STATE BANK OF BIKANER AND JAIPUR

BRANCH- Pal Road, Adajan, Surat (11215)

Date:

TO ACCORD APPROVAL FOR TIE UP TO THE HOUSING PROJECT- RAJHANS

ELITA AT PAL HAZIRA ROAD, SURAT PROMOTERS M/S (Name of company).
FOR FINANCING OF FLATS UNDER BANK HOUSING LOAN SCHEME RECEIVED
FROM OUR PAL ROAD, ADAJAN, SURAT BRANCH
1. The brief particulars of project are as under:
a)
b)

Name of Project
Name & Address of Builder

RAJHANS ELITA
M/s (Name of company), (Address of company)

Pal Hazira Road, Adajan, Surat- (Gujarat) India

c)
d)

Address of the proposed

Project
Rating by external rating
agency
Experience

e)
f)

Constitution
Key Promoters

g)
h)
i)
j)
k)

Total Project Investment

Website
Email ID
No. of Units
Project Completion Time

l)

Project Completed by the firm/

Promoters

m)

Whether undertakes to deliver

Yes
the Title Deed to the BANK
Insist NOC from bank before
Yes
cancellation of sale agreement
Whether in the possession of
Yes
all mandatory clearance under
various builders laws and other
enactments
Minimum stake 15% of the No loan has been availed by the promoters. Approx.
project cost(duly certified by Rs. cr. has been invested by the promoters and
the C.A. to be obtained)
remaining is as advance from the customers against
booking amount.
Opinion report to be obtained in NA
respect of borrower who is
enjoying credit facilities with

n)
o)

p)

q)

None
The promoters have past experience in the line of
activity and our bank has earlier approved their
project named in which we have financed
bungalows with sanctioned amount of Rs. lacs till
date and another loan proposals are expected in
turn in the same project. Both the promoters belong
to the family which are engaged in the same line of
activity for last 8 years and successfully completed
several projects in Surat and other part of India
also.
Pvt. Ltd. Company
Shri years (BBA)
Shri years (D Pharm.)
Rs. cr.


Flat
Started in , Block 15% completed and Block
construction work yet to be started. The project
will be completed by end of . Possession will be
started by .
completed in .

other bank

Average price of 144 x 2 BHK flats x Rs.6.50 lacs

Average price of 156 x 1 BHK flats x Rs.4.50 lacs
Average price of 40 x 1 HK flats x Rs.3.00 lacs
Total Flats
Total business available
Business expected
S.N.
1

NORMS
Search report from empanelled lawyer certifying
builders /third partys (who owns the property)
clear, absolute, marketable title to the property
where the project is proposed to be constructed,
including validity of the joint development
agreement, if any, executed in this regard.

Possession of all mandatory legal clearance under

various extent builder laws and other legal
enactments and copy obtained for our record.
Project completion period should not exceed 24
months. The builders adherence to the project
completion schedule should be satisfied on the
basis of promoters track record in timely
completion of their last three completed projects.

Track record of builder in timely conveyance of

valid title, which should be ascertained on the basis
of their latest three completed projects.
Minimum stake of 15% of the cost of project, duly
certified by the Charted Accountant should be
obtained and progress of work should be verified on
the basis of site inspection/photographs evidencing
present stage of construction. (Advance made by
the prospective purchasers can be taken as a part
of the project cost subject to availability of proper
documentary evidence in this regard.)

: Rs.936.00 Lacs
: Rs.702.00 Lacs
: Rs.120.00 Lacs
: 340 Flats
: Rs.17.58 crores approx.
: Rs.7.00 crores approx
COMPLIANCE STATUS
We confirm that TIR has
been obtained from SBI
empanelled
advocate
Sh.
Rajesh
Brahmbhatt
vide
report on 16.06.2014 & the
builder has clear, absolute and
marketable title to the
property
&
no
adverse
featured are connected to it.
YES

Project will be completed by

Good

Project Cost Rs. crores

Constitution of the builder should be partnership

firm, Pvt./Public Ltd. Co. and the key promoters
should be reputed and experienced in the line of
activity.
Opinion report should be obtained in respect of
borrowers who enjoy credit facilities with other
bank.
Availability of financials of the builder will be an
added advantage with a view to scrutinize them for
any adverse features including quantum of outside
liability. However, tie-up once approved need not be
withdrawn even if the builder has a low net worth
provided the customer satisfaction level in respect
of their past projects is high.

Pvt. Ltd. Company

There shall not be any known legal case of

significant nature like (a) default to some other
Bank (can be ascertained by perusal of RBIS
defaulters list/ access to CIBIL data base, etc.) (b)

No such case was found.

No credit facility obtained

NA

Land misappropriation and (c) large tax evasion etc.

2. Our observations and recommendations:
M/s (Name of company) having its regd. office at (Address of company) was established on
. Before incorporation of the company, both the directors were engaged in the same line of
activity of construction with their family members for last 6 to 7 years successfully. The
site of the project known as RAJHANS ELITA is located at, Pal - Hazira Road, Adajan,
Surat (Gujarat) India admeasuring sq. mtrs.
In this project there will be flats as per approved plan. 15% of construction work has
already completed in Block A, B, K & L and Block C to J construction work yet to be started
and booking for RAJHANS ELITA has started on 01.05.2014 and approximate business for
Rs. 7.00 crores is available in the project.
The builder is agreeable to undertake to give NOC on the Banks prescribed format to the
Bungalow purchaser to mortgage the flat to State Bank of Bikaner & Jaipur. Builder is also
agree to convey Banks security interest to the society, if any, proposed to be formed after
completion of construction for noting a Banks charge in the record of society.
1.
2.
3.

We confirmed that the search/ title report has been obtained from the Advocate
empanelled on SBI panel at Kalol centre on our Banks prescribed format.
We confirmed that Master Valuation has been obtained from our Banks approved
valuer M/S Multi Mulyakan Inc report dated 22.09.2014.
The construction work is already in progress and 15% of construction work has already
completed in Block A, B, K & L and Block C to J construction work yet to be started.
The project will be completed by end of Jan-2016.

Branch to obtain undertaking from the promoters as under, so that obtaining of interim
security be waived 1. To deliver sale deed of the flats, title deed of the flat directly to the Bank as soon as it is
executed.
2. To obtain No Objection Certificate from the Bank before cancellation of agreement of
Sale and refund of payment to the Bank.
3. To convey Banks interest in the security to the society, if any, formed or proposed to be
formed for noting Banks charge in the record of the society.
Branch to ensure that equitable mortgage is being registered invariably in all the cases.
i)
Branch to ensure that all extent circular instructions and guidelines in regard to
Housing Loan being meticulously followed.
ii)
To get more business we recommend to appoint promoters as our marketing associates
and a service charge @ 0.25% to @0.40% respectively as applicable of the loan amount
payment be permitted (inclusive of Service Tax as applicable)
In view of the foregoing, we recommend to accord your approval to the said project for
Individual Housing finance facility and convey the same. Our approval for the said project will
facilitate both the bank (New branch) and the group to book new business. On this approval,
the finance shall, be extended to the individual purchasers on the sole discretion of the bank
on case- to- case basis as per extant circular instructions regarding housing Loan scheme.
In view of the foregoing, we recommend for approval of Project tie up with M/s (Name of
company), (Address of company) project RAJHANS ELITA.
Submitted for approval please.

Branch Manager