RBI Bans Zero percent finance Scheme , No charges on Payment by Debit Card


1. Please refer to RBI's circular DBS.CO.PPD No. 17882/11.01.005/2012-13 dated June 19, 2013, wherein we had observed certain disquieting features in certain practices / or products prevalent / or offered by some of the banks.

We RBI  had solicited your comments in this regard as these were found to be impinging on customer protection, accounting integrity &  thereby the fair market practices which banks should epitomize. The issues and the banks' contentions have been examined at length and our instructions are detailed below.

2. Subvention on price / or moratorium for payment offered by dealers / or manufactures - Subventions / or Discounts on price or moratorium period for payment are often offered by the dealers or manufacturers on their products to the customers while they make the purchase by availing loans from banks.

In such instances, it is the responsibility of the banks, who are / may be using their good offices to get the better bargain, to make the customers fully aware of these benefits and also pass on the benefits to them fully &  indiscriminately while sanctioning loan for the purchase.

More importantly, this has to be done directly without tampering with the applicable rate of interest (ROI) of the product. If there is a discount offered in the price of a product, the loan amount sanctioned for the purchase should be after taking into account the discount, rather than giving effect to the benefit by reducing the ROI.

Similarly, if there is a moratorium period for payment available, the benefit should be passed on to the customer by ensuring that repayment schedule, including the interest servicing, commence after the moratorium period only rather than adjusting it in the ROI. Thus in principle, banks should not resort to any practice that would distort the interest rate structure of a product as this vitiates the transparency in pricing mechanism which is very important for the customer to take informed decision.

3. Zero per cent loans  / or pricing of product as per the sourcing channel -  In the O% EMI schemes offered on credit card outstandings, the interest element is often camouflaged &  passed on to customer in the form of processing fee.

Similarly, some banks were loading the expenses incurred in sourcing the loan (viz DSA commission) in the applicable ROI charged on the product. Since, the very concept of O% interest is non-existent and fair practice demands that the processing charge and ROI charged should be kept uniform product/segment wise, irrespective of the sourcing channel, such schemes only serve the purpose of alluring and exploiting the vulnerable customers.

The only factor that can justify differential ROI for the same product, tenor being the same, is the risk rating of the customer, which may not be applicable in case of retail products where the ROI is generally kept flat and is indifferent to the customer risk profile.

4. Levying fees on debit card transactions by merchants -  There are instances where merchant establishments levy fee as a percentage of the transaction value as charges on customers who are making payments for purchase of goods &  services through debit cards.

Such fee are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants and therefore calls for termination of the relationship of the bank with such establishments.

5. Though many banks have appreciated our concerns & have discontinued with the above mentioned practices / or  products, some of them still seem to persist with them.

These practices / products thwart the very principle of fair and transparent pricing of products which beholds customer rights & customer protection, especially, in the more vulnerable retail segment.


Such practices thus violate, both in letter and spirit, various provisions of our MC on Interest Rate on Advances and therefore, you are advised to strictly desist from these practices henceforth.
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Optima Homes : - 1.5 BHK, 2 BHK , 2.5 BHK, 3 BHK Apartments at Avadi, Palaripattu near Chennai


 Name of the Project: Optima Upgrade

Project name  : Optima Upgrade

Location : Avadi, Palaripattu (Chennai)

No of Floors: Stilt + 4

Total land area : 3.72 acres

Approval from :  CMDA

Project First Phase : 180 apartments

Project Second Phase : 156 apartments

Total no of apartments : 336





Apartment Type : - 1.5 BHK - 68 apartments
2 BHK - 184 apartments
2.5 BHK - 16 apartments
3 BHK - 68 apartments

Project Completion : December, 2016

'Optima Upgrade' is a Gated residential project, strategically located in Avadi, Palaripattu with a remarkable advantage of connectivity by road and rail.

The property is in the midst of well established residential zone with the scenic natural background and inspiring water bodies. The project is a 4 storey architectural beauty comprising of 336 living units from 595 square feet to 1,470 square feet in 1.5, 2. 2.5 and 3 BHK Range, built in two phases, spread into 4 blocks on a 3.72 acre plot with adequate modern amenities.

Intense attention has been paid to space, design, quality and most importantly the prices to empower the middle income group in upgrading themselves to the status of ownership.

Distance to important landmarks:

To Poonamallee - Avadi Road (State High Way 55) - 700 meters
To Avadi Railway station - 4 km 
To Avadi Bus Terminus - 5 km
To Central Railway station - 25 km 
To Egmore Railway station - 23 km
To Airport - 22 km 
To Koyambedu - 15 km
 To Tambaram - 33 km






Preferred Home Loan Institutions:
LIC HFL, HDFC Home Loans,
SBI, Axis Bank, ICICI Bank.
Sundaram BNP Paribas
Relaince Home Finance
   
 Amenities

* Swimming pool
* Utility store
*  Clinic, Gym and Meditation Hall
*  Multi-purpose arena
* Association room
* STP / WTP
* Wi- Fi enabled campus
* DTH provisions
* Intercom facility
* Generator power for common areas
* Inverter provision for individual flats
* Children's play area

Specifications

Please click on any of the below links to view the corresponding specifications












Contact:
Optima Homes Private Limited





Registered Office:
Plot No. 6 & 7A, SSVK SANGAMAM,
Block - A, First floor,
Periyar Salai,
Gnanamurthy Nagar,
Ambattur,  Chennai - 600 053,
Tamil Nadu, INDIA.

Mobile : +91 - 98438 70464, 96000 35584

Landline: +91- 44 - 2686 2355, +91- 44 - 2686 0466

To buy flats / Apartments : enquiry@optimahomesindia.com

For General enquiry : life@optimahomesindia.com



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College Students to assess their Employability with TalentSprint’s TSAT 2013


India’s leading professional skill development and talent transformation company, TalentSprint is conducting TSAT (www.tsat.in), a nationwide online employability assessment from October 3 to 8, 2013.

Fresh graduates everywhere are facing an uphill challenge in terms of securing a job. Studies indicate that just 15% of students are actually employable. TSAT measures the aptitude of graduate students and gives them an individual employability score, free of charge.

Dr. Santanu Paul, MD and CEO of TalentSprint, a National Skill Development Corporation (NSDC) partner company says, “India will produce 50 lakh graduates in 2013. Industry is offering only 5-7 lakh jobs to them. Most college students are not even aware of their employability quotient. Since most employers select fresh graduates based on a combination of numerical, logical and verbal reasoning abilities, we are conducting TSAT to provide a clear reflection of each student’s employability so they can spruce up their skills before facing the job market".

Over 25,000 students from colleges across the country are expected to participate in TSAT. Top 250 performers will get scholarships and access to TalentSprint’s corporate recruitment partners.

Mr. Madhumurty Ronanki, President of TalentSprint said, “We are excited to see the overwhelming response to TSAT from a large number of colleges. It will give each participating college a chance to review the employability of their students relative to their peer colleges, and allow them to plan the necessary interventions as they move forward”.

 Hundreds of colleges across the nation are participating in TSAT. “We are excited about our student’s participating in TSAT 2013. It will give them a chance to get a clear view of their employability prospects.” Said, Mr. Jayaraman, Director Placements, SNS College of Engineering, Coimbatore.

For Media Contact

Mr. Nagaraj Perumal, Ketchum Sampark
Mobile: +91 - 9940637801

Email: nagaraj.perumal@ketchumsampark.com
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TDS on interest earned by banks is 20 % if you do not have PAN


Form 15G and Form 15H are applicable only for Indian residents

by Ms. Saroj Maniar

Is it compulsory for banks to deduct 33.99 % across the board on interest from non-resident Indians (NRIs) or 10 % against permanent account number (PAN)? Do banks accept form 15 G/15 H, where applicable?
 - Mr. V.S. Rajan

Banks have to withhold tax on interest—up to Rs. 10 million—paid to NRIs at 30.9 %. If the interest paid exceeds  Rs.10 million, the rate of withholding tax is 33.99 % on account of surcharge of 10 %. But, if you are a tax resident of a country with which India has a Double Tax Avoidance Agreement (DTAA) and the rate of tax on interest earned as per the DTAA is lower, then you can get the benefit of lower withholding tax.

You would need to produce a tax residency certificate (TRC), containing prescribed particulars, of the country in which you are a tax resident. If the TRC does not contain the prescribed particulars, you will need to fill in a declaration in form 10 F. If you do not have a PAN, the minimum rate of withholding tax would be 20 %.


 Form 15 G and Form 15 H are applicable only for Indian residents and banks can not accept these from NRIs.
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Contact Details Tamilnadu Sub Registrar Office Bhavani, ERODE

Contact Details:  Sub Registrar Office : Bhavani , ERODE


Zone:
District:
Sub Registrar Office
Address:
Tele
E-mail : 



COIMBATORE
ERODE
Bhavani
353, Taluk Office Campus,
 Bhavani - 
638 301
04256-235388
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Contact Details: Tamilnadu Sub Registrar Office Bhuvanagiri , CHIDAMBARAM...

Contact Details:  Sub Registrar Office : Bhuvanagiri , CHIDAMBARAM


Zone:
District:
Sub Registrar Office
Address:
Tele:
E-mail : 

CUDDALORE
CHIDAMBARAM
Bhuvanagiri
Main Road, Bhuvanagiri 
608 102.
04144-259101


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Comparisons Between the infrastructure of Mumbai & Pune: For The Lack Of A Road…


by Mr. Anil Pharande, CREDAI - Pune Metro

There are often comparisons made between the infrastructure of Mumbai & Pune. The popular consensus seems to be that both cities are equally challenged as far as supportive infrastructure is concerned.

This is inappropriate for 2 reasons – one, Mumbai’s growth pattern has been very different from Pune’s.

The city has evolved into the country’s financial capital, and the pressures on it are enormous and overwhelming, considering the fact that a significant part of it is an island that can not grow horizontally to accommodate the growing real estate demands.

The challenges on Pune’s infrastructure ..

Pune, on the other hand, has an advantage by virtue of the fact that it has been able to add to its borders by means of surrounding villages.

Mr. Anil Pharande,
CREDAI - Pune Metro

This has served to decreased pressure on the central city and encouraged an outward growth pattern. The challenges on Pune’s infrastructure – particularly its road network - have more to do with the speed of this growth.

While there are various proposals for roads and road widening, these have to be translated into real time to be effective.

The pockets of infrastructural under-development are the result of both developers &  the Government concentrating on existing growth areas and sidelining those with high future potential.

It is a known fact that no area can grow in terms of residential, commercial and retail real estate unless the necessary infrastructure is first put in place.

This is quite a common phenomenon that is the result of the principle of fastest returns almost instinctually followed by both developers and the Government.

 Bangalore, for instance, was initially not well planned for radial expansion. The approach in this city was simple - where Information Technology projects went, residential projects followed. IT & ITeS, as business lines, are not dependent on a city’s CBD areas and can workably exist in areas where property prices are low.

Once such a project is established, residential, commercial and retail establishments follow. Since this kind of growth in no way follows a master plan, the result is haphazard pockets of growth.

This naturally leads to the neglect of areas that have not been so favoured. The syndrome is also evident in the case of other industries such as manufacturing.

To identity another factor that has compromised Pune’s holistic growth in terms of real estate viability - the first masterplan for the city designated a much more progressive ‘roadmap’ for the city’s road network.

However, even today, key roads leading to new growth areas are not being put in place with the speed necessary to ensure that these new areas have the requisite connectivity.

Pimpri Chinchwad Municipal Corporation

In comparison, the Pimpri Chinchwad Municipal Corporation (PCMC) has been proactive in terms of a proper road network. This explains why there have been such spurts in growth & corresponding real estate values in this region.

Even within Pune, there were earlier precedents wherein languishing areas were given fast-paced infrastructure upgrades because of an new market catalyst. For instance, the Youth Commonwealth Games brought with them the fast-tracked enhancement of Baner Road and Pashan Road.

About the author..

Mr. Anil Pharande is Chairman at Pharande Spaces & Vice President  at CREDAI (Pune Metro)

For Media Contact..
Jay Kalghatgi
Client Interface - CopyConnect

Mobile: 93201 42248
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Best Tips On Searching For Plots and Flats - Properties Online..


by Mr. Kishor Pate, Amit Enterprises Housing Ltd.

The days when the only approach for prospective homebuyers to find a suitable plot of land, flat -  property was to contact a broker are long over. Of course, personal inspection of a property is still necessary before the final purchase.

However, the Internet has made the actual process of short-listing the best options very easy.

Today, more & more people looking for flats actually begin their hunt online.

Very high penetration of broadband Internet usage..
 
Mr. Kishor Pate,
Amit Enterprises Housing
Cities such as Mumbai, Pune, Bangalore, Chennai & Delhi have a very high penetration of broadband Internet usage, and this fact has worked very well for prospective home buyers.

The many property portals operating today are replete with options of properties in cities, including in newly constructed & under construction projects as well as in the resale properties segment.

Advantages to using the online approach..

There are definitely advantages to using the online approach in the initial stages of a house search. The Internet allows a prospective homebuyer to analyze the ‘vital statistics’ of a large number of properties within one’s budget in a very short time.

Many online listings by developers and resale property owners feature photographs, as well. This helps in the visual aspect of a property search, which is a very important factor.

The various property portals that have proliferated on the Internet are helpful in knowing more about the available options in a certain location, the USPs of the area &  the property pricing trends.

However, relying solely on property marketing portals is a mistake. The information they provide can be incomplete and sometimes even misleading.

For instance, most home seekers scanning the Internet are often looking for the cost advantage of investing in an under-construction project.

Naturally, the primary search parameter tends to be the price. However, Internet searches based solely on price, city and location can generate insufficient and skewed results.

Intending property buyers should be aware that while buying a flat in an under-construction project by a reputed and well-funded developer is safe, an incomplete project by an unknown builder does not offer such assurance.

Also, a well-known developer’s reputation is a safety stamp for construction quality and quality internal fittings.

Property listings

Property listings posted by individual brokers dealing in all sorts of properties usually do not provide this vital information. After all, disclosing details like name of the project and its developer would kill their marketing advantage.

However, it is necessary to know these details before one can make a short-list of options based on quality, investment safety as well as price.

There are, of course, exceptions to this information gap. For instance, many large real estate brokerages have exclusive project marketing mandates with reputable real estate developers.

Property listings by such brokerages do tend provide all the necessary details.

Online property search

Real estate marketing portal listings are usually the first search results to show up during an online property search. This is because these platforms invest heavily in search engine optimization (SEO) to attract Internet traffic.

However, no online search for an under-construction property is complete on the basis of just these results. Aspiring buyers also need to visit the websites of reputed developers in their city to check what projects they have in the pipeline.

This route has 2 huge advantages. In the first place, doubts about the developer’s financial ability to complete a project and also construction quality are eliminated.

Secondly, buying an under-construction property directly from a developer eliminates brokerage. In short, make sure your online search for a property includes the websites of reputed developers.

About the author..
 Mr. Kishor Pate is CMD at Amit Enterprises Housing Ltd.

For Media Contact:

Mr. Jay Kalghatgi
Client Interface - CopyConnect
Mobile: 93201 42248


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HDFC Realty, Chennai Contact Details


 HDFC Realty, Chennai 






Contact Person:
 Mr. Arun Prasath .V

Cell:
93628 57002
91766 40156
186026 66555

Email: arunprasathv@hdfcrealty.com  

Web Site:  www.hdfcrealty.com  
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Contact Details .. Metal Craft Chennai - ..


Metal Craft, Chennai

Mr. Dilip Kumbhat (Director),

G-7, Ambattur Industrial Estate
Chennai - 600 058,
Tamil Nadu, India

Mobile: +(91)-9884023456
Telephone:  +91 - 44 - 2688 0445
Fax::  +91- 44 - 2652 0099

Email: kalabhandari5@gmail.com, mc@metalcraftindia.com

Web Site: http://www.metalcraftindia.net
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EYEBALL GROUP, Chennai Contact Details


EYEBALL GROUP

Mr. K.SANTHOSH KUMAR
Head - Operations

Mobile : +91 99406 26150
Landline:+91 44 4567 1150,
Direct : +91 44 4567 1189

For Sales and Marketing
Mr. Prashanth Bashyam
Mobile: : 96000 84255

Eyeball House,
30-32, Subramaniam Street,
Abiramapuram,
Chennai - 600 018



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THE ECONOMIC TIMES ACETECH 2014: 10 to 12 Jan. 2014 at Ahmedabad


Name of the Expo: THE ECONOMIC TIMES ACETECH 2013

Date:  10 to 12 Jan. 2014

Venue: Ahmedabad : Gujarat University Grounds

THE ECONOMIC TIMES PRESENTS ACETECH 2013, which is solely dedicated to the fast growing and the very popular construction industry. The Indian construction industry has a major influence on our nation's economy. The construction industry is amongst one of the fastest growing sectors in India and comes with a promising future. As the national economy grows a social and financial demand for infrastructural update increases.

CONTACT

Tel : +91 - 22 - 6681 4900
Email :sales@etacetech.com
                                   
Mumbai Head Office Address:                 
The Economic Times Acetech Secretariat
Asian Business Exhibitions & Conferences Ltd.
530, Laxmi Plaza, Laxmi Industrial Estate,
New Link Road, Andheri West,
Mumbai – 400053, India
Tele : +91-22-6681 4900
Email :sales@etacetech.Com, sales@acetechexpo.Com
                       
• Gurgaon Corporate Office Address:
The Economic Times Acetech Secretariat
Asian Business Exhibitions & Conferences Ltd.
501, Time Tower, M. G. Road,
Gurgaon - 122 003, India
Tele: 0124- 4980 500
             
 Bengaluru Corporate Office Address:                         :            
           
The Economic Times Acetech Secretariat
Asian Business Exhibitions & Conferences Ltd.
1206, 12th Floor, A- Wing, Mittal Tower, M G Road,
Next To HSBC Bank, Bangalore- 560 001, India
Tele: 080 – 4087 8400
Web Site: http://www.etacetech.com/


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THE ECONOMIC TIMES ACETECH 2013: 5 to 8 December 2013 at Delhi


Name of the Expo: THE ECONOMIC TIMES ACETECH 2013

Date:  05-06-07-08 December 2013

Venue: Delhi : Pragati Maidan

THE ECONOMIC TIMES PRESENTS ACETECH 2013, which is solely dedicated to the fast growing and the very popular construction industry. The Indian construction industry has a major influence on our nation's economy. The construction industry is amongst one of the fastest growing sectors in India and comes with a promising future. As the national economy grows a social and financial demand for infrastructural update increases.


CONTACT

Tel : +91-22-6681 4900
Email :sales@etacetech.com
                                                 
Mumbai Head Office Address:                 
The Economic Times Acetech Secretariat
Asian Business Exhibitions & Conferences Ltd.
530, Laxmi Plaza, Laxmi Industrial Estate,
New Link Road, Andheri West,
Mumbai – 400053, India Tel : +91-22-6681 4900
Email :sales@etacetech.Com, sales@acetechexpo.Com
                       
• Gurgaon Corporate Office Address:
The Economic Times Acetech Secretariat
Asian Business Exhibitions & Conferences Ltd.
501, Time Tower, M. G. Road,
Gurgaon- 122003, India
Tel: 0124- 4980500
             
 Bengaluru Corporate Office Address:                         :            
           
The Economic Times Acetech Secretariat
Asian Business Exhibitions & Conferences Ltd.
1206, 12th Floor, A- Wing, Mittal Tower, M G Road,
Next To HSBC Bank,
Bangalore- 560 001, India
Tel: 080 – 4087 8400

http://www.etacetech.com/
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