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Society Update-February 15, 2018

Respected Members,

Assalam o Alaikum,

I am pleased to share our progress as follows:

1. Land Pockets:

As you are aware, we already have the approval from Punjab Govt for acquisition of about 17 Acre land through Land Acquisition Act. Demand note from District Collector to deposit cost of this land has been received. Subsequently we invited members to make investment in this process and get plot files against deposit of funds. We are pleased to share that some members have shown interest. The number of interested applicants is almost the same which we require. Therefore, we need not to involve / invite non-members for investment. After completing the documentation, these members will be asked to deposit funds during next month against residential/commercial plot files to be issued by the Society. We will transfer these funds to the Govt of Punjab to satisfy the demand note. On the other hand the acquirer has also arranged another 18 Acres in their name, which will be transferred to ACHS after getting necessary approvals/NOC. We have already got the possession of this land. These 18 Acres are in addition to land which the acquirer has provided during last two quarters.

2. Selection of Developer:

In the last communication, we mentioned four top scorers (applicant developers) in technical evaluation. After giving due consideration to other aspects, the society has finally shortlisted following three names for our consideration of future relationship:

i)   M/s Echo West International (Pvt.) Ltd.

ii)  M/s Master Construction (Pvt.) Ltd. & M/s RM Gulistan Engineers and Contractors (Pvt.) Ltd. (Joint Venture)

iii)  M/s Habib Rafiq (Pvt.) Ltd.

These shortlisted developers will get tender documents in next 2-3 weeks, and they will submit their financial bids within two months from now. After receiving these bids we will call AGM for approval of our partner/developer.

On the orders of Supreme Court of Pakistan, FIA arranged Forensic Audit of all cooperative housing societies in Punjab through Registrar Cooperatives. During last quarter of 2017 your society was also actively engaged with the audit team.

We are pleased to share that the auditors have appreciated efforts of present MC and also documented that there is lot of progress in the recent past.

We are glad that things are moving in the right direction with the Grace of Allah and support of our friends and members of ACHS.

May Allah further help us to achieve our objectives. Ameen.

Kind regards.

With best regards,

Muhammed Omer dogar
Alfalah Cooperative Housing Society (Ltd),

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