Realty firm Vipul raises Rs 150 crore from DMI Finance

NEW DELHI: Realty firm Vipul Ltd has raised Rs 150 crore from DMI Finance Ltd to develop a luxury housing project in Gurgaon.

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 The company plans to develop 382 units in the project, which is spread over 20 acres on the Golf Course Road in Gurgaon. 

"We have raised Rs 150 crore from DMI Finance so far for this project. The NBFC (non-banking financial company) has sanctioned a total of Rs 450 crore," Vipul Ltd CEO Guninder Singh said. 

The remaining Rs 300 crore would be raised when the company would start construction activities in March after getting environment clearances. 

"We have launched this project 'Aarohan' at a competitive price of Rs 15,500 per sq ft, with an inaugural discount of Rs 1,000 per sq ft," she said. 

The starting price of the apartments is Rs 3 crore plus. 

Commenting on the launch, Vipul MD Punit Beriwala said, "It is our fifth project on the Golf Course Road and we look forward to succeed immensely on the basis of our past experience of creating and delivering landmark projects relevant to consumers' aspirations." 

The real estate sector has been facing a demand slowdown for the last 2-3 years due to higher property prices as well as interest cost, resulting in huge delays in completion of projects and piling up of unsold inventories. 

The developers are launching very few projects and concentrating on clearing unsold stocks through offering discounts and other freebies. 

Vipul has delivered about 10 million sq ft so far. The company's shares ended at Rs 58.55 apiece, down by 0.59 per cent on Friday on BSE. Its market cap stood at Rs 702.51 crore.

Source - ET

 

ICICI raises spread, offers new home loans at 9.6%

MUMBAI: Following a 35-basis-point reduction in its base rate last week, ICICI Bank on Tuesday increased the spread on its home loans. The bank now offers home loans at 9.6% and 9.65% (100 bps = 1 percentage point). 

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The bank said it would extend home loans up to Rs 5 crore for women borrowers at 9.6%, a spread of 25 basis points over the bank's base rate of 9.35%. The earlier spread was 15 basis points over the base rate. The increase in the spread means that while the bank's base rate has come down by 35 basis points, its home loan rates for new customers come down by 25 bps. Similarly for other salaried borrowers, the home loan rate is 9.65% or 30 bps over the base rates. ICICI Bank's home loan rates are in line with those offered by HDFC but 10 basis points higher than what is offered by SBI.


While all new borrowers will be getting loans 25 bps cheaper than what was available earlier, older customers will see their cost of funds coming down by 35 basis points in line with the base rate. In other words, a woman who has borrowed last week will see the interest rate drop to 9.35% at the next reset. 

Axis Bank has matched ICICI Bank and HDFC, offering 9.60% rate for small home loans and 9.65% for big-ticket loans for the salaried. For the self-employed, the interest rates are 10 basis points higher.


Source - TOI