RBI imposes 5000 Penalty Per Day on Delay if Original Documents not returned on time
Sep 14 2023
The Reserve Bank of India (RBI) has issued a directive aimed at ensuring that banks and lending firms promptly release property documents to borrowers after they have repaid their loans in full. Here are some key points regarding these measures:
1. **Types of Loans Covered:** The RBI's directive covers various types of loans, including consumer durable loans, education loans, secured loans for immovable assets (such as home loans and vehicle loans), and secured personal loans.
2. **Timeline for Document Release:** Lenders are required to release all original property documents and remove charges registered with any registry within 30 days of the full repayment or settlement of the loan account. This means that once you have repaid your loan in full, the lender must return your property documents within this specified timeframe.
3. **Effective Date:** These measures are effective for all cases where the return of property documents falls due on or after December 1, 2023.
4. **Collection of Property Documents:** Borrowers can collect the original property documents either from the bank branch that serviced the loan account or from any other office of the lender where the documents are available, as per their preference. The bank will specify the timeline and place for document return in the loan sanction letters issued on or after the effective date of these measures.
5. **Procedure for Legal Heirs:** In the event of the demise of the sole borrower or joint borrowers, lenders have a laid-out procedure for returning property documents to the legal heirs. This procedure will be made available on the bank's website for customer information.
6. **Compensation for Delay:** If the lender fails to release the original property documents within 30 days of full loan repayment and the delay is attributable to the lender, they must compensate the borrower at the rate of Rs 5,000 for each day of delay. This penalty structure is in place to hold lenders accountable for any unjustified delays.
7. **Lost or Damaged Documents:** If the original property documents are lost or damaged (either in part or in full), the lender is responsible for helping borrowers obtain duplicate copies and bearing the associated costs. In addition to this, if there is a delay in providing duplicate copies, the lender must compensate the borrower at the rate of Rs 5,000 for each day of delay. In such cases, an additional 30 days are allowed to complete the procedure before calculating the delayed period penalty.
These measures are aimed at protecting the interests of genuine borrowers and ensuring that they are not subjected to unnecessary delays or harassment in obtaining their property documents after repaying their loans. Borrowers are encouraged to be aware of these guidelines and their rights in order to hold lenders accountable for any delays or issues in document release.
|
|
Ashar Group launches Legend at Pali Hill - Dilip Kumar Bunglow Property
Aug 04 2023
The Mumbai real estate market is abuzz with excitement as an opulent residential project is set to grace the prestigious Pali Hill area in Bandra West. The ambitious venture is a collaboration between the late Bollywood icon Dilip Kumar's family and the esteemed Ashar Group. This project holds immense promise for the Bandra West property market, as it is expected to add sophistication and prestige to the already sought-after neighborhood. Pali Hill is one of the most desired location for Premium Home Seekers. The recent transaction have been witnessed in Vastu by Alia Bhatt, Parishram and Daffodils og high value and noticeably above 1 lakh per sq.ft. The Ashar Group is likely to launch larger sq.ft apartments to cater to the who so who of the Indian Dispora.
Spanning an expansive half-acre land parcel, the project boasts 11 floors and an impressive total construction area of 1.75 lakh sq ft. With such luxurious residences and the added allure of a meticulously curated museum dedicated to the legendary actor's life journey and milestones, it is bound to attract discerning buyers and investors looking for exclusivity and heritage appeal.
Progress is already well underway, thanks to Ashar Group's efficient efforts, and it is anticipated that the project will be completed well ahead of its scheduled 2027 delivery, possibly within the next two years. This speedy development is likely to catch the attention of potential buyers, adding further momentum to the Bandra West property market.
Ajay Ashar, CMD of Ashar Group, exudes confidence in the venture, anticipating significant revenue of around Rs 900 crore from this project. Such a lucrative prospect is sure to attract other developers and investors to explore similar ventures in the area, potentially revitalizing the real estate scene in Bandra West.
It is noteworthy that the Pali Hill plot faced legal disputes for over five years, which had cast a shadow over its development prospects. However, the fact that Ashar Group has successfully resolved these challenges with consent terms filed in the arbitration matter speaks volumes about the company's commitment and capability. The resolution paves the way for a smoother development process and ensures that buyers can invest with confidence in this prestigious project.
The introduction of this luxurious residential haven, blending luxury, heritage, and contemporary living, will undoubtedly leave a lasting impact on Mumbai's real estate landscape. For property enthusiasts and investors looking for a timeless testament to the legacy of Dilip Kumar, this project is set to become an exceptional addition to the Bandra West property market, offering a unique and prestigious living experience in one of Mumbai's most coveted neighborhoods. |
|
DB Realty Sells Prime Land at Marine Lines to Prestige Estates
Jul 12 2023
DB Realty Sells Prime Land at Marine Lines to Prestige Estates, this land parcel is one of the largest in South Mumbai today. Marine Drive is the iconic belt of Mumbai City and who ever visits Mumbai - Marine Drive view is on the agenda. With Coastal road and better connectivity, this land parcel is likely to have a strong impact on the South Mumbai real estate market. The connectivity from Marine Lines to Marine Drive is from 2 ends, one from Girgaum Chowpatty through opera house and the other one through Churchgate and the middle one through the Marine Lines bridge which goes towards crowford market. Recent transactions in Walkeshwar in the Lodha Malabar project have happened in the range of 1.25 Lakhs PSF - Plus. We will have to wait and watch and see what Prestige plans to develop and this will be the most iconic South Mumbai project and it will be a New addition in the Marine Drive Skyline.
The real estate market in India, particularly in cities like Mumbai, Pune, Chennai, Hyderabad, and Bengaluru, has been witnessing increased activity in terms of land transactions, acquisitions, and joint ventures. This trend is driven by several factors, including the growing demand for commercial and residential properties, favorable government policies, and the involvement of established developers with strong execution capabilities and access to liquidity.
Prestige Projects, a subsidiary of Prestige Estates Projects, made a significant acquisition by purchasing a valuable seafront land parcel near Marine Lines in south Mumbai from Marine Drive Hospitality & Realty, a subsidiary of DB Realty. The transaction was worth over Rs 704 crore, valuing the plot at over Rs 306 crore per acre, setting a new benchmark for land prices. Initially planned for a luxury hotel, the project shifted towards a luxury residential development with two towers. However, the residential project faced challenges and remained unrealized.
To acquire the land, Prestige Projects utilized funds to repay DB Realty's lenders and assumed certain loan obligations. This strategic move allowed Prestige Group to expand its presence in Mumbai's luxury real estate market. The company also made other notable acquisitions, including two key projects in central and south Mumbai, namely the Bandra-Kurla Complex and Mahalaxmi areas. These acquisitions, totaling over Rs 1,176 crore, provide the group with ownership of projects offering substantial gross leasable areas of Grade A office space. The completion of these projects is expected within the next 3-4 years.
The consolidation observed in the real estate market is favoring established developers with better execution capabilities and access to liquidity. This trend indicates that companies like Prestige Group, with their strong financial backing and proven track record, are well-positioned to capitalize on the market opportunities. The demand for quality commercial and residential properties remains robust, and the acquisition and development of strategic land parcels will continue to play a vital role in the growth of real estate companies in India.
|
|
Bollywod Actor Kartik Aaryan buys a Home in Juhu
Jul 09 2023
Bollywood Star Kartik Aaryan Makes a Staggering Rs 17.50 Crore Real Estate Investment in Juhu, Mumbai
Mumbai, India - Bollywood actors are renowned for their astute real estate investments, and the latest addition to this trend is heartthrob Kartik Aaryan. The young actor recently purchased a lavish home in the upscale Juhu neighborhood, making headlines with a whopping investment of Rs 17.50 crore.
Situated on the second floor of the prestigious Siddhi Vinayak Building, the sprawling 1,916 square feet apartment adds to Kartik's already impressive real estate portfolio. It is worth noting that the Aaryan family already owns another residence in the same building, further solidifying their presence in the area.
In addition to the eye-watering purchase price, Kartik also paid a significant stamp duty of Rs 1.05 crore and secured parking for two cars. This high-profile acquisition showcases Kartik Aaryan's commitment to success not only in the entertainment industry but also as a discerning real estate investor.
Bollywood actors often choose to invest in Mumbai's real estate market due to its status as the entertainment capital of India. The proximity to film studios and production houses provides convenience and easy access to their work. Moreover, owning property in Mumbai symbolizes prestige and serves as a valuable asset in their financial portfolios.
By diversifying their wealth and capitalizing on the thriving property market, Bollywood stars like Kartik Aaryan secure their financial future while enjoying the luxurious lifestyle befitting their stardom. Despite the challenges faced by his recent film, Aaryan's shrewd property investment stands as a testament to his unwavering commitment to both the entertainment industry and the world of real estate.
Stay tuned for more updates on Bollywood's latest real estate ventures.
|
|
Mumbai City - The New Destination of IT & Data Centers
Jul 02 2023
Mumbai has experienced a significant surge in data center infrastructure, leading to its newfound reputation as the "city of data centers." This growth not only impacts the technology sector but also has far-reaching effects on the real estate industry and employment opportunities. The establishment of data centers in Mumbai has transformed it into an attractive asset class within the real estate market. This has resulted in increased demand for real estate space, particularly in micro-markets like the Thane-Belapur road in Navi Mumbai. Amazpn bought a huge parcel of land from Kalpataru Ltd in Thane last year. Hiranandani Group has set up Yotta in Panvel in Hiranandani Fortune City, Google is constructing a large facility near Vashi close to Rupa Renaissance. Besides this, the huge build up in Nesco - Goregaon East has given a great impetus to IT industry in Mumbai. Mumbai's upcoming infrastructure boost is going to further augment the IT and Data Centers
The expansion of data centers also leads to a positive impact on employment. The construction and operation of these facilities require a skilled workforce, creating job opportunities for engineers, technicians, and other professionals in the IT and data management sectors. Moreover, as the data center industry grows, it generates ancillary job opportunities in sectors such as security, maintenance, and support services. The increased demand for real estate and the rise in employment opportunities are significant drivers of economic growth for Mumbai. The development of data centers attracts investments from major conglomerates and technology companies, both domestic and international, further contributing to the city's economic prosperity. Mumbai's emergence as a data center hub is not only a testament to its robust telecommunication infrastructure and connectivity but also highlights its potential to sustain its dominance as the data center landscape evolves. As the digital economy continues to expand and the demand for data storage and processing increases, Mumbai's strategic location, favorable business environment, and established infrastructure position it favorably in the data center market. In conclusion, the growth of data centers in Mumbai has a profound impact on various aspects, including the real estate sector and employment opportunities. The city's rise as a data center hub signifies its potential for continued growth and its ability to adapt to the evolving data-driven landscape. |
|
|