A person found guilty of a benami transaction will face imprisonment of three years, according to a proposal being considered by the government for curbing the menace of black money.
100 smart cities spread across the country — and a new urban renewal mission named after Atal Bihari Vajpayee – these were cleared by the cabinet on Wednesday.
The Urban renewal mission replaces the existing one named after Jawaharlal Nehru, with a total outlay of nearly Rs. 1,00,000 crore. Mr Modi approved the Smart Cities Mission for development and the Atal mission for Rejuvenation and Urban Transformation of 500 cities replacing JNNUR mission. The smart city mission will drive economic growth triggering multi-pronged progress and also encouraging citizen participation in planning these cities. Cities are expected to raise their own matching resources. But the funding to the cities that are under the JNNURM will continue under the Atal mission, since it would be a national waste, if funding is stopped for half completed projects. there are nearly 400 such projects.
Each State will shortlist a certain number of smart city aspirants as per the norms to be indicated and they will prepare smart city proposals for further evaluation for extending Central support.
A Ministry official said 10 per cent of Budget allocation will be given to States and UTs as incentive based on achievement of reforms during the previous year. A reform matrix with timelines would be circulated to States in the guidelines.
We are insisting on a professional municipal cadre replacing the current municipal officialdom. That will usher in a new paradigm in modern municipal management.
This mission will be implemented in 500 cities and towns each with a population of one lakh and above, some cities situated on stems of main rivers, a few capital cities and important cities located in hilly areas, islands and tourist areas.
1) A part of India slid one foot to 10 feet northwards and underneath Nepal in a matter of seconds during the magnitude 7.9 earthquake that hit the Himalayan country on Saturday. The slip took place over an area about 1,000 to 2,000 square miles over a zone spanning the cities of Kathmandu and Pokhara in one direction, and almost the entire Himalaya mountain width in the other. The part below Bihar slid under Nepal along a zone from Bharatpur, through Hetauda, to Janakpur.
2)Over the years, green has become to décor what black is to little dresses. Classic and never out of style! Shades of green combine particularly well with pink, burnt orange, turquoise, navy, ivory, crisp white, silver and brown. Green is also well known as the colour of growth, renewal, regeneration and prosperity.
3) These days when the material seems to dominate the design, most buildings fail to face the eco-challenge. Buzz words like advanced technology, improved performance, assured longevity, ease of maintenance, style of the day, attractive aesthetics, amazing surface finish are here to stay.
4) Planting trees around your home can purify the air. The African tulip tree is a good option for planting by compound walls. With its fragrance and bright orange coloured flowers, it has great visual appeal too. The pacific rosewood or poovarasa maram, the Bengal almond tree and the yellow flame tree can be grown on the streets with a gap of five metres between each tree. These four trees have the capacity to absorb and mitigate gases emitted by vehicles.
Source : The Hindu
The National Housing Bank has instructed housing finance companies not to include stamp duty, registration, and other documentation charges in the cost of the house or property being financed as the practice will overstate the realisable value of the residential property.
In a policy circular issued early this month, the apex housing bank said that different housing finance companies (HFCs) adopted different practices and some HFCs tended to include the registration and other documentation charges in the price of the property though these were not realisable. Inclusion of these charges in the price of the property diluted the Loan-to-Value ratio.
At the same time, NHB has said that in cases where the property price did not exceed Rs.10 lakh and in cases where borrowers were from the economically weaker sections and low-income groups, the HFCs could add the registration and documentation charges into the price of the property to calculate the Loan-to-Value ratio.
The companies have also been instructed that they may, in cases of projects sponsored by the Union government or State authorities, disburse housing loans as per the payment stage prescribed by these authorities though there was an earlier instruction from the apex bank that HFCs should not engage in upfront disbursal of loans, especially in cases of incomplete, under-construction or Greenfield housing projects or houses. However, the housing finance companies have been asked to ensure that these authorities have no history of non-completion of projects.
Meanwhile, the apex housing bank has reiterated that the housing finance companies must ensure transparency in their operations by displaying key aspects of their transactions with their customers. The bank has said that HFCs must clearly display the interest rates, services offered, service charges, time norms for various transactions, and grievance redress mechanism.
Source: The Hindu
The beauty of any building is defined by the form it takes and the geometry it projects. The manner in which this geometry is used not only speaks of the era it represents or the theme it is inclined to but also the manner in which the functionality of the building as well as the language of the interior spaces is addressed.
Geometry can be brought into the form in multiple ways, as varied angles, rectangles, squares, circular surfaces. But what stands out in the final form is the façade, whether it is pronounced or the geometry is deftly fused into the structure, displaying smooth symmetrical finishes. A complex geometry on the façade can be arresting, even iconic, given its unique dimensions.
With software coming to the aid of design, buildings are now displaying a complexity that was absent in an earlier era, though to understate the ingenuity of the exotic forms of the past buildings would be highly erroneous. The contours of a structure are essentially dictated by the site conditions, the locational factors as well as the functionality of the building. What finally emerges is a form that caters to these without blatantly appearing to be. Thus, an undulated site could have a form that is in split levels, a region receiving copious rains could display sloped roofs, a rectangular or a square plot could opt for a triangular or circular structure to bring in a difference.
Likewise, the thematic representation has plenty of influence on the geometry of the structure. For instance, Mughal architecture displays plenty of geometry in the form of domes, squares, rectangles, all craftily fused into the façade in the multiple varied shapes. Geometry likewise can also be nature inspired, a building shaped like a lotus, a bird’s nest, replicate a sail.
Interestingly, while these dimensions are technically more apparent on the elevation of the building, the interiors too could display fine geometry. This could manifest as a shape in the roof where it can be multi-dimensional, as walls, the interior elevations, as vents in the form of spectacular jaalis that bring in a fine play of light and shadows.
Thus, a room need not be a conventional square or rectangle but an odd shape such as a semi-circle or a triangle, inclined walls and split levels in the floor as well as in the roofs in a free flowing interior.
This presence of split levels would be evident in the exteriors too, with the form appearing stacked, demarcating the angles to create an arresting façade. The entry to the spaces could be arched to lend majesty to the space that is reminiscent of past eras.
While bringing in geometry in the interiors, it is important to ensure there is a balance between the simple and intricate geometry whatever be the material used. Motifs should be carried through the structure to represent thematic integration. Care should be taken not to clutter the presence of geometry with more geometrical forms and elements in the décor that would create conflict.
An angled wall should incorporate similar geometry in décor, be it an artefact, wall painting, or soft furnishing. While harmony is a must to ensure aesthetics, it is also important not to have the design forced whatever be the pattern of geometry. Instead, it is essential to let the patterns and angles flow naturally with the structure
Source : The Hindu
Proving that the government’s real estate investment trust (Reit) policy has failed to take off, the way it should, a joint venture between private equity firm Blackstone and real estate group Embassy has decided to shelve plans to list a $2-billion Reit in India due to tax issues.
The joint venture has 27 million sq ft of office assets. Its planned Reit was aimed at unlocking value in these assets. While the attraction of REIT was that it was a fairly transparent and structured instrument, there are other avenues of fund raising that includes foreign listing, private investment etc.
Sources say none of the major developers are looking at floating Reits due to tax issues. Earlier, property developers such as DLF, Phoenix Mills and K Raheja Corp were exploring this route to monetise assets.
While the government has moved a step closer to launching the instrument by giving certain exemptions in the recent Union Budget, developers and tax experts say lack of clarity on minimum alternate tax (MAT) and the dividend distribution tax could be the biggest dampeners to launching Reits.
Source : Business Standard
Sobha Dream Series marks its foray into affordable housing segment. The company has launched Sobha Dream Acres, the first project under the new segment. Sobha will be selling apartment units ranging from 650 square feet to 1,200 square feet at a price of Rs 5,000 per square feet.
The project is located on the outskirts of Bengaluru and closer to the city’s IT corridor at Whitefield. With a total developable area of 10.26 million square feet, ‘Sobha Dream Acres’ is spread on a total land area of 81 acres. It will comprise of 1 BHK and 2 BHK units.
In the first phase, it will develop 2 million square feet and a total of 7,000 units in phases. The project will have 80 per cent green space for sports and recreational facilities as also natural lighting and ventilation.
The project uses precast technology and german machinery to build houses in lesser time. The inspiration was drawn from Finland and Singapore developers and aligned with the in-house never compromise philosophy.
The project will be developed in 5 phases. The ‘Sobha Precast’ plant erected at the project site is probably one of the largest and most modern set up catering to the large scale construction.
‘Sobha Dream Acres’ is located in the midst of the four major arterial roads in the city – the Outer Ring Road (ORR), Marathahalli road, Varthur road and Sarjapur road – aptly termed the ‘Golden Quadrilateral’.
Source: Business Standard
Real estate investors in Chennai and anywhere in the country are now investing in in apartments which are ready to occupy. This enables people to either shift immediately to the newly acquired apartments or to let it out on rent and reap the benefits. Purchasers look frontward to regions like Pallikaranai, Madipakkam, Guduvanchery and Sriperumbudur for such purchases as these have the maximum number of ready to occupy projects in Chennai.
Areas like Guduvanchery and Sriperumbudur provide finished residential plots for sale in the budget of Rs. 5-30 lakh. Pallikaranai and Madipakkam provide the highest amount of multi-storey apartments. Property rates range from Rs. 30-50 lakh among these 2BHK is the maximum available property type.
Rental homes in Pallikaranai can fetch a regular profit of Rs. 7000-20000, demand in the locality is made by the IT experts. The region is well established in terms of public infrastructure and is in the list of top 10 preferred places in Chennai and hence beneficial for end users as well.
Another locality, Madipakkam commands rental that varies from Rs. 7000-35000 per month. Apart from Pallikaranai, Madipakkam is also one among the most sought-after regions in Chennai. Sales has seen an increase of 3% in appreciations, in this area throughout the past quarter. It is close to Velachery and Tambaram, hence almost all basic facilities are present in the vicinity, apart from being closer to the OMR.
For those seeking to build their dream home, Guduvanchery, another locality provides residential plots as a favorable option. Many city dwellers are seeking to build own home here.
Sriperumbudur alternatively can be observed by investors. Enclosed by various industrial companies, forthcoming airport and the availability of institutions are working for favor.Thus, anyone seeking to buy plots to build a home or wish to shift-into a new flat, will know where to look for!
PE in real estate has jumped two fold to Rs 15,410 last year and the interest was generated by the domestic and global investors. But on the other hand, big players like the Rahejas and the Hiranandanis has chosen internal accrual and bank loans for funding needs.
The reason is that, they fee do not feel the requirement for too much liquidity, as the expansion is limited. The capital requirement is directly proportionate to the growth of the company.
Hiranandani raised funds from the London-based Alternative Investment Market (AIM), but the company was de-listed from the stock exchange after a tussle between the Hiranandanis and the company broke out.
The requirement for capital also depends on the growth strategy of the business. PE firms offer structured debt deals and developers are averse to this. The fixed coupon rate plus redemption premium for structured deals are 18-20 per cent. Realty firms raise funds by discounting lease rents and borrow for construction finance – both at 11 per cent.
To give exits to PE funds realtors have to borrow at high rates which are really tough. Finally, Real estate is a long-term business and PE firms want returns in the short term. It is not possible to return the money in four or five years.
It os easier for some developers to take funds from the community (eg Sindhi and Marwari) to which they belong, at an interest rate of about 15 per cent. There is no mortgage in this case, but there is a lot of documentation involved.
Source : Business Standard
The next time you delay telephone or electricity bill payment, there is a chance it could end up denting your overall credit worthiness. The Reserve Bank of India has backed a proposal by Credit Information Bureau (India) Ltd or Cibil, which maintains the country’s largest database of borrowers, to utilise people’s payment history on electricity and fixed-line telephone bills to help banks assess their creditworthiness.