Builders are offering ‘guaranteed’ returns—and rebates—to homebuyers in return for upfront payments even for under-construction properties. This is the fifth part of a continuing series
Emaar MGF Land Ltd, a Delhi based real-estate company—which is planning to list on the Bombay Stock Exchange (BSE)—is offering different rebates for its various residential projects, if homebuyers pay almost 95% of the basic sale price (BSP) within 30 days-45 days of booking a property.
The company is offering 5%-12% rebate on the BSP for its various residential projects situated around Delhi −‘Palm Terraces, Palm Hills’, ‘Esplanade’ and the ‘Commonwealth Games Village’—under its down-payment scheme.
According to the company’s website, the customer has to pay minimum of Rs5 lakh (which varies from project-to-project) at the time of booking the property; 95% of the sale price plus 100% external development charges (EDCs); 100% infrastructure development charges (IDCs) and cost of parking slot within a stipulated time (30 days or 45 days)—all which differ from project-to-project. The remaining 5% of the BSP can be paid when the customer receives an intimation of the possession of the property.
The developer is also offering 12% rebate if the customer is purchasing a property in Palm Hills at Gurgaon under the down-payment scheme. The buyer is supposed to pay 95% of the sale price and all charges mentioned above plus 100% club membership charges within 45 days. The remaining charges can be paid after the buyer gets the intimation of the possession. Currently the price for a three bedroom-hall-kitchen (BHK) in this project is Rs3,499 per sq ft.
The same rebate is being offered for the developer’s ‘Palm Terraces’ project which is priced at Rs5,250 per sq ft for a 4-BHK covering 2,100 sq ft. For the ‘Commonwealth Games Village’, the developer is only offering 5% rebate on the payment of 95% of the BSP within 30 days. The booking amount for a 2-BHK starts from Rs25 lakh.
The partners have solved the tricky issue of pricing, which has been widely speculated as the reason for the delay in the project announced in 2008
French auto major Renault and Bajaj Auto have agreed to price the ultra low cost (ULC) car that they are jointly developing with Nissan at $2,500, (around Rs1.10 lakh) to take on the Tata Nano, reports PTI.
“In India, Renault and Nissan are developing an ultra low-cost vehicle with the Bajaj Group, benefiting from its expertise in light vehicles and the knowledge of the Indian market. We are aiming for a price of $2,500,” Renault president and CEO Carlos Ghosn said at the Annual General Meeting of the company on Friday.
When asked if this is the agreed price range, Bajaj Auto managing director Rajiv Bajaj replied in the affirmative. The partners have, thus, solved the tricky issue of pricing, which has been widely speculated as the reason for the delay in the project announced in 2008. While Renault wanted a low cost car, Bajaj was keen on a car that would have high mileage and low maintenance.
Originally, the car was scheduled to hit the market this year, but that has been postponed to 2012. It will take on the Tata Nano, which is currently available in a price range of Rs1.23 lakh-Rs1.72 lakh (ex-showroom Delhi) for three variants.
Last year, during his India visit, Mr Ghosn had announced finalisation of the project and said “as per the agreement, the design, engineering, sourcing and manufacturing will be handled by Bajaj Auto, while marketing and selling will be (done) by the Renault-Nissan alliance.”
He, however, had declined to comment on the pricing of the car.
Officials of the alliance had said that the car will be smaller than Maruti Suzuki’s Alto, which is the biggest selling model in India.
The three partners of the ULC project have been struggling to find engineering solutions to produce such a low cost product.
In March this year Nissan Motor executive vice president Collin Dodge had said, “It is over two years that Bajaj is trying to produce the car. The physics of it is very difficult. We have not yet found a solution as there are a lot of engineering solutions required.”
Charging capitation fee will be a cognisable offence while other offences will be treated as non-cognisable and will attract some fine
A Bill that makes charging of capitation fee by any medical or technical institute a cognisable offence and empowers police to arrest the erring administrators without warrant was introduced in the Lok Sabha today, reports PTI.
The Prohibition of Unfair Practices in Technical Educational Institutions, Medical Educational Institutions and University Bill, 2010 was introduced by HRD minister Kapil Sibal.
Mr Sibal also introduced in the House the Educational Tribunal Bill, 2010 that provides for setting up specialised tribunals at the Centre and the States for adjudicating matters relating to disputes in educational institutions.
The National Accreditation Regulatory Authority Bill, 2010, seeking to set up a body to assess and accredit every institution in higher education was also introduced.
The prohibition of unfair practices Bill seeks to classify malpractices into two categories. Charging capitation fee will be a cognisable offence while other offences will be treated as non-cognisable and attract some fine.
The civil offences will be adjudicated in the educational tribunals, while the cognisable offences will be dealt by courts.
At present, the fee structure in private engineering and medical colleges is fixed by a State-level committee headed by a retired High Court judge. However, there are instances of many institutes charging fee higher than that suggested by the panel.
Certain institutes demand donations for admitting students and do not issue receipts for payments made by them. They give misleading advertisements in the media with intent to cheat students. They also withhold certificates and other documents of students who want to quit the institute.
Certain institutes, which promise good quality education but do not deliver it, will face penalty under this new regulation.
“Capitation fee charged by any institute will be a cognisable offence. People will be prosecuted without fear and favour,” Mr Sibal had said after the Bill was cleared by the Cabinet.
The Accreditation Regulatory Authority Bill provides for setting norms for accreditation. The process of accreditation will be outsourced to agencies of integrity registered with the authority.
At present accreditation is voluntary. But with the new authority in place, every institute will go through mandatory accreditation.
The present accreditation agencies like National Accreditation and Assessment Council and National Board of Accreditation will function under the National Accreditation Regulatory Authority.
The purpose of creating the Accreditation Regulatory Authority is to ensure that people get quality education.
Every institute will make self-disclosure which can be audited by the accreditation authority. It will be an independent statutory body for quality control.
The authority would also monitor and audit the accreditation agencies registered under it.
The Educational Tribunal Bill provides for adjudication by tribunals the disputes pertaining to accreditation, affiliation and inter-institution matters.
The tribunals will act as forums for fast-track and speedy resolution of issues in institutions.
The legislation also provides for imprisonment for a term which could extend to three years and/or a fine of up to Rs10 lakh.
The State tribunals will adjudicate matters concerning teachers, employees and students of institutions in the respective States.
The national tribunal, having nine members, would deal with all matters concerning regulatory bodies in higher education and also matters involving institutes located in two or more States.
It would act as an appellate body against the orders of the State educational tribunals, the statement of objects and reasons of the Bill said.