If you drive along the Noida-Greater Noida Expressway in the National Capital Region, you will come across several advertisements by builders promising 12 per cent assured return on office space. For people looking to invest in real estate, the return appears attractive, but should you opt for such schemes offered by developers in the commercial segment? What exactly do these offer and do they actually deliver what is promised?
Catch in the scheme:
With banks reluctant to lend to developers, or demanding an interest rate of 17-18 per cent on construction loans, developers are trying to raise money from individuals by offering assured returns of 11-12 per cent. This return is paid monthly while the building is under construction. The payments usually last till the first lease or for 1-2 years after the construction is completed.
The biggest catch in these schemes is the pricing. If you compare the price of an office property offering assured returns with that of a similar building in the vicinity that doesn’t offer this, the former is likely to be more expensive.
Says Sajid, manager at Silverline Realty, a Bangalore-based real estate consultancy: “If the market rate of the property is Rs 10,000 per sq ft, the builder will charge Rs 13,000 per sq ft. He may promise you an 11-12 per cent return till the project is complete, but essentially, he is giving back your money to you.”
Rajan Ahuja, director, Realty Verticals, a Gurgaon-based real estate consultancy, says that such assured return schemes are typically priced 40 per cent higher. “If you want to earn a higher return, you would be better off avoiding these schemes,” he adds.
For instance, if you buy a 1,000 sq ft property at Rs 5,000 per sq ft instead of Rs 7,500, and you manage to rent it out at Rs 50 per sq ft, your rate of return will be 12 per cent at the former price, but only 8 per cent in the case of the latter (see table). Besides, there’s the risk that the developer may not pay you the promised return.
As Rajeev Bairathi, executive director, Knight Frank India, warns, “Such schemes are good for only as long as the developer is doing well.” The moment he runs into financial trouble, his post-dated cheques may begin to bounce. Also, be warned that your return is likely to dip once the assured returns end. While this return tends to be in the range of 11-12 per cent, the rental return is usually 7-8 per cent.
Points to Check:
Before opting for an assured return scheme, you should clarify several things and get the developer’s assurance in writing. First, enquire whether the return will last till the completion of the project or till a tenant is found. If the scheme is only till the building’s completion, you could be left high and dry till a tenant is found, which may not happen in a hurry given the weak market at the current juncture.
Second, if the offer lasts till after the construction, and the rental rate earned is lower than the promised rate of return, will the developer make good the difference, or will he give you more space?
Three, if the tenant leaves midway through the first lease, will your assured return continue?
Four, check the developer’s track record. What if you don’t receive a cheque or it bounces? Does he have a reputation for being responsive to complaints?
Five, is the developer good at finding tenants? Avoid those with a poor record on this count.
Finally, however attractive the assured return, you must give greater weightage to the location and quality of building, as well as the developer’s financial strength.
Pros and Cons:
A popular practice in the office segment is that the builder develops a large floor area, which he then slices and sells to a number of buyers. The buyer’s space is not demarcated, nor does it have a boundary. All he has are the papers to prove his ownership of a portion of the space. The possession rights are given to the builder, who then finds a tenant on behalf of the buyers. The good thing about this scheme is that it lowers your entry barrier.
Says Anshuman Magazine, chairman and MD, CB Richard Ellis, South Asia: “In such schemes, the ticket size becomes low, so you can invest with a smaller amount.”
Sajid of Silverline Realty says that such schemes are common in technology parks, and based on his experience in the Bangalore market, he feels there is not much risk in these. However, they do have certain disadvantages.
According to Magazine, there could be disputes among owners. “When a tenant is hard to come by, you may want to rent out the floor at a lower rate, but the rest may not agree with you,” he says. Moreover, you can’t take possession of the property and rent it out individually or utilise it for your own needs. “If your space is in the middle of the floor, having access to it will be difficult,” says Ahuja.
According to Pradeep Mishra, head of Gurgaon-based Sainik Estates, there could be legal problems in asserting ownership rights since your area is not properly demarcated.
Exiting such schemes is also difficult. “Shared ownership could lead to a lot of complexities,” he says.
About a couple of months before its formal launch, developers conduct a soft launch, wherein they offer the property to investors at a discount of, say, 7-10 per cent. The short-term investors, who sell the property within 6-8 months, often opt for such schemes. While the discount pushes up the returns, remember that if prices tank, you may not be able to make a quick exit.
Says Sajid: “This is a high-risk game that only large investors should play.” So, study every scheme carefully and invest your hard-earned money in it only if you are convinced.
This may be the right time for NRIs who wish to buy property in India but there are reasons which are holding them back. Developers across India acknowledge that the number of enquiries from NRIs have certainly increased in the wake of appreciation in US Dollar’s exchange rate against Rupee, but they are not necessarily translating into transactions.
Arjun Agarwal, director and chief executive officer of Bangalore-based real estate developer Bharatiya Urban, states different reasons for this. “Some are expecting more depreciation in the Rupee’s value, some want the dust to settle and some find prices unrealistic,” says Aggarwal.
Yashwant Dalal, president of the Estate Agents Association of India, at the other end, says, “For NRIs, who wish to book profits and liquidate their assets for some reasons, depreciation in Rupee’s value is not good news.”
“The actual returns squeeze when the gains in Rupee are converted into US Dollar,” he explains, adding, “In this scenario, an NRI buyer has no option but to re-invest in India and this may not always be the preference.”
Dalal, who is based out of Mumbai, also feels that property prices in Mumbai had reached the peak years ago, and now many parts of Navi Mumbai are also experiencing artificial hike. “Property prices at places such as Wadala and Sewri are touching the levels of Dadar,” Dalal adds.
AP Mull, president, Consulting Engineers Association of India, is also of the opinion that high property prices in Mumbai are keeping NRI buyers away from the market. As per industry reports, levels of property prices in Mumbai float at par with New York, London and Tokyo. However, the presence and quality of infrastructure in the city is far from the global standards.
From being an affordable housing destination, Noida – Greater Noida is slowly transforming into a hub of luxury and high-end projects. Many developers have recently launched residential projects in this segment. Unnati Fortune World that caters to the demand of an integrated community that includes Corporate IT Park, 5-star hotel & club, manmade-lake, playing area, residential units, entertainment zone and commercial places, is one of the developers who have launched maximum projects in the high-end segment. Anil Mithas, CMD, Unnati Fortune shares insights on the demand in the luxury segment of Noida and how it is transforming into a luxury destination. Excerpts from his interview with Neha Nagpal of MagicBricks.com Bureau:
Affordable housing is the need of the hour, but you have maximum launches in the luxury segment? What is the reason behind it?
There is demand in the market for luxury products. We are trying to meet this demand by creating affordable luxury. Considering the land cost, which is now demanding premium pricing, the projects are catering to the niche luxury segment. At the same time, we also have projects like Aranya Homes in Greater Noida West, which is an affordable housing project to meet the requirements of customers looking to buy/invest in the affordable housing segment.
What do you mean by affordable luxury?
We are offering a lot of amenities including gym, pool, power back-up, parking as part and parcel of the package at very affordable rates. A lot of builders offer these separately as luxury. Hence, we believe in the concept of amenities becoming basic necessities.
What is the demand and supply of luxury projects in Noida?
The demographics of the current society suggests a generation which wants to move away from the traditional concepts in housing. This in turn has created demand and is pushing the residential segment towards the premium and luxury segment. There is also an increase in double income families wherein, people are looking at investing in the luxury segment. Also, a lot of our clientele is looking to upgrading from 2 to 3/4BHK to augment their lifestyles.
What is the profile of the buyers?
Demand for luxury housing is mainly from high net worth individuals (HNIs), who aspire to reside in spaces which are in sync with their aspirational lifestyle with traction more towards end users.
There is a huge supply in Noida and Greater Noida and the occupancy rate is low. What makes you launch maximum of your projects in these areas?
Noida–Greater Noida is slated to be the destination next in Delhi–NCR. Basis our understanding of the various market forces we believe in creating solutions for the demand which would create an environment to support the potential growth in this region.
Team Times Property explains the legal process by which a joint tenancy can be converted into a tenancy-in-common.
Joint tenancy has four characteristics: distinguishing features of joint title, joint possession, joint interest, and the same time of commencement of title.
Tenancy-in-common has two basic characteristics: joint interest and the same time of commencement of title.
In tenancy-in-common, if a co-owner dies without leaving any testamentary document behind, the legal heirs can claim the property as per the law of succession. The property is not retained by other co-owners as per the doctrine of survivorship.
In tenancy-in-common, the specific share of every co-owner is somewhat defined. Where the specific shares are not clearly defined, every co-owner is deemed to have an equal share.
Section 45 of the Transfer of Property Act details joint transfer for consideration: “Where property is transferred for consideration to two or more people and it is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to interests in the property identical, as nearly as may be, with the interests to which they were respectively entitled in the fund. Where such consideration is paid out of separate funds belonging to them respectively, they are, in the absence of a contract to the contrary, respectively entitled to interest in the property in proportion to the shares of the consideration which they respectively advanced.”
In the absence of evidence as to the interest in the funds to which they were respectively entitled, or as to the shares which they respectively advanced, they will be presumed to be equally interested in the property.
Joint tenancy can be converted into a tenancy-in-common when the shares of the joint tenants are defined with the consent of all the joint tenants, by partition, by sale of the property or share of any joint tenant.
If a coparcener expresses his individual intention in unequivocal language to separate himself from the rest of the family, that affects a partition, so far as he is concerned, from the rest of the family. By this process, a joint tenancy gets converted into tenancy-in-common.
- In tenancy-in-common, if a co-owner dies without leaving any testamentary document behind, the legal heirs can claim the property as per the law of succession. the property is not retained by other co-owners as per the doctrine of survivorship.
- Joint tenancy can be converted into a tenancy-in-common when the shares of the joint tenants are defined with the consent of all the joint tenants, by partition, by sale of the property or share of any joint tenant.
The US Federal Reserve’s decision to delay the tapering of its bond-buyback program will ease the pressure on the rupee and give some headroom to the RBI to shift focus from containing inflation and depreciation of rupee to economic growth.
There is a good news for India as the US Federal Reserve decided to delay the tapering of its bond-buyback, which is also known as Quantitative Easing (QE) program.
This would provide respite to the rupee and give some headroom to the Reserve Bank of India (RBI) to shift focus from containing inflation and depreciation of rupee to economic growth.
“We believe that now the RBI has more headroom to focus on growth supportive measures. We believe that there is a higher probability now for the RBI to calibrate and ease its liquidity tightening measures that were taken in order to contain forex volatility,” Bhupali Gursale, economist of Angel Broking, said. But at the same times, Gursale says: “As containing inflationary expectations also remains a priority and hence any reduction in policy rates on September 20, when the Indian central bank reviews its credit policy, does not seem to be on the cards.”
The decision of the Fed to delay the tapering of QE was liked by the markets. Indian equity market appreciated sharply giving some hope of arresting the slowdown in the economy soon.
The impact of the Fed’s decision of Wednesday has been carried on in Thursday’s trading session and the rupee has shown a sharp appreciation rally since opening trade. The currency is hovering around Rs 61.65 and is up by more than 2.6%. Upbeat global markets and the sigh of relief over concern coming on the back of the Fed pullback provided gains in the currency.
Angel Commodities said in a report that the Federal Reserve has not only postponed the QE taper but has also indicated slowdown in economic growth, thus relieving markets of the belief that an improvement in the US economic condition would lead to flight of capital from the emerging and developing economies that are grappling with economic slowdown.
Under the QE program, the Fed was supposed to buy back bonds worth around $85 billion from the market to infuse liquidity into the US system. This keeps the interest rates at very low level. In fact, the short-term rate is around zero per cent there. This prompts the US investors and consumers to spend, which is expected to revive the economy. But at the same time, this policy pushes the US and other global investors to invest in emerging economies like India where the interest rates are higher. But, the latest decision has quelled all apprehensions here and is expected to help revive the Indian economy which is starving of capital.
The infusion of capital in the Indian market will not only help in increasing the economic activities but will also help stemming the depreciation of rupee. This will also enable the RBI to take policy decisions to bring down the interest rate, which would help in putting the economy back on higher growth path. Any lowering of the interest rates or increase in the liquidity in the system, besides reviving the economy, is likely to help the real estate sector also.
On the back of the Fed’s decision, the rupee has appreciated sharply in Thursday’s trade and the currency is expected to take further cues from the RBI’s monetary policy review that is scheduled for Friday.
The report by Angel Commodities said that the Indian economy is, however, in a slowing phase and even though the need of the hour demands an interest rate cut, the situation may not permit the newly-appointed RBI governor to please the domestic economy. However, the decision by the Fed to hold the QE taper has already secured sentiments from falling weaker, the report said.
Following the Fed’s decision, dollar is likely to weaken in the international market. The rupee has already shown reaction to the weakness in the dollar, coupled with recovery in domestic equities, on hopes of stability.
As the dollar is likely to weaken, gold price in dollar has appreciated. But with sharp appreciation seen in the rupee against dollar, any sharp gains in gold prices in the Indian markets will be restricted.
Any recovery in the economy and fall in the interest rates will help the real estate sector. The firming up of the interest rates affected the demand for the real estate in almost all the regions. At the same time, the revival in economic activities will also help change the mood of the investors.
Bankers and investors feel that the Fed’s decision will certainly help the Indian economy, the real estate sector in particular. The good news is that the low interest rates in the US are likely to continue for some more time. The report noted that the Federal Reserve officials voted to keep short-term interest rate near zero, the level at which it has been since late 2008. The latest economic projections also suggest that the first interest rate increase in the US could happen in 2015, or later. Ten out of 17 Fed officials expect benchmark interest rate—that is, the federal funds rate—to be at or below 2% by the end of 2016.
The impact of the fed’s decision of Wednesday has been carried on in Thursday’s trading session and the rupee has shown a sharp appreciation rally since opening trade.
Gone are the days when Noida was considered an affordable housing destination. Much like the steps taken by the Gurgaon real estate market, Noida too saw a number of luxury launches recently. Prominent developers who launched such projects are Jaypee Greens, Supertech Group, Amrapali Group, Ajnara Group, Dasnach Designarch, Mahagun India, Sikka Group, SPR Buildtech and Antriksh Group. These developers have launched luxury projects in different pockets of Noida such as Sectors 74, 75, 79, 94, 98, 119 and 150.
“As per the current scenario, Noida is no more known as an affordable destination. Due to its connectivity and proximity to Delhi, the area has seen about 30 per cent increase in values in the last one year. Apart from this, Noida offers all kinds of facilities as compared to other areas of the NCR,” says Dhiraj Jain, director, Mahagun Group. The group has recently launched Mirabella – the luxury project in Sector 79 at Rs 71 lakh to Rs 1.41 crore. The project consists of 2-4 BHKs with sizes varying from 1400-2500 sq ft.
“Today the buyer is upgrading his lifestyle and Noida has always been an end-user market. To stay, people look for all kind of facilities. Moreover, with the IT establishments and MNCs setting up base in Noida, the demand for high-end apartments or apartments which are priced higher than a mid–range have increased”.
Adding to Jain’s opinion, Rakesh Yadav, the managing director of Antriksh Group, says, “In the last few days there has been a 35 per cent rise in enquiries for luxury homes. NRIs majorly contribute to this demand today due to the dollar rates going up in comparison to the Rupee. To be in line with the NRI taste, developers are opting to launch luxury apartments.” “Out of the total demand, 10-12 per cent is for luxury housing in Noida,” he adds. Antriksh Group has recently launched Golf City in Sector 150 on the Noida Expressway. The project offers 3-5 BHK units ranging between Rs 1.5 -2.5 crore and villas between Rs 8-15 crore.
Developers also say that, in the last three years, no builder has concentrated on the luxury segment in Noida. Thus, it is high time that Noida picks up as a luxury real estate market.
Nine months since the National Green Tribunal (NGT) passed an interim order to stop use of underground water for construction in Noida and Greater Noida, it has taken cognizance of the violation of its orders against 12 developers. Sources reveal that this is just the tip of the iceberg and that if the Tribunal’s orders are properly implemented, work on more than 95% projects will come to a halt.
Dewatering a must for basements:
Many architects are of the opinion that the Tribunal’s order to stop groundwater extraction during construction is inconsistent with the construction plan approved by the development authorities. No basement, especially in projects close to river beds, can be constructed without dewatering the foundation.
“If you are building a 20-storey structure, you have to dig at least four metres under the ground for a basement. If you go higher, you need to dig deeper. How can a developer construct an apartment in projects close to the riverbed without dewatering the foundation,” asks AK Jain, a well-known architect and developer who has recently launched a luxury project, The Jewels of Noida, in Sector 75.
Pile foundation is an expensive alternative:
On there being a viable alternative to dewatering for basements, Jain says pile foundation is the only technique in civil engineering which can work, but the drawback is the high cost involved. “If a developer utilizes this pile foundation technique for a high-rise, he will not need to dewater the foundation. The problem, however, is that the cost of laying the piles is one-and-a-half times more than the cost for basement construction. So the total cost of the project will go up and buyers will not be able to afford it,” says Jain.
It is also suggested that since raft and pile foundations (and sometimes a combination of both) decrease the possibility of water extraction, this should be made mandatory in areas where the water table is quite high. As far as the requirement of parking in buildings is concerned, it should be provided in the upper floors of the apartment.
Says Pradeep Kharbanda, an architect and town planner, “In India any one can misuse natural resources in the name of development to earn high profits. Why do we need to go for basements and why can’t we make provisions for multi-storey parking by building one or two towers (blocks) in project/townships which will take care of all the residents’ parking requirements? Unfortunately, developers will not like this as it will reduce the salable area.”
“Some environmentally-conscious builders are taking precautions and are working towards logically dewatering through their own efforts,” says Kharbanda.
Amend Construction Plans:
- Many civil engineering experts hold the development authorities responsible for the violation of the NGT order. “First of all, the approval of building plans for any area should be assessed on the basis of its water table.
- “No project should be approved in areas where construction permits interfere with the water table. The development authorities should keep this in mind while giving approvals to any project in future,” says a senior professor of civil engineering from IIT, Delhi.
He adds, “Now when a lot of projects have already been approved and are under construction, the development authorities should take up each project and assess whether they can be constructed in compliance with the NGT’s order.”
Inadequate water supply from STP:
Another challenge in the implementation of the NGT order is the lack of adequate water supply from sewage treatment plants (STP) for construction. In its order delivered in January, 2013, the NGT prohibited developers to use underground water for construction purposes.
Though the concerned authorities claim to have enough STP water to fulfill every need, the developers dismiss it. “Most of the sewage treatment plants are defunct in Noida and Greater Noida. Those which are functional are unable to meet the huge water demand, so everyone is facing a difficult situation,” says Jain.
Many developers, who do not want to be named, admit that due to constant pressure by home-buyers to deliver projects on time, they cannot help but violate these norms.
“Authorities are unable to present the correct picture to the Tribunal. The industry is already under pressure due to several new developments. We are also accountable to home-buyers to deliver the project on time. The delay in delivery will invite penalty. Even if I get my building plan amended and adopt the combination of raft and piles foundation practice, how will I construct a building if I don’t get enough water supply from STPs,” asks a real estate developer.
International norms are against Dewatering:
Is dewatering for construction a common practice in other countries too? Experts say no. According to Rajesh Gulati, an NRI architect and one of the partners in DDG, an internationally renowned planning, architecture and design firm based in the US, developers should look for more innovative solutions instead of choosing the easiest way out – which is more often than not likely to be harmful for the environment.
“We have designed mixed- use projects across the globe, which are close to the ocean front/riverbeds with high water table. Building any basements in such spots is virtually impossible and definitely not practical. Diverse projects such as supermarkets, hotels, apartment towers and office buildings have been successfully accommodated in the same structure without resorting to a ‘dug-out basement’ concept,” says Gulati.
It is very common in the West to have an integrated approach to mixed-use planning. Typically, a structure incorporating parking entry ramps, lobbies of residential buildings/offices/hotels are all planned at the ground level. This practice is complex but highly successful and cost-effective, he adds.
Building experts say that there are quite a few places where height restrictions are in place, which necessitate underground construction. However, it is done with a lot of caution. “Authorities in some countries know that the cost to dewater and waterproof the basement is very high. The retaining walls too need to be designed to take water pressure from surrounding areas,” says an IIT Delhi professor from the civil engineering department.
For example, within the federal triangle area in Washington DC, no building can be higher than the Capitol Dome. Therefore, most builders have to pursue basement construction for parking. Also, there are areas close to airports where the height of buildings is restricted.
Art Nouveau is one home decor theme that has found great favour in interior design.
Some themes are popular no matter where they are replicated. Art Nouveau is one such home decor theme that has found great favour in interior design. One of the reasons for its popularity is that it is midway between the opulent and the minimalist look.
If you are considering this theme, then look at the elements that can anchor the look.
Art Nouveau is embodied by certain style elements. The sinuous lines, stylized flowers and leaf motifs, fine craftsmanship and off course, the world famous Tiffany lamps – these are some of the visual elements that are a part of the theme.
The color scheme is muted and consists of hues of green and yellow like sage green, olive green, and mustard yellow that can be combined with lilac, violet, purple and even peacock blue. Wood flooring works best, with the natural polished-look favored. This theme actually prefers bare wood flooring, with the grains showing prominently, to ornate rugs and carpets.
Furniture and Furnishings:
The furniture typical of this theme is simple. Natural finishes are usually preferred, with inlays and carvings to complement the motifs in the room. There are rounded edges to the furniture, be it bed, tables, or chairs. High-backed chairs upholstered in stylized floral fabrics are also seen in this decor style. Furnishings include lengths of fabric draped over plain poles. Since vertical straight lines are also inherent to the theme, curtains hang straight down, unhindered by any form of tieback.
Wallpapers are used frequently in this theme. Motifs with stylized designs of flowers, leaves and feathers are usually favored. If you are not keen about having wallpaper throughout the room, you could use it on a highlight wall. Stained glass is a design element seen on walls, windows, doors, cabinets, furniture and mirrors. So, you can look at including stained glass panels on headboards, shutters, tables and even a couple of window panels.
Since Art Nouveau is about sinuous and undulating lines, it is the same with staircases. Staircases in this theme are best designed in metal. The motifs in the balustrade can follow the patterns of leaves and flowers.
- Collect artifacts in silver, pewter and glass and Mackintosh-style clocks, frames, and jewellery boxes. Typical Art Nouveau glass is iridescent with patterns of liquid oil.
- Lalique glass is usually a pearly opaque with etched designs. Artifacts in this type of glass impart a grand look. Art work with the female form in pre-Raphaelite poses is apt for the decor.
The grand and magnificent Tiffany lamp is symbolic to this theme. Ensure that there is a stunning light fixture from this variety in the living room. Original Tiffany lamps are extremely expensive but there are clever reproductions that you can opt for. Incorporate this light fixture in different variants with pendant lamps, wall sconces and lampshades.
Executing the theme:
As with any other theme, bring the main elements together in the space harmoniously. You can always accessorize with other elements provided they complement the color scheme and the overall styling. Play up elements that are easily recognizable in this theme, be it in terms of design, stained glass or lighting options.
One of the reasons for the popularity of art nouveau is that it is midway between the opulent and the minimalist look.
एनसीआर के शहरों में सबसे ज्यादा हरियाली नोएडा में देखने को मिलती है। यही वजह है कि नोएडा में मेट्रो के 3 स्टेशनों का नामकरण पर्यावरण व हरियाली को समर्पित है। बॉटैनिकल गार्डन व गोल्फ कोर्स के बाद भविष्य में ओखला बर्ड सैंक्चुरी मेट्रो स्टेशन नोएडा की शान मंे चार चांद लगाएगा।
देखें खूबसूरत नोएडा:
आप महामाया फ्लाईओवर से नोएडा की खूबसूरत तस्वीर देख सकते हैं। यहां पर खड़े होकर फ्लाईओवर से घिरे नोएडा की तस्वीर आप अपने कैमरे में कैद करे बिना नहीं रह पाएंगे। यहां पर हरियाली और डिवेलपमेंट में बैलेंस रखा गया है। इसके आगे नोएडा एक्सप्रेस वे की तरफ बढ़ते ही अलग-अलग तरह के फूल आपका मन मोह लेंगे। वहीं, खूबसूरत मूर्तियों को आप निहारते रह जाएंगे।
एजुकेशन में भी आगे:
नोएडा एजुकेशन हब में तब्दील होता जा रहा है। यहां पर उत्तर प्रदेश के बेस्ट इंजीनियरिंग कॉलेज हैं। इन कॉलेजों में पढ़ने वाले हजारों स्टूडेंट्स विदेशी कंपनियों में काम कर रहे हैं। स्टूडेंट्स के रुझान को देखते हुए यहां के कॉलेज कई प्रफेशनल कोर्स करा रहे हैं। जिले में 4 गवर्नमेंट स्कूल हैं, जिनकी गिनती इंडिया में बेहतर गर्वनमेंट स्कूलों में होती है। महामाया बालिका इंटर कॉलेज, पंचशील बालक इंटर कॉलेज का बेस्ट इंफ्रास्ट्रक्चर इनकों प्राइवेट स्कूल से भी बेहतर बनता है।
कुछ वर्षों में नोएडा मेडिकल टूरिजम के रूप में तेजी से उभरा है। यहां के बड़े-बड़े अस्पतालों में आए दिन विदेशों से आकर लोग ट्रीटमेंट कराते हैं। यहां चाइल्ड स्पेशलिटी और पोस्ट ग्रैजुएशन संस्था भी जल्द शुरू होने जा रहा है। इसके शुरू होने के बाद मेडिकल फैसिलिटी के मामले में नोएडा की अपनी एक अलग ही पहचान होगी।
Criticizing the Reserve Bank’s decision to link disbursal of home loans to stages of construction, real estate apex body Credai said the move will harm developer sentiment and disturb business plans.
RBI today asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of “innovative” housing financing schemes.
It has directed banks that upfront disbursal “should not be made in cases of incomplete/under-construction/ greenfield housing projects”.
Confederation of Real Estate Developers’ Associations chairman Lalit Kumar Jain said: “Housing finance institutions or banks normally safeguard their interest while devising such instruments. Abruptly issuing such circulars, advising bank against established practices only harm the sentiment and disrupts business plans. This will create setback for projects, affecting the end consumers.”
The notification follows the introduction by some banks of “innovative housing loan schemes” in association with developers or builders, where upfront disbursal of housing loans is made to builders without being linked to the various stages of construction.
Also, under such schemes, the interest/EMI on the housing loan availed of by the individual borrower is serviced by the builder during the construction period. These loan products, the RBI said, are popularly known by names such as 80:20 and 75:25 schemes.
RBI said such home loan products are likely to expose banks and their borrowers to additional risks.
“RBI should have consulted stakeholders before issuing such circulars on disbanding current practices. In the past, the RBI circulars have resulted in reversal of good market sentiments affecting economy and concerning housing sector,” he added.