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Team iPropUnited

Team iPropUnited
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RBI Issued Norms For Provisioning For Large NBFCs

MUMBAI: Reserve Bank of India issued new norms for provisioning for standard assets by NBFCs, after analyzing the increasing role played by these entities in the financial system.

Previous year RBI also came up with the framework for the scale-based regulations for Non-Banking financial companies.

RBI issued the framework that the new framework consists of four layers based on different activities, size of the organizations, and also the perceived risk.

The central bank also specified the rates of the provision made for outstanding loans, those were extended by NBFC upper layer.

When it comes to loans the small and micro-enterprise (SMEs) the provision has specified 0.25 percent. And for the housing loans, it has been specified as 2.5 percent After a year of increasing the rates, these rates will later decrease to 0.75 percent.

In the case of commercial real estate, the rate will be 1 percent. For CRE – the RH rates mentioned are 0.75 percent.

The RBI also fixed the rate for medium-sized enterprises, which is 0.4 percent.

It is mentioned that the upper layer will consist of the top 10 NBFCs, according to the size of their assets and irrespective of any other factor.

The below-mentioned layers are the 4 layers as per the scale-based regulation for NBFs:

1- Base layer

2- Middle layer

3- Upper layer

4- Top layer

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People can now withdraw up to 90% income for home loan

epf, epfo, homeloan, buyhome, income

The central government has decided to amend the Employee Provident Fund (EPF) scheme, which allows more than 4 crore EPFO members to withdraw 90% of the initial payment to buy a home from their saving funds. In addition, this amendment also offers the possibility of using EPF to pay an equivalent monthly instalment payment (EMI) for a mortgage.

According to this scheme, all subscribers are required to form a group housing union of at least 10 members in each community when using the facility. The group housing union then works with home builders, banks, or sellers to get EPFO members to buy homes. Members of the PF must meet all the conditions of the plan to use the withdrawal mechanism from the FP account.

The Employee Provident Fund (EPF) is a long-term investment fund built on contributions from employees, employers, and the government (and in some cases). This is a government-run social security program to provide safety nets to retirees. The amount invested over many years is paid to the employee at retirement, along with certain interest. However, there are some EPF withdrawal rules that you must comply with in order to withdraw from your PF account.

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#epf #epfo #homeloan #buyhome #income

To give land ownership rights to slum dwellers not feasible- Experts

As per a report from 2016, there are 128 slum clusters in Dehradun district among which 70 were encroached up on private land. The state has in all more than 582 dwellings which house more than 7.7 lakh people.

The Uttarakhand government’s land property initiative to identify slum dwellings and provide them with land ownership rights is not a feasible one, claim experts.

As per a report from 2016, there are 128 slum clusters in Dehradun district among which 70 were encroached up on private land. The state has around 582 dwellings which house more than 7.7 lakh people. Most of these settlements are on forest land or river encroached land and thus cannot be legally sold.

Reenu Paul, an environmentalist said “Saying that most of these settlements are on private land is incorrect. It is either municipal land or riverside area. There is hardly any life for these slum dwellers who live in miserable conditions,”

The environmentalist added that if these dwellings are regularised, the rivers where they are located may not survive.

“Initially, the catchment areas were encroached, then the river banks and now we have settlements even on river beds. Water is being diverted elsewhere upstream which is causing severe ecological damage. Builders have encroached on government land and with poor construction quality, they are jeopardising the lives of these settlers,” said Paul.

The government’s plan is to classify these settlements into three categories — those where land owning rights can be provided (mostly located on lands owned by civic bodies), those where a few changes in terms of security and facilities can be made to provide these rights (like those owned by the state, railways, forest department etc) and those where this is not an option. The government also plans to come up with facilities of water, electricity, sanitation etc, in such dwellings eventually. But experts don’t believe that this is a feasible plan in the long term.

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#ownership #slum #dwellers #government #uttarakhand

Delhi: Last chance to apply for DDA Special Housing Scheme flats

As per the sources applying for Delhi Development Authority (DDA) ‘Special’ Housing Scheme date is extended till Monday and the registration amount is Rs 25,000 for EWS flats, Rs 1 lakh for LIG flats and Rs 2 lakh for MIG and HIG flats. Sources, however, also said that the last date might be extended.

Delhi Last chance to apply for DDA Special Housing Scheme flats

The scheme was launched on December 24, 2021 with 18,335 flats on offer by the authorities in which 11,452 were one-bedroom flats in the lower income group (LIG) category, with cost ranging between Rs 14.1 lakh and Rs 41.1 lakh. More than 8,000 of these flats are in Narela, while the rest are located in Rohini, Dwarka, Siraspur, Ramgarh, Lok Nayak Puram, etc.

Senior DDA officials said, an assessment of the number of applications will be done on Monday and the last date will be extended if a need is felt to provide more time to applicants. One can apply for the scheme through the DDA website.

Unsold flats in previous housing schemes are offered under this scheme which will be sold at the old rates through relaxation of its costing policy. The entire process from application to allotment and possession is being done online. The allottees will have to visit the DDA office only for execution of conveyance deed.

An official said, DDA had launched a housing scheme earlier in 2021 with 1,354 flats. The flats under the special scheme are those that were returned in its previous housing schemes in 2014, 2017, 2019 and 2021. There are many DDA flats at different stages of construction, including premium three-bedroom flats and penthouses in Dwarka, but these would be offered later.

DDA officials said that its flats at Narela sub-city have been offered after taking several remedial measures like improvement of infrastructure, security and connectivity on the basis of suggestions, and feedback of allottees and residents of the area.

HDUDA schedules meeting for February 8 on unauthorized layouts

Meeting to be held on February 8 by Hubballi-Dharwad Urban Development Authority (HDUDA) with owners at its office in Navanagar.

HDUDA schedules meeting for February 8 on unauthorized layouts

On Sunday HDUDA chairman Nagesh Kalburgi said that HDUDA had issued notices to some layout owners at Hosayellapur, Somapur Road, Govankoppa and Hosayellapur on Navalgund Road saying their layouts were unauthorized and they would be cleared.

He added that as none of the layout owners have responded, HDUDA cleared the layouts on January 28. However, some layout owners have claimed they have not received the notices while others said they have received the notice and are willing to get their layouts authorized by HDUDA. To address this issue, HDUDA has called for a meeting on February 8.

Kalburgi said, “This should be considered as a public notice and the owners of all unauthorised layouts should attend the meeting with all documents.” He warned that if they fail to attend, HDUDA will once again launch a drive to clear illegal layouts.

As per the survey realty developers expecting 30% rise in real estate prices this year

According to a survey conducted by realtors body CREDAI, a significant percentage of real estate developers expect property prices to rise of up to 30% this year due to sharp increase in rates of building materials.

As per the survey realty developers expecting 30% rise in real estate prices this year

The Confederation of Real Estate Developers Associations of India (CREDAI) conducted the ‘Real Estate Developers Sentiment Survey 2022′ during December 30, 21 to January 11, 2022. As many as 1,322 developer members participated in the survey.

As per the reports around 60% developers foresee a price rise up to 20 per cent in 2022, due to increase in prices of building material.

As per the survey findings, nearly 35% of respondents expect prices to rise by 10-20%, while 25% of builders see up to 10% hike in rates.

Another 21% respondents expect property prices to rise in the range of 20% to 30%.

CREDAI-National President Harsh Vardhan Patodia, said, “With the onset of the new third wave, we are expecting the government to look at additional measures for preparedness and controlling any further impact of COVID-19.”

Most of the developers are focusing on digital transformation which has led to an increase in online sales, he said, adding “around 39% of the developers are doing 25% sales online which we think will increase substantially this year.”

The report underlines top concerns of the developer community including controlling the input cost, introducing credit input on GST, increasing availability for funding, streamlining and faster approvals for projects.

Among other major trends, the survey found out that 92% of respondents are planning new launches in 2022.

As many as 74% developers surveyed want “Ease of Doing Business”, 55% developers will adopt virtual reality in their business in 2022.

Online sales contributes up to 25% to business of 39% respondents. Around 65% developers are willing to explore new business models in 2022 like co-working, co-living, the survey report said.

Around 96% of the developers would prefer to launch residential real estate in 2022.

The Confederation of Real Estate Developers Associations of India (CREDAI) is the apex body of private Real Estate developers in India. Established in 1999, CREDAI represents 13000+ Developers across 221 city chapters in 21 states.

Rs 500 crore to be raised by Mindspace REIT through issue of NCDs

K Raheja Corp-backed Mindspace Business Parks REIT is planning to raise up to Rs 500 crore through the issuance of non-convertible debentures (NCDs) in one or more tranches.

Rs 500 crore to be raised by Mindspace REIT through issue of NCDs

The executive committee of K Raheja Corp Investment Managers LLP, the manager to the REIT has approved the issue of listed, rated, secured, non-cumulative, taxable, transferable, redeemable NCDs by the REIT.

The REIT said in a regulatory filing that the issue will be made on a private placement basis.

Last week, private equity major Blackstone Group sold its entire 9.2% stake in K Raheja-backed Mindspace Business Parks REIT to sovereign wealth fund Abu Dhabi Investment Authority (ADIA) for $235 million, or Rs 1,740 crore.

Mindspace Business Parks REIT, with income-producing commercial assets in Mumbai, Pune, Hyderabad and Chennai, had raised Rs 4,500 crore through its Initial Public Offering in July 2020. The issue was well received in the middle of the pandemic with over 13 times subscription.

Mindspace REIT comprises 10 Grade-A office assets totalling 31 million sq ft located across India’s four key office markets. Over 85% of this portfolio is leased to marquee tenants with 31% of rents from Fortune 500 companies.

As per the reports Institutional investments in real estate down 17% in 2021 at USD 4 bn

Institutional investments declined to USD 4,033 million in 2021 from USD 4,833 million in the previous year. Colliers India attributed the fall in investments to conclusion of some large transactions in 2020.

As per the reports Institutional investments in real estate down 17% in 2021 at USD 4 bn

As per the data, the institutional investments in office assets fell to USD 1,248 million last year from USD 2,199 million in 2020 calendar year.

Similarly, the inflows in mixed-use development projects dipped to USD 182 million from USD 1,616 million. Retail assets also saw a marginal fall in investments to USD 77 million from USD 79 million. In contrast, industrial and logistics segment received USD 1,130 million institutional investments in 2021, a sharp jump from USD 195 million in the previous year.

The industrial and logistics investments has been highest in 5 years. Institutional investments in housing sector rose to USD 919 million from USD 386 million, while inflows in alternative assets (student housing, co-living, life sciences, data centers) grew to USD 453 million from USD 359 million. Colliers highlighted that the industrial and logistics segment has been drawing strong operator and investor interest due to increased demand from e-commerce and 3PL (Third Party Logistics) players post pandemic.

In the housing segment, the consultant said that private equity funds are looking at providing capital for fresh investments and also for refinancing/ restructuring existing loans of banks and NBFCs. The luxury housing segment accounted for about 35% of the total investments, with the rest in mid-income and affordable category projects.

Follow these astonishing tips to make your rental space like home

Follow these astonishing tips to make your rental space like home

In this Covid-19 situation, we all have been spending most of the time at home and looking at our bare and boring walls! When you rent a property, it can be difficult to make the place feel like home or create any home modifications without breaking any conditions of your rental agreement. Luckily, there are some easy, temporary methods to add a little character and flair, to make your rented flat feel like home without splitting your budget.

Here are some incredible ideas to make your rental place feel like your own!

  1. It’s all about lighting.

Even the best-styled room will look boring under inappropriate lighting. Don’t depend just on ceiling lights. Put in floor lights, table lamps, or even beautiful candles. Embrace the natural light you have with the help of mirrors to reflect it around the room. An outstanding piece of advice as well is to take advantage of different brightnesses.

  1. Paint in your way

Paint will always sound clichéd, but the impact of a thing makes it clichéd! When the landlords hand over the flat, they use a very basic shade of white paint. But what we forget is that white also comes in different tones! So choose the tone of white which you think is the best for you! You can’t experiment with bright colours in a rental home but various shades of white will come to your rescue.

  1. Put some natural greenery

Plants have some freshness and pleasure connected to them. And keeping them in your rental area is certain to brighten the place like your own! Purchase plants that will amplify the interiors of your house.

  1. Cushions and Rugs

The best part about rugs is that they are handy and can completely change the look of a room! But what has to be focused upon is the size of the rug. If a rug is too tiny for a room, it will make the room look strange. And similarly, if it is too big for a small room, it will make the room look claustrophobic.

  1. Curtains

If your rental came finished with plastic or metal blinds, then you can install trendy curtains in front of the windows to disguise what is there- remember to review with your landlord here! It won’t just look and also make your flat much hotter during those long winter nights.

  1. Add the art without the holes.

Concerned about hanging framed photos on your wall? Prop them on walls positioning them on an end table or nightstand, or even prop a large work on the floor in your living room.

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Add natural greenery to your house with these easy to maintain houseplants

Add natural greenery to your house with these easy to maintain houseplants

Are you inquisitive about adding greenery to your house? Wondering which indoor plants are simplest to develop according to the Indian climate? Want to lower pollution levels inside your home and breathe neat air instead? Why not go for an indoor lawn? You could purchase these indoor plants that are simple to manage, brighten up your interiors, and in the bargain, cleanse all that stale air and toxic gases giving up you as fresh as a dewy daisy every day! Here’s our list of the top 10 low-maintenance indoor plants best worked out for the Indian climate.

  1. Flamingo flower (Anthurium)

Do you refer to that type of people who want to add a sprinkle of colour around the home and aren’t just searching for green plants? Then your answer is Anthuriums. The leaves of this plant are bunched in shape and the inflorescence bears small flowers which come in various colours. The flowers are obtained in a dense curl on the spadix. You could also go for a climbing Anthurium to hush up a bare wall, in such a possibility be sure to deliver the plant with a thick totem pole to help it climb easily.

  1. Indian Basil

Remember every time you had a sore throat and mom used to make Tulsi Chai for you? Yes, you guessed it right! Indian Basil is that Tulsi plant. Widely known for its medicinal properties, Indian Basil comes with negligible maintenance. Plant it in a simple pot and have the air around you purified! The perfect place to keep this plant in a sunny window.

  1. Areca Palm

This leafy plant can be grown anywhere in the house in indirect sunlight. Make sure it is not exposed to direct sunlight, or the leaves will turn yellow. The plant can grow as high as 30 feet outdoors, but it is restricted to about seven feet at indoor locations. Put it in a small container and the crowded roots will help in limiting the size of the plant. The plant is useful in filtering xylene and toluene from the air. It also works effectively as an effective humidifier. Water enough to keep the soil moist and let it dry a little between watering in winter.

  1. Ferns (Pteridophytes)

Here’s a plant that was over on earth before you and your forefather was even born! Ferns are computed among one of the ancients species of plants on earth, dating back to prehistoric times. Ferns belong to a group of vascular plants that carry neither flowers nor seeds. With a lush green canopy of leaves, they give your house an ornamental value. In addition, they also eliminate chemical contaminants from the atmosphere and huge metals, particularly arsenic, from the soil.

  1. Money Plant (Epipremnum aureum)

If only plants bore wealth as gifts on their leaves! But since they do not, why not go for a plant where you can spread your intuition a bit and imagine that the round, plump, flat leaves appear like coins! It doesn’t abuse the cause, that the plant is attractively lush, needs little maintenance, and efficiently eliminates indoor impurities like formaldehyde and benzene. Of course, the generally held notion that while the plant thrives in your home, you will run either short of wealth or friends discusses in its favour as well!

  1. English Ivy

This green plant is great in reducing the fecal-matter particles from the air. English Ivy requires a lot of light to look green and fresh. If it is not able to get the amount of sunlight it needs, it becomes the best friend of the pests! When watering, special care must be taken, and the soil must dry before watering again.

  1. Dracaena

This plant is also very tall-growing and can grow up to 12 feet. Therefore, it must be kept in a place where it gets an ample amount of space to grow. Pruning is also easy to handle its height as the new leaves will grow below the cut in a few weeks. It doesn’t require direct sunlight. It needs soil that is moist but not at all soggy. If you ever notice yellow leaves appearing in Dracaena, it is an indication to stop over-watering or making the drainage proper. The best place to keep it is near a sheer curtain.

  1. Azalea

flowers are beautiful in a picture-perfect kind of way. They also help in reducing formaldehyde from the air and are available in many colours. Spring season is their best friend as in that period of the year, they produce flowers which last for several weeks. They can be kept in places that do receive enough light as they are highly resistant to shade. You can even help the plant retain its shape by trimming it whenever required. Keep it in your bedroom and notice yourself getting happy every time you look at it!

  1. Weeping Fig

Weeping Fig is a little slow to grow when young, but once it reaches its complete form there’s no stopping it. It can grow up to 10 feet! This extremely leafy plant fights against emanations from furniture and carpets. But what must be kept in mind is to not move the plant around inside the house too much as it sheds its leaves if done so. Place it in a bright spot that receives indirect sunlight and don’t move it from there. It also must be kept away from places which receive direct hot or cold air as this also causes shedding of leaves, for example, in front of windows or on the doorways.

  1. Ladies’ Slipper Orchid

Due to its pigment and energy, this plant eliminates dullness from your house. As the word suggests, Ladies’ Slipper Orchids have slipper-shaped flowers. The exotic-looking dark green leaves are like the icing on the cake. While watering this plant, special care should be taken.

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