Expat Properties India — Providing dead investments to customers

Dear Mr Naik,

This is in response to the multiple posts that you are posting about us in various internet forums and that has come to our notice

Mr Naik, in our last written communication with you on Jan 13th, 2016 we had requested you once again to kindly take possession of your property. We have still not heard from you on that. Till date we have been looking after security and maintenance of your plot and we have not levied any charges for the same on you.

You purchased Dove as a project at 3.5 lacs for 1 acre of NA land inclusive of road area. You purchased this out of your own conviction, there was absolutely no coercion from Expat for you to buy this property.

The property has also appreciated significantly from the time you bought this plot with us. Currently, the Government guideline valuation for plots in project Dove is Rs. 340 per sq. mt., more than Rs. 12 lakhs per plot. You can verify the guideline value online on the Tamil Nadu govt’s official portals. We have completed the development of Road access to each individual plot and corner stone demarcation as per our commitment and the project has been ready for hand-over to you for almost 3 years now.

You have still not accepted the handover, NOR have you come forward to register your plot in spite of our regular follow ups and reminders.

Land as an asset class comes with a long term appreciation horizon and apart from the value adds to the property itself, it also depends on a whole lot of economic drivers that lead to price appreciation. Expat has taken up this project due to its strategic location and future benefits it offers investors keeping in mind the news reports about government plans and industrial initiatives planned in that region. As you can see from the above, the Govt guideline value itself on Dove has appreciated significantly.We have on multiple occasions requested you to register and take possession of the property keeping in mind your interests.

As a land investor, you are aware of the factors that causes a price appreciation in a given region and while we present those facts(supported by articles in various publications) to clients at the time of making the investment. Clients are aware that all of those drivers when materialized will lead to a price appreciation.

Price appreciation is not in Expat's control nor have we claimed it to be nor has Expat offered you any written guarantees to you of the timelines within which the external developments will materialize.

Investors make their buying decision fully aware of this fact and the potential wait involved with this decision. In addition, while we help clients to re-sell their plots, re-sale was never a commitment made by Expat. A re-sale for you is also not possible as you have yet to Legally register the land in your name, which you have not been doing in spite of repeated requests from our end.

Therefore I humbly request you to avoid making comments that come across as defamatory and hurt the reputation of our organization. Should this continue we will be left with no other choice but to take a legal recourse. Trust your understanding and cooperation in this matter.

Having completed all our commitments, Please know that our organization is not out to cheat you as you seem to claim in your posts.

I request you once again to register and take ownership of your plot.

Sincerely

Berlyn D'souza