Real estate firm Housing Development and Infrastructure Ltd (HDIL) said it has launched the second phase of its mega-township project, Paradise City, being developed at Palghar (West) in Mumbai.
The company will offer 3,000 units-including 1-RK, 1, 2 and 3-BHK houses-under the second phase of the project, which will range from 340-940 square feet in size, besides shops ranging from 5,155-7,950 sq ft.
Almost 100 per cent of the units developed under the first phase of the project were sold out in less than two weeks, the company said in a statement here.Paradise City is an affordable housing project that HDIL claims will offer the convenience of modern living, coupled with a green and clean environment. The entire project will offer over 20,000 homes at affordable prices, it said.
On Friday, HDIL ended 1.79% up at Rs190.75 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.45% up at 20,073.66 points.
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Punjab & Sind Bank ties up with Bajaj Allianz to market low cost insurance product for financial inclusion; BSE and TASIS launch Shariah-Compliant Index to promote financial inclusion in India
Punjab & Sind Bank ties up with Bajaj Allianz to market low cost insurance product for financial inclusion
Punjab & Sind Bank (PSB) has signed a memorandum of understanding (MoU) with Bajaj Allianz Life Insurance to market its low cost insurance product across all its branches in the country. The product caters to the needs of rural mass markets, economically weaker sections of the society and would help the bank in providing insurance solutions for financial inclusion.
Under this policy the insured can pay a premium as low as Rs500 per annum or Rs45 per month.
BSE and TASIS launch Shariah-Compliant Index to promote financial inclusion in India
Bombay Stock Exchange (BSE) and Taqwaa Advisory and Shariah Investment Solutions (TASIS) will launch the BSE Tasis Shariah 50 Index on 27 December 2010. The Index will be the first Shariah Index created in India utilising the strict guidelines and local expertise of a domestic, India-based Shariah advisory board. The BSE TASIS Shariah 50 index consists of the 50 largest and most liquid Shariah compliant stocks within the BSE 500.
TASIS employs a strict, proprietary screening process utilising their knowledge of and local access to listed Indian companies to ensure that all stocks included within the BSE TASIS Shariah 50 are strictly compliant with Islamic Shariah law. TASIS has adopted financial screening norms that are more conservative than its peers, making the product ideal for Islamic investors seeking investments that adhere to the strict, conservative Shariah compliance norms.
Madhu Kannan, MD & CEO, BSE, said, "The introduction of the BSE Tasis Shariah 50 Index will give Islamic and other socially responsible investors another means to access the Indian market and will help attract pools of capital to India from the Gulf, Europe, and Southeast Asia. This index will create increased awareness on financial investments amongst the masses and help enhance financial inclusion. The index will also build a base for licensing for the construction of Shariah compliant financial products including mutual funds, ETFs, and structured products."
The BSE TASIS Shariah 50 employs index constituent weight capping. Index constituent weights are capped at 8% at rebalancing, in an effort to increase the diversification within the index and ensure greater compliance with international regulatory and statutory investment guidelines.