Temple Debenture issue to raise $500,000

An Auckland based religious organisation has planned to raise $1.5 million towards its Temple Project, a third of which will be through non-interest bearing, redeemable debentures.

Shri Shirdi Saibaba Sansthan of New Zealand Inc has recently purchased a plot of land and building at 12 Princes Street in Onehunga in Auckland, with plans to construct a Temple, Community Hall and other facilities to meet the increasing demand from the members of the Trust.

The Auckland City Council accorded its Resource Consent for developing the plot, which comprises a high roof warehouse and vacant land.

Sansthan President Hari Gangisetty and Secretary Bhaskar Reddy Duvvuru said the total area of 2975 sq mts of the Property would meet the immediate needs of the members and others.

“As well as converting the existing structure into a Temple for Shirdi Saibaba, the Project envisages a Community Hall with a commercial kitchen and dining facility for the benefit of the larger community,” they said.

Mr Gangisetty said purchase of the property at $2.56 million, excluding GST represented the first phase of the Project.

Additional $1.5 m

“We would need an additional $1.5 million to complete the second phase, which represents the most important part of the Project. We have launched a number of fundraising programmes to achieve our objectives. This would include renting a portion of the Property as office and residential accommodation,” he said.

Mr Duvvuru said a ‘Major Donor Scheme’ has been launched to mobilise about $1.08 million, accounting for 108 donors, each paying $10,001.

“These 108 donations will represent as many names by which Shirdi Saibaba is known. This Scheme entails small statues of Saibaba with the name of the donor displayed at the Temple. We have already received commitment up to $400,000, of which $100,000 has been raised over the past three months,” he said.

Tax Exemption

He said the second scheme would comprise 500 debentures of $1001 each, which will be repaid after five years or after the bank loan is repaid.

“We welcome donations from members and other devotees of Shirdi Saibaba at their convenience. These can be through weekly, fortnightly or monthly automatic payments made to our Account at the ASB Bank (Account Number 12- 3137-0047268-00). The Swift Code for overseas remittances is ASBBNZ2A – ASB Bank, Two Double Seven Branch, New Market, Auckland,” Mr Duvvuru said.

Property for Rent

Residential: Two Bedroom Deluxe About 140 Sq Mts

Office Space: About 200 Sq Mts

General Purpose Hall: 600 Sq Mts

Location: 12 Princes Street in Onehunga (Temple Complex)

Contact: Bhaskar Reddy Duvvuru on 021-2923807

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