Bangalore based real estate developer Nitesh Estates is learnt to have planned to raise nearly Rs 1,000 crore through sale of shares of a special purpose vehicle (SPV) to finance setting up Ritz Carlton hotel in Chennai.
A person close to the matter said the hotel SPV would sell shares to private equity investors prior to its listing with a foreign stock exchange, preferably Singapore or London. The company would dilute over 70% stake through stake sale and foreign listing, he added. While this buzz is doing the rounds all over, executive director LS Vaidyanathan refused to comment on the issue.
Last week, the company entered into an agreement with US-based Ritz Carlton, a wholly owned subsidiary of Marriott International, to set up a 200-room hotel and 80 serviced residences in Chennai. The project, which will be located on 9 acres of land in Chennai's posh Boat Club area, will also have one lakh sq ft of luxury retail space. The cost of the project is estimated to be around 1500 crore.
It is believed that the company is also working with the foreign company to develop a hotel in Bangalore in next two years. This is going to be another prime project of the company.
Daiwa Securities and Nomura are learnt to be in discussions with Nitesh Estates for the overseas listing of the SPV in next six months.
Meanwhile, the company is also expected to hit the market with a Rs 550 crore initial public offer (IPO) in January. It has learnt to have appointed Morgan Stanley, Enam, Kotak and JM Financial as advisors to the IPO. It might divest anywhere around 35% stake through the IPO.
Courtesy:- ET dt:- 20-11-2009
Monday, November 30, 2009
Sunday, November 29, 2009
AVAIL TAX BENEFITS WITH JOINT OWNERSHIP
Tax benefits on home loans have turned out to be an important aspect of home buying. Here's how you can benefit from the same
TAX BREAKS
For self-occupied house property, the annual value of the house property is considered to be nil. Further, an individual could claim a deduction for the interest paid on the home loan (for purchase or construction) up to Rs 1.5 lakh, subject to certain conditions. This would result in a loss under the head house property of up to Rs 1.5 lakh, which could be set off against other income. If the property is let out, the actual amount of housing loan interest, without limit, could be claimed as deduction. Also, an individual can claim a deduction up to Rs 100,000 for repayment of the principal amount U/S 80C of the Income Tax Act, 1961.
JOINT BENEFITS
This advantage gets multiplied if the property is acquired in a joint name, as each individual is entitled to claim tax benefits. Thus, if a husband and wife have a property with equal share, both are entitled to claim these deductions. There is no restriction as to who the co-owner should be and there is no limit on the number of joint owners. Property can be jointly owned with your spouse, brother or parents.
Here, the following points merit consideration: First, the house should be bought in the joint name and proof of co ownership should be maintained. Second, the housing loan should also be taken in joint names.
The repayment of loan should preferably be made individually by the co-owners directly, if feasible, or from a joint bank account in which funds for repayment of loan should be contributed by the co-owners in proportion to their ownership/loan. All the co-owners should have their independent income sources from which the loans are re-paid.
Typically, the tax benefits are available in proportion to thejoint ownership and the loan taken by the co owners.
ADDITIONAL BENEFITS
Buying a house jointly facilitates a larger loan as income of all the co owners would be considered by the lenders. Also, in many states, a lower property registration fee is levied in case the property is owned by women either individually or jointly. Further, in case of husband and wife, joint ownership also helps reduce succession issues.
A point to be noted here is that under the proposed Direct Tax Code, these tax benefits are proposed to be restricted. Till then, however, one can enjoy the same.
Remember the above points and avail a good tax benefit!
Courtesy:- ET dt:-20-11-2009
TAX BREAKS
For self-occupied house property, the annual value of the house property is considered to be nil. Further, an individual could claim a deduction for the interest paid on the home loan (for purchase or construction) up to Rs 1.5 lakh, subject to certain conditions. This would result in a loss under the head house property of up to Rs 1.5 lakh, which could be set off against other income. If the property is let out, the actual amount of housing loan interest, without limit, could be claimed as deduction. Also, an individual can claim a deduction up to Rs 100,000 for repayment of the principal amount U/S 80C of the Income Tax Act, 1961.
JOINT BENEFITS
This advantage gets multiplied if the property is acquired in a joint name, as each individual is entitled to claim tax benefits. Thus, if a husband and wife have a property with equal share, both are entitled to claim these deductions. There is no restriction as to who the co-owner should be and there is no limit on the number of joint owners. Property can be jointly owned with your spouse, brother or parents.
Here, the following points merit consideration: First, the house should be bought in the joint name and proof of co ownership should be maintained. Second, the housing loan should also be taken in joint names.
The repayment of loan should preferably be made individually by the co-owners directly, if feasible, or from a joint bank account in which funds for repayment of loan should be contributed by the co-owners in proportion to their ownership/loan. All the co-owners should have their independent income sources from which the loans are re-paid.
Typically, the tax benefits are available in proportion to thejoint ownership and the loan taken by the co owners.
ADDITIONAL BENEFITS
Buying a house jointly facilitates a larger loan as income of all the co owners would be considered by the lenders. Also, in many states, a lower property registration fee is levied in case the property is owned by women either individually or jointly. Further, in case of husband and wife, joint ownership also helps reduce succession issues.
A point to be noted here is that under the proposed Direct Tax Code, these tax benefits are proposed to be restricted. Till then, however, one can enjoy the same.
Remember the above points and avail a good tax benefit!
Courtesy:- ET dt:-20-11-2009
Thursday, November 26, 2009
OMAXE LIMITED LAUNCHES NEW RESIDENTIAL TOWNSHIP IN INDORE
Welcome to the 21st Century Lifestyle at OMAXE CITY- INDORE An Integrated Township of International Standards .
Would you like to live in an ultra - modern township ?
With everything from residential plots, expandable villas, hospitals, Commercial Complexes and schools. It's far ahead of everything you have seen before. A fine fusion of world-class infrastructure and rich tastes, Omaxe City, for a city like Indore, nothing else would be adequate.
A humble effort to make it a reality
With its new age design and world-class ambience, Omaxe City, Indore is a humble attempt from Omaxe to lay a strong foundation for a Developed India. Located on NH-3, Agra-Bombay bypass, makes it an ideal location to make such a dream into a concrete reality.
Perfection in every structure. Unparalleled elegance for your own home
Omaxe City, Indore is an integrated township comprising plots, independent floors and villas in a sprawling expanse of 89 acres. With all facilities and amenities such as schools, hospital, theme parks, state-of-the-art club, local shopping centre, grocery store and more....all within the township.
* Township duly approved by Town & Country Planning, MP
* Manned security at entry points
* Most luxurious and privileged township for people who have their business and professional interests in Indore and adjoining industrial areas.
All facilities for your day-to-day needs at your doorstep
A city inside a city
* Provision for need based essential services like banks, sub-post office,
* taxi stand, grocery store, super market, etc.
* Provision for gas pipeline
* Hi-tech security system
* Underground cables for telephone, electricity distribution, storm water drains
* & sewer system
* Fibre optic network and e-connectivity
* Efficient power distribution network
* Regulated underground/overhead water supply
* Township maintenance and upkeep by a reputed maintenance agency
* Community Centre
All the facilities for you and your growing child
A Royal Retreat
* Children's play facilities
* Integrated landscaping including theme parks, water bodies
* & water features
* Wide roads with planted pathways & jogging track
Living in complete harmony with Nature
* Afforestation by increasing green cover
* Rainwater harvesting for replenishing ground water
* Environment-friendly waste disposal
* Sewage treatment and incinerators
Provision for exclusive club and community centres with :
# State-of-the-art club with facilities like swimming pool, sauna, steam,
# jacuzzi, etc.
# Shopping Complex
# Food Court and banquet hall
# Recreational facilities including card room & multi-purpose room
# Arrangement for indoor games like squash, cards, billiards, snooker, etc.
# Hi-tech Gymnasium
For more info log on to http://www.zameen-zaidad.com/omaxe-city-indore.aspx
Would you like to live in an ultra - modern township ?
With everything from residential plots, expandable villas, hospitals, Commercial Complexes and schools. It's far ahead of everything you have seen before. A fine fusion of world-class infrastructure and rich tastes, Omaxe City, for a city like Indore, nothing else would be adequate.
A humble effort to make it a reality
With its new age design and world-class ambience, Omaxe City, Indore is a humble attempt from Omaxe to lay a strong foundation for a Developed India. Located on NH-3, Agra-Bombay bypass, makes it an ideal location to make such a dream into a concrete reality.
Perfection in every structure. Unparalleled elegance for your own home
Omaxe City, Indore is an integrated township comprising plots, independent floors and villas in a sprawling expanse of 89 acres. With all facilities and amenities such as schools, hospital, theme parks, state-of-the-art club, local shopping centre, grocery store and more....all within the township.
* Township duly approved by Town & Country Planning, MP
* Manned security at entry points
* Most luxurious and privileged township for people who have their business and professional interests in Indore and adjoining industrial areas.
All facilities for your day-to-day needs at your doorstep
A city inside a city
* Provision for need based essential services like banks, sub-post office,
* taxi stand, grocery store, super market, etc.
* Provision for gas pipeline
* Hi-tech security system
* Underground cables for telephone, electricity distribution, storm water drains
* & sewer system
* Fibre optic network and e-connectivity
* Efficient power distribution network
* Regulated underground/overhead water supply
* Township maintenance and upkeep by a reputed maintenance agency
* Community Centre
All the facilities for you and your growing child
A Royal Retreat
* Children's play facilities
* Integrated landscaping including theme parks, water bodies
* & water features
* Wide roads with planted pathways & jogging track
Living in complete harmony with Nature
* Afforestation by increasing green cover
* Rainwater harvesting for replenishing ground water
* Environment-friendly waste disposal
* Sewage treatment and incinerators
Provision for exclusive club and community centres with :
# State-of-the-art club with facilities like swimming pool, sauna, steam,
# jacuzzi, etc.
# Shopping Complex
# Food Court and banquet hall
# Recreational facilities including card room & multi-purpose room
# Arrangement for indoor games like squash, cards, billiards, snooker, etc.
# Hi-tech Gymnasium
For more info log on to http://www.zameen-zaidad.com/omaxe-city-indore.aspx
PARSVNATH DEVELOPERS LAUNCHES NEW 2BHK, 3BHK LUXURIOUS APARTMENTS IN INDORE
Step into Indore. and be a part of the culture that has its own story to tell, a city which captivates you easily with its charm and flavour. Known as the city of the Holkars, Indore, came to existence when Holkar Rani Ahilya Bai, one of the famous queens of India built it. Located in the Narmada River Valley in the western part of the state of Madhya Pradesh, Indore isan important industrial city of India.
It is also the centre of trade and textile industry and home to many historical monuments and temples. A must visit; Indore is also affectionately called 'Mini Mumbai'.
And it is at this city, another beauty “Parsvnath Premier ”is taking shape. A part of Parsvnath City it's all set to transform and to dress up Indore with a better lifestyle.
Location
• Located at Parsvnath City, Indore
• Strategic Location
• Convenient Connectivity
• Well planned & wide approach roads
• Shopping Mall & Academic Institution
Building and Interior
•2-3 Bedroom Luxury Apartment
• Rich construction specifications
• Vitrified tiles flooring / Dining & bedrooms
• Wooden flooring in master bedroom
Amenities
• Beautifully landscaped complex
• Walkways
• Sit-outs
• Dedicated parking
• Play zone for children
Recreational
• Swimming pool, Sauna and Jacuzzi
• Gym, Billiards & Cards Room
• Tennis & Badminton Court
• Banquet and Conference facilities
Cheque/Bank Draft to be issued in favour of "PARSVNATH DEVELOPERS LTD"., payable at Delhi/New Delhi, Indore only. Outstation cheques shall not be accepted.
Timely payment of installments is the essence of the agreement. However, interest @ 24% p.a. will be charged for delayed payments, if any.
Other terms & conditions of the sale would be as per the standard Allotment Letter/Agreement of the Company.
The above areas include the covered area plus proportionate common areas such as corridors, passages, lifts, lift rooms, staircase, underground and overhead water tanks, mumties etc.
Statutory Taxes, other Government Levies, Stamp Duty & Registration charges to be paid extra, as applicable.
The company would pay penalty to its customer @ Rs.5/- per sq.ft. per month for any delay in handing over the flat beyond the committed period of 36 months from the date of start of foundation of Individual Tower. Similarly customer would be liable to pay holding charges @ Rs.5/- per sq.ft. per month if he fails to take possession within 30 days from the date of issue of offer of possession.
Prices are subject to change without any notice before booking at the sole discretion of the company and the price ruling on the date of booking and acceptance by the Company shall be applicable.
For More info log on to http://www.zameen-zaidad.com/parsvnath-premier-luxurious-apartments-indore.aspx
It is also the centre of trade and textile industry and home to many historical monuments and temples. A must visit; Indore is also affectionately called 'Mini Mumbai'.
And it is at this city, another beauty “Parsvnath Premier ”is taking shape. A part of Parsvnath City it's all set to transform and to dress up Indore with a better lifestyle.
Location
• Located at Parsvnath City, Indore
• Strategic Location
• Convenient Connectivity
• Well planned & wide approach roads
• Shopping Mall & Academic Institution
Building and Interior
•2-3 Bedroom Luxury Apartment
• Rich construction specifications
• Vitrified tiles flooring / Dining & bedrooms
• Wooden flooring in master bedroom
Amenities
• Beautifully landscaped complex
• Walkways
• Sit-outs
• Dedicated parking
• Play zone for children
Recreational
• Swimming pool, Sauna and Jacuzzi
• Gym, Billiards & Cards Room
• Tennis & Badminton Court
• Banquet and Conference facilities
Cheque/Bank Draft to be issued in favour of "PARSVNATH DEVELOPERS LTD"., payable at Delhi/New Delhi, Indore only. Outstation cheques shall not be accepted.
Timely payment of installments is the essence of the agreement. However, interest @ 24% p.a. will be charged for delayed payments, if any.
Other terms & conditions of the sale would be as per the standard Allotment Letter/Agreement of the Company.
The above areas include the covered area plus proportionate common areas such as corridors, passages, lifts, lift rooms, staircase, underground and overhead water tanks, mumties etc.
Statutory Taxes, other Government Levies, Stamp Duty & Registration charges to be paid extra, as applicable.
The company would pay penalty to its customer @ Rs.5/- per sq.ft. per month for any delay in handing over the flat beyond the committed period of 36 months from the date of start of foundation of Individual Tower. Similarly customer would be liable to pay holding charges @ Rs.5/- per sq.ft. per month if he fails to take possession within 30 days from the date of issue of offer of possession.
Prices are subject to change without any notice before booking at the sole discretion of the company and the price ruling on the date of booking and acceptance by the Company shall be applicable.
For More info log on to http://www.zameen-zaidad.com/parsvnath-premier-luxurious-apartments-indore.aspx
Monday, November 23, 2009
ANANTRAJ GROUP LAUNCHES NEW IT SPACE IT PARK IN MANESAR
ARIL is developing an Information Technology Park on land allotted by State Authority of Haryana at Manesar. The project will be developed on “Walk to Work” concept, and will be self sufficient integrated mini-township with all necessary and appurtenant facilities.
The proposed development plans for the aforesaid property includes:
100000 sq. mts. of office, production, commercial, recreation and residential areas
Intelligent Building
24 hours reliable power supply through dedicated substation - 100% back-up through DG sets
Earth station with high bandwidth providing direct connectivity with destinations across the IT City for rapid data transfer
Optical fibers backbone for internet and large volume
Data processing, ISDN and video conferencing with unlimited bandwidth and internet access
2000 line net-based digital telephone exchange expandable to 6000 lines - connected to the central exchange with fiber optical cables
Electronic monitoring system for vigil over fire, air conditioning, water supply, power, elevator and security
Comprehensive security system, fire alarm, fire fighting system, guard patrols, CCTV surveillance and door alarms
Efficient shuttle bus service – toDelhi and other major town
A multi-purpose 1000 seats capacity modem convention center, boardroom for meetings and conferences
Parking bays
For more info log on to http://www.zameen-zaidad.com/it-park-manesar.aspx
The proposed development plans for the aforesaid property includes:
100000 sq. mts. of office, production, commercial, recreation and residential areas
Intelligent Building
24 hours reliable power supply through dedicated substation - 100% back-up through DG sets
Earth station with high bandwidth providing direct connectivity with destinations across the IT City for rapid data transfer
Optical fibers backbone for internet and large volume
Data processing, ISDN and video conferencing with unlimited bandwidth and internet access
2000 line net-based digital telephone exchange expandable to 6000 lines - connected to the central exchange with fiber optical cables
Electronic monitoring system for vigil over fire, air conditioning, water supply, power, elevator and security
Comprehensive security system, fire alarm, fire fighting system, guard patrols, CCTV surveillance and door alarms
Efficient shuttle bus service – toDelhi and other major town
A multi-purpose 1000 seats capacity modem convention center, boardroom for meetings and conferences
Parking bays
For more info log on to http://www.zameen-zaidad.com/it-park-manesar.aspx
Sunday, November 22, 2009
EROS CORPORATE PARK IN MANESAR
Accessibility is undeniably critical to business efficiency. At Eros Corporate Park, you are free from the choked arterial routes leading into Gurgaon. Located on the NH8, it is eminently accessible from Delhi by a new-age 8-lane expressway. So that travel time to the Indira Gandhi International airport is just 20 minutes. Also, the residential Manesar township next door - a boon for your employees - is minutes away via an over-bridge across the highway.
Now you can look far ahead to a business environment that surpasses anything you have considered till today. Eros Corporate Park at Manesar, Gurgaon. A commercial hub which encompasses all the mission-critical factors to drive your business to success. Located in the pulsating Gurgaon hub, the preferred home base in India of a host of multinational corporates, software development centres and BPOs. At Eros Corporate Park, the accent is decidedly on high-tech...high speed...high performance. We've raised the bar to bring you the environment that's future perfect.
At Eros Corporate Park, we have provided state-of-the-art telecommunication links. A high-tech network of fibre optic cables with last mile connectivity across almost five lac square feet of Wi-Fi enabled office and retail space. All to ensure that the day you move in, you can access business opportunities worldwide at high speed, 24x7!
In keeping with the dynamics of global business, Eros Corporate Park takes corporate mobility to another level. A helipad at the IMT business complex will allow you to ferry your VIP visitors by a helicopter. A facility that defines your international workstyle...your high-flying persona.
Eros Corporate Park is supported by infrastructural excellence that makes it a veritable business destination...Conference centre...Shopping arcade...Food court...even a golf course nestling amidst acres and acres of verdant green. Even more, the vast Special Economics Zone (SEZ) that is due to come up right next-door will have a cargo airport and metro rapid transit rail link.
At Eros Corporate Park, we have provided state-of-the-art telecommunication links. A high-tech network of fibre optic cables with last mile connectivity across almost five lac square feet of Wi-Fi enabled office and retail space. All to ensure that the day you move in, you can access business opportunities worldwide at high speed, 24x7!
For more info log on to http://www.zameen-zaidad.com/corpotate-eros-manesar.aspx
Now you can look far ahead to a business environment that surpasses anything you have considered till today. Eros Corporate Park at Manesar, Gurgaon. A commercial hub which encompasses all the mission-critical factors to drive your business to success. Located in the pulsating Gurgaon hub, the preferred home base in India of a host of multinational corporates, software development centres and BPOs. At Eros Corporate Park, the accent is decidedly on high-tech...high speed...high performance. We've raised the bar to bring you the environment that's future perfect.
At Eros Corporate Park, we have provided state-of-the-art telecommunication links. A high-tech network of fibre optic cables with last mile connectivity across almost five lac square feet of Wi-Fi enabled office and retail space. All to ensure that the day you move in, you can access business opportunities worldwide at high speed, 24x7!
In keeping with the dynamics of global business, Eros Corporate Park takes corporate mobility to another level. A helipad at the IMT business complex will allow you to ferry your VIP visitors by a helicopter. A facility that defines your international workstyle...your high-flying persona.
Eros Corporate Park is supported by infrastructural excellence that makes it a veritable business destination...Conference centre...Shopping arcade...Food court...even a golf course nestling amidst acres and acres of verdant green. Even more, the vast Special Economics Zone (SEZ) that is due to come up right next-door will have a cargo airport and metro rapid transit rail link.
At Eros Corporate Park, we have provided state-of-the-art telecommunication links. A high-tech network of fibre optic cables with last mile connectivity across almost five lac square feet of Wi-Fi enabled office and retail space. All to ensure that the day you move in, you can access business opportunities worldwide at high speed, 24x7!
For more info log on to http://www.zameen-zaidad.com/corpotate-eros-manesar.aspx
Tuesday, November 17, 2009
Ramprastha group Launches A new project The View in Gurgaon
Ramprastha Launches “The View” to add luxury to your necessities and to give a touch of “Home Sweet Home”.The View provides luxurious 3 BHK Luxury Affordable Homes at The Ramprastha City Sector 37-D Gurgaon 0 KM from Metro Station on Dwarka Expressway!.Ramprastha Group is a renowned real estate company, operating in and around Delhi & Ghaziabad foralmost four decades now.
The company has planned and developed several prestigious projects including townships, plotted housing colonies and a large number of group housing dwelling units
Project Name Ramprastha The Edge Towers
Name of Builder Ramprastha Group
Project Type Residential Apartments
Basic Price As below
Location Sector 37D, Gurgaon
Agent SHRI ADITYA ESTATES
47082736, 9810445860
For more info log on to http://www.propertycafeteria.com/ramprastha-city-gurgaon.aspx
The company has planned and developed several prestigious projects including townships, plotted housing colonies and a large number of group housing dwelling units
Project Name Ramprastha The Edge Towers
Name of Builder Ramprastha Group
Project Type Residential Apartments
Basic Price As below
Location Sector 37D, Gurgaon
Agent SHRI ADITYA ESTATES
47082736, 9810445860
For more info log on to http://www.propertycafeteria.com/ramprastha-city-gurgaon.aspx
Spaze Group Launches new Commercial Park Spaze Palazo In Gurgaon
Spaze Palazo is ideally located on the 150 m peripheral road in Sector 69, Gurgaon. with a multi pronged approach, Spaze Palazo is accessible through the proposed metro rail corridor and from NH8 through a triple access on the proposed six lane Sohna Road highway and the new semi-circular peripheral link road emanating from the golf course and culminating at NH8.
Project Name Spaze Palazo
Name of Builder Spaze Group
Project Type Commercial Park
Basic Price As below
Location Sector 69, Gurgaon
Agent SHRI ADITYA ESTATES
Ground and first floors meant for retail and entertainment
• Respective floor Plates of approx. 65,000 sq.ft and 55,000 Sq.ft (Super Area) each
• Second to twelfth floor meant for offices with floor plates of approx. 18,000 Sq.ft to 20,000 Sq.ft (Super Area) each
• Anti-skid Exclusive access to the office floors Tiles
• Built in Compliance with Zone-V seismic considerations
• World-class landscaping by international consultants
• Central Atrium in the retail area
• Designated pick up and drop off points
• Centrally air conditioned
• multi-level basement parking
• Kitchen in Marble/Granite
• 24-hour-CCTV security surveillance
• 100% Power back-up
• Self-integrated commercial park
For more info log on to http://www.propertycafeteria.com/spaze-palazo-gurgaon.aspx
Project Name Spaze Palazo
Name of Builder Spaze Group
Project Type Commercial Park
Basic Price As below
Location Sector 69, Gurgaon
Agent SHRI ADITYA ESTATES
Ground and first floors meant for retail and entertainment
• Respective floor Plates of approx. 65,000 sq.ft and 55,000 Sq.ft (Super Area) each
• Second to twelfth floor meant for offices with floor plates of approx. 18,000 Sq.ft to 20,000 Sq.ft (Super Area) each
• Anti-skid Exclusive access to the office floors Tiles
• Built in Compliance with Zone-V seismic considerations
• World-class landscaping by international consultants
• Central Atrium in the retail area
• Designated pick up and drop off points
• Centrally air conditioned
• multi-level basement parking
• Kitchen in Marble/Granite
• 24-hour-CCTV security surveillance
• 100% Power back-up
• Self-integrated commercial park
For more info log on to http://www.propertycafeteria.com/spaze-palazo-gurgaon.aspx
Sunday, November 8, 2009
GUARANTOR SECURES LOAN
Sometimes a guarantor is required for a home loan. Many banks insist on one or two personal guarantors. The guarantors are required to meet the norms specified by the bank, which is usually similar to the norms for an applicant. Usually, only individuals can act as guarantors.
The guarantor basically provides a sort of security on behalf of the borrower to the bank, that in case the borrower fails to repay the loan amount or other dues to the bank the guarantor will make good that shortfall. The guarantor has to enter into a Deed of Guarantee where the guarantor agrees to make the payment in the event of the applicant failing to pay the dues by the due dates. A guarantor should satisfy all the norms relating to age and income of a borrower. The guarantor is equally liable to pay the loan in case of default in repayment. Through a guarantor, the bank puts some sort of a moral obligation on the borrower to repay the loan. Relatives may act as guarantors in case the policy of the bank permits it.
The need for a guarantor arises because of the inherent loopholes in the system. The foreclosure laws — laws pertaining to recovery of a loan by disposing offthe property in case of default — are not very strong. As such, it is difficult to repossess the property of an applicant in case of default. In order to safeguard its interests and to ensure that the repayment of the loan comes on time, a bank insists on a guarantor. Usually a guarantor may be insisted on for loans above a specific amount, but conservative banks insist on a guarantor irrespective of the loan amount involved. Some require a guarantor in all cases while others insist on a guarantor only if certain criteria are not met by the borrower.
Conditions when a guarantor is required:
• In the case of a sole applicant
• If the applicant is residing in a city different from the city where he intends to purchase the property.
• If the income of the borrower is variable in nature Lack of professional qualifications in a self-employed’s case
• If the applicant’s job is of a transferable nature
• If the borrower works in an industry where the likelihood of his going abroad for long is high
• Absence of a co-applicant to the loan
In future, the guarantor can apply for a loan if he is capable of repaying both the instalments — on the guaranteed loan and his new loan. If his repayment capacity does not make him eligible for another loan, and he wants one for himself, the borrower may have to arrange for a replacement guarantee. This has to be done by releasing the current guarantor and providing the bank with another guarantor who meets all specified norms for a guarantor.
Courtesy:- Times Property dt:- 07-11-09
The guarantor basically provides a sort of security on behalf of the borrower to the bank, that in case the borrower fails to repay the loan amount or other dues to the bank the guarantor will make good that shortfall. The guarantor has to enter into a Deed of Guarantee where the guarantor agrees to make the payment in the event of the applicant failing to pay the dues by the due dates. A guarantor should satisfy all the norms relating to age and income of a borrower. The guarantor is equally liable to pay the loan in case of default in repayment. Through a guarantor, the bank puts some sort of a moral obligation on the borrower to repay the loan. Relatives may act as guarantors in case the policy of the bank permits it.
The need for a guarantor arises because of the inherent loopholes in the system. The foreclosure laws — laws pertaining to recovery of a loan by disposing offthe property in case of default — are not very strong. As such, it is difficult to repossess the property of an applicant in case of default. In order to safeguard its interests and to ensure that the repayment of the loan comes on time, a bank insists on a guarantor. Usually a guarantor may be insisted on for loans above a specific amount, but conservative banks insist on a guarantor irrespective of the loan amount involved. Some require a guarantor in all cases while others insist on a guarantor only if certain criteria are not met by the borrower.
Conditions when a guarantor is required:
• In the case of a sole applicant
• If the applicant is residing in a city different from the city where he intends to purchase the property.
• If the income of the borrower is variable in nature Lack of professional qualifications in a self-employed’s case
• If the applicant’s job is of a transferable nature
• If the borrower works in an industry where the likelihood of his going abroad for long is high
• Absence of a co-applicant to the loan
In future, the guarantor can apply for a loan if he is capable of repaying both the instalments — on the guaranteed loan and his new loan. If his repayment capacity does not make him eligible for another loan, and he wants one for himself, the borrower may have to arrange for a replacement guarantee. This has to be done by releasing the current guarantor and providing the bank with another guarantor who meets all specified norms for a guarantor.
Courtesy:- Times Property dt:- 07-11-09
GUARANTOR SECURES LOAN
Sometimes a guarantor is required for a home loan. Many banks insist on one or two personal guarantors. The guarantors are required to meet the norms specified by the bank, which is usually similar to the norms for an applicant. Usually, only individuals can act as guarantors.
The guarantor basically provides a sort of security on behalf of the borrower to the bank, that in case the borrower fails to repay the loan amount or other dues to the bank the guarantor will make good that shortfall. The guarantor has to enter into a Deed of Guarantee where the guarantor agrees to make the payment in the event of the applicant failing to pay the dues by the due dates. A guarantor should satisfy all the norms relating to age and income of a borrower. The guarantor is equally liable to pay the loan in case of default in repayment. Through a guarantor, the bank puts some sort of a moral obligation on the borrower to repay the loan. Relatives may act as guarantors in case the policy of the bank permits it.
The need for a guarantor arises because of the inherent loopholes in the system. The foreclosure laws — laws pertaining to recovery of a loan by disposing offthe property in case of default — are not very strong. As such, it is difficult to repossess the property of an applicant in case of default. In order to safeguard its interests and to ensure that the repayment of the loan comes on time, a bank insists on a guarantor. Usually a guarantor may be insisted on for loans above a specific amount, but conservative banks insist on a guarantor irrespective of the loan amount involved. Some require a guarantor in all cases while others insist on a guarantor only if certain criteria are not met by the borrower.
Conditions when a guarantor is required:
• In the case of a sole applicant
• If the applicant is residing in a city different from the city where he intends to purchase the property.
• If the income of the borrower is variable in nature Lack of professional qualifications in a self-employed’s case
• If the applicant’s job is of a transferable nature
• If the borrower works in an industry where the likelihood of his going abroad for long is high
• Absence of a co-applicant to the loan
In future, the guarantor can apply for a loan if he is capable of repaying both the instalments — on the guaranteed loan and his new loan. If his repayment capacity does not make him eligible for another loan, and he wants one for himself, the borrower may have to arrange for a replacement guarantee. This has to be done by releasing the current guarantor and providing the bank with another guarantor who meets all specified norms for a guarantor.
Courtesy:- Times Property dt:- 07-11-09
The guarantor basically provides a sort of security on behalf of the borrower to the bank, that in case the borrower fails to repay the loan amount or other dues to the bank the guarantor will make good that shortfall. The guarantor has to enter into a Deed of Guarantee where the guarantor agrees to make the payment in the event of the applicant failing to pay the dues by the due dates. A guarantor should satisfy all the norms relating to age and income of a borrower. The guarantor is equally liable to pay the loan in case of default in repayment. Through a guarantor, the bank puts some sort of a moral obligation on the borrower to repay the loan. Relatives may act as guarantors in case the policy of the bank permits it.
The need for a guarantor arises because of the inherent loopholes in the system. The foreclosure laws — laws pertaining to recovery of a loan by disposing offthe property in case of default — are not very strong. As such, it is difficult to repossess the property of an applicant in case of default. In order to safeguard its interests and to ensure that the repayment of the loan comes on time, a bank insists on a guarantor. Usually a guarantor may be insisted on for loans above a specific amount, but conservative banks insist on a guarantor irrespective of the loan amount involved. Some require a guarantor in all cases while others insist on a guarantor only if certain criteria are not met by the borrower.
Conditions when a guarantor is required:
• In the case of a sole applicant
• If the applicant is residing in a city different from the city where he intends to purchase the property.
• If the income of the borrower is variable in nature Lack of professional qualifications in a self-employed’s case
• If the applicant’s job is of a transferable nature
• If the borrower works in an industry where the likelihood of his going abroad for long is high
• Absence of a co-applicant to the loan
In future, the guarantor can apply for a loan if he is capable of repaying both the instalments — on the guaranteed loan and his new loan. If his repayment capacity does not make him eligible for another loan, and he wants one for himself, the borrower may have to arrange for a replacement guarantee. This has to be done by releasing the current guarantor and providing the bank with another guarantor who meets all specified norms for a guarantor.
Courtesy:- Times Property dt:- 07-11-09
Wednesday, November 4, 2009
Prestige Group Launches 3 - 4 BHK Apartments in Banashankari, Ring Road Bangalore
The Prestige Group presents their newest real estate development "Prestige South Ridge". Sprawled over 9 acres of sloping greens just off the Ring Road at Banashankari, It is situated on a natural elevation, so that one can experience the panoramic view of the Bangalore city beneath. The project comprises of 5 residential towers of Basement + Ground + Stilt+ 15 - 16 and offers 3 and 4 BHK apartments.
Planned with bright, roomy, well-ventilated apartments, the neatly landscaped gardens dotted with shimmering water bodies and cobbled paths are all an integral part of South Ridge. Additionally the development will also have a clubhouse block having many state-of-the-art facilities like the well-equipped gymnasium to stay fit, swimming pool, children's play area, party hall, health club, space provision for a supermarket etc ensuring every necessity of life in close proximity.
Planned with bright, roomy, well-ventilated apartments, the neatly landscaped gardens dotted with shimmering water bodies and cobbled paths are all an integral part of South Ridge. Additionally the development will also have a clubhouse block having many state-of-the-art facilities like the well-equipped gymnasium to stay fit, swimming pool, children's play area, party hall, health club, space provision for a supermarket etc ensuring every necessity of life in close proximity.
SS GROUP LAUNCHES NEW RESIDENTIAL VILLAS IN GURGAON
Live beyond your dreams. Take extra good care of yourself so that you can be the best in everything you do, and no wonder! Aaron Ville, from the SS Group, is one of the luxurious hubs where everything comes with the best. Best environs. Best lifestyle. Best ambience, and of course, best location. Its creator, the SS Group, has structured many edifices that have been solidified with their strong values and hardcore commitments. With their core value “Committed to Serve Better,” the Group has artfully structured 20 residential projects, commercial complexes and IT Parks, and many landscapes are still waiting for this real estate icon to transform them in to beautiful landmarks.
Aaron Ville is the domain where you rule life with the power called luxury. Bejeweled with ultramodern outlook and magnificence, it proliferates in an area of approx. 15 acres that offers much breathing space to life. Undoubtedly, Aaron Ville is the other name for luxury, magnificence and splendor.
Aaron Ville is the domain where you rule life with the power called luxury. Bejeweled with ultramodern outlook and magnificence, it proliferates in an area of approx. 15 acres that offers much breathing space to life. Undoubtedly, Aaron Ville is the other name for luxury, magnificence and splendor.
Monday, November 2, 2009
HIGH INTEREST INCOME BOOSTS PNB NET 31%
The country’s second largest state-owned lender, Punjab National Bank (PNB), on Thursday reported a 31.1% growth in net profit at Rs 927 crore in the second quarter ending September. The growth in profit is fuelled by higher interest and treasury income.
PNB said the growth in profit was after making provisions for revised wages. Net interest income grew by 22.4%, while net non-performing assets was reduced to 0.14%.
The bank has initiated steps to buy majority stake in a bank in Kazakhstan, PNB’s first overseas acquisition. “The board today approved acquisition of 63.6% stake in Kazakhstan-based Dana Bank,” PNB’s newly appointed CMD K R Kamath told reporters after announcing the second quarter numbers.
The joint venture would have five branches, he said, adding that the bank would now seek necessary regulatory approvals for operationalisation of the JV. The deal size is expected to be $24 million (about Rs 115 crore). PNB is also looking at setting up a subsidiary in Vancouver, Canada and a joint-venture company in Bhutan. Recently, the bank opened branches in Hong Kong and UK.
Mr Kamath also said PNB expects to complete 26% stake sale in its wholly-owned housing finance subsidiary by December this year. Steps are also underway to merge PNB Gilts with the parent bank, he said.
Courtesy:- ET dt:- 30-10-2009
PNB said the growth in profit was after making provisions for revised wages. Net interest income grew by 22.4%, while net non-performing assets was reduced to 0.14%.
The bank has initiated steps to buy majority stake in a bank in Kazakhstan, PNB’s first overseas acquisition. “The board today approved acquisition of 63.6% stake in Kazakhstan-based Dana Bank,” PNB’s newly appointed CMD K R Kamath told reporters after announcing the second quarter numbers.
The joint venture would have five branches, he said, adding that the bank would now seek necessary regulatory approvals for operationalisation of the JV. The deal size is expected to be $24 million (about Rs 115 crore). PNB is also looking at setting up a subsidiary in Vancouver, Canada and a joint-venture company in Bhutan. Recently, the bank opened branches in Hong Kong and UK.
Mr Kamath also said PNB expects to complete 26% stake sale in its wholly-owned housing finance subsidiary by December this year. Steps are also underway to merge PNB Gilts with the parent bank, he said.
Courtesy:- ET dt:- 30-10-2009
STEAL A GOOD DEAL
If you are looking at buying property, the time is perfect to invest, for you can get a good deal at reduced rates, say experts
Jaago, yeh hi right time, scream property exhibition advertisements in newspapers. So what if residential real estate prices are going up, a majority of the middle class that aspires to own a home is still taking the plunge. The reason being that homes are still affordable, and also thanks due to availability of funds and rising trust in the borrower. SBI, Deutsche Post Bank, ING Vysya Bank and P&SB are funding up to 80-85% of property value.
It is perhaps the best time to look around for a value purchase in real estate. With lower price points in locations that were not earlier within the affordable range, buyers are scouting for good 'value' bargains at this time. And with developers going big on affordable home launches, the timing may just be one of the best for buyers seeking a steal deal.
The scene has improved with the Reserve Bank of India cutting lending rates to record lows and pumping in unprecedented amount of money into the system.
According to Anoop Pabby, joint managing director of Deutsche Post Bank (home finance), "The economy has improved and the liquidity situation is much better and interest rates have eased off considerably. It is only natural then that home buyers expect the reduced risks to result in reduction in interest rates and relaxation of margin money norms."
The housing finance company is now funding up to 80% of the property value to most salaried people, and 85% in a few cases, depending on the creditworthiness of the borrower. This is more than the 70% it used to lend a few months back.
According to Anshuman Magazine, CMD of global real estate consultancy CB Richards Ellis (CBRE), value buying is happening mostly in suburban locations, as that is where the current supply is. "Certain pockets in Gurgaon and Noida, where the price used to be Rs 65 lakh to Rs 1.5 crore earlier, have deals to offer anywhere between Rs 35 lakh to Rs 50 lakh today! Developers have reduced the total ticket sizes, adjusted area, and price and given amenities. This has got people back and is making them lust for value deals right now."
According to Navin M Raheja, chairman and managing director of Raheja Developers, "Locations such as Gurgaon, Faridabad, Noida in Delhi NCR are some of the good locations for value buying. Anything that is available between Rs 2,500 to Rs 3,000 per sq ft is the right price depending, of course, upon the location and infrastructural facilities available in the vicinity with specifications offered.
"There are three kinds of value buying that are taking place in the real estate market right now. Ready to move in residential property in and around metros and their suburbs, ready to move in commercial property which is already leased, or generating income and low income and middle income housing ranging from Rs 15 lakh to Rs 40 lakh are the primary types of value purchases," Raheja adds.
On the other hand, lenders such as ING Vysya Bank, and Punjab & Sind Bank have reduced the margin money requirement to 15-20% from 25-30% towards the cost of the home on their home loans, as they try to tap potential homebuyers. This leads to a borrower investing lesser capital than before. G S Vedi, the newly appointed chairman and managing director of Punjab and Sind Bank, said, "Interest rates are likely to harden over the next six months with the credit offtake improving and inflation moving into the positive territory."
Courtesy:- ET dt:- 30-10-2009
Jaago, yeh hi right time, scream property exhibition advertisements in newspapers. So what if residential real estate prices are going up, a majority of the middle class that aspires to own a home is still taking the plunge. The reason being that homes are still affordable, and also thanks due to availability of funds and rising trust in the borrower. SBI, Deutsche Post Bank, ING Vysya Bank and P&SB are funding up to 80-85% of property value.
It is perhaps the best time to look around for a value purchase in real estate. With lower price points in locations that were not earlier within the affordable range, buyers are scouting for good 'value' bargains at this time. And with developers going big on affordable home launches, the timing may just be one of the best for buyers seeking a steal deal.
The scene has improved with the Reserve Bank of India cutting lending rates to record lows and pumping in unprecedented amount of money into the system.
According to Anoop Pabby, joint managing director of Deutsche Post Bank (home finance), "The economy has improved and the liquidity situation is much better and interest rates have eased off considerably. It is only natural then that home buyers expect the reduced risks to result in reduction in interest rates and relaxation of margin money norms."
The housing finance company is now funding up to 80% of the property value to most salaried people, and 85% in a few cases, depending on the creditworthiness of the borrower. This is more than the 70% it used to lend a few months back.
According to Anshuman Magazine, CMD of global real estate consultancy CB Richards Ellis (CBRE), value buying is happening mostly in suburban locations, as that is where the current supply is. "Certain pockets in Gurgaon and Noida, where the price used to be Rs 65 lakh to Rs 1.5 crore earlier, have deals to offer anywhere between Rs 35 lakh to Rs 50 lakh today! Developers have reduced the total ticket sizes, adjusted area, and price and given amenities. This has got people back and is making them lust for value deals right now."
According to Navin M Raheja, chairman and managing director of Raheja Developers, "Locations such as Gurgaon, Faridabad, Noida in Delhi NCR are some of the good locations for value buying. Anything that is available between Rs 2,500 to Rs 3,000 per sq ft is the right price depending, of course, upon the location and infrastructural facilities available in the vicinity with specifications offered.
"There are three kinds of value buying that are taking place in the real estate market right now. Ready to move in residential property in and around metros and their suburbs, ready to move in commercial property which is already leased, or generating income and low income and middle income housing ranging from Rs 15 lakh to Rs 40 lakh are the primary types of value purchases," Raheja adds.
On the other hand, lenders such as ING Vysya Bank, and Punjab & Sind Bank have reduced the margin money requirement to 15-20% from 25-30% towards the cost of the home on their home loans, as they try to tap potential homebuyers. This leads to a borrower investing lesser capital than before. G S Vedi, the newly appointed chairman and managing director of Punjab and Sind Bank, said, "Interest rates are likely to harden over the next six months with the credit offtake improving and inflation moving into the positive territory."
Courtesy:- ET dt:- 30-10-2009
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