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in Real Estate / Property Investment    (submitted 2012-01-10)

SOME OF THE SALIENT FEATURES OF BSF EMPLOYEES HOUSING CO-OPERATIVE SOCEITY LIMITED, STC BSF CAMPUS, BANGALORE.
Society has finalised a land on Nandi Hill road for development and allocation of plots of 50'x30', 60'x40' and 80'x50' sizes. Membership fee of the society is Rs 1030/-. Negotiated rate of land is Rs 585/ Sq feet. Advance for plots is 1lakh, 2 lalkh and 3 lakh for respective size. Draft DD of amount may be sent to Sh BB Hosamani, DC, Secretary, BSF Housing Society, STC BSF Bangalore, Yelahanka, Bangalore, Pin-560063. Some FAQs regarding Bye-Laws of the society are as below

1. Areas of Jurisdiction - Bangalore Urban & Rural, Ramanagara Dist, Chickballapur Dist, Kolar Dist and Tumkur Dist. (We have now identified the land which is in Bangalore Rural District.)
2. Membership : Serving and Retired BSF Employees. (Sites cannot be purchased in any others' name).
3. Three dimensions have been planned i.e., 30X50 (1500 Sqft), 60X40 (2400 sqft) and 80X50 (4000 Sqft).
4. Advance amount required to be sent is Rs. One lac for 30x50 site, two lacs for 60X40 site and 03 lacs for 80X50 site within this month.
5. After collecting advance amounts from the members, we will enter into the Memorandum of Understanding with the builders, who will further go for change of land and getting BIAAPA approval (Bangalore International Airports Area Planning Authority).
6. Once the change of land and BIAAPA approval is over, then they will come up with Lay out Plan and thereafter, they will go for physical development of the Land as per our requirements. At least 06 months would require for this process.
7. Thereafter, we would call every member to submit second instalment of Advance, which would be utilized for development of the lay out. After 40% development of the lay out, we would be asking for another instalment of amount and thereafter, the builders will tie up with Bank for loan purpose. This process would take further 06-08 months.
8. Totally, the project would complete, as per builders' opinion, within 02 years.
9. Already existed members can send their Advance amount straightaway and personnel who wish to become member of the Society should prepare a draft of Rs. 1030/- as membership fees and along with the membership application submitted to STC BSF, Bangalore (Address already in the application form). The application form has already been uploaded in the BSF Website, which is available in the BSF Main Page.
10. Sufficient land is available and any number of members can be accommodated in this Lay out. Everybody will get a site.

FAQs

What is the last date of submission of membership fees and initial advance amount?
The last fixed is 20 Jan 2012, as we have to enter into MOU with the builders.

Will individual be able to sell it once it is registered in his name?
As far as selling the plot is concerned, member should hold the plot for at least 5 years. Future will be decided in a Governing Body Meeting and certainly there will be clause that a member can sell their plot to anybody after certain period, which will be decided by the Governing Body members.

About the Author

BSF Employees Housing Society is a registered society for welfare of Serving/ retired BSF employees