What is the NEOM project?

 

NEOM Water Reservoir Project KSA (Saudi Arabia), Ongoing

NEOM: Designing a smart city for Saudi Arabia

Bringing about a revolution in civilisation — that is what encapsulates the vision of NEOM, Saudi Arabia’s modern and futuristic smart city project.

The term ‘NEOM’ has been derived from the Greek word, Neo, meaning ‘new’ and M, denoting Mustaqbal, in Arabic, translating to future. Thereby, the project conveys the vision of a new future by Saudi Arabian crown prince, Mohammed bin Salman, the country’s de facto ruler.

With a total planned area of 26,500 km2, this new urban area is located north of the Red Sea, east of Egypt across the Gulf of Aqaba and south of Jordan.
The program aims to modernise the country and find a more sustainable economic model in anticipation of the end of the oil industry rent.

NEOM is designed to provide a healthier, more sustainable quality of life capable of being home to 9 million residents, spread over a 34 km2 footprint. The entire project is designed in a multi-dimensional format providing residents access to all requirements in a 5-minute radius.

If you want to imagine how accessible NEOM would be, you can travel end to end on foot in simply 20 minutes! This drastically reduces the overall carbon footprint in this project with 0 carbon emissions.

As a whole, the NEOM project comprises 5 regions as follows:

• The Line: A linear city spanning 170 km in length and 200 m in width, this city will provide a hospitable community to 9 million residents. Its multi-dimensional format shall house multiple buildings in one continuous structure with an entirely glass mirror exterior.
• Oxagon: An octagon-shaped floating industrial complex, it is designed to focus on manufacturing, industrial research and development that incorporates the former Duba port.
• Trojena: A novel project, Trojena shall offer a first major outdoor skiing destination in the Arabian Peninsula in the form of a ski village while hosting a variety of restaurants and retail stores making it a recreational hub.
• Sindalah: A recreational hotspot, Sindalah offers a luxury resort with 3 luxury hotels for visitors.
• Gulf of Aqaba: Set on a stunning coastline, this hotspot shall host breathtaking destinations, comprising exclusive communities with bespoke hotels and residences.

What makes NEOM a truly futuristic project is its ability to run on 100% renewable energy and water supplies. By choosing 100% clean energy sources, NEOM capitalises on solar and wind resources while aiming to incubate and accelerate renewable solutions.

Shapoorji Pallonji’s International Arm — SP International plays a key part in the ongoing project with NEOM Water Reservoir Project in Saudi Arabia.

Know all about their association: https://www.shapoorjipallonji.com/project/neom_water_reservoir_project

Originally Published at - https://industryupdates.medium.com/what-is-the-neom-project-006292b399dd

What is a Jetty?

 

Bulk Jetty Port of Sohar, 2011

A jetty is an artificial structure made of wood or stone that extends into the sea to protect a coastline from the influence of a current or tides.

Jetties are constructed in order to prevent natural coastlines from getting eroded, as currents and tides can gradually wash away a beach or other coastal features.

Jetties can be made from a variety of materials — including rock, concrete, steel or even a combination of materials. They are also commonly constructed to connect land with a deep area which is further away from the shore, to serve the purpose of docking ships and unloading cargo.

The key steps involved in a project involving the construction of a jetty include:

1. Site selection and survey: The starting point for a jetty construction project involves choosing the right location after conducting a survey.
2. Design: Basis the site selected, the engineers and architects design the jetty keeping in mind the intended use.
3. Permissions: All the necessary permissions required for the construction of the jetty are taken.
4. Excavation and dredging: The sea floor is then excavated and dredged to provide a sturdy foundation.
5. Piling: Piles are driven into the sea floor to create a strong foundation.
6. Deck construction: The deck of the jetty is constructed next along with any additional structures like ramps or walkaways.

Common materials used in jetty construction include rocks, concrete, steel, and timber. The selection of material depends on various factors like the site conditions, the expected load, and the local environment.

How these materials affect the construction of a jetty can be understood below:

• Rocks: Rocks occur naturally and provide a durable and long-lasting option for constructing a jetty. Rocks such as granite or limestone are suitable for larger jetty projects.
• Steel: Steel serves as a durable choice that responds well even in corrosive environments.
• Concrete: Concrete provides a suitable manmade alternative for smaller projects, as well as maintenance and repair work of existing projects
• Timber: Timber serves as an inexpensive alternative that is easy to work with except for areas that experience strong waves and corrosive environments
• Recycled materials: Certain jetties are also constructed using recycled materials such as tires, plastic bottles and debris

Hence, the choice of materials used in the construction of a jetty significantly impacts the overall quality of the jetty.

Shapoorji Pallonji Real Estate played a key role in the construction of 3 jetties namely:

Oil jetty in Mauritius, refinery jetty in Jamnagar and LNG jetty — marine facility in Kochi.

To know more about our projects visit — https://www.shapoorjipallonji.com/company/AfconsInfrastructure.

Originally Published at - https://industryupdates.medium.com/what-is-a-jetty-005691c040dc

What is a Down Payment in Real Estate?

 

Picture this: You have found your ideal flat in a prime location that offers you all the amenities you sought. You are set to seal the deal with your broker and are asked to make a down payment.

Embarking on your journey to owning your own property need not be complicated with jargon related to real estate.

Let us simplify down payments for you.

What is a down payment?

A down payment refers to the initial sum of the amount paid in order to purchase a high-value asset such as property. This amount represents a part of the total purchase price of the property, while the balance amount can be financed via banks, NFBCs (non-banking finance company) or a private lender.

How does the down payment amount affect your loan?

1. Higher down payment = Lower EMIs
   Making a larger down payment upfront reduces your overall loan amount. This reduces the monthly EMIs you are required to pay offering you greater flexibility with your finances in the future.
2. Lower interest rate
   When you put down a larger down payment, the lender is assured of recovering his loan amount from you in case of defaults in EMIs. This helps build credibility and improves your chances at getting a lower interest rate.
3. Reduces lender risk
   Any lender would be more assured of his chances of recovery of funds from a borrower that makes a large down payment upfront. Hence a higher down payment reduces a lender’s risk while loaning you money.
4. Improved chances of loan approval
   Making a larger down payment showcases your ability and willingness to repay the loan amount. This improves your chances of getting a loan approved from your bank.

How is the down payment amount calculated?

The amount of the down payment depends on the lender and the creditworthiness of the borrower.

This amount typically lies around 10% — 20% of the total loan amount and is determined by the lender.

Conclusion:
Down payments are an effective way to reduce your total loan corpus while facilitating your journey to owning your dream home. Embark on your journey to owning your dream home in the city of your choice with Shapoorji Pallonji, one of the leading players in the Indian real estate market. To know more, visit https://www.joyvillehomes.com/ today.

Originally Published at - https://industryupdates.medium.com/what-is-a-down-payment-in-real-estate-d2e7c626163a

When do home loan EMI payments start?

 

Taking a home loan to finance your housing dreams is a common practice across India.

Loans provide you with the money required to own property in your name.

While some pay the amount upfront, others remove home loans as a means to finance their dreams.

Once one decides to take a home loan, a common query that arises is knowing the tenure of repayment and its commencement date.

Typically, lenders offer a grace period known as the moratorium period before the EMI payments begin. Borrowers are not required to pay any amount in this period.

The moratorium period varies from three to six months and depends on factors such as the borrower’s profile, the lender’s policy, and the loan amount.

Once the moratorium period ends, the lender is required to start paying the EMIs before the due date each month. Each EMI comprises of a part of the principal amount taken as loan in addition to the interest payable on your loan.

While the EMI amount remains unchanged, the composition of the same varies throughout the duration of the loan. During the initial period, the interest payment component is higher and closer to the completion of the loan tenure, the the principal repayment component of your EMI is higher.

EMIs on home loans are affected by the tenure of the loan taken. Simply said, the longer the loan tenure, the lesser the EMI to be paid. A longer duration of a home loan allows you to pay your monthly EMIs without it being a burden on you. Whereas a shorter tenure helps you pay off your loan faster with lesser interest being accrued.

Banks typically offer a loan amortization schedule that helps you analyse and prepare your loan repayment schedule to ensure a seamless loan repayment. So to effectively repay your home loan, borrowers should be aware of their monthly repayment capacity in order to determine an ideal loan tenure.

In conclusion, a housing loan has several benefits and drawbacks, however based on your credit standing capacity one can choose the right loan amount and amoritisation schedule suitable to them. To know more, visit https://www.joyvillehomes.com/ today.

Originally Published at - https://industryupdates.medium.com/when-do-home-loan-emi-payments-start-d3f21aac3ee8

What is 2.5 bhk?

 

2.5 & 3 BHK at Parkwest 2.0, Binnypete, Bangalore

In today’s day and age, home owners are constantly on the lookout for houses that offer them the best returns on their investment — by evaluating the space and comfort that they receive for the property being offered to them.

While homes traditionally offered 1, 2, 3 or 4 rooms, consumers with specific needs and requirements gradually created demand for an innovative concept in real estate — an additional 0.5 BHK in homes.

A 2.5 BHK, as the name suggests, offers more than just 2 rooms. The 0.5 in this scenario indicates that the bedroom is of a smaller size than a regular one. This kind of a set-up usually offers a standard size above 950 sq. ft with substantially more room than a 2 BHK.

This arrangement is gradually becoming popular amongst nuclear families in times of rising costs of living. Additionally, homeowners looking for increased free space in their homes as opposed to cramped living spaces prefer a 2.5 BHK as it makes a significant difference in their rent and overall living expenditures.

But what are the key considerations for homeowners looking for a 2.5 BHK?

Room space offered: 2.5 BHK homes provide an ideal blend of spaciousness and utility based living. While the 2 rooms offered have room space comparable to a 2 BHK, the additional 0.5 offered provides added value and utility to nuclear families.

Value for money: Purchasing a flat involves several considerations, with one of the predominant factors being the cost involved. For those who have a fixed budget and don’t want to compromise on the space, a 2.5 BHK serves as an ideal fit for their requirements.

Resale value: If one is looking to purchase a flat with the intention of re-selling it, then a 2.5 BHK will provide a higher resale value in the future. Here, the additional space being offered provides the seller with a higher negotiating power during resale

The quest for an ideal home requires one to evaluate their needs correctly thereby helping one reach the conclusion regarding the number of rooms required.

While a 2 BHK may work for some, a 2.5 BHK also offers considerable advantages from a home owner and investment perspective. Explore all your options with Shapoorji Pallonji, visit shapoorjipallonji.com today.

Originally Published at - 

https://industryupdates.medium.com/what-is-2-5-bhk-ee8a9319a61d

Pre-EMI vs Full EMI: What’s the difference?

 

Loans have become indispensable for financing significant purchases, whether for a home, a car, or education. They offer you an opportunity to alleviate your financial constraints and help you realize your aspirations.

To those who are new to the world of real estate, navigating through complex financial terminologies can be daunting. However, the right guidance helps you finance your dream home better and turn it into a reality.

Loans and their repayment is usually undertaken in Equated Monthly Installments (EMIs). These EMIs can be disbursed in the form of pre-EMI or full EMI.

Therefore, understanding the difference between pre-EMI and full EMI is essential.

What is Pre-EMI?

Pre-EMI, short for Pre-Equated Monthly Installment, is a repayment option provided by some lenders during the construction phase of a property. Under pre-EMI, one pays only the interest component on the disbursed loan amount until the property’s construction is complete. As the construction progresses, the interest is calculated on the disbursed amount and the pre-EMI amount remains lower than the full EMI.

What is Full EMI?

On the other hand, full EMI is the regular Equated Monthly Installment comprising the principal amount and the interest on the loan. Unlike pre-EMI, full EMI begins after the entire loan amount is disbursed to you. It includes repayment of the principal amount and interest and the EMI amount is generally higher than the pre-EMI.

Differences between pre-EMI and full EMI

Loan Disbursement

Pre-EMI: The loan disbursement occurs in parts, staggered as per the construction progress of the property. Hence, one only pays interest on the amount disbursed.

Full EMI: The entire loan amount is immediately disbursed, and your EMI starts with the first repayment.

Initial Repayment Amount

Pre-EMI: During the initial period, one only pays the interest on the disbursed loan amount, resulting in lower monthly payments than full EMI.

Full EMI: Here, one pays both the principal amount and the interest, leading to higher monthly payments than pre-EMI.

Total Interest Paid

Pre-EMI: As the interest amount is not paid off initially, this repayment method results in payment of a slightly higher interest amount.

Full EMI: As the principal and interest are paid from the start, the overall interest paid could be lower than pre-EMI.

Key points one must consider before opting for pre-EMI or full EMI:

Construction Status of Property

If you are buying a property that is still under construction, pre-EMI may be a viable option to ease your financial burden until the possession is granted.

Buying Motive

If you intend to purchase the property for resale or rent after possession, then full EMI loan repayment is beneficial as it reduces the overall interest paid.

Short-term vs. Long-term Perspective

Analyze your long-term financial goals and commitments. If you have other major expenses planned shortly, pre-EMI might provide temporary relief until you are financially prepared for higher EMI payments.

All in all, determining your EMI repayment option is essential for the efficient and timely disbursal of payments. Hence, one should choose a payment format that is most suitable and convenient after carefully assessing all the parameters.

For further details on EMI options for your dream home, visit https://shapoorjirealestate.com/ today.

Originally Published at - https://industryupdates.medium.com/pre-emi-vs-full-emi-whats-the-difference-c3a8a7715065