dineshsays

Where - boomerang Noida? that is still in the UB/LB stage bro. If you have to go - go to boomerang Greater Noida - check all the facilities there - tell me if you weren't blown away, this (WT - boomerang) is 3 times the size of GN

orchardman

Hi Dinesh,

U said that u have bought the Boomerang Noida membership.....wanted to know if u have got any membership card or not and if u will be able to use this card for Greater Noida Club in the future.....Many thanks

dineshsays

Membership cards will be issued later when the club is ready to use. I myself asked if GN will alow reciprocal (technical term for this viz. they use WT, WT uses GN) - the response I got then was it is still not decided - so wait and watch

orchardman

Dear All,

Has anyone on this forum got a free golf club membership along with his/her apartment in WT, Noida?

If yes, please share what kind of confirmation have you got either from your broker or Jaypee itself for the same. Is the confirmation through an email, letter or something else.

I believe membership cards have not been issued as yet for anyone. Is it true or there are exceptions?

Many thanks...

dineshsays

Hi Guys - I have some clarifications on the Boomerang club membership. Some has been correctly reported by Shammi ji but let me add what I have been able to find out.

1. Membership in WT is composed of 3 components - Core Entrance Fee, Security Deposit, Service Tax (there is a fourth component for dependent parets should that be needed, else this is for your family - spouse, kids under marriageable age)

2. Membership in Boomerang is membership for Golf Course and all other access to Boomerang facilities. Yes a monthly fee will apply (as is the norm) but that is NOT fixed yet

3. Membership is partially transferrable and you need to understand this well. Of the 3 components above - the Entrance Fee and Service Tax WILL have to be paid to Jaypee (at the prevalent rate) whenever you are buying someone else's membership. But you get a premium on security deposit. Let me explain this:

When I bought the membership (15th Dec 2010):

Entrance fee was 4.25 L, Security deposit 1 L and Tax at 43,775/-

Currently (and the lady said they are revising this soon)

Entrance fee is 6 L, Security deposit 3 L and Tax at 75,000/-

At the moment membership is open at WT and not at GN (lifetime). If you buy mine - I can ask any amount ONLY on the security deposit. The buyer WILL have to pay entrance fee and tax at the prevalent rate.

Now this may not seem a great investment and it is fair. But consider that in GN - the lifetime membership (as so in any good golf club these days), membership is closed. You can only buy from others. The good part (per the lady) is that increasingly the security deposit is increased more and more and not so much the entrance fee. So in GN the structure now is 6L is prevalent entrance fee and 9L for security deposit. So potentially the early buyers can potentially make some money by selling the security (they bought at 50k) at 9 - 10 -11 - whatever is the resale rate.

Note I am NOT saying this is an investment medium or anything like that, I am just clarifying the rules at play here.

4. The club is likely to be functional in Jan 2014

5. Contrary to earlier reports in IREF - membership is still ONLY open for residents. In GN a term membership - 3.25 L for 3 years is open for non residents.


Let me know if this helps at all and if anything is unclear. I will try and pitch in.

orchardman

Dinesh Bro....thanks for the clear cut information....this was much needed.

Just wanted to check if anyone has been issued membership cards yet? or is it on Jaypee's discretion.....I know for sure that one of my friends who owns a Plot inside 9 hole GC has was given the membership card last year.....

There is too much suspense on the issue of membership cards...I have been following from last 3 months but with no clear answers.

Ranjeetnew

Well explained , Dinesh Bro. But I have a question. Obviously it is not profitable to buy and then sell boomerang membership. But is it possible to keep the membership and sell the property in WT. Which means that you remain member of boomerang club but don't own any property in WT.


[QUOTE=dineshsays;682466]Hi Guys - I have some clarifications on the Boomerang club membership. Some has been correctly reported by Shammi ji but let me add what I have been able to find out.

1. Membership in WT is composed of 3 components - Core Entrance Fee, Security Deposit, Service Tax (there is a fourth component for dependent parets should that be needed, else this is for your family - spouse, kids under marriageable age)

2. Membership in Boomerang is membership for Golf Course and all other access to Boomerang facilities. Yes a monthly fee will apply (as is the norm) but that is NOT fixed yet

3. Membership is partially transferrable and you need to understand this well. Of the 3 components above - the Entrance Fee and Service Tax WILL have to be paid to Jaypee (at the prevalent rate) whenever you are buying someone else's membership. But you get a premium on security deposit. Let me explain this:

When I bought the membership (15th Dec 2010):

Entrance fee was 4.25 L, Security deposit 1 L and Tax at 43,775/-

Currently (and the lady said they are revising this soon)

Entrance fee is 6 L, Security deposit 3 L and Tax at 75,000/-

At the moment membership is open at WT and not at GN (lifetime). If you buy mine - I can ask any amount ONLY on the security deposit. The buyer WILL have to pay entrance fee and tax at the prevalent rate.

Now this may not seem a great investment and it is fair. But consider that in GN - the lifetime membership (as so in any good golf club these days), membership is closed. You can only buy from others. The good part (per the lady) is that increasingly the security deposit is increased more and more and not so much the entrance fee. So in GN the structure now is 6L is prevalent entrance fee and 9L for security deposit. So potentially the early buyers can potentially make some money by selling the security (they bought at 50k) at 9 - 10 -11 - whatever is the resale rate.

Note I am NOT saying this is an investment medium or anything like that, I am just clarifying the rules at play here.

4. The club is likely to be functional in Jan 2014

5. Contrary to earlier reports in IREF - membership is still ONLY open for residents. In GN a term membership - 3.25 L for 3 years is open for non residents.


Let me know if this helps at all and if anything is unclear. I will try and pitch in.[/QUOTE]

dineshsays

Orchardman and Ranjeet bro. I dont know the answer to both but I hv some viewpoints. If needed, I can PM the lady's no. From Jaypee who deals in this and you can get a definitive answer.

On cards - in Dec 10, when WT membersip was started, there were 2 schemes. DP and 0% emi. If you chose the DP scheme then the benefit was that you were given GN membership till WT was operational. No such benefit if you chose (like I did) the EMI scheme. I syspect the cards were issued to the DP folks so they could start using the same at GN.

On Ranjeet's Q - the membership form clearly says that membership is attached to a flat. So I suspect, one has to forgo this or sell before exiting. This form is available on the website.

Note - these are not definitive answers. Please confirm as required

Sent from my GT-I9300 using Tapatalk 2

orchardman

Thanks..I suppose u r right as my friend did buy in 2010 and in down payment.

Can u pls pm the name and number......regds.

Ranjeetnew

Thanks Bro, please pm the no and also if you happen to confirm the details any time at your convenience, can we keep the membership in case we continue to hold some other property in WT but sell the property along with which membership was taken. Thanks again....