ORS Royal Residency Sector 89

[Sunil Joshi]

This is really sad..........I was one of the persons who confirmed, however could not show up. I accept it, however the miss was neither deliberate or an attempt to cut corners. I think the initial set back should not be taken to give up the thread. I think we are doing all right in terms of putting pressure on the ORS guys. I know the numbers will help, however we have to be willing to give people some more time. Individually none of us will not get anything and that is a fact so like it or not we all need each other. Let us make one more effort and see how it goes. If it does not go well then may be it is not worth it, however let us not call it quits too early.

Regards,
Sunil Joshi

[adhikarims]

Hi All,
Any one have latest update , I got the demand letter from ORS regarding enhanced EDC @RS 142/- per Sq Ft which is huge amount.
any suggestion and actions from investors team?

thanks
M.S.Adhikari

[dheerajjain]

Hello @adhikarims, Welcome to MyFaridabad Forum !

Looks like ORS Residency, Heritage Cottons and Ferrous are using the same licence of Ferrous-Triveni of 2007. As demand of Rs 142 /sq ft is same for all. Please correct me if I am wrong. Please ask for providing EDC calculations from builder.

[adhikarims]

Thanks Dheeraj ji for your response and feedback......
Yes you are right, but I came to know that other builders has demanded enhanced EDC 100-115 per sq ft (Puri ,RPS,SRS etc)..
how EDC calculation done by builders or same is fixed by authorities/HUDA as I hv not received satisfactory answer from builder (ORS Mgmt team).

Thanks & regards
M.S.Adhikari

[dheerajjain]

Yes, you are right ! For licence of 2007, Enhanced EDC rates per sq ft should come out be about Rs 110 as on May 2011. Add to that 15% interest for 1 year and total enhanced EDC demand should be somewhere in range of Rs 125 per sq ft.

[magupta77]

Hi Guys,

It good to see that many people are posting on this thread now.

We have some updates regarding EDC demand from ORS Group. We had a meeting with ORS on this demand where we asked them to produce some facts
1) Why the interest is 24% where the government has asked only 12%-15%.
2) How this amount has been calculated.
3) Why LIC HFL is not paying money etc.

ORS was suppose to get back to us in last week which they didn't. Now we are planning to send these questions via email + hard copies.

In next two days, we will draft that notice and will share on this thread.

Regards,
Manish

[adhikarims]

Manish ji, Thanks for sharing valuable updates, I had also discussion with Mr Vinod Arora,
1-Hv asked same questions but received only one letter from them i.e HUDA letter on dated 25/05/2011..
2-As per him some investors has already paid enhanced EDC demand.
3-one more update from one of my friend who own flat in Puri :initially they got the demand letter enhanced edc@RS125 per sq ft but after meeting with builder final demand paid @RS115/- in last month.
4-I am confused , Is it valid demand @142 per sq ft ?
5- whether builder has deposited to HUDA which hv already paid EDC earlier (new question in my mind) ?
6-As per him will get possession of dream flat in the month of march 2013 !.

Please share if any meeting scheduled in next 2-3 days with builder.

Thanks & regards
M.S.Adhikari

[dheerajjain]

Mr. Adhikari, couple of answers to your queries:

- Puri and some other builders like RPS have revised enhanced EDC demand due to retrospective interest waive off made possible by efforts of GFWA.
- With regards to deposits of EDC, if ORS is building on licence of Triveni-Ferrous of 2007, then it has been regular in paying EDC amounts. Deposits of each builder is avilable in GFWA Exclusive section available only to GFWA members.

[amrik]

Hi all,

Can we visit the ORS guys on Sunday to discuss these & give letter personally

Regards
Amrik

[adhikarims]

I am also planning to visit ORS office today, let me know outcome and timing, I will join accordingly.

Thanks & regards
M.S.Adhikari

[vashisht1]

Hi ,

I am Rashmi and Have newly joined here, I Have a flat in Tower B and as per my conversation with Mr. Vinod , he is promising to give possession by this Deewali. I have few questions.
ORS has issued demand letter for EDC @Rs 142/- Sq.ft, We have already paid EDC @170/- per sq ft earlier. I can see some discussion is happening over increased EDC charged. Please confirm me as well if you are agreed to make the payment as i also need to make demand to my bank.

Also please suggest me if any service tax been paid by you.

[magupta77]

Hi All,

Has anyone yet paid the EDC to ORS

Regards,
Manish

[amrik]

Hi all,

I have paid the amount on Saturday. Vinod was telling that all three builders Ferrous, PAL & ORS demanded Rs 142 per sq feet. They have 2008 license.

Regards
Amrik

[kbmalhotra]

Dear Amrik,

I am a member of Ferrous.
You have paid @ Rs. 142/- per sq.ft. Can you please advise if your builder has provided any calculation details. Kindy send details. THANKS.

[adhikarims]

Hi All,
ORS is building on licence of Triveni-Ferrous of 2007, hv visited ORS office & got actual demand letter to proceed demand from bank.
I hv asked calulation from ORS but they do not have any calculation till now & waiting all details from Triveni-Ferrous only ,expected to get those details with in next 3-4 days .
I have tried to calculate enhanced EDC for ORS, as per me it should not more then Rs118/per sqft max(adding 110% of FAR). We do not know how Triveni-Ferrous calculated said Rs 142/enhancement edc demand.

ORS Enhanced EDC Calculations
Project Size 5 Acres 217800 SQFT in Lacs/Acre
to be paid in FAR 381150 LOI Rate 104.43
4 installements 440 New EDC Rate 192.43
Of 6 months enh EDC Enh EDC 88
From To Int Rate Penalty
5/25/2011 11/24/2012 12 15%


Date Installment Due Int Panelty Total Due Pending Principal int calc Penalty Calc
5/25/2011 0 440
6/24/2011 110 0.00 0.00 110.00 330.00
12/24/2011 110 19.85 8.27 248.12 220.00 19.85 8.27
6/24/2012 110 13.24 16.55 387.91 110.00 13.24 16.55
12/24/2012 110 6.62 24.82 529.35 0.00 6.62 24.82
440 39.71 49.64


Total EDC as of 24/06/2012 497.91
Saleable Area in SQFT 419265 110% of FAR

EDC / SQFT RS118.7578261958

Year New Rate Old Rate
2006 174.94 94.94
2007 192.434 104.434
2008 211.6774 114.8774
2009 232.84514 126.36514