SBI to buy property of Air India

India’s leading public sector bank, State Bank of India has received all necessary approvals from government opportunities to buy residential properties of cash-starved national carrier, AI (Air India) in south Mumbai for Rs. 90 crore.

As per the sources of PTI, “State Bank of India has got all the required approvals as it has conveyed its willingness to buy residential and commercial properties from Air India. Now State Bank of India is waiting for the approvals to complete the procedure from their side. Now this state owned bank is planning to allocate these flats or apartments to its top executives of the rank of general managers and deputy managing directors.

Now Air India had been looking for buyers who can buy their properties which contain their four flats at up-market in Peddar road at south Mumbai since last two years. In August 2013, the Air India has floated e-auctioning bids for four flats. However these 3-BHK flats measures 2,033 sq ft in carpet area. On proposed real estate deal while confirming the communication from the bank, an Air India official stated that Indian airline has sent the proposal to the Civil Aviation Ministry for its approval. The more they added that the proposal is now in the side of Ministry for its approval. Air India has some of the working capital which they have borrowed from SBI, besides long terms loan. it is expected that the funds raised from the sale would help them to reduce their working capital loan besides reducing the interest outgo.

The decision to sell these flats or property is the part of national carrier’s plan to unlock the value in its land assets. Under the land monetization plan, now Air India is planning to mop up Rs. 5,000 crore in the period of 10-year to match the balance between its revenue and expenditure.

CREDAI in Nashik

CREDAI (Confederation of Real Estate Developers’ Association of India), is organizing Shelter 2014, which is 7th Property Expo. This event will bring all the properties of Nashik under one umbrella to encourage individuals to purchase a property of their decision on one stage. It is the event of four days, which will display residential as well as commercial properties at one place. This is the 7th release of Shelter as the biggest land display in north Maharashtra. The venue for event is Dongre Hostel ground in the city with the sum of 300 stalls and the timing is from 11am to 9pm. This event is attracting the end users, investors, real estate builders, agents and as well as financial institutions or banks for the mutual benefit.

According to the President of CREDAI Nashik, Jayesh Thakkar, “This 7th biennial show being held in the city by CREDAI, Nashik at one stop destination to showcase the properties over the city under one umbrella to help individuals hunting down their fantasy homes to get houses inside their financial plan and in the area of their decision. This will save their time as well as cash of purchasers. These safe houses have a sum of 300 stalls in which 180 have been booked by developers and engineers. The property ranges from Rs 15 lakh to Rs 2 crore”. Comparing to Mumbai, Pune and Thane, the rates of properties in Nashik are very reasonable, and this expo will be beneficial for those who are interested in buying homes or plots as here all the potential buyers or investors get the latest info about duplexes, house, flats, pent houses, row houses, non-agricultural plots, farm houses, bungalows, and agricultural lands. It is expected that in next few years CREDAI will organize Nashik property exhibition in all over the country and as well as abroad. The rates vary between 2,700 per Sq. Ft. & 6,000 per Sq.Ft. depending on the area. Naturally, there are comparatively lower in localities like Adgaon, Makhmalabad, Pathardi, Ambad and Satpur which is on the city outskirts. They begin rising as one moves to up-market areas like College Road, Mahatma Nagar & Gangapur Road.

The infrastructure in city is seeing a mammoth change & with an all round development, Nashik is set to soar. The added advantage of city is excellent water supply, good road & rail connectivity; soon city will get the air connectivity which will be boon of scenic beauty. According to reports, around 1,500 to 1,250 residential properties worth around Rs.300 Crore have been sold during the festive period this year, the real estate developers in Nashik are expecting good realty business during the event, “CREDAI Nashik Property Show 2014”. In past two years the gap between demand & supply has increased a lot in Nashik and no new projects is being launched. But it is expected that scenario will change for better sooner or later.

This expo is the best opportunity for prospective home buyers; here buyers will get the competitive rates and a lot of options. In short customers have the choice to buy affordable to luxurious apartments in different parts of the city. The rates are reasonable and good amenities are being offered.