Monday, February 22, 2010

Disha Direct Announces the Launch of First City – the First Integrated Township in MIHAN, Nagpur

 

The sprawling world class integrated residential township
that endeavours blending nature with state-of-the-art lifestyle
will feature 11 impressive 13 storied residential towers spread across 31 acres.
– Homes at First City are being offered at an
unmatched price starting from just Rs. 23.13 Lacs.
 First City is located in Nagpur,the third largest city in the western Indian state of Maharashtra, and its winter capital. Nagpur is India’s fastest growing cosmopolitan city with the highest per capita income.
India’s leading real estate marketing company
Disha Direct has announced the launch of First City,
the first residential project in MIHAN
(Multi Modal Integrated Hub Airport at Nagpur), 
developed in a specially allocated residential zone.

A first of its kind Lifestyle Product, First City is a
sprawling world class integrated residential township
that endeavours blending nature with a high-quality lifestyle.
Spread across 31 acres, First City comprises 11 impressive
13 storied residential towers.

The name First City has many firsts to its credit: the
first residential project in Nagpur; the first project in
Nagpur to have high rise towers; the first project to use
MIVAN Forming Systems Construction Technology in
Nagpur to ensure high speed, homogenous construction;
and, the first project in Nagpur to have a podium across
the entire project to ensure 1:1 parking of one four-wheeler
and one two-wheeler for every flat.

First City presents a wide array of 1542 luxurious apartments
(1 to 5 BHK including Duplex apartments). Every home is
designed intelligently, imbibing the most important elements
of aesthetic architecture. With optimum utilisation of space
and crafted with elegance, the apartments have been planned
imaginatively to suit the tastes of a style-admiring populace.

First City is backed by MIHAN’s world class infrastructure
of roads, water supply and electric supply. MIHAN has a
200MV captive power plant to ensure uninterrupted power
supply to the entire SEZ, Logistics Zone and the Residential
Zone within MIHAN. A state-of-the-art water treatment and
distribution plant in MIHAN inspired by the Singapore model
will ensure uninterrupted water supply after purification and softening.
The infrastructure is at a very advanced stage of
implementation and will be commissioned in the next few months.
Equipped with sophisticated telecommunication, good quality
roads and a cable infrastructure,
First City epitomises the modern cityscape
of a rapidly-transforming Nagpur.

The other amenities of First City include a 40000 sq.ft. ready
club house, two magnificent swimming pools, a well equipped
gym, spa and special zone for indoor games, multi cuisine
restaurant, multi purpose hall and a spacious play area for children.

Developed by Reatox Builders & Developers Pvt. Ltd and
marketed by Disha Direct, homes at First City are being
offered at an unmatched price starting from Rs. 23.13 Lacs and above.

The period of possession is scheduled within a short span
of 30 months. The project development is progressing
with complete precision which will enable fast completion
of the township. Investors in this project are expected to
move into their new homes on time.

Providing an interesting insight on deciding to develop
First City in MIHAN; Atul Shirodkar,
Chairman & Managing Director of Reatox Builders &
Developers Pvt. Ltd, says,
“By developing First City we are not just emphasising
on the residential aspect of MIHAN but we also
wish to focus on its magnificence of being located in
over a 4000 hectare plus area.

The sole intention behind designing this project
was to make people aware that Nagpur as a city
holds immense potential for growth.

If there had to be a good beginning, I believe
First City is just the first brick of that beginning.”

A. Shyamsunder, CEO of Disha Direct seconds Atul’s
thoughts by adding, “We have immense faith in Nagpur.

After Mumbai, the official Orange city of India promises
to emerge as a technological and logistics hub which
will transform the commercial viability of Nagpur and
result in a huge number of jobs being created, thus fueling
the demand for housing. This is the first ever residential
township to take shape within the sprawling limits of MIHAN.
We therefore foresee an automatic escalation in the
value this project holds in the very near future.”

Nagpur, a city located in the heart of India and also
referred to as the Zero Mile city, stands poised to be
redefined with a future of International class.

Having catapulted to Tier II status from a Tier III city,
Nagpur is in the centre of major developments envisaged to
transform this second capital of Maharashtra into a lifestyle destination.

Adding uniqueness to Nagpur is the most ambitious
governmental project of MIHAN spread over an area
of 4354 hectares.

MIHAN is divided into two major parts:
an International Airport to serve as a cargo hub
and a Special Economic Zone (SEZ) with a residential
zone on the southern end of Nagpur adjoining the
present airport. MIHAN is being developed by MADC
(Maharashtra Airport Development Company Ltd.) whose
Chairman is the Chief Minister of Maharashtra.

First City presents property investors a great opportunity
to be the ‘first citizens’ of a New Nagpur in a New Era.

About Disha Direct:

 firstcity-nagpur.in/projectprogress.htm
Disha Direct is a leading real estate marketing organisation.
It offers services across the entire spectrum of real estate –
be it residential properties in cities and towns,
2nd homes away from the city, plots of developed land,
commercial properties, expansive acres of land or some rare
charismatic homes and investment opportunities.

Well-equipped with a team of over 200 professionals,
7 brands, 10 offices, 1 International Office in New York,
1 Real Estate Expert Advisory, 23 completed projects,
20 ongoing projects, 9 upcoming projects and 5000 happy customers;

Disha Direct is not just a conglomerate but a philosophy etched in
the minds of many.

SBI Home/Car Loan Utsav 2010-Bangalore-February 19 to February 21

State Bank of India (SBI) Bangalore Circle, on Thursday
said it will organise a three-day loan utsav in the City.

The event –– SBI Home/Car Loan Utsav 2010 ––
will be held from February 19 to February 21 at the bank’s
headoffice on St. Mark’s Road.

While announcing that the bank will offer spot loans
at an interest rate of 8 per cent, it said that customers
can visit the stalls from 11 am to 7 pm on these days and
can choose from over 25,000 apartments.

Similarly, they can also select their favourite cars
from a wide range availabile at the exposition.

Buy home to reduce tax burden-Tax Planning



Feb 22, 2010

As the financial year comes to an end, it is time to 
start planning your tax saving strategies. 
 
A house can also be used to reduce the tax liability
to a certain extent. Under Section 24 of the Income
Tax Act, interest paid up to Rs 1.5 lakhs per annum 
on a home loan can be set-off from salary or business
income, for a self-occupied property.

Loan for construction eligible for deduction

A loan availed for the construction of a residential property,
purchase of a residential property, extension of an existing house,
and major repairs and renovation of a house are eligible for tax benefits.

Under Section 88 of theIncome Tax Act , a home loan borrower can
claim a deduction of up to Rs 1 lakh from his taxable income
on repayment during the year along with specified savings
instruments like provident fund.

All co-owners eligible for deduction

In case there are co-owners to a property, each of them can
claim tax benefits separately , in proportion to their share
holding in the property. If the share holding is not mentioned
in the purchase deed, they can execute an agreement on a
stamp paper, mentioning the shares in the property,
and claim tax benefits separately .

Co-owners can thus claim a deduction of up to Rs 1.5 lakhs
per annum separately, on interest paid towards a self-occupied house,
and also up to Rs 1 lakh per annum towards principal amount repaid.

Pre-EMI qualifies for benefit

The entire pre-EMI interest amount (the interest paid 
during the construction period ) is allowed as a deduction
under Section 24 of the Income Tax Act equally over five years
(20 percent of total interest paid per annum), starting from the
year in which the construction is completed.

However, if one avails a loan only for a land purchase, 
he is not eligible for any tax benefits. In the case of a
composite loan (for land and construction ) and the house
construction is completed within three years, only after
completion ofthe construction will one be eligible for the
tax benefits.