Quarterly Newsletter (Vol. 1) DEC' 2021

Greetings from Sarvome!

We hope to find you all in best of your health.

At the outset, we would like to thank all our esteemed customers for their continued support. It has been two years since the commencement of Phase 1 (3BHK) project, Shree Homes by Sarvome, in Sector-45 Faridabad.
Despite the COVID-19 Pandemic situation, it gives us immense pleasure to inform you that we will be able to deliver 100% towers of Phase-1 well ahead of the scheduled date of delivery (without considering the grace period).

We at Sarvome, had initially planned to share updates regarding the project through a quarterly newsletter. But the same was delayed due to the COVID-19 pandemic situation, which affected all of us. But we are glad to bring to you our first Newsletter.

                                                                       

The project, Shree Homes By Sarvome was launched in April 2019 with the motive of providing sustainable affordable living at a premium location, and as expected, we received an outstanding response, with applications almost 2.5 times the number of flats. For the first time in Faridabad, an affordable project received such a response. There were more than 1,000 applicants who couldn’t get an allotment in the first phase. Subsequently, Phase 2 was launched with the product offering the largest 2BHK flat under the Affordable Housing category, which was again oversubscribed. We thank all the applicants for the overwhelming response.

We would like to inform our customers that Shree Homes is the only project in the category that is Platinum rated by IGBC (Indian Green Building Council), thereby fulfilling our responsibility towards the environment by using products and practices during construction that are environmentally friendly, ultimately reducing the carbon footprint.
 

Force Majeure:

Despite the challenges faced by us as a developer due to various unforeseen circumstances, we have always thrived to keep up with the Construction speed, which would enable us to deliver the project well ahead of the schedule.

1. National Green Tribunal (NGT) enforced ban on construction in Delhi-NCR from 4th Nov '2019 - 14th Feb'20, due to pollution.

2. Grace Period for 6 months as measure for real estate affected due to COVID19 lockdown in March 2020,

3. Again in April'21, 2 months grace period was granted due lock-down imposed during 2nd wave of COVID-19.

4. Currently, CAQM (Commission for Air Quality Management) has imposed restrictions on construction activities in Delhi-NCR, since 17 November 2021, which is hampering the smooth functioning at site.

Challenges mentioned above, had impacted availability of labour due to reverse migration and supply chain issues with respect to timely availability of key raw materials such as cement, steel.
But we are glad to inform that we have made suitable arrangements at Site for labour, related to their shelter and food, keeping in mind the uncertain times due to Covid19. Sarvome plans to deliver the project on -time with support of all our customers.

Amendements in Policy (Affordable Group Housing - AGH)

• GST Policy

As when we commenced the project, the GST applicable  for affordable projects in Haryana was 8% of the total cost of apartment.  But keeping the interest of our customers in mind, we charged GST at 1% only, bearing all the charges and passing an advantage of approx. Rs 1.80 lacs per apartment to the customers.
 

• Cancellation Charges

According to AGH, cancellation charges have been revised. If a customers, cancels/surrenders the flat,  the deduction charges are as follows:
a) Within 1 year, the total deduction would be 1% of the cost of the flat in addition to Rs 25000/-
b) Within 2 years -3% of the cost of flat in addition to Rs 25000/-
c) Within 3 years -5 % of the cost of flat in addition to Rs 25000/-

 

• Car Parking

Initially, as per AGH, there was no provision for selling parking in the projects. All the residents were facing problems due to lack of this facility. The policy was modified by the government keeping in mind the problems faced by the residents after possession, to allow sale of parking spaces. Therefore no. of adequate parking was developed by developers.

• Area Enhancement (Commercial)

As per Affordable Group Housing Policy (2013), the area under commercial has been enhanced to 8% .
 

• Price Enhancement

An amendment has been done in the cost of flat in the Affordable Housing Policy 2013, wherein it is stated that per sq ft cost of carpet area has been changed from Rs 4000/- to  Rs 4200/-  and  for Balcony area the rate has been revised from Rs 500/- per sq. ft. to Rs 1000/- per sq. ft.
 

• Payment Plan

Though the plan valid at the time of booking is applicable, according to govt. amendment , payment plan has been changed from Time Linked Plan to Construction Linked Plan.
 

UPCOMING COMMERCIAL

BRANDS 

CONSTRUCTION UPDATE

  OUR CHALLENGES  

Enhancement in cost of construction

As you all might be aware, especially after the COVID second wave earlier this year, there has been an abnormal cost enhancement of raw materials. When the project was conceived, TMT was priced at Rs. 41230/- in September 2019, but it is now priced at Rs. 65000/- approx. Similarly, for other raw materials like cement, plywood, and MS doors and windows, there is a similar cost-push, ultimately increasing the cost of construction.

We at Sarvome are committed to on-time delivery, which is feasible if we receive on-time payments from our customers. We would like to update you that there are customers who have been paying their installments on time. Therefore, in the interest of the project, the company has decided to charge and recover penal interest immediately from customers who are yet to clear their outstanding till date or face cancellation in the interest of the project and all other customers.

Moreover, the company has decided to compensate the customers who have voluntarily paid more than the due amount at the same interest rate as charged for delayed payments.

Commercial Plots/SCOs

Faridabad- BROADWAY45 (Proposed)- A well-connected premium retail space is coming up in Sector 45 with large plaza areas spread in 3 retail floors.




ARCADE 55 (Proposed)- Arcade 55 is a state-of-the-art retail destination located in well-developed Huda Sector 55, Faridabad. A part of Gokulam by Sarvome, having about 100 plots, it is meticulously designed with a total carpet area of approx. 20,000 sq.ft. across 3 levels, with ample parking space.



Gurgaon (Proposed) - We have a project coming up in a prominent location near to projects of other builders like DLF, TATA & M3M.
 

Residential Gated Plotted Colony

GOKULAM - Located in a well fully developed HSVP sector with about 100 plots, in Faridabad, which is completely inhabited with residential/commercial area having a population of about 45000 in the neighborhood. 

 

Luxury Floors/Villas 

Office Spaces

Farm Houses

 

 Navratri Utsav 
(7-10 Oct '2021)

  New Year  
   (10th JAN' 2021)