Ministry of Finance (MOF) or SBI authority plan priority positions for real estate under AIF

To strengthen stalled housing projects, SBI and Ministry of Finance plan priority positions for real estate AIF

Government, SBI and LIC contribute Rs 25,000 crore for Alternative Investment Fund to fund the delay in real estate projects. After the completion of the phase, an alternate fund of Rs 25,000 crore to provide funds for the delayed housing projects in phases.

Real estate projects which are in NPA or NCLT can also be funded by an alternative real estate fund of Rs 25,000 crore.

AIF to allow priority loan financing to complete delayed housing projects.

The State Bank of India (SBI) and the Ministry of Finance (MoF) are exploring a legal framework, where the assets of companies receiving funds with suggested Alternative Investment Funds (AIFs) to strengthen delayed housing projects and The first charge will be on cash flow.

It will finance 1,600 delayed housing projects carrying 4,58,000 housing units across the country. This step is to create employment opportunities as well as improve the demand for cement, iron and steel industries.

The government will put Rs 10,000 crore into this Alternative Investment Fund(AIF) while SBI and LIC will provide Rs 15,000 crore, taking the total size to Rs 25,000 crore.

It aims to relieve stress in key sectors of the economy. The size of the fund will increase as sovereign and pension funds are expected to participate in this AIF. AIF can also be used by projects that are declared non-performing assets or facing insolvency proceedings.

Changes may be made to the Insolvency and Bankruptcy Code, 2016 (IBC) to incorporate the lenders' seniority concept, which is not currently adequately recognized in the Insolvency and Bankruptcy Code (IBC) in its current form. According to sources, the Ministry of Finance (MoF) has referred the matter to the Law Ministry.

SBI, the country's largest lender and its arm, has been instrumental in arranging the SBI Capital Market Fund, and is approaching other banks and financial institutions to participate in AIFs - private joint ventures like venture capital, private equity Regulatory languages ​​and real estate funding for agencies.

By law, a bank may invest up to 10% of the Alternative Investment Fund(AIF) fund.

Therefore, the SBI is maximum Rs. Will be able to invest in 2,500 crore in the fund and asked other institutions to join the suggested Rs. 25,000 crore fund comprising the government Rs. 10,000 crores Rs. Addressing the AIF as a senior status among lenders may make it easier and easier for other banks to invest in it.

Under the scheme, the fund will come back when lending to a company that its seniority should be part of the inter-creditor agreement. If the company fails to recover and is subsequently declared insolvent. In this situation, the COC will have to identify the most senior charge among all lenders. If the company is already facing bankruptcy under the IBC, the COC will have to address the AIF and keep the seniority of the charge.

Currently, the IBC has made a provision for raising interim finance by the resolution professional after requesting approval from the CoC. 

Notice to more than 130 Illegal buildings by Chennai Civic Body

CHENNAI: To avoid incidents similar to the example in Mettupalayam on Monday morning where a fragile wall fell and 17 people died, the Greater Chennai Corporation recognized 354 dilapidated buildings beyond the city that needed to be destroyed, But only 139 of them broadcast a notification.

Two-thirds of these houses, reputed in pre-monsoon review, have been set up in the Royapuram area, which disrupts the trader's Sowcarpet district. “The bulk of the rotting buildings are in Sowcarpet area. A senior corporation official said that despite the apparent danger”, there is a strong opposition to the destruction of these buildings.

These buildings are used and in poor condition; The officer said that if the building or unusual part bothers passers-by, it could cause serious harm or the person could be removed. Earlier - Current events have taken place in North Chennai, T-Nagar and Nandanam.

Corporation representatives and engineer engineers review magnificent buildings to monitor cracks and for additional signs of decay. The life of the buildings is also examined. Complaints of residents are also considered.

"Based on this, a motion is sought on whether a building needs to be slanted," said an official. A demolition notification is rescinded, which is accepted by the concerned tenant within 15 days to a month. If the tenant does not despise the building, the civic body can produce and disassemble its separate equipment, while the costs must be supported by the tenant, an official said.

The official data register that 15 cases have gone out of court. 354 buildings were overlooked. Alternatively, the tenant may apply for notice in the court or get a certificate from licensed surveyors working with the ChennaiMetropolitan Development Authority (CMDA) that the building is safe to live in.

Out of the 140 demolition notices approved, 82 were in Royapuram area, where 236 buildings were considered dilapidated. In the Anna Nagar area, 42 buildings were classified, but only nine demolition notices were canceled. In the Kodambakkam zone, 27 buildings were classified and 22 were given notices.

A civic official recommended stating that they begin the review and issue the announcements in September before the rain. A senior corporation official said that they would consider cutting the water, sewage and power associations in line with the Chennai Metro water Supply and Sewerage Board(CMWSSB) and TANGEDCO. "Since we grant planning permission, we are authorized to do so," the official said

The Phase of Real Estate had changed due to Technology

Technology has endlessly impacted businesses such as transportation, healthcare, financial services, retail and many more, with similar approaches sharply changing the real estate sector. From home to online booking to view, technology has satisfied a great idea to boost the life of the customer. Due to technological advancement, people have immediately become smarter and hold an easy path to the heaps of knowledge.

The importance of technology in our everyday lives is undisputed. We all accept the case that today's progressive world is insignificant without technology.

Within technology, innovative opportunities are knocking at the door

Technological achievement has taken the world to a different level and this picture is completely different from previous decades where it is challenging for sellers to combine with buyers.

Simple search methods: Google search has made it easy to find any information in a mouse click. Real estate companies now have their own websites and apps, where customers can preview the information they need. Technological developments have even broken the geographical barrier where NRI customers can book and finalize homes from any part of the country. In fact, due to increasing technology, it is easy to seek professional advice from the client in case of any doubt.

Online Payment Options: With online payment options, buying and selling homes has become much easier than before. Whereas earlier customers had to appear in person and a singular date was established to receive payment. Now, due to easy bank transfer and various techniques of receiving payment, instant payment has become easy.

Chat bots: Marketing and sales enforcement is enhanced through chat bots. Chat bots assist as a point of communication between customers and companies as they market direct questions and assure customers to resolve their inquiries.

Social Media: Every news with social media is just a picture. It prefers each specific detail that is important from the customer's point of view.

Home computerization: Making our lives easier and simpler with technology. Smart homes have become the foundation of a stable lifestyle. It is technology that has caused home automation in the picture. Everyday we understand the latest home automation to get our home protected and technically exceptional. Home automation encompasses a wide range of functionalities.

Let us understand some contemporary devices which is the most suitable example of home automation:-

Great control: This thing is a personal wall switch that practices wi-fi to connect and use with multiple devices in your home. The color finish screen and a user-friendly button will let you play music, control lighting, approximate temperature and many more. It is reasonably priced but is a smart choice for a high-tech home.Combined with a wi-fi that assures you to regulate temperature from a phone, tablet, or your system.

Smart heating and cooling: An inclusion of primitive sensors that adjust to reduce hot and cold points in different rooms. The technology that brought about revolution in today's world has been an essential component of our lives.

Real estate is changing the face of unnatural intelligence as technology changes. It is anticipated that artificial intelligence will be able to fully handle the market. It first managed to become a monologue platform, but due to advances in technology, it has now interacted with an online program. Due to this advancement in technology, it is predicted that the overall business board is a real estate or continues to prosper. SuGanta Realty Services llp offers you a range of apartments, villas, flats, farmhouses, plots, Offices, Spaces, Shops, Builder floors etc on affordable price and amenities.

 

Vastu Shastra tips for the most door / entrance / main gate

According to Vastu Shastra, the door of a house is not solely for the purpose of entry for the family, but for energy. “The main gate can be a transition zone, through which we tend to enter the house, from the outside world. This is an area from which happiness and wisdom enter the destiny house,”says Nitin Parmar, a Mumbai based architectural authority. 

“Consequently, the most entrance has been accorded prime importance, because it allows or keeps out the cosmic energy flow that promotes health, wealth and harmony. Moreover, most door conjointly creates the primary impression of a house,” he points out.

Apart from being aesthetically appealing, most of the doors / entrances of the house should be in the right direction, according to Vastu Shastra, to attract positive energy into the house.

The direction of the most door

“The main gate should be within the north, north-east, east or west, as these direction area units are considered auspicious. Avoid having the most doors in the south, south-west, north-west (north-facing), or south-east (east-facing) directions. The inner door to the south or southwest will be corrected by placing it in a metal pyramid and lead helix. The doors within the northwest would be fixed with brass pyramids and brass helixes, while a door within the south-east direction would be corrected using a copper helix,”explains Parmar.

The main door should be larger than the other doors within the house and it will open in a clockwise manner. Avoid having 3 doors during a row, parallel to most doors, as this is considered to be an important architectural flaw and can have an effect on happiness within the home.

Materials used for the most door:

•    An entrance gate is considered the most auspicious for most entrances.
•    Mixture South Direction: Must be a mixture of wood and metal.
•    West: Metal should work.
•    Color North Gate: Must be extra silver color.
•    Ex: Must be a wood product and adorned with restricted metal accessories.

Vastu dos and don’ts for the most door

•   There is always a bright light-weight at the door but avoid the red light. 
•    Most doors should be well lit within the evening.
•    Mostly put a mirror in front of the door.
•    Plants If there is an area, beautify the door with inexperienced plants.
•    Most gates should open at ninety degrees, with no obstructions.
•    Ensure that the hinge area unit frequently and the door accessories area unit polished oil.

There should be no broken wood or missing screws at the entrance. Further nails should be removed.

Always keep the reputation plate. A metal name plate is usually recommended if the door is in the north or west direction. Use a picket nameplate, if the door is in the south or east direction.

Find your place with experience and the most listings, including things you won’t find anywhere else…. https://www.suganta.com/

You can download the app now from play store.

http://play.google.com/store/apps/details

SuGanta Realty Services llp

Upcoming year Griha Pravesh Dates and Timing for 2020 or Griha Pravesh Muhurat / Vastu Shastra 2020

Griha pravesh Muhurats are calculated on the basis of dates (Tithis), Days, Lagna and Nakshatras. 

Home entrance ceremony or home entrance is an important moment in a person's life. This is because, when it comes to property investment, property buyers are generally particular about auspicious days. It is believed that organizing a Griha Pravesh ceremony on an auspicious day brings good luck.

Griha Pravesh as per Vedic Text

According to Vedic beliefs, the month of Magha, Phalguna, Jyeshtha, and Vaisakha is best for the Griha pravesha Muhurat.

Home building ceremonies are prohibited during the four months or Chaturmas, such as Ashadha, Shravana, Bhadrapada and Ashwin. It is believed that all the deities including Lord Vishnu rest during this period. Apart from these months, Paush month is also considered inauspicious for home entry.

Homework can be done on all other days of the week, except Tuesday. However, in some exceptional situations, it is forbidden to enter a new house on Sundays and Saturdays.

Shukla paksha's Dvitiya, Tritiya, Panchami, Saptami, Dashami, Ekadashi, Dwadashi and Trayodashi are considered auspicious for home grown celebrations, except Amavasya and Poornima.

Types of Griha Pravesh are:-

It is believed that a Home warming ceremony or Griha pravesha is done to enter the new house, which is wrong. According to Vastu Shastra, there are generally 3 types:

Apoorva: When someone enters their new house to live, it is called Apoorva Griha.

Sapoorva: If a person lives in some other place and leaves his house empty due to some issues. Then, after some time when they return to their house, it is called Sapoorva Griha Pravesh.

Dwandhav: If a person has to leave his house helpless due to natural disaster. Then, he has to do the Griha pravesha Puja Vidhan to stay in his old house. This is known as the duel house.

Home Entry AfterComplete Construction (Home Construction Work)

Occasionally, it has been observed that people enter their under-construction house. According to Hinduism, this activity is not considered correct and some rituals need to be followed before homecoming. Such as:

With complete construction of the roof of the house, avoid entering the home until the main door is placed in your new house. After homecoming, try not to lock your main door as it is considered inauspicious.

Tips for entering your new home

• Always enter home on auspicious day. The idols should be placed in the east direction of the house.
• To cleanse and purify the place, wipe the floor of the house with salt.
• When entering the house, always place the right foot first.
• The main gate should be decorated with mango leaves and fresh flowers, as it is called the lion gate and is the face of the Vastu Purush.
• Rangoli on the floor is believed to invite Goddess Lakshmi. Decorate the floor with rangoli using vibrant colors.

 Akshaya Tritiya is the best time to ceremonialize your new home, as this day is considered an auspicious day. This is also the right time to buy or invest a property, as property dealers offer a variety of discounts, schemes and freebies to entice customers.

RBI's 25 BPS repo rate cut will not reduce EMI on home loan

After the announcement, the repo rate is 6.25% and the reserved repo rate is 5.15%. This rate cut is the first time in these months. The last rate cut was in October 2019.

This is good news for borrowers. The RBI's decision to reduce the repo rate from 25 bps 6.00% to 5.75% and change the mindset to "neutral" will boost the economy, provide affordable loans to small businesses, home buyers etc. and at the same time, This will promote employment opportunities.

Usually, when the RBI cuts the repo rate, banks usually provide benefits to the customers. If banks decide to cut the rate, home, auto and other loans are likely to be cheaper.

Impact of the Repo Rate cut on Home Loan EMI

Now that the RBI has reduced the repo rates, the EMI of your home loan is likely to be affected, assuming that the banks will pass it this way:

for example:-  (Below details are not fixed, these are flexible with current rate)

Loan Amount (₹): ₹ 8000,000

Tenure (Years): 20

Current Interest Rate (%): 9%

Current EMI (₹): ₹ 71,978

When you visit banks for bank loans, they tell you in detail about two types of interest rates i.e. MCLR rate and base rate. As a borrower, here is your EMI likely to be affected by both rates.

Existing borrower under MCLR rates :- Existing borrowers whose loans are linked to the MCLR rate will get a benefit on their EMI "Equated Monthly Instalment" by reducing the bank's MCLR. But only after the reset date of the loans can one get the benefit.

Existing borrower under Base Rate or BPLR :- This is a good opportunity for borrowers whose home loan is still under BPLR or base rate, they may consider converting their existing home loan to MCLR regime to get interest rate benefit. The MCLR and the new external benchmark based governance provide transparency in the transmission of policy rates as compared to the Base Rate and BPLR interest rates. This is why most people go for MCLR and a new external benchmark based regime

Repo rate :- This is where RBI "Reserve Bank of India " lends money to commercial banks.

MCLR Rate :- MCLR "Marginal Cost of Funds based Lending Rate" refers to the minimum interest rate that the bank will charge on the loan; It cannot lend below this rate.

BPLR Rate :- BPLR means "Benchmark Prime Lending Rate". The BPLR was the interest rate offered by a commercial bank to its most creditworthy customers.

Apex Bank :- It is an institution that manages and maintains the money supply, inflation and interest rates of a country. It controls the commercial banking system and acts as the watchdog and regulator of other banks in the country. The Reserve Bank of India (RBI) is the apex monetary institution that controls the Indian rupee, monetary policy and banking system in India.

SuGanta.com is India's premium real estate portal where users can find Independent Houses / Villas, Apartments / Flats and Plots for sale and rent in 500+ cities across India. Suganta Realty Services llp helps the property seeker to find Resale properties, Residential Projects and Owner properties in many cities. 

CIDCO Lottery 2019: Application Process and Eligibility Criteria | CIDCO Lottery 2019

The City and Industrial Development Corporation (CIDCO) is a Maharashtra run planning agency established on 17 March 1970 to develop a satellite city for Mumbai. It is now a special planning authority that develops new cities by planning and developing the necessary infrastructure and municipal services on a large scale.

CIDCO will offer 90,000 homes in Navi Mumbai through a lottery scheme. The scheme will start from July 2019 and will end in August 2019. Potential areas will be covered under the scheme Panvel, Taloja, Kharghar, Kharkopar, Kalamboli and Ulwe others. 90,000 affordable houses will be called, out of which 37,000 houses will be made available to the Low IncomeGroup (LIG), while 53,000 houses will be given to the Economically Weaker Section (EWS).

Affordable homes for EWS will cover a carpet area of ​​25.81 square meter, while homes built for LIG will have a carpet area of ​​29.82 square meter. The lottery winners will be announced next month and will need to be paid once the construction of the houses begins. A similar lottery scheme was issued by CIDCO in early 2019 with 50,000 applications received for 1,100 affordable homes.

Check you are eligible or not for the application process?

Potential buyers should check the eligibility criteria before entering the lottery scheme to avoid any unnecessary mess and rejection.

Economically Weaker Section - Households that earn an average monthly income under INR 25,000 can avail EWS houses under this scheme. The houses that will be supplied under this lottery scheme can cost between INR 17-19 lakhS. CIDCO will deposit INR 5,000 as the earnest money deposit for EWS houses.

Low income group - Households who earn an average monthly income between INR 25,000 to INR 50,000 can avail LIG houses under this scheme. The houses that will be supplied under this lottery scheme can cost anywhere between INR 25-27 lakhs. A deposit of INR 25,000 will be retained by CIDCO as an earnest money for LIG houses.

Earnest money deposit - It is a negotiable amount between the buyer and seller which is about 1% -2% of the property purchase price. This deposit is in the form of a credit for down payment and closing costs by the seller.

Process through which you apply your application:

• Visit the official site of CIDCO https://cidco.maharashtra.gov.in/
• Register / register for "Lottery Scheme 2019".
• Enter your required basic details in the "Applicant Registration Form".
• Next upload the canceled check with your PAN card, Aadhar card, bank details and your photo.
• After confirmation, you can check the acceptance of your uploaded documents.
• Next, choose the plan you want from the drop down menu.
• Print the confirmation slip and sign the required places you need to scan the receipt and upload it back to the site.
• In addition, you will be taken to the payment page where you have to pay online. NEFT / RTGS / Net Banking / Debit Card etc. This will end your application process.

Check your Application Status from below steps:

•  Visit the official site of CIDCO https://cidco.maharashtra.gov.in/
•  From the live bulletin update open the tab "CIDCO Lottery 2019".
•  View your selected region from the list of given fields.
•  If your application has been accepted by CIDCO, then find your name in the list.
•  Finally, if your application is one of the pictures in the lottery, your name will appear in the winners list next month.

Reach the largest audience of website with a free SuGanta listing. Start by learning how to "sell for sale by owner." SuGanta Realty Services llp are among the best in the business we help you how to pick the right one for your dream.