Latest Update

31-05-2008 Updation

Dear Customer,

Confident Greetings !

We had expected the Comprehensive Development Plan clearance during the President Rule by the Honorable Governor. But, so far there is no development. We are expecting the new Government to take over and we are planning to give a representative for the speedy clearance of the CDP (Comprehensive Development Plan).

We will keep you posted as soon as we get further developments on the same.

Thanking you once again for all the motivation, support and guidance that you have been providing to us.

Dear Customer,

This is the latest update of “Confident Regulus “at Bidadi

As you are all aware we had made a Purchase MOU for the purchase of Land situated in Sy No. 21/P1 dated 11-11-2005. Subsequently we have registered 32 acres of land in Sy No. 21/P1 vide three Sale Deeds dt. 09-08-2006, document nos. RMN-1-03553-2006-07, RMN-1-03555-2006-07, RMN-1-03556-2006-07 and stored in CD No. RMND 39 in the Sub Registers office Ramanagaram.

We have invested Rs.18 crores (Rupees Eighteen crores) in the Procurement & Development of the said project, whereas we have received Rs.4 crores only (Rupees Four crores only) till date as part payments from the Confident Regulus clients. Our company follows the principle of “ZERO DEBT” and the company has invested the entire balance amount of Rs 14 crores (Rupees Fourteen Crores) in Procurement & Development of this Project. We have not taken a single rupee loan/borrowing from any external sources or Banks. We have almost completed the construction of the Compound wall for the property.

The Government of Karnataka vide BMRDA notification no. BMRDA/ADM/1/2006-07 dated 14-07-2006, BMRDA/ADM/2 /2006-07 dated 14-07-2006 and BMRDA/ADM/2/2006-07 dated 15-07-2006, it was ordered for across Bangalore for stoppage of land conversion and plan sanction with immediate effect and the said stoppage was notified till the release of the Comprehensive Development Plan (CDP) to the Local Planning Authority (LPA) namely Anekal, Hoskote, Nelamangala, Magadi, Kanakapura and Ramanagaram.

BMRDA had committed to complete the said CDP by 31-12-2006, whereas on 01-07-2007 they completed the CDP and started all conversion and plan sanction process in the five LPA’s namely Anekal, Hoskote, Nelamangala, Magadi, Kanakapura except Ramanagaram where our Confident Regulus Project Located.

Confident Group has projects in most of the above planning areas which has received all the required approval and sanctions. Out of entire spectrum of ultra modern projects of Townships, Villas, Apartments, Hotels, Resorts, Commercial and Software towers, this is the only project which has been held up due the Governmental delay. To the utter surprise of all concerned, for the reasons unknown to us and Karnataka Township Developers Association, the Ramanagaram CDP is still not approved by the Government. Every day we get to understand the CDP would be signed any time now but without any results. As such we are also awaiting the same to happen and for a favorable action by the Government. This problem is been faced by all developers who have launched projects in Bidadi area except Project approved before the ban.

As some of our esteemed clients in the Confident Regulus project had approached for refund, and the same has been accepted and the amount was refunded with an 15% interest calculated from the date of investment. We would continue this process for any clients who wish to avail the said facility.

We have provided this update with 100% transparency.

Thanking you for remaining Confident with us.

Confident Group is awaiting patiently for the release of CDP in Ramanagaram. Next update will be done on 31-05-2008.