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India's Richest Housing Society

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India's Richest Housing Society

Postby s1joshi » Wed Feb 08, 2012 2:33 pm

Today TOI highlighted one of the cash rich society in India, Am wondering shouldn't that be norm than exception. Why cant housing societies be self sustaining and revenue generating on their own.

Imagine living in the sprawling apartment of a posh building with a panoramic view of the city, and actually getting paid to live there.

This is exactly the case with Jolly Maker 1, the exclusive but quaint complex of 175 apartments and 10 bungalows at Cuffe Parade. Comprising two 25-storey residential towers, the richest housing society in India (reserve and sinking fund is estimated to be over Rs 30 crore) is home to Subhash Chandra of Zee, the Goenka family, the Patni family, the Goa-based Salgaocar family, Dr A S Maker, the construction magnate which constructed commercial buildings in Nariman Point and the UAE Consulate. In this complex, instead of paying maintenance, the owners in this get an annual dividend of Rs 6-12 lakh.

Residents in this exclusive complex occupy flats ranging from 1,285 to 2,590 sq ft and enjoy a slew of benefits. None of them have to pay the monthly outgoings, which include a range of municipal taxes, because the society clears all the bills. Each member is charged a token one paise per sq ft per month.

"In fact, this cash-rich society pays every flat-owner a yearly dividend of Rs 300 for every sq ft he or she occupies," said a Jolly Maker resident. So, for someone occupying a 2,500 sq ft flat, the dividend is a cool Rs 7.5 lakhs a year.

The 10,000 sq mtr property includes a health club, a swimming pool and a restaurant, now shut down due to lack of patronage.
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Re: India's Richest Housing Society

Postby gsvirdi » Wed Feb 08, 2012 2:43 pm

Excellent Preposition. Must become a norm every where.



s1joshi wrote:Today TOI highlighted one of the cash rich society in India, Am wondering shouldn't that be norm than exception. Why cant housing societies be self sustaining and revenue generating on their own.

Imagine living in the sprawling apartment of a posh building with a panoramic view of the city, and actually getting paid to live there.

This is exactly the case with Jolly Maker 1, the exclusive but quaint complex of 175 apartments and 10 bungalows at Cuffe Parade. Comprising two 25-storey residential towers, the richest housing society in India (reserve and sinking fund is estimated to be over Rs 30 crore) is home to Subhash Chandra of Zee, the Goenka family, the Patni family, the Goa-based Salgaocar family, Dr A S Maker, the construction magnate which constructed commercial buildings in Nariman Point and the UAE Consulate. In this complex, instead of paying maintenance, the owners in this get an annual dividend of Rs 6-12 lakh.

Residents in this exclusive complex occupy flats ranging from 1,285 to 2,590 sq ft and enjoy a slew of benefits. None of them have to pay the monthly outgoings, which include a range of municipal taxes, because the society clears all the bills. Each member is charged a token one paise per sq ft per month.

"In fact, this cash-rich society pays every flat-owner a yearly dividend of Rs 300 for every sq ft he or she occupies," said a Jolly Maker resident. So, for someone occupying a 2,500 sq ft flat, the dividend is a cool Rs 7.5 lakhs a year.

The 10,000 sq mtr property includes a health club, a swimming pool and a restaurant, now shut down due to lack of patronage.
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