Vox Veena

Dec 23, 2025

At the SGM held on 21st Dec, members were updated on the progress of redevelopment. Our selected developer Agami has proceeded with the collector work and hopes to finish it by this month end. 

It was decided to give them a Letter of Intent (LOI) or Letter of Acceptance (LOA) as per the tender agreement, so that Agami can go ahead and make the collector payment when the challan is received.

Members said that the MC does not need permission to issue a LOI as this was a part of the tender agreement. We had delayed on giving them a LOI / LOA, as we had expected to sign the Development  Agreement or the DA by the month end which would coincide with the collector payment. But that seemed an ambitious target despite work on DA going on in full swing by RMT members, the lawyer and the PMC. 

As per our tender, the developer had to pay 10% of the hardship allowance (corpus) to the members on the issuance of the LOI. Pammu informed the members that Agami has already mailed about his readiness to pay this amount as soon as the society issues the LOI to them.

Sanjay Kher advised that until the DA is executed, the selected Developer acquires no enforceable rights, which keeps the Society in a stronger position to negotiate the DA. Acceptance of monies before execution of the DA would create an avoidable legal relationship. While the Tender permits acceptance of 10% on issuance of the LOI, he suggested that, as a matter of prudence, the Society may instead accept the entire 50% (10% + 40%) in lump sum, upon the Developer signifying acceptance of the DA, with payment to be remitted 48 hours prior to signing for simultaneous disbursal upon execution of the DA—thereby ensuring the Society’s rights remain uncompromised.

Members were informed that the MC–RDC is targeting execution of the DA by end-January 2026. The first reading of the draft DA is complete, PMC comments have been received, and a consolidated draft from the Solicitor is expected in the first week of January 2026. The Developer has assured that the draft can be settled within 8–10 days thereafter, following which it will be circulated to members.

The Hon. Secretary then put the matter to vote. A majority of members present resolved not to accept any monies on issuance of the LOI, and to accept 50% of the hardship allowance (10% + 40%) lump sum on execution of the DA.

The other part of giving an assurance to reimburse Agami twice the collector cost if the society does not enter into a DA with Agami was discussed but no resolution was passed as Agami has agreed to go ahead with the collector work on the basis of the LOI and they are not seeking such an assurance now. We can wait till the Collector’s order is received for payment and then decide about it, if required.

The monetisation of UCO bank was discussed with the members. Many had different views on how we can better monetise the premises.  It was also suggested to wait a bit and see the progress of the UCO bank eviction case. The Hon. Secretary clarified that we are only beginning the thought process so that we are ready with a plan when the time comes. We  hope to get members’ written suggestions on the monetisation plans, if they have better views.

The Hon. Secretary also clarified to members on the exit option. Interested Members can get in touch with Agami’s staff Ms. Gayatri on +91 8433728069 and fix up an appointment for meeting and confirmation of their option and to seek further details.