Announcement

Collapse
No announcement yet.

Park Prime, BPTP, Sector 66, Gurgaon

Collapse
X
Collapse

Park Prime, BPTP, Sector 66, Gurgaon

Last updated: 2 weeks ago
346 | Posts
  • Time
  • Show
Clear All
new posts

  • Re : Park Prime, BPTP, Sector 66, Gurgaon

    Hi

    Any update on cost escalation issue? I think some owners have met with BPTP? Can you please update us the outcome of the meeting?

    Thanks

    Comment


    • Re : Park Prime, BPTP, Sector 66, Gurgaon

      Hi ,

      Can anyone provide us updated status.I also joined BPTP park prime owners group on facebook but found no update.Suggest that if any common mail id or contact number be shared so that we all can get in touch with each other.


      Further note that on escalation we have requested the BPTP to provide us the detailed working and BPTP has given us the below details as per annexure A and also said that as per clause 11.15 of the Flat Buyer’s Agreement, the Company can recover this escalation amount
      ANNEXURE A
      Update on your home – Park Prime
      At the outset we would like to inform you that Park Prime is being awarded “Silver Rating” by The Indian Green Building Council (IBGC), making Park Prime as one of the 1st few housing complex with the said rating. This shall translate into a lower environmental impact /carbon footprint.

      Over the last few years the Indian economy has witnessed extremely high inflation. Cost of construction comprises of the cost of raw materials including but not limited to cement, steel, bricks, RMC, aggregate, sand, finishing material, labour, etc. This inflation has led to significant cost escalations in development cost of our project “Park Prime”. The consequent total impact on the said project compared to the initial budgeted cost is ~ Rs. 874 per sq. ft. till April 2013.

      In terms of clause 11.15 of the Flat Buyer’s Agreement, the Company can recover this escalation amount the extract of the clause is reproduced below for the ease of reference:

      11.15 That the basic sale price is escalation free but it is subject to the escalation of price of steel, cement and other raw materials beyond 10% increase as per index price as on 01.09.2009. The revision by the Company shall be made at its sole discretion and the Purchaser(s) agrees to the same.

      However, to ensure complete transparency and objectivity the Company has decided to charge escalation as per the published CPWD Construction Cost Index (weblink: cpwd.gov.in*) an accepted industry standard. Further in the spirit of fairness the Company has decided to limit the cost escalation to the committed date of offer of possession** of the units, although we were entitled to recover the entire cost escalation impact on the said project. Escalation on account of inflation beyond the said period, has been absorbed by the Company.

      Escalation Rate Mechanism
      Per Sq. ft. Escalation Rate (D) = Cost of construction on start date (A) X % Raw Material Component (B) X % increase in CPWD index (without labour) (C)

      % increase in CPWD index (C) =

      Average of CPWD indices (w/o labour) for all ½ yearly indices till committed date of offer of possession excluding CPWD Index on start date
      (Minus)
      CPWD Index (w/o labour) on start date
      X 100
      __________________________________________________ _______________________

      CPWD Index (w/o labour) on start date




      Detailed Workings:
      Building Plan sanction Date is 08.Dec.2008
      Applicable CPWD Index:
      CPWD Index Period
      01-Oct-07 (a)
      01-Apr-09 (b)
      01-Oct-09 (c)
      01-Apr-10 (d)
      01-Oct-10 (e)
      01-Apr-11 (f)
      01-Oct-11 (g)
      01-Apr-12 (h)
      Total Index
      100.00
      112.51
      126.30
      136.22
      138.93
      149.45
      150.68
      161.16
      Raw material Index (W/o labour)
      75.00
      84.70
      91.43
      92.80
      93.60
      101.67
      101.16
      111.64


      CPWD Index on start date i.e. 01.Apr.09: 112.51
      CPWD Index (w/o labour) on start date i.e. 01.Apr.09: 84.70
      Average of CPWD raw material index (w/o labour) for all applicable subsequent half yearly index i.e. average of index from 01-Oct-09 till 01-Apr-12: 98.72 i.e. ((c + d + e + f + g + h ) / 6)
      • Cost of construction on start date (A): Rs 2,302.25 per Sq. ft.
      • % Raw Material Component (B): 75.28% [(84.70 / 112.51) X 100]
      • % increase in CPWD index (without labour) (C): 16.55% i.e.


      14.02 (98.72 – 84.70)
      X 100
      __________________________________________________ ___________________
      84.70


      Per Sq. ft. Escalation Rate (D) =

      A
      B
      C
      D
      Cost of construction on start date i.e. 01.Apr.2009
      % of raw material Component
      % increase in CPWD index
      Per Sq. ft. Escalation rate (in Rs.)
      2,302.25
      75.28%
      16.55%
      286.83


      Thanks

      Comment


      • Re : Park Prime, BPTP, Sector 66, Gurgaon

        Do not find any update here or even Facebook group. What is the status? People are paying Escalation Cost or not?

        Comment


        • Re : Park Prime, BPTP, Sector 66, Gurgaon

          Originally posted by amitsurjya View Post
          You are right...there is nothing like this group there.Also i think that any action that we are contemplating against BPTP should be taken asap....as once people start paying up , they will get a precedent and refuse to do anything about this.
          How can we get collectively and stand against the builder for charging exorbitantly to us.
          Also, from FB I learnt that there is a watsapp group, how can i become the part of the group.

          Comment


          • Re : Park Prime, BPTP, Sector 66, Gurgaon

            Originally posted by dhir20 View Post
            Hi ,

            Can anyone provide us updated status.I also joined BPTP park prime owners group on facebook but found no update.Suggest that if any common mail id or contact number be shared so that we all can get in touch with each other.


            Further note that on escalation we have requested the BPTP to provide us the detailed working and BPTP has given us the below details as per annexure A and also said that as per clause 11.15 of the Flat Buyer’s Agreement, the Company can recover this escalation amount

            ANNEXURE A

            Update on your home – Park Prime



            At the outset we would like to inform you that Park Prime is being awarded “Silver Rating” by The Indian Green Building Council (IBGC), making Park Prime as one of the 1st few housing complex with the said rating. This shall translate into a lower environmental impact /carbon footprint.

            Over the last few years the Indian economy has witnessed extremely high inflation. Cost of construction comprises of the cost of raw materials including but not limited to cement, steel, bricks, RMC, aggregate, sand, finishing material, labour, etc. This inflation has led to significant cost escalations in development cost of our project “Park Prime”. The consequent total impact on the said project compared to the initial budgeted cost is ~ Rs. 874 per sq. ft. till April 2013.

            In terms of clause 11.15 of the Flat Buyer’s Agreement, the Company can recover this escalation amount the extract of the clause is reproduced below for the ease of reference:

            11.15 That the basic sale price is escalation free but it is subject to the escalation of price of steel, cement and other raw materials beyond 10% increase as per index price as on 01.09.2009. The revision by the Company shall be made at its sole discretion and the Purchaser(s) agrees to the same.

            However, to ensure complete transparency and objectivity the Company has decided to charge escalation as per the published CPWD Construction Cost Index (weblink: cpwd.gov.in*) an accepted industry standard. Further in the spirit of fairness the Company has decided to limit the cost escalation to the committed date of offer of possession** of the units, although we were entitled to recover the entire cost escalation impact on the said project. Escalation on account of inflation beyond the said period, has been absorbed by the Company.

            Escalation Rate Mechanism
            Per Sq. ft. Escalation Rate (D) = Cost of construction on start date (A) X % Raw Material Component (B) X % increase in CPWD index (without labour) (C)

            % increase in CPWD index (C) =


            Average of CPWD indices (w/o labour) for all ½ yearly indices till committed date of offer of possession excluding CPWD Index on start date

            (Minus)
            CPWD Index (w/o labour) on start date



            X 100

            __________________________________________________ _______________________


            CPWD Index (w/o labour) on start date







            Detailed Workings:
            Building Plan sanction Date is 08.Dec.2008
            Applicable CPWD Index:

            CPWD Index Period

            01-Oct-07 (a)
            01-Apr-09 (b)
            01-Oct-09 (c)
            01-Apr-10 (d)
            01-Oct-10 (e)
            01-Apr-11 (f)
            01-Oct-11 (g)
            01-Apr-12 (h)
            Total Index
            100.00
            112.51
            126.30
            136.22
            138.93
            149.45
            150.68
            161.16
            Raw material Index (W/o labour)
            75.00
            84.70
            91.43
            92.80
            93.60
            101.67
            101.16
            111.64





            CPWD Index on start date i.e. 01.Apr.09: 112.51
            CPWD Index (w/o labour) on start date i.e. 01.Apr.09: 84.70


            Average of CPWD raw material index (w/o labour) for all applicable subsequent half yearly index i.e. average of index from 01-Oct-09 till 01-Apr-12: 98.72 i.e. ((c + d + e + f + g + h ) / 6)
            • Cost of construction on start date (A): Rs 2,302.25 per Sq. ft.
            • % Raw Material Component (B): 75.28% [(84.70 / 112.51) X 100]
            • % increase in CPWD index (without labour) (C): 16.55% i.e.

            14.02 (98.72 – 84.70)

            X 100

            __________________________________________________ ___________________

            84.70





            Per Sq. ft. Escalation Rate (D) =


            A

            B
            C
            D



            Cost of construction on start date i.e. 01.Apr.2009
            % of raw material Component
            % increase in CPWD index
            Per Sq. ft. Escalation rate (in Rs.)

            2,302.25

            75.28%
            16.55%
            286.83





            Thanks
            I have also sent the request on FB to join the group, but no response.
            How can I become teh member of watsapp group.

            Comment


            • Re : Park Prime, BPTP, Sector 66, Gurgaon

              I would also like to join the group to take up this issue with BPTP.

              Comment


              • Re : Park Prime, BPTP, Sector 66, Gurgaon

                Dear Mr. Saini

                Kindly inform how to get in touch with you.

                Regards

                Comment


                • Re : Park Prime, BPTP, Sector 66, Gurgaon

                  Meeting of bptp park prime owners site on 9th feb 10am

                  ALL THE OWNERS ARE MEETING AT THE SITE ON 9TH FEB 2014 AT THE SITE AT 10AM. PLEASE SPREAD THE WORD AND MAKE IT TO THE MEETING.

                  Endless nightmare haunts flat owners - The Hindu
                  Attached Files

                  Comment


                  • Re : Park Prime, BPTP, Sector 66, Gurgaon

                    Originally posted by Sushant Saini View Post
                    ALL THE OWNERS ARE MEETING AT THE SITE ON 9TH FEB 2014 AT THE SITE AT 10AM. PLEASE SPREAD THE WORD AND MAKE IT TO THE MEETING.

                    Endless nightmare haunts flat owners - The Hindu
                    Dear Sushant, I also have a flat in BPTP park prime and have received the demand letter from BPTP. Since I am not in Delhi the moment, I would like to join your group and the association to discuss the way forward.

                    Appreciate all support and guidance.

                    Tarun

                    Comment


                    • Re : Park Prime, BPTP, Sector 66, Gurgaon

                      As per mail from BPTP,

                      "It gives us immense pleasure to inform you that we have received Occupancy certificate for the Project “Park Prime”. We shall commence execution of Sales Deed from Mar 1st 2014."

                      Thanks,
                      Raj

                      Comment

                      Have any questions or thoughts about this?
                      Working...
                      X