scheme

Parking Lot Policy in Mumbai

by Paul Joseph May 23, 2011 Uncategorized

MUMBAI : An amended BMC parking lots policy submitted for state government approval, could earn it several hundred crores a year from builders . The developers , who build parking lots free in return for incentive construction rights, will now have to share 40% of their profits with the BMC. “Each new parking lot could get us Rs 50 crore to Rs 60 crore. Municipal commissioner Subodh Kumar overtook the original policy a few weeks ago because it was delayed in accusation of favoritism and corruption. In March, CM ordered the BMC to review it after criticism that the scheme only helped builders enjoy unusually high profits under the appearence of executing a public scheme. Developers used this scheme which is very well known Parking FSI to build 50-60 storey-high luxury skyscrapers, mainly in central Mumbai. Critics said developers spend hardly Rs 1,500 a sq ft to build parking lots, but the incentive as additional FSI from the government was worth Rs 20,000 – Rs 25,000 per sq ft. The amended policy will constrain the height of the parking lots to ground plus 04 storeys and two basements. The original scheme sanctioned parking towers of 10-15 storeys high. The BMC committee wants the traffic police department to evaluate peak level actual parking on all roads over 60 feet wide and 250 m in length as well as on station and public assembly areas. The BMC issued starting certificates to 11 public parking towers, eight in the Parel-Dadar belt and three in Goregaon for 15,845 vehicles. Only these projects are given go ahead.

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SBI’s Much Debated Teaser Home Loan Rates to Continue till May

by Paul Joseph March 28, 2011 Uncategorized

State Bank of India’s (SBI) much-debated teaser home loan rates may see a hike in rates by May, when the next monetary policy review would be announced by the Reserve Bank of India (RBI). But unless there is a hike in rates during the review, SBI will retain the teaser home loan rates, said a senior official with the bank. The RBI had in the past expressed its reservation on the teaser rates offered by SBI, on the grounds that such aggressive rates would push up housing prices. The teaser home loan rates, or special rates as the bank’s chairman OP Bhatt prefers calling it, was a mixture of fixed and floating interest rates where the customers were charged 8.75 per cent in the first year, 9.50 per cent in the second and third years and the prevailing floating rates from the fourth year onwards. “The recent economic survey has also come in support of the rates as they helped in making housing available to a large number of people. So we don’t see any reason to discontinue this scheme. However the rates may be stepped up whenever the base rate increases,” the official told Financial Chronicle. Since RBI is faced with the huge challenge of taming inflation, the movement of inflation will determine whether the base rates will see a hike during the next monetary policy review, scheduled for May 3. The teaser rates by SBI have been seeing a steady rise with every base rate hike. It started with 8 per cent in the first year and 9 per cent in the second and third year, when the scheme was originally announced by SBI last year. Private banks like ICICI Bank and HDFC too announced similar schemes but could not continue with it after a certain period with the rising interest rates. SBI however continued with the scheme though it has effected a 50-75 basis point hike since then. However, when compared to fixed rates of 11.50 to16 per cent and floating rates of 9.75 to 10.50 per cent offered by most banks, the teaser rates are certainly more attractive.

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Housing Development Council is ready for new homes

by Paul Joseph January 18, 2011 Uncategorized

Housing Development Council Vasundhara in Ghaziabad, Indirapuram, Vaishali and Kaushanb soon forthcoming multi-tower has begun discussing plans to build flats. Meanwhile, Lonnie and execute Hopura also given emphasis on the new scheme – the noise is going to work. Vasundhara in Ghaziabad, Indirapuram, Vaishali and Kaushanb to swing in the property business. These four areas are very close to Delhi and also Delhi in terms of facilities are not inferior. That led to high rise building at all major construction companies has brought a project. However, their high prices even further Ashiyana dream of making everyone here is able to be fulfilled. So, Housing Development Board flats to come soon make the multi-tower scheme is going to prove beneficial for everyone. Council houses and more space because of the quality of their demand has been from the start. Council housing scheme in the fact that he knows not to come by private builders have reaped much silver. So the new scheme in the area again bustling with Ssugbugaho – initiatives have increased. Project of the Council at a glance – Two and a half acres of land in Sector 15 will be two ten-storey tower, the total project cost one billion a quarter – Oobiecac the 108 flats, 108 flats will also Bichcce Three – Oobichcce price of 35 to 40 million (1130 square feet) will be – Threebichcce 45 to 50 million (1485 square feet) – 24 hour power backup – Holy water water supply plan – Hi-Tech Security will also arrange Special proximity to Delhi Vasundhara’s Sector 15 in the Council’s new housing scheme will Cprochiang every way. Anand Vihar Delhi border here is just four kilometers. Ghaziabad bypass about five kilometers from here have to. As far as other facilities to speak Anand Vihar Railway Station to the east side of the express trains to be open because of the potential hot spots remains Vasundhara. Vaishali in the coming six months from the beginning of the metro service in the areas surrounding the property rates have already increased. So the new housing scheme Vaishali Sector 15 metro station will be around three kilometers away. Construction of parking facilities at Metro stations. Housing scheme in Lonnie Housing Development Council to work faster while on your plans soon to launch housing scheme in Loni and Hopura being. In the coming two months preparing to launch the scheme. Commissioner of the Council sitting in Lucknow MBS Rami Reddy Dirersh Vasundhara office have been released. Has acquired land compensation procedure to meet the rapidly Commissioner Hadeash Kumar of Ghaziabad DM interaction is in this regard. The proposed project plan Loni project at this time about 335 acres of land around 100 acres of land compensation to farmers are in the process. Land Council special for around Rs 19 crore Cchugeshne Officer (Selo) has been deposited on. Roads here so far (30 meters, 18 meters and 24 meters) work is almost completed. Compensation scheme soon complete the process quickly set to launch talks with the Council Commissioner is of the DM. Project at a glance – Council plans Hopura, Wajirabad Road near “Loni road, the land development and home placement plan” to launch the scheme in the name. – The project to create nearly 335 acres of land housing schemes which the Society will be set to 12. – The Society has already applied for land. Nearly 253 acres of land will be allotted for it. – 100 acres of land around here Mone Council EWS, MIG and LIG flats will. – EWS the 800 flats will be the MIG (60 Square meters) and LIG (40 Square) would be in area. The number of these flats has not been decided yet. – At 80 meters, 120 meters, 180 meters and 200 meters also allotted flats

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DDA assures housing scheme-2010 will be scam free

by Paul Joseph November 20, 2010 Uncategorized

The Delhi Development Authority (DDA) claims to have learnt lessons from the housing scam 2008. To make sure that the allotment of flats does not get rigged this time, DDA has made some changes in the process of allotting flats under its housing scheme 2010 which will be launched on 25th of this month. “Checks and balances have been put in place this time. We hope that nothing unlawful happens this time,” said Neemo Dhar, spokesperson, DDA. To minimize chances of corruption, the applicants will have to prove that the money deposited with the DDA is from their own bank accounts. “The idea is to avoid proxy applicants, who created trouble last time,” added Dhar. In 2008 housing scheme, the accused allegedly targeted flats falling in S.C. (15 percent of total) and S.T. categories (5 percent of total) because these flats were available at a concession. This time, the DDA is not giving any concession to flats in S.C./ S.T. category. Around 16,000 flats will be offered under the housing scheme- 2010. The flats are located at 17 locations in the capital such as Vasant Kunj, Mukherjee Nagar, Motia Khan, Jasola, and Dwarka. The cost of the flats ranges between Rs 9 lakh and Rs 1.12 crore. “In order to reach all sections of the society there is a mix of one bed, two bed, three bed room houses expandable and janta one room houses. This is for the first time that one room tenements located in Narela, Trilokpuri and Shivaji enclave have also been included in the scheme,” said Dhar. Unlike the 2008 scheme, this time, both husband and wife can apply for a flat each. However, if both are named in the draw, only one of them will be allotted a flat. Also, an applicant getting the flat in the handicapped quota cannot sell his flat. DDA housing scheme 2008 was marred with controversies because of which the civic agency had to stall allotment for a year after the law of lots was done. Some property agents in connivance with government officials allegedly purchased flats by submitting fake documents. The Economic Offences Wing (EOW) of the Delhi Police arrested Laxmi Narayan Meena, a former State Bank of India employee as main accused in the fraud along with M.L. Gautam, a retired DDA employee. It is believed that Meena and Gautam together forged around 3, 000 applications. The scam was unearthed in October 2008 when Dr Udit Raj, president of the Indian Justice Party filed a complaint with the Delhi police saying that the scheme was rigged. The basis of this complaint was information given by Deepak Kumar, a property agent based in West Delhi. Later, the EOW also arrested Kumar as an accused in the case. “This time also there will be corruption because more or less, the process is the same,” said Raj.

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DDA to launch Housing Scheme-2010 from Nov.25

by Paul Joseph November 20, 2010 Uncategorized

Delhi Development Authority will be launching the “DDA Housing Scheme, 2010″ from 25th November to 24th December,2010.  Approximately 16,000 flats will be offered under the scheme. The flats are located all over Delhi in colonies like Vasant Kunj, Mukherjee Nagar, Motia Khan, Jasola, Dwarka, Rohini, Narela, Jaffarabad, Kaundli Gharoli etc. Delhi Development Authority

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32 million sqm land Basegee ‘mini city’

by Paul Joseph November 13, 2010 Uncategorized

Yamuna Express – they appear because of the buildings along soon Haearhaij Sector 22 A and 22 D Ymu Arejideanshal Township Authority scheme is not launched. The scheme will be so far the largest Arejideanshal Township Scheme. The Township will Basai nearly 32 million square meters in area. Yamuna Express – they Arejideanshal Township Authority has launched the scheme. The scheme will close on November 26. 400,000 square meter plot in the scheme are Arejideanshal 8. Sector 22 A Sector 22 A and D were placed in the 7 plot. Scheme to apply Prosinsg fee is priced at Rs 10 lakh which will be non Rifndebal. While Rjisteraashne 10 million has been earmarked money. Three banks will form Bidss for plot allocation scheme will be opened. Reserve Price Scheme 4500 Square meter is priced at Rs. Arejideanshal to join the scheme people can buy forms from three banks. Which Oriental Bank of Commerce, the world form one gamma-1, HDFC Bank, Sector Alpha Alpha Plaza Greater Noida and Union Bank of India (Sector -61 Noida) is included. Yamuna Expressway Authority, according to sources – they settled along the Arejideanshal Township Scheme Mulbhuh services all in one place people will get. Even non-stop from Agra, Aligarh, Mathura, Noida, Delhi, Sonipat, Panipat, Gurgaon, Ghaziabad can easily come. Yamuna Express – they have the peripheral Express – they are being fired. For this reason the scheme and would also best. After the deal was fast work Oppal recent panchayat elections and express opposition to the farmers – they work around is closed. Later, the State Government and farmers’ agreement expires after the panchayat elections and Yamuna Authority has stepped up development work. Where the Authority for 21 thousand Arejideanshal plots in Sector 18 and 20 electricity, water, sewer and roads to make the tender issued. BSE to launch the scheme before the Authority to acquire land Section 4-17 of the action is completed. Authority to compensate farmers sharing will soon take possession on the ground. According to PA State Government announced farmers would provide all facilities. Farmers do not have a problem in the future, it also be taken care of

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UPA-II set to unveil scheme to fulfil ‘slum-free India’ dream

by Paul Joseph October 18, 2010 Uncategorized

Mahendra Kumar Singh | TNN New Delhi: UPA-II’s ambitious programme to make the nation slum-free within five years is all set to take off as the housing and urban poverty alleviation ministry has finalised the scheme, and how now sent it to finance ministry for approval. Last year, the government had announced the launch of Rajiv Awas Yojana (RAY) aimed at making cities slum-free, addressing the problems of slumdwellers and urban poor in a definitive and holistic manner. With the sanctioned budget of Rs 1,270 crore for the current fiscal, the ministry has given final shape to other crucial aspects like financing pattern, contribution of the Centre, states and the model for PPP. Prior to unveiling the scheme, the ministry had asked the state government to chalk out an action plan for slum-free cities, and sanctioned Rs 120 crore for it. Besides, slum-free city planning, the states were asked to frame legislation to accord property rights to slum-dwellers, and also formulate detailed project reports for the release of funds. The ministry has re-drafted the RAY scheme to focus on upgrading slums, redevelopment, rehabilitation and constructing new houses after factoring in the views of concerned stakeholders, states and the expert committee, which is headed by Deepak Parekh. The ministry constituted the expert panel to estimate “reliable” urban slumpopulation. As per the committee’s findings, around 93.06 million people will live in slums in cities by next year. Faced with funds crunch, the ministry has sought supports of banks, other financial institutions and the real estate sector to use its interest subsidy scheme for construction of houses for urban poor. “There is a need for credit enhancement through appropriate fiscal, legal and institutional mechanism to ensure the flow of capital to realize the vision of slum free India,” housing and urban poverty alleviation minister Kumari Selja said.

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Housing and Urban Poverty Alleviation Ministry Gives Final shape to “Slum Free India” Scheme

by Paul Joseph October 18, 2010 Uncategorized

UPA-II’s ambitious programme to make the nation slum-free within five years is all set to take off as the housing and urban poverty alleviation ministry has finalised the scheme, and how now sent it to finance ministry for approval. Last year, the government had announced the launch of Rajiv Awas Yojana (RAY) aimed at making cities slum-free, addressing the problems of slum-dwellers and urban poor in a definitive and holistic manner. With the sanctioned budget of Rs 1,270 crore for the current fiscal, the ministry has given final shape to other crucial aspects like financing pattern, contribution of the Centre, states and the model for PPP. Prior to unveiling the scheme, the ministry had asked the state government to chalk out an action plan for slum-free cities, and sanctioned Rs 120 crore for it. Besides, slum-free city planning, the states were asked to frame legislation to accord property rights to slum-dwellers, and also formulate detailed project reports for the release of funds. The ministry has re-drafted the RAY scheme to focus on upgrading slums, redevelopment, rehabilitation and constructing new houses after factoring in the views of concerned stakeholders, states and the expert committee, which is headed by Deepak Parekh. The ministry constituted the expert panel to estimate “reliable” urban slumpopulation. As per the committee’s findings, around 93.06 million people will live in slums in cities by next year. Faced with funds crunch, the ministry has sought supports of banks, other financial institutions and the real estate sector to use its interest subsidy scheme for construction of houses for urban poor. “There is a need for credit enhancement through appropriate fiscal, legal and institutional mechanism to ensure the flow of capital to realize the vision of slum free India,” housing and urban poverty alleviation minister Kumari Selja said.

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Booked flat in Bopal? Now, pay more

by Paul Joseph August 27, 2010 Uncategorized

Get ready to pay more for the flat you booked in Bopal. The urban development department of the government of Gujarat has decided to levy extra charges on realtors operating in Bopal, particularly south Bopal. Now, real estate players will have to pay for getting extra 0.6 FSI (floor space index) and they are going to pass on the additional cost to the customers.  Some 17 real estate developers had launched residential schemes in south Bopal, which falls under town planning (TP) scheme No. 3 prepared by the Ahmedabad Urban Development Authority (AUDA).AUDA’sdraft scheme of TP-II and TP-III covered a majority area of Bopal as residential zone-I (R-I) allowing the realtors to build high-rise buildings. However, the urban development department changed AUDA’s plan and declared TP-II and TP-III as R-II in April 2010. This made builders and customers, who had already booked their flats, anxious.  Having received suggestions and objections from all the stakeholders, UDD finally declared TP-III as R-I zone along with TP-I and TP-II as R-II zone. However, it levied additional charges of 40% of jantri rate for offering 0.6 additional FSI in TP-III. So the builders will have to shell out more money to get final approval for their high-rise building plans and building usage permission for their schemes. The realtors will naturally pass on the additional cost to the customers. However, this cost will vary according to saleable area of the scheme.  The realtors are of the opinion that there will not be much increase in the property rates for the customers who have already booked their flats. The increase in the price will be in the range of Rs20 to Rs50 per sq foot depending upon plot size and total marketable area. Uday Vora, managing director of HN Safal, said that the additional cost will not be around Rs20 per sq ft in Safa Parisar taking into consideration plot size and saleable area in our scheme.   “We do not think customers will object to paying a little more,” said Vora. Although customers may not be willing to pay more, they will not have any other option as they would not be able to afford to get their booking cancelled as property prices have gone up sharply in the past few years.  “If the customers will not pay additional money, the developers will return their original amount and seek other properties that may not be viable for them,” said sources.  As the government has declared TP-II as R-II zone, the future of four schemes in this area is uncertain. Various realtors have planned and even started construction work of four high-rise residential apartment schemes in TP-II of Bopal. If the developers return money to the customers who have already booked their flats, the latter will lose interest as well as they will have to pay higher prices for new property compared to what they have already booked.  Source: http://www.dnaindia.com/money/report_booked-flat-in-bopal-now-pay-more_1428419 Filed under: Builders/ Developers , New projects Tagged: FSI , Real Estate in Bhopal

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CorpBank new home loan at 8.25%

by Paul Joseph July 21, 2010

Corporation Bank has introduced new home schemes at 8.25 per cent interest rate. Known as ‘Corp Home Smart’, the schemes are valid from July 19 to December 31. Under the scheme, for loans up to Rs 50 lakh, the rate of interest is 8.25 per cent for the first year and 8.75 per cent for the next two years. Source : http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9420&cat_id=2 Filed under: Home loans Tagged: Corporation Bank , home loan

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