RASHMI
HOUSING:
'Apne Dam Par'
-
SMART
SCHEME
A RAY OF
HOPE TO THE AFFORDABLE HOUSING INDUSTRY
Property purchase now so simple! Intro: Can 'Apne Dam Par' bring a new ray of hope to the affordable housing industry? Recently Chief Minister of Maharashtra proposed a portion of any plot being developed, to be reserved for low-cost housing. To most Mumbaikars, this came as a sign of relief. However even without any government initiative, a portion of the city dwellers have managed to buy a house for themselves, through the innovative concept of Rashmi Housing Pvt. Ltd. The company made its debut in the real estate industry in the year 2000 and since then, the focus has been to serve the customers by upgrading their policies according to the customer's need and preferences. With regard to tthe same, ' Ghar Ho To Aisa' was the first step towards providing the consumer a semi furnished house, with optimum utilization of space. The group has been synonymous to Affordable housing, with a successful track record of creating 200 units with about 7,000 flats being delivered till date, and about 2000 flats more to be delivered shortly.
Ab Flat Kharido Apne Dam Par: Rahmi Housing's makes affordability a possibility..........
Since 2007, 'Ghar Ho To Aisa' has already delivered 45 building under the project Pink city at Naigaon (E), and a 2nd project; Star city, with 150 building on 25 acres of land is being constructed, this project will accommodate 4,500 more families in Naigaon.
In view of the current market
scenario, where property rates are soaring high, buying a home in
Mumbai just got easier with Rashmi Housing's concept 'Apne Dam
Par'. The concept was introduced in 2010, by 'Ghar Ho To Aisa', the
focus of this concept was to provide a relief to those home buyers
who could not avail a bank loan; either due to ever increasing
interest rates or inadequate documentation.
The concept provided the consumer the facility of easy payments in three slabs: partly at the time
of booking, 50 interests free EMIs
of Rs.12,000/- and the rest on possession. The second benefit that
the concept gave was easy and simple documentation. The end result
was a person could own a house without worrying about the vagaries
of interest rates on a home loan, therefore saving a large amount
(approximately Rs.6 Lacs) with regard to interest cost. This
customer friendly concept immediately struck a brilliant code with
the consumers, in just two years of its initiation; about 2000+
customers have benefitted from 'Apne Dam Par'. Rashmi Housing, over
the years has worked in union with the customers; the five pillars
are nothing but a clear implication of the same.
Another major area addressed under
the concept of 'Apne Dam Par' is the minimization of documentation.
With regard to this an investor, Mr. Rao quotes; “Mumbai being a
city of career makers, there are 40% of people who belong to the
rest of India, for them documentation is the greatest problem.
Therefore I think 'Apne Dam Par' made it simple for people like
these, so that they can also buy a house without any
hassles.”
While the real estate industry was constantly upgrading itself towards providing a modern and international lifestyle to its customers, there 'Apne Dam Par' dedicated itself in formulating policies that would serve the customers and provide them with the basic need of a house. Modernization is indeed the need of the hour but most importantly, the primary need is first to make a self-home available to all; this factor was studied, scrutinized and thus were born, the five pillars of 'Apne Dam Par'.
Shorter Debt
Tenure: The normal duration for home loan
repayment is by and large choosen for 20-25 years. This repayment
amount includes principal plus interest (10.25%) amount. With the
concept 'Apne Dam Par', the entire principal amount can be paid off
within 50 months, without any interest burden.
Guaranteed
appreciation: Brand value and good will of
'Ghar Ho To Aisa' over the years have seen an upward rise. Moreover
the choice of strategic location in western suburbs, have always
guaranteed appreciation of 20-50 % to end users as well as
investors.
No income
proof: The concept has brought in a huge
relief to those who could not avail a home loan due to strict
adherence to official formalities, procedural constraint and
documentation hurdles. Income proof is one among such documents
which is impossible for a freelancer in Mumbai to
generate.
Simple documentation: Under the concept 'Apne Dam Par' very basic documents are required. Address proof, ID proof, PAN card, Bank statement and photographs.
0% rate of
Interest: To facilitate the buyer, the property
value is divided into three sub heads; Down payment, 50 EMI's and
Balance payment on possession. Here the EMI is interest free and
the customer gets the same facility of paying for his house in
installment (as he would pay for a loan) but at 0% rate of
interest.
Rashmi Housing, over the years has worked in union with the customers; the five pillars are nothing but a clear implication of the same. The management at Rashmi believes in making the lives of home buyers easy, therefore though in the past few years a huge hoopla was created about the difficulties in buying a house, but Rashmi Housing has proved that with proper planning and understanding, no time is bad for affordable housing.
Simplicity and innovation has been the yard stick of the organization, while talking to Mrs. Sharma, a customer of 'Apne Dam Par' project, she promptly quoted; “They mold their policies according to the customer needs, and most of the times the company can foresee the changes in demands, way before time. 'Apne Dam Par' and 'Ghar Ho To Aisa' are living examples of the company's dynamic spirit.
When asked about the vision of the company, the management did not provide statements, but showed facts of 1 crore sq. ft. of land bank already in store for the future of affordable housing. Therefore it is clear that 'Apne Dam Par' is here to stay and serve thousands of home buyers.
While the real estate industry was constantly upgrading itself towards providing a modern and international lifestyle to its customers, there 'Apne Dam Par' dedicated itself in formulating policies that would serve the customers and provide them with the basic need of a house
Modernization is indeed the need of the hour but most
importantly, the primary need is first to make a self-home
available to all; this factor was studied, scrutinized and thus
were born, the five pillars of 'Apne Dam Par.'
________________________________________________________________________________
CORPORATE CZARS did a quick visit to the Rashmi site, and to our surprise we found an overflow of customers, a scene most unfamiliar to the housing industry, to find out what brought so many of them on a Sunday afternoon, we asked them a few questions:
Q: How do you
know about ‘Apne Dam Par’?
Mr. Sampat:- They advertise regularly and moreover they have a good track record in Mira road. I stay in a rented apartment at Jogeshwari, and I find ‘Apne Dam par’ a reasonable way to purchase a home without a bank loan.
Mr. Tyagi:- A
friend had mentioned about ‘Apne Dam Par’, I am a government
employee and will retire in the next 8 years, a loan at this point
is almost impossible. Therefore when I got to know about the
payment scheme of ‘Apne Dam Par’, I immediately enquired and in two
years, I have already paid 50 % of the home price without any
loan.
Q: How is
Naigaon as a location?
Mr. Tyagi:
- Naigaon is pollution free, peaceful and
affordable. As of now it is not so developed
but by the time I get my possessions of house, it will be.
Moreover, where else can you find a home at a price like this?
After an overwhelming response from the customers, we turned to the
senior executives at 'Ghar Ho To Aisa' who took us through the
journey of ‘Apne Dam Par’.
Q: Can you take us
through Rashmi housing’s towering growth path? Off-late the group
has been quite high in visibility across
media?
A: All credits to
management’s mighty vision, practical knowledge, philanthropic
outlook towards society and top competence to deliver quality
–which forms the core principles of guidance to the whole group. We
are merely a tool or catalyst in achieving the vision or dreams
sought out by our leader – Mr. Bosmiya..
Q: Any road map or idols for Rashmi
Housing?
A:
Definitely, as we want to take Rashmi housing to greater heights
and our company name has
been over the years synonymous with the tag - “undertakers of
affordable housing”. So naturally, affordability is the driving
force here. Under the managements simple but logical planning,
Rashmi family has clearly outlined their vision – ‘Apne Dam Par’.
Thus, living up to the vision, the company coined the theory
“earning patterns”, among the run-of-the-mill hypothesis done from
ages on “spending
patterns” from years of research. And, when the group goes-ahead
with its indefatigable innovations with the pace per se a dynamo,
it is likely to raise the eyebrows in the envious market players.
This is one group which is steadfastly changing the dynamics of the
market, slowly but surely. So simple and composed are the people
running the group’s marketing plans, that sometimes one is in doubt
whether these are the people who are creating such wonderful
campaigns, and after keenly observing deep
down do we realize the real potential that lies beneath the calm
surface of the core group, who are in fact creating a stormy
future for the group.
Q: Post budget
ramifications on real estate market?
A:
At the end of day what will happen? The cost increase will have to
be borne by the purchaser,
ever since we left barter economy it was sure that the economy will
keep maturing & market forces
will govern the prices as the year goes on…
Q. Do you think
with government support, affordable housing will get
better?
A:
Definitely, if government supports us, then the number of such
projects will not only multiply but they can be delivered fast and
at a more economical price. Presently the projects get delayed
because of various political gang lords and delay in permissions,
these delays result in the increase of the prices and therefore the
end sufferers are the customers. If government is sincerely serious
about promoting affordable homes, then it should make amendments in
its policies like rebate on stamp duty for affordable home buyers,
removal of service tax, more availability of land and lastly speedy
development plans for the suburbs.
Q: Could you
share how you plan to move ahead & spread your company’s
tentacles?
A:
This concept has gained a great popularity in other major cities as
well; the overwhelming
feedback in the form of joint-venture proposals are being offered
by other states. We are thereby
considering the idea of taking ‘Apne Dam Par’ to the rest of
India.
BIG
LEAGUE: CEO
WEALTH
CORPORATE
CZARS
============================================================================================================
COVER
STORY:
Mr. Mohanjeet Singh,
CEO, “NEW
MUMBAI REALTY":
============================================================================================================
India's Ideal Global Real Estate Consultant, who is amongst few professionals in this unorganised Real Estate trade to be recognised to follows best trade practices & ethics
How many employees are so fortunate to work in a company which ensures employee welfare, so much to the hilt that the company ensures that employees are empowered with the facilities like car, flat...? And, if to hear is to believe, the employee is groomed for much bigger role in the company; a car loan facility is provided customised to suit the employee. The employees are encouraged to invest in property, not limiting to just one, but any property which is sold or bought in the market the first price is preferably sought from the employee; and if he expresses interest then its a’la game-set-match! A story of rich employees or a benevolent master? Does it seem too good to be true? CORPORATE CZARS decodes....
Welcome to New Mumbai Realty - Navi Mumbai’s most respected real estate consultant, who with the able stewardship of Mr. Mohanjeet Singh has catapulted itself as the top consultant in less than a decade. It is under his able leadership that we captured the group’s astounding growth story, and his much remarkable innovative employee welfare, that obviously make him the darling of his employees & envy of much bigger companies who care for hoots about anything except their own pockets.
CORPORATE CZARS unveils the high-flying but low profile budding corporate entity – Mr. Mohanjeet Singh. A successful role-model employer of a small but determined group, eager to break into the big leagues in couple of years. Well, if “employee welfare” is still latin to the Indian context, in most of the situations the HR is just a rubber stamp of the company to announce albeit the fate accompli of the employee’s entry, exit or continuity decisions taken directly by the management from time-to-time.. In most of the cases, the matrimony alliance between the company & employee starts with out-of-reach carrots dangling high in the air, and ends up screeching for divorce in most of the situations.
The company has rapidly overhauled their work space. Firstly, moving towards paper-less office and adding their precious contribution towards environment in a small but significant way. Secondly, being counted amongst few Realtors In India to adopt real estate software technology, to ensure satisfied customers in real-time. And, the feather in the cap - the best example of equal opportunity employer, making people the ultimate drivers in the overall growth & success of flagship’s realty facilitation journey...
Thus, New Mumbai Realty is a leading example about what wonders a company can do to the confidence of employees who are ready to stand by their leader day-in-and-day-out, and the employees respond to the clarion call of its leader to be an effective lean-mean-machine, irrespective of the small strength to match unequivocally by their knowledge, prowess and dedication. Definitely, few ignited souls rub passion into their work place to consistently fire from all cylinders, and to turn the wheel-of-fortunes of the company to the next level. And, this man at the top certainly deserves kudos for not loosing sight of the employee welfare, even though closing steadfastly but quietly to his numero uno position!
New Mumbai Realty is a boutique Commercial and residential real estate brokerage, operating without the corporate machinery one might find with the commercial brokerage giants. We stand by a tradition of long term relationships, which has resulted in our high ratio of repeat business. Our clients receive detailed analysis to support their buy, hold and sell decisions, and formulate real estate investment plans. Our agents’ real time market knowledge combined with leading research results in the delivery of informed decisions, and forms the basis of our advisory service. Our goal is to help clients succeed beyond a single transaction. Clients of New Mumbai Realty Group are privy to our wealth of contacts. Moreover, our creative approach to negotiate unique, often complex, but always profitable transactions is just another reason NMR's expertise in commercial transactions in unparalleled. Just last year we facilitated a deal where a brand new dysfunctional Gold Souk of 36000 sq ft was transformed into commercial office complex, resulting in turning properties into profitable investments for our clients.
Keep New Mumbai Realty in mind when considering your next investment. Visit website for current trends in commercial real estate. We're here even if you have whether you're a seasoned investor, or simply considering the prospect of investing in commercial real estate, we can help you make the right decision based on your individual needs.
Below is a basic outline of the services NEW MUMBAI REALTY offers:
- Contract Negotiation;
- Cost-benefit analysis for real estate investing- considering appraisal issues, use of options, evaluating innovative deal structures and helping calculate ROI and other measures of profitability;
- Purchase and sale transactions for commercial properties, raw land, apartment complexes, office buildings,
- shopping centers, industrial properties, medical buildings and other commercial properties.
- Commercial leases, lease assignments and subleases;
- Financing involving loan transactions / Lease rent discounting etc.
- Advising clients concerning issues involving escrow, title and lending issues;
- Collaborating with other real estate professionals, brokers and agents on complex transactions.
Area Specialization - We focus primarily Pan India for commercial real estate for our corporate clients and all over Navi Mumbai/Panvel/Thane for our residential property clients. http://www.newmumbairealty.com
Wide range of professional services:
· Understand client requirement
· Provide strategic advice
· Source properties/clients
· Arrange site visits
· Assist with visits & documentation
· Co-ordinate with statutory agencies
· Valuation
· Legal Assistance
· Insurance
· Building Contractor
· Architects/Interior designers
· Movers & Packers
_________________________________________________________________________________________________
Interview with Mr. Mohanjeet Singh, CEO, Navi Mumbai Realty
(Q & A) REAL ESTATE WIZARD, Enterprise story
_________________________________________________________________________________________________
Q: We heard that you’ve got a very interesting enterprise story? Kindly elaborate your Real Estate journey?
Mohanjeet: Consciously I had planned to get into real estate. For 1-year I just researched, meeting so many people, networking locally – Internationally, met small brokers, etc. Finally, I decided that I have to carve out a niche for myself in commercials. And, almost 1-year after I got in this field I made my first brokerage (7-8 years back). I had strictly taken a vow that I will print my card only when I get my first brokerage; I had a mere chair & table to call it as my office. So, my enterprise journey started from here, and if anyone would ask me for a card, then I would tell them any lame excuse that my cards have finished or I am just coming from outside, etc. This became a habit for me, and even I became the object of fun for so many people… And, many people used to poke fun at me whether this time I brought my card along? And, my answer would be a “No”. I would go to the extent of even writing my name or number behind their cards. Nostalgically, he carries a mischievous smile - “It became my habit, one day eventually I was supposed to meet somebody in CBD Belapur, it was 9:30 am, and he told me in advance to bring my card too, as on previous two occasions I had not carried it.
Also, I was playing my record subconsciously that only after I get
my brokerage money will I print my first card. Suddenly, I realized
that why am I thinking on those lines when one of my client has
already paid part brokerage of 2 lacs in cash, which lay besides
me”. “Then, keeping in line with my vow, I swiftly got to the
nearest DTP and printed few cards to accommodate in one A-4
sheet, I remember I gave Rs. 100/- amount”, he quips. Then, I
took another vow that I will only print the next set of cards after
5-6 months when I have my own website, fax, landline, etc. And, in
those 5-6 months I fulfilled my vow too. I started with 2-3
executives as my staff. I immediately sent my cards to be printed
on off-set in Mumbai which took almost 14- days. Money had never
been a issue with me as I had a comfortable background, had 1 car
already. I went in for another car which would be used for
company’s real estate business. I decided that we will not buy the
car on loan, and we fulfilled this wish too in the very
1st year with full down payment for a Mahindra Logan,
which cost 8.25 lakhs. After that we bought spate of cars. I had
started my operations from a rented office, and that office status
stands locked as a token of my enterprise’s humble beginning. Now,
this office is on rent and we shall be purchasing it soon. Also, we
are sure that in our next meet you won’t wait outside amongst my
staff, but cool yourself in a conference room planned besides our
office. It is all about how fast we wish to grow &
we want to leverage our services in the best interest of
one and all concerned. Also, in the present arrangement our staff
had some limitations to attend to the customers.
Q: Did you face any difficulties in your enterprise journey or it was a smooth sailing?
Mohanjeet: Yes, he enthusiastically gets candid, “infact I got many of the deals quite effortlessly, the same way I was heart wrenched when I lost out on lofty juicy deals on the way. I was quite depressed when I was calculating the lost amount to be not less than 25-30 lakhs. But, those awful incidents were indeed a learning curve for me and the staff. We introduced few new rules, learnt to maintain records for each deal, and we have to keep re-inventing our business. Also, we lost on few clients who had not paid us. There are instances that some clients said later that they were not informed about the brokerage part. So, everyday we are still learning. We have introduced mandates, written forms, go-ahead signatures of clients, etc. And, now we work on these dotted rules, else we do not go-ahead with the deal.”
Q: What has been your background? Are you traditionally from Real Estate background?
Mohanjeet: My father was running a chemical factory, I inherited the land in Navi Mumbai. We had decided not to continue the same, so I leased the land and the business to somebody else; we get rentals from it. And real estate had been my passion, and I thoroughly enjoy it.
Q: Transparency in real estate is a big issue? Do you think life of people can be made easier per se affordability too?
Mohanjeet: I am on the governing board of National association of Realtors (NAR), and president of Navi Mumbai Association of Realtors, also affiliated to International Consortium of Real Estate Association (ICREA) and India Institute of Real Estate (IIRE) it is only possible by the partnership of government & the Industry, and the stumbling block being that the government will have to recognize this industry as a industry which they have not till date. The government could provide them affordable land, and the builder would in return sign on the dotted line that as a quid-pr-quo if they are allotted affordable land, they would offer affordable housing.
Q: Your approach to employee welfare is totally different, which maybe even the corporate companies do not undertake? Even though being a Real Estate consultant, your work culture seems like a high-flying corporate with manifold interests like golfing, etc?
Mohanjeet: Ultimately, it’s the approach which counts. If one approaches with a begging bowl, then he gets alms else if one approaches with ownership or in abundance then he gets just worth that much. I am playing in the same field, and I am doing deals in our backyard like others are doing, and I also deal internationally since I believe that I can do it. The day I think I am not capable enough to do it, and then I will leave it and only touch deals near my local area. And, I do not have to go abroad to do International deals! Just sitting right here I can do that. It is just how one approach life - as a beggar or the one who deserves it. I do have the habit of flying planes. Whenever possible, I hire a plane, and I have student license. I have flown Cessana 172 in Mumbai & Kuala Lumpur. 2-months back I flew a chopper in Gulmarg, so flying is definitely my passion. And, yes I love playing golf (Chembur ground).
Q: What do you think about the government - Builders initiative?
Mohanjeet: The movement has started, our association people were to gather at Azad Maidan, but we have deferred it by 90-days. We hope the government will make it easier for the industry, and at the same time issue guidelines. Ultimately, the axis of beneficiaries will be the consumer-Builder-Government coming to a common mutual agenda. Right now the situation is that both -the builder & government try to extract the maximum, and in not doing straight deals both the parties are loosing out. And, today the consumer is the biggest looser. If all parties join hands together for mutual gains, then it will be a win-win situation for all three.
Q: In the long run, will the planned Navi Mumbai city overtake Mumbai in terms of the development?
Mohanjeet: Navi Mumbai has the highest growth rate among all planned cities in the world. One can not compare a historic city like Mumbai to a newer and more modern Navi Mumbai. Mumbai was not made on a drawing board as Navi Mumbai is being done so. Therefore this city has the advantage.
Q: What do you think the bottlenecks in Navi Mumbai are? Is Navi Mumbai on the fast track growth?
Mohanjeet: Yes Navi Mumbai is on fast track growth mode. The municipality and CIDCO are dynamic bodies and they should keep red tapism and corruption (by a few) at bay.
Q: The Navi Mumbai airport was being planned, and we have been hearing about it. It could have enhanced the connectivity & also eased out the load on Mumbai Airport. What are your comments?
Mohanjeet: 2016 will see the first flights landing and taking off. The new airport will take Navi Mumbai’s growth the orbit.
