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Shivam Tomer

Shivam Tomer
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https://www.ipropunited.com/
Talks about : Real Estate News, Investment Tips, Proptech, Loan tips and Property Tips
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5 mistakes to avoid while applying for a home loan

By
Shivam Tomer
-

Investing in buying a home is one of the biggest investments that everyone wants to make in life. The home loan wouldn’t have come into the picture if buying a home was that easy. While people have the pleasure of proudly owning a lavish home or a dream domestic, there’s the load of repaying the house loan that was once availed. Yes, it is a burden because we have to spend half of our lives minting money only to pay our debts. Well, home loans are blessings but they can turn into disguise if certain mistakes are not committed.

1 . Depending on DSA

How does anyone get a Home loan or any loan for that matter? There is a DSA or Direct Sales Agent who is responsible for fulfilling the target of the bank. This is the main reason that whenever you approach a bank manager or office, he or she will always route you to this so-called DSA. They have mutual agreements to help each other in order to fulfilling their key responsibility areas. If you approach the bank manager, you are breaking their easy process. A DSA helps you in getting the loan approved but what you don’t get is the transparent picture of the home you are about to acquire. For this, you need to have everything in writing. After the DSA has forwarded your loan application, ensure that you meet the higher authority or someone from the Bank once before you understand every term and condition. Don’t just agree because you have heard, do that when you have learned.

2 . Paying more:

This situation happens to those who are really worked up and want the loan process to get approved as quick as possible. Why hurry when you can wait for things to go smooth and without any hassle? When you are stressed and display that on your dealings with the DSA, they take advantage of the situation. They either add additional charges which a borrower is not aware of or ask for extra money for the faster approval of the application. You should always remember that as a consumer you have the right to information. Whatever you have to pay should be documented for proof somewhere. Many people pay those extra charges without even raising their eyebrows. That’s where we falter.

3 . Fear of Rejection:

Rejection of loan has gotten imbibed in people so much that they tend to believe anything that the loan guy tells them. You should relax. Rejection means you are not ready for a loan on the present day. Try getting the loan applied a little later. It might get accepted. Patience is better than hurrying into some illegal means that is shown by the DSA or Home Loan Department. When you encounter such situation, do make it a point that you check with the seniors in the Bank or check on the Bank’s website. The best way is to mask your fear.

4 . Signing everywhere:

The anxiety of getting a home loan rules a borrower’s mind to such an extent that in order to save time and expedite the process, he or she blindly signs on every part pf the document indicated by the loan representative. Do you know by signing you are giving approval to certain points that you may have objection too? Spare some time and read the documents through for not being duped by those loan machines.

5 . Original Documents Submitted:

Submission of the original documents is a part of the whole loan approval process. Banks, at times, can’t keep track of the documents of every customer and that carelessness can impact you in a big way if you are careless too. Many borrowers have shown this trend in the past where they had submitted original documents to the banks which they never got back. How do you rectify this? You surely can. Write an email with all the necessary details after you submit your original documents. Also, seek an acknowledgement to your email.

A home Loan isn’t always a mistake. The mistake is getting a few things done and a few things undone during the process.

Make the system stable and rational for you in preference to being surrounded by so many virtual facts that you only hear and see nowhere written.

You are educated, wise, and experienced. Be wise, ask questions, be brave and don’t be a victim to such practices.

 

BRIEF ABOUT PROJECT FINANCE

    By
    Shivam Tomer
    -

    Project finance is a method of funding in which lenders provide loans to finance a specific project, and the project’s cash flow, assets, and rights are held as collateral.

    It is a vehicle to raise funds through loans for mega projects in power, telecommunication, roads, railways, theme parks, airbus, oil and gas, and other infrastructure sectors.

    To use the concept of project finance, a special purpose vehicle ( SPV ) is created by the sponsors of the project by using equity and debt.

    Special purpose vehicle ( SPV )

    Special purpose vehicle is a separate legal entity for temporary and specific objectives, whenever a company undertakes new risky projects, it forms a Special purpose vehicle to safeguard its own assets and finances.

    It is also known as a bankruptcy remote entity because of its legal position as a separate company having its own assets and liabilities, an SPV meets its obligations even when the parent company goes bankrupt.

    Example – In the case of the Noida toll bridge, Noida Toll Bridge Company Limited was created.

    Sponsors

    Sponsors are individuals, corporations, or consortiums that initiate, organize, and manage the development of a project. They are responsible for providing the necessary funding, expertise, and resources required to bring the project to fruition.

    Type of sponsors

    • Industrial Sponsors : – They look at the initiative of the project which is related or linked to the core of the business in some ways or as the integrated upstream and downstream.
    • Contractors : – These are the ones that run, build, or even develop plants. By providing subordinate debt or equities, they are interested in participating in the initiatives of Project Finance.
    • Financial Sponsors : – With the objective of capital investing in deals of high profits, they play a specific part in the initiative of Project Finance.
    • Public Sponsors : – they have the objective to work for the social welfare of people like municipalities, public companies, municipalized companies, central,  local and state government.

    Why do Sponsors Use Project Finance?

    A sponsor can use two alternatives to choose to finance a new project.

    • ( Corporate Financing ) The new initiative is financed on the balance sheet.
    • The new project is incorporated into a created economic entity, the SPV, and financed off-balance sheet (project financing).

    – Corporate Finance – means that the sponsors use all the assets and cash flows from the existing firm to guarantee additional credit provided by lenders. If the project is not successful, then all the remaining assets and cash flows can serve as a source of repayment for all the creditors of the combined entity.

    – Project Finance – means instead that the new project and the existing firm live two separate lives. If the project is not successful, project creditors have very limited claims on the sponsoring firm’s assets and cash flows.

    Advantages of project finance

    • Off-Balance Sheet – Keeps projects off sponsors’ balance sheets
    • Risk Sharing – Spread risks among stakeholders.
    • Expertise and Resources – Access to specialized skills and assets.
    • Flexible Repayment – Structured according to project cash flow.
    • Limited Liability – Limited liability for sponsors.
    • Optimized Capital – Mix of equity and debt for better returns.
    • Project Specific – Tailored financing for unique project needs.
    • Enhance Credit worth – Improves project and sponsor credit.
    • Encourage Private Investment – Boosts private sector involvement in public projects.
    • Long Term Financing – Aligns repayment with project lifespan.

    Significant Deals in Last 12 Months

    Project financings have commenced and concluded in your jurisdiction over the last 12 months are –

    The Asian Development Bank has approved:

    • $300 million loan for the installation of water supply and integrated stormwater and sewage management infrastructure in Rajasthan’s secondary cities; and $270 million loan in Madhya Pradesh.
    • The International Finance Corporation has promised India a sum total of $2 trillion for the development of green buildings; the expansion of renewable energy sources; and the improvement of public transportation facilities.

    The World Bank and Himachal Pradesh government have agreed to a $2 million loan for the Himachal Pradesh State Roads Transformation Project.

    In conclusion,

    project finance is a sophisticated financial strategy employed for large-scale ventures, emphasizing risk management, precise structuring, and collaboration among various stakeholders. By creating Special Purpose Vehicles (SPVs) and employing limited or non-recourse financing, it shields investors from excessive risks. Careful risk allocation, rigorous due diligence, and meticulous documentation are essential components, ensuring that projects can attract funding and proceed smoothly.

    Government support, both in terms of permits and political risk insurance, plays a crucial role in mitigating uncertainties. The cash flow waterfall mechanism and well-defined exit strategies provide investors with confidence in their investments. Overall, project finance stands as a testament to financial innovation, enabling ambitious projects to become reality while minimizing the financial exposure of individual entities.

    Two more towers in Chintels Paradiso declared unsafe

    By
    Shivam Tomer
    -

    GURUGRAM: Two more towers in the Chintels Paradiso society have been declared unsafe by officials said on Tuesday citing a structural audit report by IIT-Delhi. Last year two people died there after Tower D partially.

    Deputy Commissioner (ADC) Vishram Kumar Meena said that the IIT-Delhi team completed the sampling work of towers A and G while the sampling for Tower H is in progress. Towers E and F of the society in Sector 109 are not fit for habitation. 

    Meena said that the IIT-Delhi team has found structural deficiencies in the construction during the structural audit of towers E and F of these towers and repair are not possible on technical and economic grounds. The allottees of the two towers would be rehabilitated as per the rules and the IIT-Delhi team has also recommended that E and F towers be closed. 

    In November 2022 IIT-Delhi had earlier declared Tower D unsafe in its investigation report whose valuation report is also being shared with the residents of the tower and the developer for the settlement-related process.

    “As per the report, it is found that a high amount of chloride is used in the concrete for construction purposes. Due to this steel and concrete used in construction got eroded”, said ADC Meena, who is also the chairman of the SIT constituted by the district administration to investigate the February 2022 incident.

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    Bombay high court revoked cancel notice for 517 slum projects

    By
    Shivam Tomer
    -

    Mumbai: The Bombay high court has invalidated a notice the Slum Rehabilitation Authority (SRA) had issued for the cancellation of 517 slum projects that had been left unfinished since 2014.

    The notice that was issued was, according to the high court’s bench of Justices G.S. Patel and S.G. Dige, “entirely outside the frame of the law and not issued in accordance with the law.”

    According to the order, a specific hearing must be held for each case, not just a general notice. Following a statement made in the state assembly by the then-housing minister Jitendra Awhad, SRA CEO Satish Lokhande issued the notice in April 2022.

    “The high court has not restricted the powers of the SRA while quashing this notice. We will now be issuing individual notices. Only those cases where the developer is genuine will be allowed to continue with the scheme. The criteria include the developers who are willing to deposit rent for 11 months and demonstrate financial capability”, said Lokhande.  

    “The proviso is clear. It means that every defaulting owner/developer must be given notice and afforded a hearing. No rejection of a scheme can proceed, or appointment of another developer or re-development by the SRA can proceed without compliance with the proviso”, said the bench referring to the Maharashtra Slum Areas (Improvement, Clearance, and Redevelopment) Act, 1971.

    According to the law, the SRA CEO was required to move forward with each project individually, pointing out any deficiencies, the court claimed. “It is not possible for the CEO to group together as many as 500 projects, claim that they are all behind schedule, and move forward under the presumption that every delay is the fault of the developers,” the statement reads.

    The document continued, “Therefore to demand compliance with undefined requirements in an undefined time, and in default of such generalities that are impossible to meet, threaten the recording of a rejection of the proposed slum schemes.”

    The bench stated, “It is well settled that an authority must act in that manner or not at all where a statute requires it to do so.”

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    Property dealer forges papers for Haryana RERA certification ends up with canceled registration

    By
    Shivam Tomer
    -

    A property dealer lost his H-RERA registration for forging documents related to his office address in what was likely the first such case.

     

    Vineet Kejriwal used forged documents and the signature of an engineer to claim RND Projects, a Bristol hotel, as his rented office. Following the victim’s complaint, the deputy commissioner’s office conducted an investigation and determined that the claims were true. As a result, the DC ordered the cancellation of his RERA registration.

    “I filed a complaint with the DC’s office and H-Rera in July last year against Kejriwal for forging documents to obtain the regulator’s certification at our company’s address,” said complainant Deepak Hans. “On a tip, I found out the forgery while conducting an RTI query to obtain the names and addresses of the city’s registered property dealers,” he added. 

    It was revealed in the RTI response that the address of Shop number 30, GF, Bristol hotel was mentioned on Kejriwal’s license, which was signed by DC Gurgaon.

    “It was abundantly clear that the accused forged and independently created documents in order to deceive the DC office and obtain the certification, and even the lease agreement was entirely fabricated and false”,  he claimed.

    Following the complaint, the deputy commissioner directed an inquiry and appointed the city magistrate as the investigation officer. 

    The inquiry report stated that I have reached the conclusion that the documents submitted to authorities by Vineet Kejriwal were obviously forged, and the accused has made himself liable for appropriate legal action. The license issued to the accused on those documents may be canceled. 

    On the basis of the inquiry report, the deputy commissioner directed the cancellation of Kejriwal’s RERA registration and recommended the regulator to initiate action against him. DC further wrote to the commissioner of police and the district revenue officer to take action against the accused as per the recommendations of the inquiry report.

    Over 1,800 real estate agents registered with the regulator had previously received warnings from H-Rera asking them not to engage in unethical behavior.

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    NGT imposes fine of Rs 68 crore against 343 stone crushers in Haryana

    By
    Shivam Tomer
    -

    Gurugram: National Green Tribunal asked the pollution board to take action against the violators of environmental norms in Charkhi Dadri. No stone-crushing unit will be allowed until the air quality index comes below 200.

    A fine of Rs 68 crore has been levied against 343 stone crushers in Charkhi Dadri by the National Green Tribunal for violating environmental regulations. 

    The order came on the basis of a petition filed by local resident Vinod Kumar Jangra, who alleged that dust and dirt from the stone crushers were adversely affecting the environment and public health.

    The court had asked for a factual report following the plea. The assessment revealed that the average AQI for the vicinity of the crushers was higher than 200. As a result, NGT asked for action from the pollution board.

    The order stated, “We also fix interim compensation at the rate of Rs 20 lakh against each of the stone crushers operating in the area on ‘polluter pays’ principle. The compensation will cover the period from five years prior to the filing of this application and till date. This will apply to all 343 identified stone crushers as mentioned in the report of the joint committee dated 17.01.2023”. 

    No stone crushing unit would be allowed to operate in the area until the air quality index was in the ‘moderate’ category and dropped below 200 as per the bench’s order. 

    The collected fine would be used for the restoration of the environment in the area.

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    China focusing to stabilize housing prices and strictly curb speculations

    By
    Shivam Tomer
    -

    After a flurry of government moves to support the crisis-hit sector, a ministry publication reported on Tuesday that China’s housing regulator will work to keep housing supply and demand balanced, make home prices stable and strictly curb speculation. 

    According to China Construction News, led by the Ministry of Housing and Urban-Rural Development, China will make more targeted efforts to support demand for owner-occupied and improved housing to boost market confidence. 

    According to the report the regulator held a video conference On Tuesday vowing to promote home delivery, help resolve financing risks for property firms, and equally support the balance sheets of state-owned and private property firms. 

    In the last year, China’s property sector got severely affected as cash-squeezed developers were unable to finish apartment construction, prompting a mortgage boycott by some buyers. The authorities launches a flurry of support policies targeting home buyers and property developers to relieve a long-running liquidity squeeze that hit developers and delayed the completion of many housing projects.

    According to the official data released on Tuesday, property Investment decreased by 10 percent in 2022. The first decline since records began in 1999, and the property fell by highest since 1992. 

    On Tuesday the statistic bureau also anticipated that due ti the enormous demand for owner-occupied and enhanced housing, the property sector’s impact on economic growth in 2023 will be much less than it was in 2022. 

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    Proptech constantly revolutionizing the real estate sector

    By
    Shivam Tomer
    -

    The real estate sector is known worldwide for contributing to economic activities and the country’s development.  the real estate sector is traditionally categorized as one of the largest employers in various activities and processes such as construction, design, development, advisory, financing, sales, etc. The real estate sector is emerging with promising opportunities for entrepreneurship over the last couple of decades.

    The real estate sector is now thriving with innovation, making it one of the fastest-growing fields. Real estate entrepreneurs especially in proptech, are taking advantage of the stream of new technological developments to digitalize the property industry. Numerous real estate companies are changing the existing systems and processes of the industry with innovative business models.

    Proptech entrepreneurs offer several solutions for the real estate markets. Numerous property search tools, innovative buying solutions, new renting practices, selling alternatives as well as new concept agents, and landlord solutions offer customers easy access to reviews, visuals of how the property looks every season, tools to rate the property’s infrastructure, and many more such benefits.

    App and web-based listing platforms for residential properties provide various search services to house owners and house seekers without or with minimum brokerage fees and hidden charges. 

    Such companies enhance the renting and selling processes by offering a variety of innovative solutions to owners and seekers with no brokerage fees or very little in the way of hidden costs. 

    In this field, many ventures like Covie, Awfis, and Smart work convenience of co-working spaces to businesses. There are also companies that are providing home designing and buying application functions and many provide a 3D view of the accommodation, which helps the consumer have a better idea of the space. 

    Working-class people and students are the common groups that usually search for accommodation within their budget. Some the companies such as Zolo, Covy, and Stanza Living are providing co-living accommodation facilities to students and early professionals. Similarly, there are companies providing solutions in the field of Mortgages. 

    Conclusion

    In India, the real estate market sector is huge, lot of companies today are trying to diversify their operational locations and services to target the consumers that will be using their services from co-living to co-working.

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    Proptech firms have a rich future with approx. $1 Billion expected in investment by 2025

    By
    Shivam Tomer
    -

    According to a report by CII and Colliers, Investments in proptech are supposed to double in 2025 compared to 2020, as coordinating with technologies in the real estate sector is at a growing pace. The investments in proptech firms are expected to reach USD 1 billion.

    Confederation of Indian Industries (CII) and property consultant Colliers India mentioned in a joint report ‘Real Estate 3.0: Technology-led growth’ that the pandemic has encouraged technology in the real estate sector, which allows service for remote working, simplifying construction and focuses on the betterment sector. 

    It added that technologies like Internet of Things (IoT), Virtual reality (VR), and Artificial Intelligence (AI) were in use pre-pandemic. However, in the last two years, such technologies are being utilized in ample. Focusing on health and wellness, the consultant said that smart building materials with automated air quality systems are extensively popular and accepted.

    The report said that technologies offer ample opportunities in proptech. The investments in Proptech are expected to be USD 1 billion in 2025 from USD 551 million in 2020. 

    Technologies brought more transparency to the Indian real estate market. Colliers India added that the term proptech is been widely used in recent years with the pandemic encouraging technology innovation to an unseen extent level. 

    Proptech was largely limited to residential marketplaces and a few entities dealing in commercial real estate in India, while largely focusing on commercial properties and listing residential.

    The report said that technology has now invaded every aspect of real estate, from design and planning to construction techniques to managing building facilities and properties.

    the consultant said that proptech seems to grow significantly in the upcoming years, as the improving technologies ease the transactions, and bring transparency to the process. 

    The consultant also put into consideration the challenges in adopting the technologies such as privacy and data security, cost implications for occupiers and developers, and heavy reliance on power supply.

    The report prompted that reduced demand for manual labor could lead to layoffs of employees, along with the increased need for specialized labor. 

    Akhil Saraf, Founder, and CEO, Reloy, said building technology can increase the value of the asset class for real estate while reducing costs. He added that there are various challenges across all aspects of a builder from construction technology and tracking to sales, marketing, and CRM efficiency. Real estate requires unique technology to realize the underlying value as it is a high-value product with a long product lifecycle. 

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    Who are realtors, how do they work, and what are their working patterns?

    By
    Shivam Tomer
    -

    A Realtor can be a real estate agent, a broker-associate, a managing broker, an exclusive buyer’s agent, etc. They are members of the National Association of Realtors India (NAR-INDIA), which is the top representative body and advocacy group for those in the Real Estate Transaction Advisory encouraging realtors to follow the highest professional and ethical standards in the industry. Realtor is actually a trademarked term. Both the real estate agents and realtors are required to pass agent licensing requirements in their state but the realtors have to additionally pass the NAR Code of Ethics course which makes them apart from real estate agents.

    Why choose a Realtor?

    Realtors are professionals who work as real estate agents and help buyers to find their desired properties.

    Realtors work to sell the property at a suitable cost. They dig deep to analyze the market and try to provide the best price tag to the buyers. 

    Realtors are experts and they know the applicable strategies to drive more traffic to the real estate property. 

    They provide services like finding the right property, negotiating the terms and conditions with the seller, helping them in purchasing, provide legal assistance to buyers when it comes to getting title deeds transferred into their name after purchasing properties from sellers. 

    Realtors ensure that clients get the best interest from the realtors’ services and can provide enormous benefits for the responsibility of selling a home. 

    They better understand the needs and desires of the buyers and are familiar with current market trends and portfolios. 

    They possess the best negotiating skills and ease the buying or selling process for their customers. 

    They generally keep themselves updated with the latest information regarding the new properties that are started by various builders associated with them.

    17 standards that a realtor must promise to uphold:

    • Treat all parties honestly and put the interests of buyers and sellers before their own.
    • Investigate and disclose when situations reasonably warrant it and refrain from exaggerating, concealing, or misrepresenting material facts about a property.
    • Cooperate with other agents unless it’s not in the best interests of the client.
    • Disclose any personal interest or if they represent family members who own or are about to buy real estate. 
    • Should not provide any recommending services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
    • Should not collect any commissions without the seller’s knowledge, nor accept fees from a third party without the seller’s express consent.
    • Refrain from taking fees from more than one party without all parties consent.
    • Do not commingle clients’ funds with their own money.
    • Ensure that all written documents are easy to understand and make sure everyone has a copy of anything they signed.
    • Do not discriminate in any fashion or for any reason on the basis of religion, sex, handicap, familial status, sexual orientation, race, color, gender identity, or national origin.
    • Be competent to conform to standards of laws and refuse to provide services for which they are unqualified.
    • Avoid false advertising and marketing.
    • Do not practice law unless the agent is also a lawyer.
    • Cooperate with the Realtor board’s investigative proceedings if charges are brought against them and present all evidence as requested.
    • Agree to no false or misleading statements for other agents, and agree to not file unfounded ethics complaints.
    • Do not solicit another Realtor’s client who has already signed an agreement, nor interfere in a contractual relationship.
    • Submit matters to arbitration for settlement instead of seeking legal remedies in the court system.

    Qualities that any real estate dealer must have, such as –

    • The realtor should have a huge source of selling the real estate property. 
    • Try to contact the dealer through the online portal if the dealer has an online presence. 
    • A  genuine real estate dealer does not charge huge amounts from the clients and always charge a negotiable amount for genuine buyers. 
    • An authentic real estate dealer performs a simple working pattern that helps the clients significantly.  

    The person is required to be a member of National Association of Realtors’ local real estate associations, pay a one-time application fee, pay annual membership fees to maintain their Realtor status, and must adhere to the National Association of Realtors’ strict Code of Ethics. 

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