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Spire Orion at South Spire World, Sector 68, Gurgaon

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Spire Orion at South Spire World, Sector 68, Gurgaon

Last updated: 6 days ago
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  • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

    Just came back from Gurgaon. Went to the spire office. The key points are as follows:

    * I got my BBA duly signed by the Spire authorized signatory and notarized by the relevant autorities. The date of execution of the agreement is October 24. - As the BBA has been executed there is absolutely no risk to the capital of the investors. We have a legal agreement now with spire

    * I saw the whole approval files for the project including the NOC from airport authority, License copy from the town planning department, Environmental clearance, Building plan approvals, bank Gurantee submitted to HUDA

    * Most probably the contractor will be BL Gupta (Still not formally signed)

    * Construction to be started from December (Cant count on what they say. If they say December, better to assume January

    * Everybody needs to collect their BBA from their office. They will not send it by courier

    * Bank Approval - They say that they have provided all relevant documents to the banks and are awaiting their approval. They have send the files to private sector banks like HDFC, ICICI, Deutsche etc and nationalized banks like BOB and SBI. Since they have submitted the bank Gurantee from Bank of Baroda to HUDA for the project, there are very good chances that BOB will be the first national bank to approve the project.

    I think the worst is over for the project and the downside is only delay 1-2 more months. Since the date on BBA is October 24, the clock of 36 months has started and every passing week/month will put pressure on Spire


    Hope the information provided is useful for everybody

    Comment


    • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

      amit Bhai, thanks a lot for the update .

      I hope this makes the over curious one's quiet .
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      • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

        10 /10

        You are a STAR Amit001.



        Originally posted by amit001 View Post
        Just came back from Gurgaon. Went to the spire office. The key points are as follows:

        * I got my BBA duly signed by the Spire authorized signatory and notarized by the relevant autorities. The date of execution of the agreement is October 24. - As the BBA has been executed there is absolutely no risk to the capital of the investors. We have a legal agreement now with spire

        * I saw the whole approval files for the project including the NOC from airport authority, License copy from the town planning department, Environmental clearance, Building plan approvals, bank Gurantee submitted to HUDA

        * Most probably the contractor will be BL Gupta (Still not formally signed)

        * Construction to be started from December (Cant count on what they say. If they say December, better to assume January

        * Everybody needs to collect their BBA from their office. They will not send it by courier

        * Bank Approval - They say that they have provided all relevant documents to the banks and are awaiting their approval. They have send the files to private sector banks like HDFC, ICICI, Deutsche etc and nationalized banks like BOB and SBI. Since they have submitted the bank Gurantee from Bank of Baroda to HUDA for the project, there are very good chances that BOB will be the first national bank to approve the project.

        I think the worst is over for the project and the downside is only delay 1-2 more months. Since the date on BBA is October 24, the clock of 36 months has started and every passing week/month will put pressure on Spire

        Hope the information provided is useful for everybody

        Comment


        • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

          Thanks Nipsy. You are a buddy..

          Our call is long due, will call you once I am back to ME on Sunday/Monday.

          Comment


          • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

            I also went to Spire's office today and what i discussed/heard is more or less what Amit001 has already summarized, the following are other subtleties:

            * The construction is expected to start by January. Expect movement in December in terms of labour, raw material and machinery to be available at the site but the contract is planned to be awarded to the selected contractor by start of December and if the selected contractor starts construction in December then he is my new best friend!

            * BL Gupta construction is in fray along with 3 other contractors but none was committal on scale tilting towards BL Gupta.

            * DHFL is also involved for housing loans and since HFCs are now not permitted to charge pre-payment penality, it augurs well for loan seekers.

            * i also had elaborate discussion on the selection of RSK as the sole pre-approved contractor for alterations and how it could lead to monopoly and indifferent attitude of the contractor. It was finally agreed that signing and giving back the contract with RSK is not mandatory.

            Godspeed!

            Comment


            • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

              Tekzo, thanks for the update & adding new points ( & conforming ) on what, amit said .

              U guys rock .
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              • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

                Originally posted by amit001 View Post
                Just came back from Gurgaon. Went to the spire office. The key points are as follows:

                * I got my BBA duly signed by the Spire authorized signatory and notarized by the relevant autorities. The date of execution of the agreement is October 24. - As the BBA has been executed there is absolutely no risk to the capital of the investors. We have a legal agreement now with spire

                * I saw the whole approval files for the project including the NOC from airport authority, License copy from the town planning department, Environmental clearance, Building plan approvals, bank Gurantee submitted to HUDA

                * Most probably the contractor will be BL Gupta (Still not formally signed)

                * Construction to be started from December (Cant count on what they say. If they say December, better to assume January

                * Everybody needs to collect their BBA from their office. They will not send it by courier

                * Bank Approval - They say that they have provided all relevant documents to the banks and are awaiting their approval. They have send the files to private sector banks like HDFC, ICICI, Deutsche etc and nationalized banks like BOB and SBI. Since they have submitted the bank Gurantee from Bank of Baroda to HUDA for the project, there are very good chances that BOB will be the first national bank to approve the project.

                I think the worst is over for the project and the downside is only delay 1-2 more months. Since the date on BBA is October 24, the clock of 36 months has started and every passing week/month will put pressure on Spire

                Hope the information provided is useful for everybody
                Good to know that things are moving finally.

                Comment


                • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

                  Abbey, a friend visited Spire's office 2/3 days back & met Neha . Now, the letter may come after mid January ( as per Neha, it is with Spire's legal department for drafting ) .

                  If u get any information on this, do update .


                  Originally posted by MANOJa View Post
                  Abbey Bhai, i hope these dates r final, both for the amendment letter on the area > 15 % issue & the date of commencement of construction .
                  Last edited by MANOJa; November 11 2011, 10:01 AM. Reason: typo
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                  • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

                    .................& i forgot to add, i am not sending back the BBA, till i get the letter/addendum . Neha said, that is fine, u can send the BBA, after one gets the required addendum .
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                    • Re : Spire Orion at South Spire World, Sector 68, Gurgaon

                      Originally posted by MANOJa View Post
                      .................& i forgot to add, i am not sending back the BBA, till i get the letter/addendum . Neha said, that is fine, u can send the BBA, after one gets the required addendum .
                      Thanks for the update. I too am not sending the BBA unless i get that letter. I just wonder how lazy their legal dept is. Can't they draft the letter writing a week. ( or they are going to english coaching and letter writing and drafting classes before they could write one pager to us) Its already more than a month since the BBA came.

                      Let me also talk to Neha on this

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