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Team iPropUnited

Team iPropUnited
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With Incredible Architecture, Saya Zion To Hand Over Possession In 2017

By
Team iPropUnited
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saya zionIf you want to explore the beauty of nature and get refreshed with the air, then the latest project Saya Zion by Saya Homes is the place for you! Everybody has an image of a dream home in which they want to live and Saya Zion has all those qualities, features, facilities and luxuries. With its spectacular features, it would be totally true of we would say that Saya Zion is one of the finest architectures in Greater Noida West. Saya Zion lays emphasis on greenery in the complex with a perfect combination of contemporary and modern lifestyle.

Located at a serene environment but perfectly accessible
The best thing about the Saya Zion is its location, which is right adjacent to the greenbelt in Greater Noida. The ambience is awesome with a tranquil feel to soothe your nerves and luxury homes to fulfill your dream of perfect home. Saya Zion is right next to Noida Expressway with an easy connectivity to the soon-to-be-built metro station.

Spectacular features
•With perfect lighting and ventilation, 2, 3, 4 BHK homes are designed in a contemporary way and modern way.
•Every building has two high speed elevators.
•Beautiful lobby with beautiful landscaping.
•Commodious and airy balconies.
•High security system with CCTVs and the facility of intercom
•100% and 24*7 power backup facility
•Ample space for car parking in two levels of basement
•Rainwater harvesting
•Facility of swimming pool

Saya Zion also offers the benefit of customizing the payment options to customers which highly works in their favour. 2BHK flats are starting from Rs.45.48 lakhs onwards. The modern and lavish lifestyle comprised will be ready for possession in 2017 itself!

Group Housing Plots To Be E-Auctioned In Gurgaon From 15th June

By
Team iPropUnited
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GurgaonHaryana Urban Development Authority (HUDA) has developed a Group Housing Scheme 2017 which will work towards issuing plots to people of different groups in the different cities and towns of the state, which also includes Gurgaon.

These plots under the Group Housing Scheme are available at Dadri, Hisar, Faridabad, Panipat, Karnal, Palwal, Sonipat, Rewari etc. These plots are expected to witness the allotment through the process of e-auction and will be given to the suitable organizations for welfare housing or cooperative group housing societies.

15th June will see the initiation of the e-auction of the group housing plots. All the people who are interested will have to form a welfare housing organization or a cooperative society to become eligible for getting themselves registered to take part in the e-auction process. It is to be noted that the organizations which have their members as Indian residents only, will be able to apply.

One person can be a part of five cooperative societies, but only one membership of successful society in the auction can be retained by him/her. Apart from this, only one flat can be owned by one member. When a person is applying for a membership in a particular estate, he should make sure that he or any of his family members should not own any house/plot in the same estate.

The minimum number of members required to form cooperative group housing society is 20 members. The allotment would be done by e-auction through a freehold basis. Welfare housing organizations and cooperative group housing societies will have to fulfill the process of signing up and registering on the portal of HUDA by obtaining user ID and password. The security amount and the fee for e-service will have to be paid online.

In the e-auction process, the successful welfare housing organization or cooperative group housing society will have to pay 10% of the proposed amount.

Then under 45 days of the auction, the society will have to pay 15% of the proposed amount as HUDA issues a LOI (Letter of Intent) requiring them to do the same.

If the society defaults in paying the amount, the initial fee and 10% of the proposed amount paid would be forfeited and the LOI would also be cancelled.

Niti Aayog To Examine Land Titling Committee’s Recommendations

By
Team iPropUnited
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niti ayogLand titling authority has recently submitted some significant recommendations which shall be reviewed by a task force from various departments to be constituted as Niti Aayog. The time frame of 2 months has been allotted to the committee for the review purpose. The task force includes director of land records, director of commerce, director of legal affairs, members of urban development as well as the members of committee on land titling.

Currently, while providing for the registration of property documents and deed, the titles on the owners are not clear under the Central Registration Act (1908). The title remains presumptive as the probing of past transactions and ownerships of the property at the time of registration of property is not carried out in India.

To address the land titling status, a meeting was chaired by the Joint secretary to Prime Minister TV Somanathan at the Prime Minister’s office. Necessary amendments have been introduced for the central and state laws to assure complete ownership to the citizen of the country.

Post amendments, once the property is registered with the proposed centre authorized for land titling; a detailed title search shall be conducted including its past ownership, litigation and transaction history. It is considered as a major step to guarantee land titles as buyers will then have a clear understanding of ownership issues as they have past records of land as well.

Director of land records are authorized to prepare proposals for amendment in the Contract Act, Transfer Property Act. Relevant amendments to the provisions shall be notified to the states which will further implement the necessary changes in their land legislation.

Maharashtra is considering the proposal to implement amendments in Maharashtra Land Revenue Code and the state government would have to enact the legislation.

5 Ways To Innovatively Use Tiles In Home To Perk It Up

By
Team iPropUnited
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color roomEarlier, tiles were only used in the bathrooms. Then, they started getting used for flooring in homes. But now, thanks to the modern interior designs, tiles are being used in a very innovative way! Especially the ceramic tiles, which are made of clay, are extremely attractive and decorative. And the best part, they come in innumerable colours and designs, so you can easily match them up with your existing décor.

So we have brought five different ways in which you incorporate the latest and impressive trend of tiles in your home!

1.Tiles for wallscolorful tiles for wallWe love the wallpapers alright, but since they have become a little too common nowadays, we would suggest you to for tiles. You can opt for different colours or maybe even just a single colour, and create a pattern of your choice. You can go the funky way or the subtle way or any way you want, but we assure you that the wall covered with tiles is going to look fabulous!

2.Tiles in kitchenColorful-kitchen
Kitchen is one of the most interesting places of the house, but only in terms of the food it produces. So why not make it interesting in appearance also? There will be a lot of empty spaces between the cabinets and counters, so that is where the colourful tiles will take their place! If you want your kitchen to look cheerful and lively, use fruity colours. You can also use different tiles with different designs and arrange them in an attractive pattern!

3.Because highlighting is important!staircaseThere are certain areas of your home which are very prominently noticed, but are not decorated accordingly. Then tiles can become their best friends! Spaces like patio, verandahs or the entry gates can be beautifully decorated with Spanish or Jaipuri tiles in different styles. You can also highlight your staircase to give it a lavish feel!

4.Furniture made of tiletableSounds strange, right? But the idea is extremely innovative and impressive! Tiles can be used for side tables, dressing tables, coffee tables or even at the head of the bed! You can even these tiled tables in the patios and verandahs, which will perfectly complement the flowers and plants present there.

5.Tiled cabinetsdecorative-cabinetsBored of the ages old wooden cabinets? Anybody would be, because it has been centuries since people are seeing them. So buy tiles in pretty designs and cover your cabinet. But make sure to lightweight tiles as the ply board would already be very heavy.

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Subsidy Of Rs.1.5 Lakh To Be Given To EWS For House On Private Land

By
Team iPropUnited
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house + money_pmAs per the new announcement by the government, it is most expected to pay Rs.1.5 lakh to every family which comes in the category of EWS (Economically Weaker Section) and is buying a house constructed on a private land. This kind of assistance is new to the houses developed on a private land since till date, this assistance was given only for the houses that were constructed on government’s land or any land by municipal bodies.

The Union Housing Minister, Mr. M Venkaiah Naidu said that the ministry is contemplating the option and decision after some affordable projects were launched by private developers.
Naidu clearly emphasized on all the initiatives taken by the Modi government to provide a home to all the people living in urban area with his vision of Housing for All by 2022. While mentioning the number of affordable houses sanctioned by the ministry, he also said that Modi government has actually proved itself by making a difference.

Around 17.73 lakh affordable homes have been given the approval in around 2008 towns and cities, in comparison to the previous government, which was only able to approve 13.82 lakh affordable houses in 10 years.

To achieve the target and vision of Housing for All by 2022, the government has been targeting 15 union territories to achieve the target in those particular areas by 2019. Such Union States and Union Territories names include –

•Arunachal Pradesh
•Himachal Pradesh
•Meghalaya
•Kerala
•Manipur
•Jammu and Kashmir
•Tripura
•Nagaland
•Andaman and Nicobar Islands
•Sikkim
•Daman and Diu
•Chandigarh
•Puducherry
•Dadra and Nagar Haveli

The remaining states will be worked upon by 2022.

Realtors Turning Towards Affordable Housing Projects To Enjoy Benefits

By
Team iPropUnited
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affordable houseSince the government has been making great effort in the form of providing various incentives and benefits for the projects of affordable housing to work towards the vision of ‘Housing for All’, real estate developers have been twisting their plans to redevelop their projects into affordable ones.

Apart from the major incentives for the affordable housing sector, infrastructure status has also been granted to the same. The step is expected to benefit the developers of affordable housing as they will be able to receive institutional funding easily.

Many developers are choosing affordable housing projects as it will manage their cash flows, which in turn, will improve the process of construction and thus, to a good number of sales.

The demand in the affordable housing segment is quite high.

The demand for affordable housing is based on the performance of the developers and the payment options as provided to the homebuyers. Ticket size also plays a major role in affecting the decision to invest in affordable housing.

Many leading developers confirm that they have given a re-application for their projects or have realigned their projects, as they feel that there is more growth and improvement in affordable homes segment. If we peep in the future, affordable housing segment will be a very major area with a lot of advantages for the homebuyers.

How To Transfer Home Loan Balance To Other Banks?

By
Team iPropUnited
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home loan transfer Home loan bears great importance and with virtue of this, it holds quite a high-interest rate. The demand for home loans is high as everyone wants to own a home for either commercial or personal use. Home loan is a debt that sticks around with a person for up to 20 to 25 years. As the duration is high, a person ought to get worried about the interest rate in the long run. The idea of having a home is fancy though. The burden that one needs to bear for the rest of the years can be stressful. The stress is not the duration but the interest rate that can easily vary from 8% to 13% approximately. Every bank has a different rate of interest.

What should a person do in such stressful situation? Transfer of home loan balance is the option that one can opt for in order to at least pay the EMI at a lesser rate of interest. In the perfect competition where almost every bank is providing home loans, each of the banks tries to attract the customers of an existing lending bank by offering loan transfer at a low rate of interest. This definitely is a loss for the bank that has already lent the loan but a situation in favour of the borrower.

What should be your preparation before you get the loan transferred to other banks?
Before you take the decision of getting the home loan balance transferred to another bank, following points should be considered.
• Check the amount that is yet to be paid. If the amount to be paid is not even half of what you have paid, then transferring the balance doesn’t make sense.
• If the tenure is negligible, even then the transfer would not be profitable. For eg, you have a tenure of 20 years and you have already paid for 16 years. What will be the benefit in the next four years?
• Make sure the interest rate offered by the new bank is comparatively lower than the one you are already paying. Paying 1 or 2 % less than the current interest rate wouldn’t give you a marginal profit.
• The rapport of the bank in balance transfer and then the continuity should be investigated. A poor service in the past can be a hint that this shouldn’t be done.

How should you now transfer home loan balance?
The first step towards home loan balance transfer to a new bank after all the above factors have been taken into consideration is to shortlist a few banks you would want to apply to.

After a proper rain-check, decide the best bank offering you the best rate for the home loan transfer. You now apply for the balance transfer to the existing bank.
Various fees like foreclosure charge, processing fee, stamp duty, incidental charges etc. will be deducted. There would be no foreclosure charge in case the home loan is at a floating rate of interest. The processing fee can be around Rs. 10,000 or it can go up to 1% of the total loan amount disbursed. The stamp duty which is from 0.2 % to 0.5% on the existing mortgage is applicable on few states other than Delhi and NCR.

It should be noted that if you are from Maharashtra, then incidental charges should be paid. There is no exemption to it.

The existing bank should give you a sanction letter which can be shown to the new bank chosen. It is important that all the property documents secured with the old bank should be submitted to the new bank that has disbursed the required amount to the old bank.
Well, this is how the transfer of home loan balance is done from one bank to another. This is applicable to property which is already owned by you. What if the property is still under construction and you want the balance transfer to be done? This is a question that most people come across and gets into dilemma to take the right decision.

Transfer of home loan when the property is still undergoing construction
This is a situation that sounds tricky but the process of transfer of balance is not. Check with the new bank the eligibility of balance transfer depending on various heads like a security deposit, electrification charges etc. There can be a plus minus in the process that you may need to do. Make sure you are not stuck between the disbursements of the balance with any payment to the builder. So, buy time for the loan transfer.

Before the bank approves the transfer, the builder will have to issue a new permission to mortgage known as PTM. This must be done as the previous bank will no longer pay for the property.

It is that simple. It is interesting to know that when one wants a home loan, the interest rate is high and when the same bank approves for the balance transfer, the interest rate is lower than what is approved for a new loan.

Many people do prefer home loan transfer for the benefit of paying the EMI at ease.

Tata, Godrej, Adani Show Interest In Buying Sahara Properties

By
Team iPropUnited
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sebi sharaAs the Sahara Group is desperate to raise money by selling off its land parcels, in order to deposit the same with SEBI as directed by Superme Court; Corporate giants like Adani, Godrej, Tatas and Patanjali shown their interest in these 30 properties worth 7,400 crores.

Auctioned by the real estate consultants Knight Frank India, major real estate developers including Omaxe, HNI and Eldeco have also shown their interest in these properties equally. One public sector firm Indian oil is also in the league of buying these properties of Sahara Group. Sahara group has also decided to auction its one of the hospital in Lucknow, which a Chennai based Apollo Hospital is seeking for. The evaluation and due-diligence process has already been initiated by hospital and they have also submitted an expression of interest to Sahara Group. All these high-end value transactions shall be allotted with 2-3 months due-diligence period to its prospective buyers. However the names of these prospective buyers have not been disclosed yet.

The group has to raise an amount of Rs. 7400 crores within three months from the sale proceeds of 30 land parcels and has to deposit its first installment by June 17. As the Sahara group is in hurry to close these deals, it may also impact the valuation and sale process to an extent. The deals are expected to in process and not materialized yet. However, the details have been submitted to the Supreme Court.

Land parcels at Pune are still at the preliminary stage with Knight Frank running a bidding process for them. Godrej Properties is eyeing on to these land parcels. Omaxe and Eldeco yet not clarified the land parcels in which they are fairly interested but confirm that they are also interested in some of the properties which are to be sell-off by Sahara Group.

Financial bids are also invited by Sahara group from some of the shortlisted educational institutes that have shown their expression of interest for properties. Sahara group’s township Aamby Valley worth Rs. 1 lakh crore has also been directed to put up for auction by Supreme Court, earlier this week. Now the group fears that hurried sale may largely impact on its sale proceeds by favoring to the ones who are looking for cheap deals. Now the Supreme court has redirected an amount of Rs. 10,500 crore by July-August 2017 including the installment amount of Rs. 7400 crores to be due in June.

The group has commited to raise Rs. 1500 crores from the sale proceeds of its overseas hotels within 45 days and Rs. 800 crore each from its Ghaziabad land and Vasai land thus total amounting to Rs. 3100 crores. As the SEBI found it difficult to auction them with the help of specialized agencies, the group was allowed to sell its certain properties on February 28. A period of six months has been granted to the group in which it is expected to complete the sale of properties worth Rs.5,092 crores.

In order to execute the sale, Sahara further appointed Knight Frank and given a deadline to complete the sale by April 13 to meet the Supreme Court deadlines.. But as the prospective buyers are demanding more time to go through various stages of acquisition of such high value transactions as they are intended for optimal value realization. While Apollo soughed an extension of time for the purpose of due-dilligence, evaluation and inspection of the property, Indian Oil explained that they need extention in the time-frame to seek reports and approvals from various agencies and departments in order to execute the purchase deed.

163 expressions of interest and 59 prospective buyers have been acquired by Sahara group for its 30 properties by advertising twice in various newspapers across country. However the group has not commented on every prospective buyer, it disclosed that the deals are under various stages and will get materialize soon.

Over last four years, the group has already deposited an average of Rs. 250 crores per month that turns out to be a total amount of Rs. 12000 crores in SEBI-Sahara account. This account was created with the purpose of generating funds for the refund of its bondholders and conglomerate claims that more than 93% of the money has already been refunded to the investors directly.

Sahara group has highlighted its obedience to Court’s order by insisting upon the fact that depositing a whooping amount of Rs. 250 crores per month consistently from last 4 years is a big deal according to Indian corporate standards. It is worth notable that this huge amount has been deposited every month after repaying more than 93% of its liabilities towards – Sahara Housing Investment Corporation Limited and Sahara Indian Real Estate Corporation Limited.
The group claimed that as it has already paid more than Rs.22000 crore of liability, the additional Rs. 12000 crore is indeed a duplication of the payment. The various 30 properties advertised by the group for the purpose of sale are located across India – Delhi, Indore, Pune, Coimbatore, Lucknow, Bhopal, Chandigarh, Kolkata, Guna, Haridwar, Bareilly, Aligarh, Faridabad, Dewas, Guwahati, Jhansi, Gwalior, Kanpur, Noida/Greater Noida, Porbandar, Patna and Kurukshetra.

March Report Sees 19% Less New Home Launches As Builders Worry For Existing Unsold Inventories

By
Team iPropUnited
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houseWith more and more housing inventory pilling up, the developers have put a stay on the further development of new projects in the real estate segment. It can be accessed from the fact that the home launches in December quarter were about 22,428 units which have been fallen down by 5,531 units in March quarter this year. The fall is estimated to be 19.46% with 22,897 units at the March quarter.

The major reason for this decline is accounted for developer’s focus on clearing up their existing inventories. Not just the home launches, even the pricing has also seen a steep fall with prevailing rates at Rs. 6,185 per sq. ft from January to March. The price of homes have been fallen by 1.67% which was Rs. 6,290 per sq feet in the last quarter of December.

However the home sales were muted in the last quarter of December with total 28,472 units sold off during this quarter and then observed a marginal fall of 1.2% from January to March 2017 by 341 units.  This can be assessed as a post-demonetization effect as the transaction activity has been slowed down in anticipation of volatility in market. Buyer, sellers, banks as well as private equity investors are adopting a wait-and-watch strategy to get the pulse of market post-demonetization.

Regions like Mumbai, Chennai and NCR including Gurgaon as well as Noida have been flooded with significant inventory overhang. The number of homes unsold were 4,87,043 in the last quarter of December and further observed a marginal fall in the first quarter this year with 3.12% at 4,71,855 units. The further implementation of RERA (Real Estate Regulatory Act) will constrain the developers to catch-up with the deadlines of previously launched projects else they shall be liable to pay penalties for delays in their projects thus putting them at losses.

But as of now, developers are constantly focusing on clearing off their existing back-logs of home-inventories and refraining themselves launching new projects.

Rs. 38 Crores Warehousing Facility To Setup By Embassy Industrial Parks In Gurgaon

By
Team iPropUnited
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Embassy industrial parkA warehousing Facility, with world-class facility, worth Rs. 38 crores have been set up in Gurgaon by Embassy Industrial Parks. It shall be located at the NH-8 with a leasable area of 6.1 lakh sq. ft and an amount of Rs. 140 crores has been invested in the total project. It will cater to the companies which deal with third-party logistics, retail sectors, FMCG, pharmaceuticals and ecommerce.

Embassy Industrial Park is a joint venture between Warburg Pincus and Embassy Group. While the former company is a private equity giant, the later one is a well known realty developers. A pact of Rs. 1910 crores was signed between the Haryana government and the Embassy Industrial Parks last year and this ‘warehouse’ deal is considered as a part of this ‘mega’ project.

As the Delhi-NCR region caters to the 25% of warehouse facilities required across India, Embassy Industrial Parks is looking to acquire more land in the region. The aim of warehouse is to facilitate domestic and multinational companies within region which are looking out to expand their operations. The company has recently built up a 1.1 million sq ft industrial park at Chakan in Pune. An amount of Rs. 350 crores was invested in this Pune. Another warehouse at Chennai is already in process and involves an amount of Rs. 170 crores as investment. This industrial warehouse in Chennai shall be worked out as a joint venture between Brookfield Asset Management and Embassy.

The company is aiming to invest in 7-8 industrial parks over next 5 years in various cities lie Mumbai, Ahemdabad, Delhi, Pune, Kolkata and Bengaluru. The institutional funding has become more systematic in the warehousing activity since the GST (Goods and Services taxes) have been rolled out. The sector has undoubtedly proceeded towards a more systematic route of operation thus attracting more formal source of capital.

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