together meeting in society premises of all the society members compered by

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Mr. Shushan Samant to find out the view of the members whether they wanted to go for
REPAIR OR REDEVELOPMENT. Majority of the members were in favor of redevelopment. So it
was unanimously decided to call aSp. AGM on 22, May'2016

The redevelopment committee was formed under the leadership of Mr. Bharat Kothari, Mr.
Hemant Mehta, Mr. Jagdish Thakkar, Mr. Damjibhai Chheda, Mr. Mulchandbhai Karania, Mr. 5
M Shah with other members {Vimal Karania & Hitesh Shah) who were ready to carry out the so
called impossible/Difficult work of two stages of adjudication and property card which was
pending since long time with the support of managing committee as and when required to go
ahead for redevelopment.

t.t i"u<..:,:.t. i, ,, . ?0 , r" ._.'..",'_-'_ ', opment COM mittee s••rr<>Pd<>d ·,n
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getting Conveyance order and property card in favor of Aranath Malinath Co.-op. Hsg. Soc. duly
registered by Dy. Registrar and Govt. authorities in May'2017.The total documents of
conveyance order and property card of about 200 pages were spirally bound were handed over
by developing committee to managing committee for further action in Sp. AGM. •••

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It was also resolved that our conveyance order and property card file {About 200-300 pages) to
be given to developer (No Tender) for quoting their offer by collecting charge of Rs. 500/-
(Nonrefundable) froiJl them. In Sept'2017 AGM managing committee has put comparison chart
of offers of redevelopment received from 7 developers.
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InSp. AGM itwas resolved to call for more offers from the reputed branded builders and
arrange a presentation.

With further effort of redevelopment committee &managing committee in last week of

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sept'2017 have received an offer from one of the reputed builder M/5 Lakhani Builders from '
Vashi, Navi Mumbai. Which was found appealing with respect to reputation, Quality
construction, financial ability, Technical knowhow and inbuilt in-house infrastructure i

Legal/architect/mark ting/govt. liaison and successful completion record in comparison with

the previous offers received till date. Also not heard anything negative about the said builder
from their field. Builder offered free visit for our society members to their site of :.onstruction
at Sandra, Panvel & ·.ta s·;i

In the end of October'17, Builder has arranged two A/c buses which came to our society
premises and took m,pre than 60 members with their spouse and visited their site as above for 'l
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having a look at his reputation, quality of construction and his ability to complete the work. •

On 13, Jan'2018, Mr. Narendra Lakhani of Lakhani builders with their three colleague attended
our society meeting for explaining their offer. Society have appointed Mr.Bhushan Samant to
compere the meeting on behalf of society

However in Sp. A.G.M.of 14th April'2018 managing committee and -= development committee
were authorized to appoint P.M.C. & Solicitorfor redevelopment.

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Thereafter aSp. A.G.M. of 29th July which was postponed to sth Aug'2018. It was resolved to
appoint 14members as new redevelopment advisory committee with a power to shortlist PMC/
Solicitor& Architect and to proceed further as per the guidelines of 79A laid by government
though it is not mtandatory.

In A.G.M. of 2nd Sept'2018 PMC Mr. Suresh Kumar was appointed.

. ------- InSp. A.G.M. of 2nd Oct'2018 appointment of PMC Mr. Suresh Kumarhas presented Feasibility
report. It was resolved that PMC should initiate the offers of developers by advertising in
national newspaper through tendering process.
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InSp. AGM of 23rd Dec'2018 the received tenderssubmitted by var:ous bidders were opened
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and evaluated. Out of 6 tenders purchased by bidders only 4 have submitted their offers.
Thereafter in Sp. AGMit was decided to call of all 4 bidders to complete the documentation and
submit their final revised offers. On 3 rd. Feb'2019 Sp. AGM will be called for finalization
ofdeveloper. The matter of acceptance will be put to vote by ballot.
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Managing committee members cannot become the members of the advisory committee to
safeguard security of members for transparency.

lnsuchscenario considering all the above factstime to time since last 8 years it is observed that
when selection comesmajority of members have preferred redevelopment rather than repair.
Hence it wo'uld be advisable to go for redevelopment in the interest of the members. With their
future perspectivps and to expedite redevelopment is the priority in the interest of all
members. Since 8 years were going on lingering the interest of members by increasing financial
burden for necessary repairs. A practical decision was needed to select the best available
developer [7 offers (previous) + 4 offers {Now)].somewhere we have to take practical decision.

About 30 years old building even after very extensive repairs (very expensive) may increase the
life about 3-5 yrs. Also structural repair on old building is not economically feasible for care of
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seepage, weak wall, weakened foundation and leaking water pipes etc.

WHILE

With redevelopment :' c:-r: bu wili get more space, monetarybenefits, without spending from their own
pockets.

As such while selecting the developer you should be practical and keep in mind his respect to
reputation, quality of construction, his financial abilities, Technical knowhow, inbuilt infrastructure,
Legal/architect/marketing/ govt.liason and successful completion in comparison with other available
offers. Till now it has been not brought to anybody's notice about anything negative for our selected ;

builder from the concerned real estate market.

It was decided with the consent of the opinion of PMC to give L.O.I. (Letter of Intent) to Lakhani builders. '
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After giving the letter of intent builder will proceed further for making his offer lucrative. We from our
side will appoint solicitor/ Advocate/CA./Architect as per our requirement. Before proceeding to
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agreement for redevelopment a meeting will be organized of society members, Developers and Deputy
Registrar of society.

Managing committee till take expert comments from field expert as required time to time and will
proceed further with the consent of the members of the society.
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In your point for letter dated 15/5/2018 addressed by T-ward to our society(under cc to
M/601) it was already initiated by replying dated 12/6/2018 toT-ward and sent it by registered
post and appraised them with the facts.
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- A' hope, with the above clarifications to the best of my knowledge and abilities your all confusing
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points w ll be cleared. Since•rtrave neither been very impatient nor overzealous. And even •

proceeded as per the / 9A guidelines laid by government in t:1t: inte;·:!st of a!! the members of
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the society. ....... ---r·

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