Rajeshwari Foundations Pvt Ltd has launched its first project, an exclusive villa development on the East Coast Road to the south of Chennai. The new entrant to the market has been floated by an NRI businessman based in Malaysia, Mr Anand Nagpal.
The project, Tropicana, coming up at Kanathur includes over 14 villas on a 1.85-acre plot. Each villa of 4,800 sq. ft will be on a 3,600-sq.-ft plot. The houses cost around Rs 4.75 crore each. Mr Nagpal said Rajeshwari Foundations has long-term plans in the real-estate market in the city. Tropicana is the first of many in the pipeline and is designed as a unique offering to give a taste of comfortable living space offered in modern cities abroad. The project is designed by Veritas Architects, Malaysia. All the statutory clearances are in place and the project was formally launched on July 5. The project will be completed in 18-24 months.
Interest subvention extended
Last week the Union Cabinet approved the proposal to extend interest subvention scheme on housing loans for the current year. The 1 per cent subvention on housing loans up to Rs 15 lakh on purchase of houses costing up to Rs 25 lakh and the guidelines for release of funds were approved on July 4, according to an official press release. A budgetary provision of Rs 400 crore has been made for the current financial year to implement the scheme. Following the extension of the scheme, the limit of subsidy for an individual borrower would be Rs 14,912 on loan of Rs 15 lakh and Rs 9,925 for a loan of Rs 10 lakh. The extended scheme will benefit all house loans borrower in the current financial year. The original scheme offered interest subvention on housing loans up to Rs 10 lakh, on houses costing a maximum of Rs 20 lakh was approved by the Cabinet in September 2009. The scheme was revised by hiking the limits in the past financial year and was approved by the Cabinet in October. The scheme has now been extended for another year. The National Housing Bank is the nodal agency for implementing the scheme through scheduled commercial banks and housing finance companies.
source: http://www.TheHinduBusinessLine.com / Home> Features> Investment World / by Hindu Chennai Bureau / July 2012