Sahara group plans to finalise two more realty deals: reports
Sahara group is reportedly planning to finalise two more realty deals, one in Mumbai and another in Jodhpur, for Rs 1,250 crore, says report.
Report stated that the talks are in final stages for sale of another land parcel in Pune.
Sahara has sold 185 acres to M3M India Ltd in Gurgaon.
The deal was announced last week and likely to fetch Rs 2,710 crore, in its bid to raise Rs 10,000 crore for Roy's release, says report.
These four properties are in Chauma (Gurgaon), Jodhpur, Pune and Vasai (in Mumbai).
Should you invest in a Flat or in Land?
The answer to the question whether it is preferable to invest in a flat or in a plot of land depends on many factors, including the maturity of the investor. The investor's overall objectives, ability to leverage, risk appetite and period of time he is able to hold on to the property before selling it again must be considered.
A young investor with limited capital should ideally purchase an apartment for capital appreciation or rental income. Land investment is a better option for mature investors who have a bigger investment horizon.
Land investment involved identifying opportunities where there is a possibility of creating value – e.g. agricultural land, which can be converted to NA / residential or commercial zone, making it possible to develop it and then lease it out or sell it. Alternatively, the investor can sell it after booking an acceptable profit when capital is required, or when sufficient value has been built up.
Land purchase is most profitable when one invests in emerging growth corridors of cities where appreciation is likely to happen over the next 3-4 years. Wherever there is existing commercial activity or the likelihood of such activity beside the existence of social infrastructure, the future demand for residential apartments will be higher.
For maximum future returns, it is important to make one's investment while entry costs are low. Location is very important if one wishes to buy land to use in a retail or industrial setup. This is because such ventures are dependent on the immediate access to a customer bases and availability of manpower.
Wherever possible, the investor should try to find out the valuations of the land over the last five years to benchmark against past and recent land transactions in the area. Availability of other land parcels for possible purchase is an important factor to look at, and the investor must establish whether the seller is the sole or joint owner of the land. To avoid the various risks that investors can be exposed to while investing in land, it is always advisable to purchase developed plots from reputed developers.
Apart from the price of the plot, the other expenses that will have to be addressed are the registration fee, the stamp duty, the surveyor’s fee (if any) and legal fees. If one has bought agricultural land, then one may eventually need to change its land use to commercial or residential. For this, an application has to be made to the local collector’s office, along with all documents and applicable fees required by State law.
The author is Sachin Agarwal, CMD, Maple Shelters
Ten reasons you may not be able to switch a Home Loan even if you want to
As strange as it may sound, you may not be in a position to switch your home loan to another lender even if you are getting a better deal elsewhere!.
Borrowers tend to constantly keep a tab on new home loan products in the markets, interest rates offered to new borrowers, just to ensure that they are paying the correct rate on their own loan. This information may prove to be vital while deciding to switch loans. While switching loans there are multiple criteria that one needs to check for; if these options are not met, switching loans may not be possible.
Following are some facets that may make it difficult for you to switch loans.
Do you have a loan with higher percentage funding?
There have been several changes in the lending norms over the last couple of years. RBI & NHB have both instructed the banks and NBFCs respectively to reduce the funding percentage so that the borrower should be less leveraged, as a strict norm. So, if you have borrowed 85 or 90% of the property cost earlier, switching the loan to a new lender where only 75 to 80% is allowed, will be an issue.
Is your property still under-construction?
You may wonder why the new lender is unable to switch your home loan as your property cost have gone up in last two years, since you booked the under-construction home, by 30%! Though you had taken an 85% funding then, the market value of the property has grown to such an extent today, that the same loan amount stands to be much lesser than 75%!
Well, the answer is, unless you have received the possession, it cannot be considered as a 'ready' property and market value will be of no consequence to the new lender. They will still have to consider the 'agreement value' to take over your loan and there you fall short!
Have you taken funding on Stamp duty & Registration charges?
Funding on the property cost along with select ancillary charges is not new. However, funding on the statutory charges like stamp fee & registration cost is not allowed any more by RBI. Hence banks will stay away from taking over such loans where those costs have been considered earlier. You may fall short of that amount of funding while switching your loan from the previous lender who took these two into consideration.
Are you under a fixed rate loan?
Under the Fixed rate loan, lenders are allowed to levy pre-closure penalty ranging between 2-4% and service tax, as per the agreement. The penalty is applicable on the principal outstanding amount. According to a recent announcement by RBI these penalties are waived off by bank (as well as NHB), consumers should keep that in mind while taking a decision on their loans. The savings quotient may be reduced or even become nullified due to this spike in the wheel.
Do you have a guarantor in your loan?
If you borrowed with an additional support from a guarantor, it may be trouble switching your loan, due because the guarantor may not want to oblige again or the new lender may not have a policy of accepting a guarantor.
Have you laminated your property's registered deed?
Often people make this mistake of trying to 'protect' the document beyond required means and go ahead and laminate the property deed, not knowing that lenders DO NOT accept laminated deeds for mortgage.
Have you/your previous lender lost the original deed and you have a certified true copy only?
Though this is not a common occurrence, however, we have come across many people who have gone through this experience. Please be aware that not having the original deed is a high-risk for any lender and they may refuse to switch your loan to their own kitty, if this is the matter.
SAT dismisses DLF's appeal
The Securities Appellate Tribunal dismissed an application by Kimsuk Krishna Sinha to be made a part of the appeal proceedings of DLF, says report.
Report said that the company was appealing against a regulatory order barring it from the securities market.
Sebi had barred the company and its officials from the securities market in relation to disclosures made during the time of its Initial Public Offer (IPO), says report.
Rodas Enclave reaches out to NRIs at Indian Property Show: Niranjan Hiranandani
Reaching out to the Non Resident Indians (NRIs) in the GCC Countries, leading Indian real estate developer Hiranandani Developers is participating at the 15th edition of the Indian Property Show in Dubai, United Arab Emirates (UAE).
“Hiranandani Developers will be showcasing their premium residential project, Rodas Enclave which is located at Hiranandani Estate, Thane,” said Niranjan Hiranandani, MD, Hiranandani Developers. "The Hiranandani Group companies have ushered in an era marked by higher standards of living and global lifestyles, Rodas Enclave is an apt example of this," he added.
For the NRI looking for luxury living in Thane, Rodas Enclave is ideally located in the vicinity of the Ulhas River, Niranjan Hiranandani, “Rodas Enclave is among the new projects launched by the Hiranandani Group; and it marks ‘upscaling’ of luxury housing in the township of Hiranandani Estate,” he explained. He went on to add that Rodas Enclave, comprising 18 buildings, is classified as a ‘luxury project’ -- with the concept of ‘spacious living’.
“We expect NRIs in Dubai, the UAE as also GCC countries who visit the Indian Property Show to be positively inclined towards this offering,” added the Hiranandani Developers MD. Explaining the concept of ‘spacious living’ which would appeal to the high income group NRIs, Niranjan Hiranandani pointed out that Hiranandani Developers being ‘ISO 9001 - 2000 certified’ meant having a clear vision to go beyond just providing spaces to live. "The Hiranandani Group has created integrated townships and lifestyle patterns, and in effect, this has become the face of the new generation; indeed, with Rodas Enclave, it reflects the collective psyche of a vibrant India's energy, drive and vitality, this should appeal to NRIs," he explained. "Rodas Enclave speaks the language of a new passion, of affluence and of happiness, that begins with an individual and culminates into the well-being of the residents, and NRIs, who are used to high-end residential real estate in countries like the UAE, will appreciate the same," said Niranjan Hiranandani.
Fitch Withdraws expected rating on Lodha's Proposed Bond
Fitch Ratings has withdrawn the 'B+(EXP)' expected rating and 'RR4' Recovery Rating assigned to Lodha Developers Private Limited's (Lodha; B+/Stable) proposed US dollar notes.
The notes were to be issued by Lodha Developers International (Mauritius) Limited, and guaranteed by Lodha.
The rating is being withdrawn because Lodha does not expect to proceed with the bond issue within the previously envisaged timeline.
The expected rating and Recovery Rating were assigned on 2 December 2014.
Housing.com plans to raise $100 mn from SoftBank: Report
Housing.com is planning to raise about $100 million funds from SoftBank Corp.
Both the companies are expected to make a joint announcement in the next few days, report said.
The investment would be used mainly for expansion plans.
Tata Value Homes partners with Google
Tata Value Homes, a 100 % subsidiary of Tata Housing and pioneers of online home booking in India has partnered with google to present exclusive lifestyle apartments in Boisar, near Mumbai. These apartments starting 16 lacs would be exclusively available during GOSF (10th – 12th December). Interested customers can express their interest to book by paying Rs. 20,000 online. It would also offer special one day price for Homes across Ahmedabad, Pune, Chennai and Bengaluru starting 32 lakhs.
The exclusive apartments located at Boisar, an upcoming suburb near Mumbai will boast of huge neighborhood greens, a monsoon park, jogging tracks & recreational areas well-equipped gymnasium, modern club house, swimming pool and other modern amenities.
On December 10, 2014, the Company will be providing special prices just for one day for properties across Ahmedabad, Pune, Mumbai, Chennai and Bengaluru starting at 32 lakhs. In 2013 the company witnessed huge success with sales of more than 50 apartments in four days. Out of the over 50 apartments that were sold, around 40 per cent were bought by people from tier 2 cities and NRI’s contributed a little over 30 per cent to the overall sale.
Salarpuria Sattva launches East Crest in Bangalore
The Salarpuria Sattva Group has pre- launched EAST CREST a Premium Gated Community Residential Project on Old Madras Road, in East Bangalore, at the junction of Budigere Cross, right next to the World Market. This premium Residential project with 667 units will be the third launch for the company in a span of only three months.
In late September 2014, the builder had launched two premium gated projects which accounted for a total of 1200 units. The projects Cadenza and Laurel Heights on Hosur Main Road ( Kudlu Gate) and Hessarghatta Main Road respectively received a very good response from the buyers.
Known for their choice of location, stringent quality and strict adherence to delivery schedules- the brand is also known for its transparency and due diligence. The Group has always maintained a clean and transparent legal conscience. All their properties even at a pre- launch stage have all the necessary legal clearances.
Vijay Laxmi Developers launches Bliss in Andheri
99acres.com set to participate in GOSF 2014 organized by Google
DAMAC Properties announce Tiger Woods Design Golf Course for ‘AKOYA Oxygen’
Golfing superstar Tiger Woods will design the new 18-hole championship golf course in Dubai to be built by luxury real estate developers, DAMAC Propertiesand operated by The Trump Organization.
Set within the 55 million sq ft master community of AKOYA Oxygen, the ‘Trump World Golf Club, Dubai’ will include a state-of-the-art clubhouse, world-class restaurant and pro shop. The course will be situated at the heart of the development, with some of the highest premium, residential developments in Dubai overlooking the course.
"Tiger Woods is one of the most famous and iconic sportsmen in the world who will bring his design expertise and worldwide playing experience to this amazing development,” said Ziad El Chaar, Managing Director, DAMAC Properties. “Add to that the golfing prowess and skills of The Trump Organisation, our leadership position in luxury real estate development, with the global appeal of Dubai,we believe The Trump World Golf Club Dubai, designed by Tiger Woods, will be a market leader, judged against the best golf courses in the world.”