For Now, Jagga Oberoi Suggests RWA Rolls Back the Increase in Subscription & Does Not Burden the Residents
Sometime ago we were told that the Sanjeev-Sial Duo had financial workings ready to roll out a ‘royalty’ plan for the residents of 15A. Instead of asking residents to pay annual subscription Club-RWA would pay resident owners a royalty.
The first time we heard this we laughed but later when we heard that something like this was already working in some societies in Mumbai, we realised this could come to fruition. Then a year later, under the Sanjeev-Sial team, when we saw that the Club had made several tens of lakhs in profit, we were assured that the duo’s financial wizardry was on track to roll out the plan.
Discussions in the Club corridors are that there is fear that the present RWA committee could throw away the bounty they have received from the new deal.
Keeping in mind that the RWA is doubling its rental income from the Central Bank to around Rs.50 lakhs every year, a senior resident and a close friend of the Sanjeev-Sial duo Jagga Oberoi, posted the following demand:
In view of the latest RWA circular for additional subscription to meet its financial requirements my observations are as under:
Now that the new Club lease deed has been made in favour of RWA, and RWA is the owner of the property, the rentals from Central bank and mobile towers from Nov 2023 will be exclusive earnings of RWA. With these additional cash inflows, RWA’s finances will be improved substantially.
With this additional cash inflow, the need to increase RWA subscription is no longer there and should be rolled back.
After years of operational financial losses, the Club, as per last year’s audited financials, is now on an operational profit business model and the rentals are no longer required to cover its operational losses.
Suggest RWA EC rolls back the increase in subscription and does not burden the residents unnecessarily.
Additional cash inflows should be utilised for community benefits, not for making fixed deposits in the bank by taxing residents with additional subscription.
Would appreciate it if other residents also contribute with their inputs so that we can all ask the RWA to roll back the mid-year increase in subscription as in view of additional cash inflows the same is not required.
Subsequently, Sanjay Sareen added that SDF should also be made part of this plan.
