Raunak Group’s Raunak City is one of the biggest and most luxurious townships in Kalyan. It won the prestigious Township of the Year for Raunak City 2017-18 by Realty Plus Excellence Awards. Spread across 35 acres of land, this township is located almost 3 km away from Kalyan Railway Station.
At Raunak City you can enjoy the best of both worlds – away from the hustle and bustle of the city, but still only a whisper away from all the conveniences. The Raunak City is built keeping in mind the most contemporary architecture with indescribable amenities and impeccable luxuries beyond your expectations. Thus it offers its residents the perfect blend of peaceful life and convenient lifestyle.
They have built and delivered 10 lac sq ft across 27 buildings, housing 1,428 families in a span of just 8 years. They offer amenities like clubhouse, swimming-pool and gymnasium. The township will become home to almost 3000 families once it is completed.
Raunak City is a self-sustainable mini city within Kalyan where every block is designed keeping in mind the modern day residents’ choices. The township includes superstores to take care of resident’s day-to- day needs and it also has close proximity to hospitals, schools, shopping malls and other conveniences. It is definitely a well planned and well surrounded township.
Kalyan has set its place among the best investment options around Mumbai city. Kalyan is already shortlisted among the 98 smart cities to be developed in India. Thus it ensures further overall development which would further raise the standard of life for people there.
Thanks to the frequent train availability and connecting roads, Kalyan has also become a promising investment zone which would only give appreciated value for the properties. At present, Kalyan offers houses at affordable prices and home buyers are thrilled by the possibilities which are almost nil in Mumbai. The Kalyan-Dombivli stretch has a large industrial belt to its south-east from Kalyan to Badlapur. There are many small and large industries which offer the opportunity to work and live in the vicinity.
Other development in the pipeline is the upcoming Metro rail to Kalyan and the MMRDA also intends to lay down road networks which will include a 29 km Kalyan ring road in Kalyan region.
Raunak Group has been building homes since 1980. The company has steadily delivered projects in a range of categories. Thus offering people homes that best suit them. On-time delivery, transparency, affordability, and quality – these are the four pillars that Raunak Group bases all its decision on.
2017: A Slow Year For New Projects Launching
The last September saw the Reserve Bank of India, pushing the banks to clean their balance sheets. In order to do that these banks have to recognize non-performing assets, resolve the bad debts of large defaulters. On failing to resolve the debt, banks were instructed to take the defaulters to the bankruptcy court for liquidation. All these activities focused the attention on the crisis in a few sectors. Among those sectors was real estate, consisting of housing, commercial real estate and hospitality assets.
Firms like Jaypee Infratech, Amrapali and Unitech, were being pursued by banks and home buyers. Who had paid them advances but not received their houses, and finally had to turn to the courts. They were fearful of the fact that they would lose out in a case of liquidation because home buyers’ claims will be considered only after the banks have been settled. The interesting thing is that despite the effects of the global financial crisis in 2007-08, the housing and the overall construction sector saw a growth till very recently.
This increment in housing investments is due to the low presence of the mortgage market in India, standing at 7 per cent in 2006, as compared to 12 per cent in China, 29 per cent in Malaysia and more than 80 per cent in US and UK. But these differential rates have to be seen in the light of per capita income and the income inequality. As both of these do not favour a significantly large mortgage market in India.
It all came down to the willingness of the banks to lend without collateral to borrowers, hence generating the boom. As a result of which, there was an increment in the exposure to debt, bringing a number of realty firms under default and bankruptcy.
These factors set the Indian real estate sector on unsure paths. The realty developers went on the back foot, cutting back the launch of housing projects. The seven leading cities in the country saw 94,000 homes as the newly added units over the first three quarters of 2017, dropped by half from a year back. In fact, the first quarter of 2016 itself saw a launching of 97,000 units, which was higher than that launched in all three quarters of 2017 so far.
With the government bringing more laws on the black money issue and enforcing strict regulations to make home developers more accountable to customers. The number of units sold was far ahead of new launches, during this period, and might lead to a steady drop in inventory. Also keeping in mind the fact that the high stock of the unsold units over the last few years has kept a check on the prices. So, although the last year is to remember for toughening the regulations and safeguarding the interests of home buyers, it also drastically brought down the inventory of unsold units.
Defaulters Faces Ultimatum: RBI Refuses An Extension To The 2nd List
The RBI has denied to extend the deadline for the second list of defaulters. Also there will be no relief for its other stipulations, including the process related to restructuring outside the bankruptcy court. Non-Banking Finance Companies (NBFCs) and banks are finding ways to reduce their mounting of bad loans. They have become extra cautious in lending to the lesser known real estate developers.
A new trend of roping in corporate investigators like Deloitte, EY, PwC and KPMG and other boutique firms such as Kroll, Alvarez and Marshal (A&M) to undertake forensic due diligence before lending money, has picked up amongst the lenders. These lenders include HDFC, Indiabulls, DHFL and Edelweiss. The lenders want to be sure about the status of the project after the completion and any possibility of future litigation, despite getting the confirmation of repayments.
The requests from banks to extend the deadline for restructuring the debt of companies, on a second list of bad loan accounts, has been denied by the Reserve Bank of India (RBI). This will be accelerating the bankruptcy proceedings at the National Company Law Tribunal (NCLT) by December 31, for companies such as Essar Projects, Asian Colour Coated, Jaiprakash Associates, Videocon Industries and Uttam Galva Steel.
RBI is demanding the accounts that were not recast as per rules stipulated, in August, to enter the insolvency process. In its statement from the month of August, RBI issued a deadline of December 13, to those involved in lending to the 28 defaulting companies. These lenders had to find a resolution plan in accordance with a formula prescribed by RBI. The companies were to be referred to the NCLT, in the case of a failure from the banks.
Some of the companies from the list got their resolution plans drawn up by the deadline. Which included Soma Enterprises under the Scheme for Sustainable Structuring of Stressed Assets (S4A) and a one-time settlement in the case of Anrak Aluminium. The Finance Ministry has asked banks to be vigilant to ensure that wilful defaulters are prevented from buying same stressed assets again, as it will ensure the success of bankruptcy process under the Insolvency and Bankruptcy Code (IBC).
As many as 12 accounts, each with more than Rs 5,000 crore of outstanding loans and accounting for 25 per cent of total NPAs of banks are being submitted under the Insolvency and Bankruptcy Code process. A staggering amount of Rs 1.75 lakh crore has been amounted under these accounts, if assumed together. Besides, banks are processing to take other large non-performing assets accounts to the National Company Law Tribunal (NCLT) under the IBC.
An Expert’s Take: RERA Impacting The Real Estate Sector
2017 has been a very influential year for the Indian real estate market. As it went under a ground breaking reformation, due to the introduction of many new laws and amendments. Experts are looking back at the eventful period and its influence on the market. Talking about the major event of the year and its implementation, the experts gives their views on Real Estate Regulation & Development Act (RERA).
According to Shishir Baijal, the chairman and managing director of Knight Frank India. It is still early to review the wave of transformation that has set into the Indian real estate sector this year. He prefers the next 5 years, the best period to assess the progress. The year 2017 saw a certain amount of uncertainty, volatility and a promise of new opportunities. Owing to these reforms, the market has been seeing a gradual improvement in consumer’s confidence and a better outlook for a long-term success rate. An all-round implementation of RERA is required for its complete flourishment.
The managing director of India, Cushman & Wakefield, Mr. Anshul Jain thinks that most of the consumers are opting for a wait-and-watch approach in order to achieve a perfect deal. This lethargy from the end users’ perspective is due to lack of clarity in the rules of the implementation of the RERA. According to him, some states have seen momentum in the development but most of them are finding a slower rate as the developers want to get clarity before starting new projects.
RERA will bring the much needed structure, transparency, and accountability to the real estate sector of the country. Says, Samir Jasuja, managing director and founder, Propequity. After going through some teething issues, he hopes that, the RERA would bring some upward trend in the real estate sector, post its implementation in 27 states.
On the thoughts of RERA implementation, Anshuman Magazine, chairman, India and Southeast Asia, CBRE India, thinks that certain ambiguities have been clarified as the states have been proactive in implementing the Act. Understanding the benefits of a long-term regulator, the developers have been busy in making their projects RERA compliant. Hence the RERA has brought a sense of regulation in the real estate sector. The realty market has not seen much success till now, but these regulations will play a crucial part in triggering a boost to the graph. He hopes that the positive impact of the act will start to show by the middle of the next year.
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