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Facts on the proposed project of Centre of Excellence at Nagpur.
November, 28th 2012
         THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

      Facts on the proposed project of Centre of Excellence at Nagpur

This Statement of Facts as regards Centre of Excellence (COE) project at
Nagpur is being issued for the general information of members in view of the
ongoing discussion in public domain.




  1. Basic details of the COE project at Nagpur are as under:

         i. It is composite contract for property comprising of Land & Buildings with
              fully developed infrastructure with support facilities in the State
              Government approved Township Project.
          Total value of COE Project of Nagpur
         Particulars                                                            Amount
         Value assigned to Land measuring 9.1 acre @ 1.57                    14.28 crores
         crore per acre or @ Rs.360 per.sq.ft.
         The value assigned to cost of building with fully                   83.22 crores
         developed infrastructure and various rights and
         facilities broadly mentioned below is (2,50,000 sq.ft.
         @ Rs.3328 per sq.ft.)

         Stamp duty and registration charges                                  2.44 crores
                                                           Total             99.94 crores

                                                Or say around                 100 crores

        ii. The land admeasures 9.1 Acre. The Value assigned to land is Rs. 14.28
              crores which works out to be Rs. 360 per sq.ft.

              The value assigned to cost of building with fully developed infrastructure
              and various rights and facilities broadly mentioned below is Rs.83.22
              Crores (2,50,000 sq.ft. @ Rs.3328 per sq.ft.)

              Stamp duty and registration charges is Rs.2.44 crores

        iii. The Built Up area is 2.5 Lacs Sq.Ft. including:

                   Auditorium with capacity of 650 seats,
                   3 seminar halls with a capacity of 50 persons each, 2 seminar halls
                     with a capacity of 75 persons each and one seminar hall with a
                     capacity of 100 persons and with small meeting rooms.
         administrative block,
         2 residential building. Each residential building having 112 rooms
           which can be used on twin sharing basis.
         Faculty building with a capacity of 20 room on single occupancy
           and 10 VIP rooms on single occupancy
         fully paved parking for 200 cars & 200 two wheelers,
         connections and systems for managing receiving supply of power,
           water, tele-communication etc, facility for drainage and rain
           water harvesting and storm water management, Security systems
           with access control and including CCTV cameras, fire-fighting
           systems


iv)     As the Project is in fully integrated township the residents of the COE
        will be eligible to use club facilities through ten corporate
        membership of club and fifty day membership of club.


v)       The project will be green initiative project with gold rating standard
           resulting in substantial reduction in recurring cost of consumption
           of power and also will have features such as solar heated water
           for bathrooms, re-cycled water for landscaping and flushing use.
vi)      Landscaping and horticultural services ­ soft-cap maintenance
           including greenery and landscape for indoor and outdoor plants,
           hard cap maintenance.
vii)     50% of maintenance cost to be borne by vendor for 10 years.
           Maintenance includes repair of constructed complex, normal wear
           and tear of civil work, paint, mechanical and electrical services,
           repair of electrical wear and tear including breakdown, excluding
           DG sets, plumbing services ­ repair of plumbing services, repair
           of drainage network, repair of potable water network within
           complex.



viii)    Defect guaranty for 3 years from possession date and leakage
           warranty for 10 years
        ix)       Concession of 50% of stamp duty being COE located in township
                   approved by Government of Maharashtra
        x)        Police Station and Fire Brigade Station attached to Township.
        xi)       Obligation undertaken by the Developer to obtain approval from all
                   authorities
      The effective rate for land is Rs.360 per sq.ft and effective rate for cost of
      Building with fully developed infrastructure and attached rights as above is
      Rs.3328 Per Sq.ft.


2. The Council, at its 320th meeting held on 15th October, 2012 has discussed at
      length the issues relating to COE project at Nagpur.


      (I) In the course of discussion it was felt that a White Paper be prepared
              documenting / compiling all the relevant facts on all infrastructure
              projects undertaken from 2004 specifically taking note of the need of
              physical infrastructure in the context of increasing number of members
              &    students      and   ever-changing   methodology     of   imparting
              knowledge/coaching and the present and projected availability of
              funds to facilitate understanding of facts of the infrastructure and the
              details of the processes followed in acquisition and / or development of
              the physical infrastructure.
              With a view to facilitate systematic study &compilation of facts in the
              form of a White Paper for COE project at Nagpur in particular and all
              other projects other than Branch offices in general from 2004 onwards,
              a six Council Member Group is constituted by the Council at its said
              meeting.
      (II)    At the said meeting, the Council also decided that no further
              expenditure be incurred, in relation to the proposed COE Project at
              Nagpur, in any manner whatsoever by the land/building Developer or
          any concern/Group associated with that Developer until further advice
          from the Institute.
In terms of the above decision/direction of the Council -
the above said Group constituted for the stated purpose had held its first
meeting and discussed, among others the terms of reference and the
methodology to be followed etc;
The Developer has been asked not to incur any further expenditure and the
developer has confirmed to adhere to Institute's instruction.
As for cost so far incurred, it may be mentioned that as per agreements, an
advance of Rs. 9.75 crores has been paid. The balance is payable over a period
of two years.


The above brief statement of facts is placed before the Members at
large for their information so that they are guided by the factual
position and not misled by misinformation or statements with distorted
facts.
                                                                          ICAI
                                .......................................
 
 
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