RPS Savana EDC Payment and revised possession dates

[sunil.kapoor]

Hi GFWA Team,

Before i go any further let me first thank you all for constant efforts towards fighting for the people's cause.

So far from the conversion on the forum i am not able to conclude what should be done for EDC IDC payment.

Can anyone please provide me some information as i am concerned about the interest that we might need to pay.

what is the status on the WRIT and when is the next hearing.

Thanks and Regards
Sunil Kapoor

[naresh_dhawan75]

Do we pay or hold till the decision on writ comes up. Please advice??

[Ravi_Shekhar]

Some update i observed on RPS Savana site, so thought to share with the members who haven't noticed it so far...
Couple of points which interests us -
- now officially they have moved the possession planned date from Dec '11 to Dec '12
- Also, RPS is accepting to pay penalty at the time of possession

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Dear Savana Family Members,


Greetings from RPS Group!


This is needless to state that without the immense support and co-operation of our privileged customers, the biggest Group Housing venture “RPS Savana” would not have been initiated at Sector 88, Faridabad.


Our ultimate objective is to live up to the expectations of our customers and we are trying our best to achieve the same. But it cannot be overlooked that sometimes projects / ventures pass through unfavourable phases and hurdles. Our project has also confronted market volatility, global recession, acute shortage of construction related work force, sky-rocketed cost of construction, delay in getting payments/ instalments, and many more. Despite all odd and adverse experiences, RPS group has tried to maintain continuous execution of its project which would have been impossible without the support of our esteemed customers.


A major setback experienced by developers in Greater Faridabad area is lack of proper infrastructure by Competent Authorities due to which properties are attracting low premium and sentiments of most of the investors are getting affected. Furthermore, some of our customers have also approached us with feedback that it would not be worth for them to accept offer for possession without start of infrastructural development in the area.


Now, when we are heading towards fulfilling your expectations, we would like to share with all our valued customers that we are scheduling to start offering possession in a phased manner. During the very first phase, we are planning to start offering possession for 6-10 towers on or before December, 2012. Though exact tower details will be made available in due course but it is planned to cover maximum nos. out of towers Blue Beech – 1,2,4 & 5, Bay Berry- 3,6,7 & 8 and Sapphire Berry -09,10 in phase –I of possession.


We understand that our customers must be waiting to get their own home as early as possible, especially when many of our customers are living in rented accommodation. In this context, we would like to reiterate that we are bound by agreed terms and conditions of the Buyer’s Agreement including the penalty clause. Penalty will be due, calculated and adjusted at the time of offering possession to all the eligible customers.


We are thankful to all our esteemed customers who have shown their faith in RPS group and extending their co-operation for successful execution of project. Looking forward for the successful completion of a mutual dream called “RPS Savana”.

With Warm Regards,

RPS Infrastructure Ltd.

[satpalsharma]

Accepting to pay Penalty and actually paying it is a lot of difference. I'm sure that on a later date they'll again bring some clause or the other through which they'll skip paying any penalty at all.

I've a flat in Savana and I've not paid the EDC amount. But yes it is a question which might be coming in people's mind whether to pay or not to pay the EDC at this moment. I'm holding the payment but would also like to hear from other members what they think is the best approach to follow at this time.

Thanks,
Satpal Sharma.

[Ravi_Shekhar]

I can put up my view point...rest it is up to the individual members to decide based on their preferences...

In my view we should go ahead with the team even though it may result in paying some extra interest. We will have to keep our hopes alive and wait for the final decision from court. Knowing our judicial process, I am sure it will take some time. But our demands are genuine and we will certainly get the results in our favour.

Thanks,
Ravi Shekhar

[gopalvijay]

I am also not paying the EDC as of now. I know the attitude of RPS group. They will give you 1000 reasons as to why they will not be paying you the penalty for late delivery when the deliveries get started. Therefore it is better not to pay the EDC now and wait for the court verdict. If it is not in our favour then the late interest on EDC can be adjusted from the late delivery penalty amount.

[s1joshi]

2010 beginning we were promised possession of 8-10 towers by year end
2010 end it became 2011 year end
so came and passed 2011 as well, the possession now rolled to 2012 end.
Will this cycle of false promises of year end possession delivery will ever end ?

Passing the buck on state for not developing infrastructure leading to delays, is only a lame excuse, RPS can atleast do what is in their hand, Develop and complete your project on time. What is stopping them from completing the building. Ideally they should have been chasing the government officials for developing the state infrastructure, but that would have been something far beyond the expectation considering their report card so far..

Regarding EDC payment, I have not paid and in no intention of paying till the time case settles down AND RPS gives a breakup of charges, Its difficult to pay up when you know the dhandhli been done in the name of EDC money. I would rather prefer to have the money invested in some low risk options and wait for the court outcome, than paying up builder and hoping against the hope for management to refund/adjust the money at later stage.

Regards
Seema

[Ravi_Shekhar]

Just wanted to remind the team with the statistics which Seema was able to extract using RTI regarding the EDC payment made by RPS to Government...

1) Initial EDC request from Government - 4653.77 lacs
RPS was supposed to pay the initial EDC in 10 installments of 465.38 lacs each wef 28-Jul-2006
Payment made so far - Rs 3115.09 lacs
Total amount outstanding against RPS (including penalty & interest) till Aug ' 11 - Rs 3871.89 lacs

2) Enhanced EDC request raised by Government - 3921.44 lacs (Total Area - 49.018 acres / Enhanced EDC rate - 80 lasc / acre)
RPS was supposed to pay the enhanced EDC in 4 installments of 980.36 lacs each wef 10.1.2010
Payment made so far - Rs 0
Total amount outstanding against RPS (including penalty & interest) till Aug ' 11 - Rs 4852.19 lacs

Rest RPS residents can themself find out how sincere RPS is on paying back the submitted money by us to Governement.

Thanks,
Ravi Shekhar

[pooja]

Can you please share response on above RTI for others ready reference? this will help others also to understand the scenario better & more clear.

Thx Pooja

[madhav_aparna]

Dear All

I visited the Construction site last week and found that the progress for the first phase towers is not satisfactory. With that progress, RPS will no be able to meet the target of Dec 2012 also. In this situation, can we all meet sometime in next week/weekend at site to discuss and put some pressure of the RPS mgmt. I understnad that they have also upped the work force on their commercial project..RPS Oxypark and also on RPS Palms. They themselves are stating that another new project will be launched in Sec-88 shortly ---i feel this must be the earlier aborted RPS Rhythm. With all this additional commetments from them, SAVANA seems to be put on backburner.
Please spare some time for this meeting ...

[vineet]

Hi Madhav,

They are just fooling people one more time saying they will give possession in end 2012. We have various commitments from them earlier too -- end 2010, end 2011 and now end 2012. They are in the business of fooling people. There is almost no progress in construction.

The only option left is to approach courts again the malpracticess of the builder.