v Process of Evaluating Builders/Developers

                                           I.      To Call Special General Meeting to open Financial Bid of Builder/developer Project Management consultant will study the tenders and prepare an evaluation report of the Financial Bid.

                                        II.      There should be a detailed discussion of the evolution of the Financial Bid by the Project Management Consultant with members of Managing Committee and the Redevelopment Committee. A few members should be nominated for a personal meeting and thereafter site visit should be conducted with the short listed developers conduct site visit of short listed developers.

                                     III.      A meeting with the short listed builder/developers along with the Project Management Consultant and nominated members should be convened.

                                     IV.      Further shortlist a maximum of five from the initial short listed builders/developers and refund Earnest Money Deposit to unsuccessful developers. Go on site visit with the short listed builders/developers and have detailed discussion with each of them separately. Obtain the balance sheets and financial statements for the last three years from them.

                                        V.      Appoint an independent Chartered Accountant to give his neutral opinion on the financial Analysis of the builders/developers.

                                     VI.      After detailed discussion between members of the managing committee and the Project Management Consultant, the PMC will prepare his final report.

v           Point to be considered in the selection process of the Builder/Developer

1.      The bids are to be evaluated on the basis of various criteria prescribed in the Pre-qualification application format in the tender viz:

·         Legal status of the company/firm and brief bio-data of key personnel of the firm

·         Details of various machineries, props scaffolding etc. owned by the firm

·         Details of project carried out by the company/firm during the last 5 years

·         Percentage of occupation certificates obtained for projects executed

·         Photographs/Brochures of various projects

·         Details of project in hand and in the pipe line

·         Details of certificates issued by various Government agencies etc.

·         Sources of TDR to be utilized etc.

2.      The financial offer is to be evaluated on the basis of various criteria prescribed in the Financial Offer application format in the tender

       Viz:

·         Basis of saleable area and selling price of saleable area, free carpet area offered by developers

·         Corpus Fund offered to society/member

·         Parking income from open/ stilt parking space

·         Total construction cost and cost of TDR

·         Temporary accommodation (rent, deposit, brokerage, relocation cost)

·         Bank Guarantee

·         Scope of stamp duty and registration charges applicable on additional carpet area offered by the developer

·         Discount on rate of additional area wanted by members

·         Source of funds

Thus the final list of builders/developers who have bid the tender will be presented to the Special General Body Meeting for selection of one of them. The office bearer or any committee member of the society is prohibited from being appointed as developer or shall not be a relative of the listed Builders/Developers.