Former President APJ Abdul Kalam passes away in Shillong

Former President A P J Abdul Kalam, the 'missile man' who came to be known as 'People's President' died on Monday after he collapsed during a lecture at the IIM Shillong.

Kalam, who would have turned 84 in October, was confirmed dead more than two hours after he was wheeled into the ICU of Bethany hospital in a critical condition following the collapse at around 6.30pm.

Meghalaya Governor V Shanmughanathan, who rushed to the hospital on hearing the news of his admission, said Kalam died at 7.45 pm. Despite medical team best efforts, he could not be revived.

Source : http://www.dnaindia.com/india/report-former-president-apj-abdul-kalam-admitted-to-hospital-in-shillong-2108637

5 Advantages of taking a real estate loan than paying cash

For people who invest in real estate with the intention of occupying the property for at least a few years, arranging the finances for the same is a primary concern. With the easy availability of property loans in the modern times, it is not a really good choice for such people to use up their savings for paying the price of a property of their choice. As it is, the sky rocketing prices of property around the globe are making it increasingly difficult for people to purchase real estate of their choice, with just their limited savings. In such a scenario, taking a bank loan for property investment is definitely the best choice.

In fact, taking up a bank loan rather than using cash down payments for investing in real estate sector actually proves advantageous in the following five ways.

1) Retain Liquid Funds: One of the major advantages of taking a loan for buying property is that it enables people to retain their liquid funds, which might have taken them years to accumulate. This ensures that they do not get tied up in a financial crisis, when faced with any emergency situation. Most financial institutions offer great flexibility in setting EMI’s as per the repayment capacity of individual clients, which further ensures that they not need to use their savings for any aspect of property investment.

2) Establish a Credit History: Given the fact that most property loans are spread over an extensive time period, they are great means of setting up credit history especially for people who are taking up a loan for the first time. Individuals with good credit history generally have to fulfill minimal formalities and verification processes in case they need to take out any other loan. In fact, most financial institutions give preference to clients with a good credit score based on property loans over those who might have gained a similar score through other loans.

3) Provide A Sense Of Security: With the bank backing up individuals, they tend to be more confident about investing in a bigger property as opposed to what they might have opted for based on their personal savings. This not only provides individuals with a sense of security but also ensures that the get better return on investment. With financial institutions arranging the money for property investment, individuals can choose to buy a house that might earlier have seemed well beyond their reach. Most importantly it eliminates the need of individuals to plan about buying a bigger space to suit their changing needs and requirements of their expanding family.

4) Offer Tax Benefits: Individuals taking bank loan to pay for property investment are eligible to claim tax benefits in almost all countries across the globe. The money thus saved can be used for paying the EMI’s or can be invested in other profitable options for enhanced financial security. On the contrary, people buying properties with personal cash down payments not only have to pay additional tax but also need to prove that the money has been earned through legitimate means.

5) Add Credibility To Property: Whenever an individual applies for a property loan, the financial institution in question ensures to get a through verification done about the authenticity of the property. This can prove especially important in a country like India, where the validation of a property by a renowned bank or financial institution enhances its sale value by a significant margin. In addition, the property gains additional credibility in terms of confirmation of property title and proper documentation which is critical for ensuring its sale in a easy and hassle free manner in case of an emergency.

British Property Federation questions end of Green Deal

Following the government’s decision to end funding to the Green Deal Finance Company, the British Property Federation (BPF) has stressed the need to ensure this decision does not prevent people from meeting the Minimum Energy Efficiency Standards.

The government’s decision is not a huge surprise because of the level of take-up questions about standards of installations, but the BPF thought its pay as you save model proved itself a useful tool in helping the housing stock in the UK to become more energy efficient.

This decision means that the government will work on a different approach that they believe adds value for money, working with consumer groups and the construction industry.

Energy and Climate Secretary, Amber Rudd, said that any new scheme has to make sure that the government’s aim of insulating over a million homes by 2020 is met.

She said: “We are on the side of hardworking families and businesses, which is why we cannot continue to fund the Green Deal.

“It’s now time for the building industry and consumer groups to work with us to make new policy and build a system that works.

“Together we can achieve this government’s ambition to make homes warmer and drive down bills for one million more homes by 2020 – and to do so at the best value for money taxpayers.”

However, even though the BPF acknowledges the decision to end funding, Ian Fletcher, Director of Policy (Real Estate), believes that without a similar scheme, meeting energy efficient targets is now “in jeopardy.”

He said: “It won’t come as a surprise to many to see that the government has decided to end its financing of the Green Deal Finance Company. Many will use this as an opportunity to bemoan the scheme and its failings, but of greater importance is where we go from here.

“The end of the Green Deal will impact on many other policy areas including the Minimum Energy Efficiency Standards (MEES) passed by the previous government which was designed to dovetail with a pay as you save energy efficiency scheme.

“We are concerned that without a functioning pay as you save scheme, the premise set out in the regulations that meeting energy efficiency targets should come at no upfront cost to the property owner is now in jeopardy.”

However, the BPF stressed that this does not spell the end of government support in helping people achieve warmer homes.

Source : http://www.ukconstructionmedia.co.uk/news/british-property-federation-questions-end-green-deal/

Panel examining real estate regulation Bill gets extension

NEW DELHI: A select committee of the Rajya Sabha, examining a Bill to establish a Real Estate Regulatory Authority for regulation and promotion of the both residential and commercial real estate sector in the country, on Friday got five days extention to submit its report to the Upper House. 

The Committee, which was supposed to present its report on Friday, got the extension when the House supported the motion moved to this effect by the BJP member Anil Madhav Dave who is heading the 21-member panel. 

The Committee is now allowed to submit its report by July 29. 

The Real Estate (Regulation and Development) Bill had been referred by Rajya Sabha to the Select Committee on May 6 for its examination with instruction to submit its report by the last day of the first week of the next (Monsoon) session of Parliament. 

Besides seeking to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building in an efficient and transparent manner, the Bill is also meant for protecting the interest of consumers in the real estate sector. 

It also seeks to establish Appellate Tribunal to hear appeals on the decisions, directions or orders of the Authority. The Bill also has panel provision such as imprisonment of developers for any violation of the proposed law. 

Under the original provision in the Bill, builders can register with the regulator only if the project is on land exceeding 1,000 sq metre. It is, however, learnt that the select committee is now considering a recommended to cover housing projects on land below 1000 sq metre in the proposed Real Estate Regulatory Bill in order to protect small property buyers.

Source : http://timesofindia.indiatimes.com/business/india-business/Panel-examining-real-estate-regulation-Bill-gets-extension/articleshow/48203000.cms

Warburg Pincus Invests In Piramal Realty, Biggest deal In India's Real Estate Sector

A unit of the New York-based private equity firm Warburg Pincus will invest $284 million for a minority stake in Piramal Realty, the real estate development arm of $5 billion-in-value Piramal Group, the Mumbai-based business conglomerate owned by billionaire Ajay Piramal. The group’s interests span pharma, financial services and glass manufacturing.

It is the largest investment in India’s real estate sector and amongst a series of by other PE firms like Blackstone, indicating that private equity firms are optimistic about the medium to long-term potential of the sector. Blackstone has invested in billionaire Jitendra Virwani’s Bangalore-based Embassy Property Developments and Pune’s Panchshil Realty.

Piramal Realty owns over 10 million square feet of land in prime areas like BKC, Worli and Byculla of India’s financial capital, Mumbai.

“If India is to be the world’s second or third-largest economy in our lifetime, the moment is ripe to create a market leader in real estate where there is none, and Warburg Pincus sees that,” said Anand Piramal, 30, executive director of the Piramal Group and son of Ajay Piramal. Unlike other PE deals in the sector which invest in Special Purpose Vehicles set up for specific projects, Warburg Pincus has invested at the entity level.

India’s real estate sector is going through a multi-year slowdown because of a lack of clear policy, delayed government clearances, non-availability of funds and slowed demand – especially for residential properties.

But Anand Piramal said he views this as an opportunity. “Real estate has been through a difficult time, the market is soft and it is a great time to buy assets for players like us who have the holding power.” He said the sector is at the bottom of the cycle and trending upward from here on. “The government is making it simpler to get approvals and there is no corruption,” he said in a phone chat.

CEO Mike Holland of Embassy Office Parks said his company is seeing a health level of interest from domestic and international private equity investors. “This is a reflection of the positive sentiment towards the medium term in India as a whole,” he said.

Article Recourse : http://www.forbes.com/sites/saritharai/2015/07/22/warburg-pincus-invests-in-piramal-realty-biggest-deal-in-indias-real-estate-sector/

Real Estate in Mohali

Greetings from MT Mohali!

Ours is one of the most trusted and renowned names in terms of developing high quality residential projects at some of the best locations in Mohali. Apart from providing the best in class facilities and amenities to our customers, each or our projects is celebrated for its affordability and elegant style. Every member of our team at Mona Township Mohali shares a deep rooted passion for real estate development and a great sense of patriotism, which drives us to convert vacant lands into flourishing township to ensure infrastructure growth and social development.

What Makes Mohali An Ideal Choice

Mohali is one of the fastest growing commercial and IT hubs in northern India. In addition, its close proximity with Chandigarh makes it a preferred choice for residence amongst people who work in the city or are even seeking career opportunities there. In view of the above facts it is not surprising that the   demand for high class and affordable residential units in the city has grown by significant margins over the past decade. This has in turn ensured that the city has become a catalyst for bringing about the rapid growth in the real estate market in the entire state of Punjab.