The following are eligible to register for CSOB scheme. Information Booklet Clause 7 shall be referred for the same.
Eligible applicant can apply via Online mode as well as Offline mode. For applying thru Online mode, link can be accessed by clicking here or by navigating thru www.csobhousing.in >> Housing Details >> Apply now.
Registration is valid for one year from the date of registration. However, rebate and other benefits are available as per as per T&C of particular project. As confirmation of allotment of DU / Flat and rebate is on First Come First Served basis. Hence, applicants are advised to complete the process / documentation at the earliest after Registration.
EHIG: Elite Income Group. It is having 3 Bedroom Flat with additional one Servant Room with Toilet. Total Area is 1660 Sq.Ft.
HNIG: High Net-Worth Income Group. It is having 4 Bedroom Flat with additional one Servant Room with Toilet. Total Area is 2350 Sq.Ft.
Currently, CSOB itself is facilitating loan facility at a very competitive rate of 8.3% per annum on monthly reducing balance basis. This rate of interest is lower than leading bank rates. Please refer Saving EMI Calculator page for details.
Applicants can pay only 15% of DU cost for booking and the remaining amount can be converted into EMI by opting Bachat Payment Plan.
However, for more saving members can opt for Anmol or Samridhi payment plan.
Servant room are available in EHIG and HNIG. 3 BHK and 4 BHK DU / flats are having servant room option. Servant room is attached with separate Toilet.
CSOB is facilitating ‘Single window clearance’ for the ease of documentation for members. Members need not to go to various desks / offices for allotment of DU / flat and processing of loan.
Deendayal Aawasiya Yojna is renowned and prestigious affordable housing project of CSOB to fulfill the vision of PM Mr. Narendra Modi vision of Housing for All by 2022 under PMAY. It is operated on No Profit and No loss basis and self-financing basis.
Some of the salient features are:
One car parking for each DU.
Community hall area included
Kids play area
All DU’s are provided with Balcony(ies)
Fully developed project with roads, paved walk ways, electrification, water supply, sewage disposal system, area drainage system, community facilities, parks, boundary wall, security gates & posts etc.
All the blocks shall be provided with lift facility.
Adequate measures to maintain natural habitat in the vicinity.
Construction as per Green Building Code norms to reduce the carbon footprint.
Minimum 10% of all energy consumption shall be through Solar power or through other renewable energy sources.
Maximum use of recycled water for non-potable purpose.
Zero wastage technology.
For security reasons such scanned copy / attachment is encrypted and password protected. To open the attachment, click on the attachment provided with this mail and you will be prompted for a password. Please enter 16-digit password - it is a combination of 10 digits registered mobile number and 6 digits Pin code used while registration.
During registration, if your mobile no. appears is 1234567890 and pin code is 111111 then your password is 1234567890111111 with no special character.
PRADHAN MANTRI AWAS YOJANA (PMAY)
Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India. Details are available at https://pmaymis.gov.in/
The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
We will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple request. For all eligible borrowers, the subsidy amount would be paid to us. Once we receives the interest subsidy, it will be credited upfront to the loan account. The subsidy will be calculated on Net Present Value (NPV) at 9% discount rate.
For example, the borrower avails a loan for Rs. 8 lakh and the subsidy works out to Rs. 2, 20,000. The amount (Rs. 2, 20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5, 80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5, 80,000.
*The above example is for illustration purpose only and the subsidy amount will depend on the actual amount received or any changes done by NHB on the same.
The Pradhan Mantri Awas Yojana is applicable for a maximum considered tenure of 20 years.
No, there is no loan amount limit for loan accounts which are booked under PMAY CLSS scheme.
Pradhan Mantri Awas Yojana is available for Salaried as well as Self Employed
No, there are no additional documents except a declaration of not owning a pucca house and annual household income.
The income norms for various Household categories are defined as under:
The property on which the subsidy is to be availed has to have basic amenities such as water, sanitation, sewerage, road, electricity etc.
|Scheme Type||EWS/LIG||MIG – I||MIG – II|
|Eligibility Family Income (Rs.)||EWS – Rs. 0 to Rs. 3, 00,000
LIG – Rs. 3,00,001 to Rs. 6,00,000
|Rs.12,00,001 to Rs.18,00,000||Rs. 6,00,001 to Rs.12,00,000|
|Carpet Area-Max (sq. m.)||30 / 60||160||200|
|Subsidy calculated on a max loan of||Rs. 6,00,000||Rs. 9,00,000||Rs. 12,00,000|
|Interest Subsidy (%)||6.50||4.00||3.00|
|Max Subsidy (Rs.)||2.67 Lakh||2.35 Lakh||2.30 Lakh|
|Validity of scheme||31 March 2022||31 March 2019||31 March 2019|
Yes, you can avail this facility, subject to meeting the income and other criteria defined under this scheme.
The Prestigious DAY can fulfil dream of long-term sustainability, stable & high return on investment as, investing in so called REAL ESTATE has many advantages. Some of them are listed below:
1. You Can Build Equity for the Future and it will leverage you to acquire additional rental properties and increase your cash flow.
2. You can generate passive Income. If the house is rented it can work for you to generate money even when you are sleeping. By buying several rental properties that generate enough income to cover your expenses, you have the freedom to do what you enjoy, instead of spending all of your time at work.
3. It Can Provide Cash Flow for Retirement. Real estate investing, when done right, is a stable way to increase wealth over a period of time. Among the many benefits of real estate investing is that it can provide cash flow for retirement. This means it can help supplement your retirement years with income from your rental properties.
4. Owning a physical asset helps in diversification benefits. Investing in real estate offers inflation protection as well as the portfolio diversification benefits of owning a physical asset. Real estate is a tangible asset that can always be monetized through renting or residing in the property, regardless of financial market conditions. This makes it far more resilient against asset market swings compared to traditional stocks or bonds. Real estate is part of the broader category of alternative investments, which include everything from art to collectibles and physical gold. The tangibility of real estate also affords property owners with a sense of stability during bear markets or short-term stock sell-offs.
5. Tax benefits. You can avail tax benefits under income tax rules even in interest part.
6. It is an alternative means of saving for children’s education. It is recommended by the financial experts that young families invest in the purchase of one property for each child they believe will attend college. The property can be financed with a 15-year mortgage, thus being paid off prior the child’s 18th birthday. It allows families to actively save through the renters’ payments. When the property is paid off, they can either sell or continue to use it as a source of cash flow. It can act as alternative way for funding higher studies education fee for children.
7. Owning property creates wealth. One of the many benefits of investing in real estate is being able to generate wealth through appreciation, building equity, and hedging against inflation.
8. Real Estate investment is a stable investment with ongoing income. Real estate investment does not wildly fluctuate on a daily basis as stock market fluctuates. It is a stable investment that provides you with an income. You simply collect your ongoing income on a periodic basis and hope to sell when the price appreciates substantially and the market is high. Of course, the market isn’t the same in every city, so opportunities to buy and sell can vary substantially across the country. Many people compare real estate investing to bond investing, because real estate provides stable cash flow for the owner. However, bonds are more sensitive to market fluctuations. Real estate properties won’t immediately change in price based on capital contributions or because of political volatility. This makes real estate a safe and stable investment. In many cases, real estate investments offer attractive tax benefits to the owners too.
9. Financing of Real Estate is easy. You can borrow 50 percent to 90 percent of the acquisition cost at attractive rates, often rates below the anticipated annual investment return. Stocks, bonds, commodities, and art do not offer the same ease when being used as collateral for financing.
10. The value of Real Estate Appreciates Well Over Time. The value of residential property in Dwarka Sector – 11 has given CAGR (Combined Annual Growth Rate) of more than 13 % during period from 1998 to 2018.
11. Other return of investing can be outpaced. Even partial investment of total value can make you to reap 100% of the profit being owner of the real estate asset.
12. It gives a sense of pride to all.
13. You will option change the primary residence as when needed and can be provided to the siblings / legal heirs.
14. As the term itself depicts ‘Real Estate’, its value will never go down to zero. But one cannot guarantee the same for the stock.
15. It has potential for high rate of return. Depending on the location and quality of property, its value can go higher. By maintaining the asset in good condition its value can be further appreciated.
16. Longer lease can multiply the benefits. i.e when company leases the same for Guest House etc., now a days many private players are also willing to get it leased for accommodation purpose.
17. Banks can lend you greater % of the value of asset as a loan on a real estate as compared to other instruments.
18. It benefits the community.
For other benefits, you may please contact our project expert over 8130214214.
The compound annual growth rate (CAGR) is the rate of return that would be required for an investment to grow from its beginning balance to its ending balance assuming the profits were reinvested at the end of each year of the investment’s lifespan.
As per NHB data (available in public domain), CAGR of real estate in Delhi is 10.1%. However, it may be noted that residential properties of Dwarka region of Delhi is having CAGR of 13.46 %.
As ‘New Dwarka’ development is on Green and smart city norms, hence its CAGR will be higher than the existing one.
Yes, as the net paid amount depends on the selection of payment plan. Here, Anmol payment plan is the best saving-oriented plan as 15% and one car parking cost can be saved while in Bachat Payment plan only one car parking cost can be availed (All / any rebate is having Limited period validity). So, CAGR vs Payment plan is tabulated below. considering the value of house after investment lifespan based on NHB ROI data.
|Payment Plan Name||ANMOL||SAMRIDHI||BACHAT|
|% Increase w.r.t to Bachat Payment plan||8.89 %||4.91 %||NIL|
In demand survey scheme a financial commitment is undertaken prior to the launching of the scheme to assess the number of personnel / members interested in having a DU in a particular city / area. The registrants of demand survey are given priority over the non-registrant applicants in their respective categories at the time of first draw only.
Yes. Land parcels are acquired / procured as per guidelines / rules & regulations. State Govts / Local agencies are approached for allotment of Govt. land. Allotment of Govt. land is given first preference. Also, based on demand survey scheme feedback / response, land parcels are procured from private agencies.
As a general rules CSOB permits only one membership to interested personnel / applicant as they can apply for only one scheme. However, additional membership can be given based on vacancy (if any).
Yes, an individual may apply for more than one demand survey, however, he will be considered at one place only. In case he is allotted in the first scheme, his demand survey registration in other schemes will not be considered unless there is any vacancy. The necessary administration charges will be charged in each case separately independent of any other scheme.
Yes, aspirants can forward their applications by registered / speed post / courier / directly handover at office.
Generally, the CSOB schemes have Six categories of memberships / DU i.e Type A, Type B, Type C, Type D, Type E and Type F. However, the configuration may change from Project to Project based on various factors such as demand, FAR, density requirement etc. Aspirants can apply for any of the DU type.
(With Lift Configuration)
|Approx. Super Area (Sq. Ft.)|
|Type A – LIG
Lower Income Group
|One Multipurpose room, Bedroom, Kitchen, Bathroom, Balcony||503|
|Type B – MIG
Middle Income Group
|Drawing-Cum-Dining, Two Bedrooms (one Master Bedroom), Kitchen, Two Toilets, Two Balconies||775|
|Type C – HIG
Higher Income Group
|Drawing-Cum-Dining, Two Bedrooms (one Master Bedroom), Kitchen, Two Toilets, Two Balconies||1075|
|Type D – SHIG
Super High Income Group
|Drawing-Cum-Dining, Three Bedrooms (one Master Bedroom), Kitchen, Two Toilets, Four Balconies||1350|
|Type E -EHIG
Elite High Income Group
|Drawing-Cum-Dining, Three Bedrooms (one Master Bedroom), Kitchen, Three Toilets, Three Balconies, Dressing Room One servant Room with Toilet||1660|
|Type F -HNIG
High NetWorth Individual Group
|Drawing-Cum-Dining, Four Bedrooms (one Master Bedroom), Kitchen, Three Toilets, Five Balconies, Dressing Room One servant Room with Toilet||2350|
Members are not permitted to changeover to another scheme. However, within the same scheme the members are allowed to mutually exchange their DUs only once prior to collection of possession letter and due approval.
In normal circumstances, members shall be permitted to seek change from one type to another within the same category if vacancy exists. An allottee would be allowed to continue as confirmed allottee in one type whilst simultaneously remain on the waiting list of other type in a particular scheme. Members seeking change to higher type of DU shall pay equalization charges on the differential amounts from the date(s) the installment(s) had become due to be paid by the original registrants. Only differential cost will be adjusted for those members who seek transfer to a lower type. The allottee shall not be given benefit of any Equalisation Charges / Delayed Payment charges paid till that time.
If a person wishes to rejoin the scheme after cancellation he/she has to apply afresh and will be treated as a new registrant. Also, no benefit of seniority of any sort will be given.
No interest is paid on volunteer withdrawals or when the scheme is delayed or put on hold. In extreme situations beyond the control of CSOB, CSOB may be obliged to abandon a scheme / Yojna. In such a case, its liability would be to refund the deposits in full, with interest in accordance with The National Capital Territory of Delhi Real Estate (Regulation and Development) Rules, 2016 less handling charges of 1% and application fee.
No interest is paid to waitlist aspirants on withdrawal. Time taken for completion of refund is as per citizen charter prevailing at that time.
Most likely, census provides a means for CSOB to formulate the future plan with better planning.
Penalties for delay in completion of a project are levied on contractors as per contractual terms and conditions.
Currently No, CSOB is committed to the dream of Housing for All and PMAY. However, it may start the same based on demand survey or request from sufficient numbers of members. Governing Body has final say on policy matters.
No transfer fee is required to be paid if transfer is due to natural succession or with the blood relations (Parents / spouse / son / daughter). In other cases, members have to submit the transfer application with supporting legal documents and prevailing transfer fee as applicable on the date of transfer application.
In case of demise of original allottee the next of kin (NOK) should approach CSOB for change of registration or allotment in his/her name with required legal documents. Documents can be downloaded from our website (Download section in home page).
Transfer / Sale of DU to a person, who is eligible for Yojna as per Eligibility conditions is permitted soon after completion of the registration of DU in members name. The sale to non-eligible personnel is subject to terms and conditions imposed by the RWA/ AOA and the local authority.
CSOB provides loan facility to its members at a very optimal rate of 8.3% p.a. on Monthly reducing balance type (generally it is lower than the bank’s lending rate). Members opting for Bachat Yojna may avail the same. However, we do not have any tie with any of the Banks as of now but CSOB will liaise with Nationalised Banks, Housing Development Financial Corporation and other financial institutions and endeavour to secure financial assistance by way of loans, if required. Subject to agreement of the institutions. However, the receipt of loan cannot be guaranteed. The quantum of these loans will, interalia, depend on the repaying capacity of the beneficiary / member.
Generally, documents required from CSOB are NOC for mortgaging property / Non-Encumbrance Certificate / approved plans and later tripartite agreement is required to be executed. In case of any other documents are required from Nationalised Banks / Housing Development Financial Corporation / other financial institutions, same may be provided on written request from member.
Percentage of loan is decided by the Nationalised Banks / Housing Development Financial Corporation / other financial institutions. Generally, upto 80% of the cost of flat is sanctioned as loan based on the repayment capacity of a person.
However, for the benefit of the members opting for Bachat payment plan, Board is offering loan facility upto 85% of the cost of DU.
Amount and frequency of instalment are depending on the yojna / type of membership and opted payment plan, for payment of land cost. It must be appreciated that CSOB recovers the overall expenditure on the project and surplus if any is refunded to the members on closing of the project.
No, only in case instalment is deferred and member has paid as per original date the saving bank rate is paid up to the last date of the preceding month in which refund is made.
Yes, but within same Yojna. Detailed rules are available in Information Booklet.
It depends on the stage of withdrawal and type of yojna. Member / applicant shall refer respective Information booklet for the same.
In such cases, both can apply.
In order to bring all allottees at par, the new allottees/defaulters have to pay equalization charges as applicable from time to time and yojna.
It is advisable to read the Information booklet, membership letter, and other official letters/ orders / documents carefully. CSOB is a welfare Institution executing projects on ‘No Profit & No Loss basis’ and ‘Self Financing Basis’ and is different from Builder / Developer. It is more of a participatory Institution working for the conservation of natural habitat along with development of Infrastructure as per MPD 2021.
No. Though it is not mandatory but it is always advisable to complete all documentations i.e nomination, will etc. to avoid legal complications at a later date.
In case there is a wait listing in the scheme the allottee who is opting out of the scheme is immediately replaced by the registrant first on the waitlist. In case there is no wait list or scheme is undersubscribed, the money is refunded when a replacement allottee has joined the scheme or as per citizen charter, whichever is earlier. This is to ensure that the viability of the scheme and the interest of the Project not compromised. The CSOB undertakes “Self-Financing” Group Housing projects for select group of people and their viability becomes very important both for the allottee and CSOB. Large scale withdrawal can compromise the interests of the allottees left behind in the project.
The Board expects every member to work for the conservation of the natural habitat as per pledge taken by the same and be aware of the Rules & regulations framed and available in the Information Booklet, a copy of which is provided to each member at the time of registration. The basic terms and conditions specific to a yojna are provided in the membership letter, allotment letter, possession letter and agreements executed on various occasions. The member needs to appreciate that the Board functions on the basis of “No Profit and No Loss” and ‘Self-Financing Basis’. Therefore, it may not be able to compensate for delays etc. on every occasion as each of the Project / scheme is a standalone project by itself. Each member is advised to keep himself abreast of the project and visit the CSOB website for updates.
We have designated our dedicated officer for the facilitation about the details of projects. For any enquiry you can contact the following in office working hours (10:00 AM to 06:00PM) from Monday to Friday and on Saturday (10:00 AM to 01:00 PM) excluding Public Holidays as per Office Memorandum No. F. No.12/3/2017-JCA-2 Dated 14.06.2017 issued by Department of Personnel and Training, GOI.
Help line No. is 8130214214.
Email: [email protected]
The tentative cost in inclusive of one parking for each member as it is Free and having worth of Rs.2,40.000/- (Limited Validity and for limited members only, as it is on First Come First Served Basis). Only one parking will be allotted to each member within the cost as provided in the Yojna. Any additional parking (if available) and covered parking shall be allotted to the members on payment of additional cost. In case of higher demand then the available additional parking, allotment shall be made through draw of lots.
The layout of each project is planned in confirmation with the bye laws of the local development authority. Similarly, the number of parkings have to be in confirmation with this requirement. The parking spaces under stilt or in open are separately allotted to the members based on availability. The parkings in stilt differ in size due to the location of columns and beams which again depends on the layout and size of the dwelling unit.
CSOB provides housing to eligible personnel on a self-financing basis. The Board has limited corpus of its own to fund for whole purchase of required land. The registration amount and 03 installments are generally called for during initial stages to cater for the cost of land as the same has to be borne out of the allottees installments. This cost of the land should preferably be recovered in one installment, but in order to ease the burden of collection in single installment, the same is being done in 03 installments. It generally requires about a year for accomplishing tasks of registration and conversion of land, obtaining sanction and clearances of plans from various Govt. Depts after award of land from DDA. In the interim the detailed tender drawings and documents are prepared. These are vetted by IITs / NBCC or Institute of repute for structural adequacy. Finally, the tendering process for selection of contractor is done and these activities consume a time of 06-08 months. Hence, a total of 1-1.5 years is generally required for commencement of the project construction from launch of the scheme / award of land from DDA. This procedure becomes inescapable when the cost of acquisition of land is high due to paucity of funds with the Board. In case where the land cost is low/reasonable the Board is considering start of construction once all the mandatory clearances are obtained and contractor selection process is set in motion. After the selection of contractor and the commencement of construction activities, it usually takes 1.5-2 years for completion of project depending on the total number of DUs to be constructed. Thus, on an average it takes anywhere between 2.5 to 03 years from the time of Ist Installment called and the handing over is commenced excluding the time of Govt. / statutory approvals waiting time. The Board sets ambitions targets to avoid unnecessary delays and the same are communicated to members as well as contractors.
The tentative floor plans are published in the Information booklet / website and will also be uploaded on the web site post approval of the concerned Development Authority. Generally, the plans are uploaded on the CSOB website for suggestions prior to their finalization and submission for approval.
In multi storey projects which caters for Group Housing, there is virtually no scope for individual customization. In order to facilitate allottee participation, the sample flats are prepared first usually within first six to eight months from commencement and are opened for suggestions as soon as they are ready. The suggestions thus received are circulated amongst the allottee and feedback sought. Based on majority opinion, those suggestions which can be implemented are considered. On taking over of the DU, minor alterations can be undertaken by the allottee after seeking approval of the CSOB / AOA / Society. It may not be binding on the part of CSOB to grant permission on the subject as aspects of structural stability is to be considered. Structural changes are not permitted in case of multistory projects and the columns and beams and overall loading pattern must not be changed. Minor changes such as door type, window type, wash basins etc. which do not affect the overall safety of the building would normally be the only modifications that would be permitted. Similarly changes to the layout of pipes and plumbing work and any change in the ex
Due to uncertainties of the construction industry, on some occasions the delay in the projects are inherent or beyond control. Most of the delays are in the initial period wherein the CSOB deals with various Govt. bodies for registration of land, conversion of land use, sanction of plans, finalization of contractor post tendering etc. Delay in timely payment of instalment from some members also delays the project. Further, few delays during the construction phase like shortage of labour, non-availability of material, excessive rains, NGT orders to curb pollution and other unforeseen contingencies can be encountered. It is the endeavor of the Board and prudently of the contractor to complete the project at the earliest in order to keep the costs within the quoted prices. There are no intentional delays as everyone including the contractors suffer losses. The Force de majeure situations which may occur but cannot be forecast have to be accepted by all concerned parties including the members.
No. The final cost is calculated based on the actual expenditure incurred on the project whereas the announced cost is a tentative cost. The factors which contributes to change include escalation on EDC / IDC charges, steel/cement over the basic price set in the contract, additional costs incurred due to implementation of members suggestion, any other work required to be undertaken by the contractor on instructions from CSOB due to site conditions, statutory obligation and changes in statutory tax structure. However, CSOB takes utmost care to remain with the initial cost. In the final costing the actual expenditure is charged from the members as CSOB projects are ‘Self Financing Schemes’.
This is the period after completion of major construction along with service connections in which the contractor carries out repairs/rectification of the faulty works executed by him. The AOA / society is intimated of the date upto which the DLP is valid. Normal wear and tear and defects caused due to misuse do not form part of the Defect Liability Period. However, at the time of handing over of DU’s defects are noted down as per members observations for rectification to the extent possible as per guidelines.
Members can register their complaints in the register kept in the AOA / society/contractor’s office or email us or fill the complaint form available in the website and the same is monitored by the CSOB. The normal rectifications are attended to within a reasonable time frame and the emergency faults are attended to at the earliest.
SBA means carpet area plus wall area plus cupboard space plus proportionate circulation area. The carpet area is generally 75-80% of the SBA. The common areas such as staircases, External lobby etc. contribute to the super built up area of the flats in multistory configurations. However, as per RERA carpet area is to be mentioned in Sq. Mtr and the same is also mentioned Information booklet.
It depends on the yojna and type of unit selected by members. The specifications are standard that are being used in the industry and the details are provided in the Information booklet provided to each member.
Once the project is completed in all respects, application for the same is made to the concerned development authority. The site is then inspected by the authority for compliance of sanction plan in accordance with the bylaws prevalent. Further, after due process, the occupancy certificate is issued. Generally, it is obtained in about one year after completion. The rules regarding completion certificate differ from state to state and also depends on the bye laws of the local development authority.
As a rule, in civil projects it is the responsibility of the individual to apply for connection once the transformers are charged by the State Electricity Board. However, in order to avoid discomfort and based on previous experience, CSOB liaises with the Electricity Board and procures the meters in bulk. The individual meters are fitted by the State electricity Board and the charges for the same are to be borne by the individual. The day the meters are fitted and energised, fixed charges are applicable and are to be borne by the allottee irrespective of the usage. Further, the payments of usage charges are made by the individual as per the meter. In this connection the rules of the Electricity Board / Corporation are followed. There may be minor changes depending on the location of the project.
Taking possessions of DU’s on specified date has numerous advantages as members can start availing facility at an early date, get longer defect liability period, know-how of the surroundings etc.As we all know, large Group Housing Projects cannot be completed and handed over on the same day. Generally, when all essential common facilities are ready, such as sanitary, water, electricity etc. a handing over schedule is prepared. The final installment / balance amount is taken by the Board at the time of possession, when all the essential facilities and the dwelling units offered for possession have been prepared. The non-taking over of the Dwelling Unit on the scheduled dates disturbs the complete plan and cash flow of the project and this has a cascading effect on the subsequent allotments. Few of the activities such as last coat of painting etc. is left out till about a week before handing over to give a freshly painted house to the allottee. Random handing over stretches the resources of the Board as well as the contractors. Therefore, the complete block is put up for handing / taking over at a time. In some cases, there is an intermediate period when some of the essential services such as electricity or water may be not available due to reason beyond the control of CSOB. At this juncture the cooperation of allottees whose dwelling units are ready becomes crucial in the overall interest of the project. The CSOB also pitches in with its meager resources like DG sets, bore well etc., however, this alone at times is not sufficient. CSOB financial resources are committed for procurement of land and future schemes for members and cannot and should not be tied down at one place. Thus, linking issues to livability may be right from an individual’s perspective but may not be in the overall interest of the project.
Also, the contractor’s Defect Liability Period generally commences when common areas, all essential services and 50% of dwelling units have been handed over. This may vary a little from contract to contract. The members who take over the units early thus get a longer defect liability period compared to allottees whose units are handed over after the defect liability period has commenced. In large projects phased handing over thus becomes inevitable for early completion of the project.
The contractor is required to set up a lab at project site where mandatory testing is undertaken. These tests are witnessed by the Architect’s representative and the Project Director’s representative. The CSOB thus have a three-tier quality control team consisting of QC team of contractor, PMC team from Architect and an independent representative from CSOB which is headed by Director (Housing). These teams are responsible to ensure that quality is not compromised.
Yes. Based on terms and conditions of the contract agreement penalties are levied on the contractor. At times these penalties are termed as discounts on behalf of the contractor to avoid stigma. The penalty is used as a tool and carrot and stick policy is used depending on the situation. The CSOB has to balance its act to safeguard the long-term interest of the project and members.
Equalization Charges are charged on the delayed payments as per rules of the Yojna. The same is being charged in order to bring parity amongst allottees. These charges are charged from those members who delay the payment and may be charged from late joiners. When an allottee delays payment of an installment beyond the due date Equalization Charges at applicable rate for the number of days delayed is charged. Thus, as the name suggests the purpose of Equalization Charges is to ensure that those who delay their payments do not derive any undue advantage over the members who make their payments on schedule. CSOB neither gains nor loses anything from the Equalization Charges, as the money collected from Equalization Charges is ploughed back to the respective projects.
A private builder generally launches the projects in ‘Phases’ whereby he is able to charge different rates based on market conditions and is able to cross subsidise and thus able to hold rates. CSOB being a welfare Institution, the rates charged are the same from all allottees and there are no changes in rates from time to time, that is, all allottees are charged at the same price whether he joins at the initial stage of the project or at a later date. The late joiner is charged with equalization charges which is also ploughed back to the same scheme for benefit of all allottees since CSOB works on the principle of No Profit – No Loss. On the other hand, a private builder may enter the market at six different times with limited amount of inventory on offer and all these six launches may be at different rates. Thus, as it would be seen that while the outside builder is able to sell the same Dwelling Unit at different rates, such flexibility is not available with CSOB. In case of the CSOB the prices are tentative and subject to some escalation/ changes due to variation of steel and Cement prices, allottees suggestion, change of Govt. levies and taxation etc. The outside builder generally insulates the subscriber from the escalation of material element only which is announced as basic rate and the changes in Govt. tax structure, levies are passed on to the allottee. For example, in a project of 1000 dwelling units the builder does not put all the units in the market at the same time. He may enter the market with 200 units at a basic rate of say Rs.4000 per Sq. Ft. initially. He may re-enter the market six months later with another 200 units at a revised rate of Rs.5000 Sq. Ft. and repeat this process at his convenience depending on market conditions.
Yes, interest @ saving bank rate (as per RBI Guidelines) is payable to those members whose installment is received on old date and where the installments are deferred from its earlier planned date to a later date and the same shall be credited at the time of final call up letter. However, no interest is payable when the member remits the installment in advance on his own.
CSOB will liaise with Nationalised Banks, Housing Development Financial Corporation and other financial institutions and endeavour to secure financial assistance by way of loans, if required. Subject to agreement of the institutions. However, the receipt of loan cannot be guaranteed. The quantum of these loans will, interalia, depend on the repaying capacity of the beneficiary / member.
Paper work is to be done as per financial institution guideline / rules i.e. Tripartite agreement (TPA), NOC is required apart from other documents of member.
The remittance of installment can either be made through DD / CTC multicity cheques / NEFT / RTGS. The instrument of remittance should be endorsed in favour of ‘CSOB’, New Delhi or in CSOB SBI A/C No 37741572675 IFSC- SBIN0030491. In case of cheque payments the receipt / confirmation letter / possession letter will be issued only after the remittance has been credited to the account of CSOB. For remittance, the Cheque/Draft is to be forwarded to CSOB Office for appropriate action. This also ensures that the remittance should reach to this board on or before the due date of installment to avoid equalization charges. Members needs to ensure that the installment to bank is deposited in such a manner (generally 4-5 days in advance) so that the credit to CSOB bank a/c is made or on before due date of installment. The payment receipt shall be issued for the date when the amount is credited to CSOB bank amount.
Final coating is done at the time of handing over of possession letter of DU’s to members.
The Board being a welfare organization works on “No Profit – No Loss” basis, unlike a civil builder who earns huge profit and can afford to pay compensation. Whatever is charged as equalization charge from the allottee is ploughed back into the project. Each project is run independent of each other and cross subsidization is not permitted. Basically, all the projects of the Board are “Self-Financing” schemes and therefore phased launches and differential prices are not charged in the project. In such a scenario where a project is stand alone “Self-Financing”, compensation is not feasible and there is no scope for such compensation. The Board would need to change, its nature from a “Welfare Organization” to a “Commercial Organization” to be able to pay compensation like an outside builder. The Board is similar to any self-contributory / financial group housing scheme where every individual needs to contribute his share, for the scheme to be a success.
However, in extreme situations beyond the control of CSOB, CSOB may be obliged to abandon a Yojna. In such a case, its liability would be to refund the deposits in full, with interest in accordance with The National Capital Territory of Delhi Real Estate (Regulation and Development) Rules, 2016 less handling charges of 1% and registration fee.
In no way CSOB can be held responsible for any claims of damages which may arise due to any reason whatsoever including any commission or omission, by the CSOB or its employees
The tentative cost of the project/ dwelling units are worked out by the Board at the time of launch of the project on current market prices. When the project is finally completed the overall expenditure on the project is worked out by the Directorate of Housing at the Board. This account is then presented to an independent costing committee appointed by the Governing Body. This independent committee checks all the records held at CSOB and Directorate of Housing is required to answer all queries of the Final Costing Committee. The reason for difference in Final and tentative cost are explained to the Final Costing Committee. Thereafter, the Final Costing report is prepared and put up to the President, CSOB for approval. The approved report is sent to Chairman for information and the Governing Body is apprised of the status in the upcoming Board meeting. Based on the Final Costing, surplus funds collected, if any, are refunded to the original allottees as the projects are executed “No Profit – No Loss” basis. CSOB is one of the few organizations which will be refunding the surplus collection. Thus, it can be seen that the Board adopts a very transparent policy. The Final Costing Committee report is also forwarded to AOA / Society / RWA.
Yes, CSOB adhere / follow all rules / regulations / guidelines set by statutory authorities / Governments as applicable from time to time. For example, to name a few, writing of separate area for carpet & balcony in Sq. Mtr is as per RERA guideline, depositing of 70% of project cost in separate bank account is also as per RERA rules and many others.
Governing body meet once in Six Months for reviewing the progress of the project and activities. Members are requested to take 15 days prior appointment for the same. However, members can meet Chief-Coordinator and Director (Housing) for any query / feedback during office hours.
No, as CSOB is a welfare Institution which works on No Profit & No Loss basis for conservation of natural habitat and welfare of members. It is necessary to become a member of CSOB to avail its facilities and make a difference in the world.