How to Become a Member

Becoming a Member
Revanta Welfare Society shall endeavour to provide Royal Residency comprising of well appointed One Bedroom Apartments. **The number of apartments shall be decided after receiving sufficient number of bookings of apartments. We shall not be levying any additional charges for EDC/ IDC/ PLC. Being a society registered under the Societies Act, we would not be expected to make any preferential allotment with respect to particular floor or location. Allotment is purely on a Draw basis presided over by the registrar. We hope you will appreciate that every member must be given an equal footing. Hence, we shall not entertain any such requests from any member.

 

Availability of Membership
Allotment and approval of membership is purely on first come first serve basis.

 

Payment Schedule
The payment shall consist of two parts; Land Cost and Construction Cost. Payment towards the land cost will be deposited immediately along with application form duly filled in. Land cost is Rs. 970 per Sq Ft. Once construction commences a Construction Linked Payment Plan (CLPP) will be designed and all members shall adhere strictly to the said plan.

 

Cost Escalation
The Land Cost is fixed as on date. There will be no escalation on the Land Cost parameter. With regard to Construction Cost, we have taken into consideration our Architects estimation. The estimate is based on possible prices of construction material in the year 2014. However, any major escalation in the basic cost of the materials will be factored into the costing and shall be shared by all members proportionately.

 

Estimated Timeframe for Completion and Possession
Going by current indications we have all the reasons to estimate construction to begin latest by 2014. Since this is a new project area with open land, the construction is likely to progress at a swift pace. Hence we estimate a completion time of 36 – 48 months from the start of construction but the same also may vary depending upon the permission and approvals mandated by law.
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Surrender of Membership
A member can surrender his/her membership by written application from the original member and the amount shall be refunded as follows:

 

Share Money: Rs. 100

 

Refund:Full amount received to date including Land Cost, Construction Cost etc, shall be refunded to the member when any new member replaces him/ her, then only a refund shall be made, as and when.

 

Transfer:The member can transfer his/ her membership without paying any charges.

*An NOC will be required before the transfer of membership