I just spoke to Jaygopal and Velayudham at the orphanage and got the up-to-date info about the building. Remaning funds to be raised for securing the building including property tax and registration is Rs. 9.25 lakhs (around $20.6k @ Rs. 45/$). Details below:
Funds transferred so far:
Rs. 3 lakhs paid to State Bank of India through court (1-1/2 yrs back)
Rs. 2.25 lakhs paid to the owner as deposit to rent the building (2 yrs
back) (Both amounts were without Asha's fundraising)
---
Present funds available at Seva Chakkara:
Rs.25 lakhs
(Includes funds sent by Asha and some donations ~$55000)
------------------------------------------------------------------------
Agreements with SBI and owner in the near future:
State Bank of India:
Has agreed to remove remaining interest (Rs.12 lakhs as of 2002 and a
lot more till now) upon payment of the principle of Rs.25 lakhs by Seva
Chakkara. This is a one time agreement and allows the bank to recover
the funds and help the orphanage secure a permanent home.
They will be sigining an acceptance letter which makes the Sale Deed
between the orphanage and the owner complete.
---
Sale Deed:
Final agreement between the owner and Seva Chakkara for transfer of
property including all additional payments to the owner.
Cronologically, it will be signed by both Seva Chakkara representative
and the owner before the 25 lakhs is transferred to the bank. The bank
will give the acceptance letter making the deed final.
Additional funding that has been agreed upon for the sale deed: ( 6
lakhs, breakup)
- Rs.3 lakhs, non-bank loans taken by the land owner
- Rs.1.25 lakhs to the land owner
- Rs.1.75 lakhs deposit by ground floor tenant
Apart from this some additional funds are required for legal
registration and property tax:
- Rs.75,000 property tax
- Rs.2.5 lakhs registration
Total requirement Rs. 9.25 lakhs.
--- The orphanage is also getting an encumbrante certificate for the owner with all loans taken by the owner since 1987 to be sure that there are no surprises.
---- Where we go from here ================== If Asha-NYCNJ approves $10k, it leaves $10.6k to be raised by us. If my health and Ani's health holds up we will be running the marathon in Feb to raise funds for Seva Chakkara and with a little more help should be able to raise the remaining by the end of the year.
We can aim for the orphanage to celebrate the new year in their own place :).
luv,
Sanjeev
---