Professional Documents
Culture Documents
MINUTES OF MEETING
Date: 29th Jan 2023
Time: 10:30 AM to 1:00 PM
Venue: PWW Club House
Facilitator: Srikantha B K, President
ATTENDEES:
As per the signed Attendance sheet, there were 127 participants at the time of commencement of the
meeting. All participants were Owners of Apartments in Prestige Westwoods.
PROCEEDINGS:
2. One of the participants questioned the surplus amount of approx. ~27 Lakhs in the
last FY 2021/22, for which PWWAOA explained and confirmed to the participant
that the audited financials and balance sheet was as on 31st March 2022, and can
be shared for those who are requesting it for checking on further accounting details
and get back later for any clarification.
3. PWWAOA explained the budget calculations for the FY 2022/23 and highlighted
that there is a deficit of Rs.55,42,141/-
5. One of the participants pointed out that the documents can be shared in ADDA's
document section to which PWWAOA agreed upon the same.
7. Based on the decision from the previous point, the income from the Sinking fund
FD interest was then removed from the budget of FY 2022/23 and will be
compounded to sinking fund deposits. Because of this change, the deficit
escalated to Rs.69,22,141/-
8. With the deficit of Rs.69,22,141/- for the current FY 2022/23, PWWAOA computed
Rs. 0.60/sqft/per month (Rs. 7.2/sqft/ per year), as the shortfall that needs to be
collected from all the 567 apartments to clear the deficit. This will be a one time
payment for the year.
9. PWWAOA pointed out that, by collecting the deficit of Rs 7.20/sqft there will be NO
GST incurred by owners of Towers 2, 3, 4, and 5. Only Tower 1 owners, who are
already in the GST slab will have to pay this deficit of Rs.7.20/sft plus GST extra
(like before)
10. PWWAOA presented the three different proposals considering deficit payment, Rs.
1/month/sft OR Rs. 12/sft/year sinking fund and enhanced Maintenance fee for FY
2023/24. He explained post the voting one of the opted proposals will be derived.
11. But majority of members were of the opinion that Sinking fund is to be collected
only when there is a actual requirement and by sharing in the future SGM, the cost
for various works that are necessary. Until such time collection of Sinking fund has
to be postponed.
12. The Majority voted against the collection of the sinking fund of Rs.1/sqft/mth OR
Rs. 12/sft/year.
13. The Majority voted for clearing the deficit immediately. The members agreed to bill
the deficit amount as soon as possible.
14. The Majority voted against the enhancement of the Maintenance fee to Rs.
4.20/sqft. It was emphasized that only upon validating the cost paid to Prestige is
in line with the market.
15. There was a suggestion from the participants that before enhancing the
maintenance fee there must be a thorough evaluation across various vendors to
benchmark the prices and then arrive at the new Maintenance fee for which
16. Referring to the previous point, PWWAOA suggested that the Maintenance
enhancement evaluation can be done by a sub-committee on the condition that
only the owners who are residing in the PWW can be members of this
subcommittee.
17. After the Maintenance enhancement evaluation is completed, SGM will be called
to review the evaluation and for taking the next course of action on the
Maintenance fee.
Note: Though there were 127 participants when the meeting commenced, at the time of Voting,
there were 119 participants, having 134 Votes counted (including Proxies), by show of hands, as
mentioned in the table above.
Voting Results
PWWAOA.