STATE BANK OF BIKANER AND JAIPURBRANCH- 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) Name of Project “RAJHANS ELITA ”b) Name & Address of Builder

Address of the proposed Project

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

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

c) Rating by external rating agency

None

d) Experience 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.

e) Constitution Pvt. Ltd. Companyf) Key Promoters Shri “ ” “ ” years (BBA)

Shri “ ” “ ” years (D Pharm.)

g) Total Project Investment Rs. “ ” cr.h) Website “ ”i) Email ID “ ”j) No. of Units “ ” Flatk) Project Completion Time 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 “ ”.

l) Project Completed by the firm/ Promoters

“ ” completed in “ ”.

m) Whether undertakes to deliver the Title Deed to the BANK

Yes

n) Insist NOC from bank before cancellation of sale agreement

Yes

o) Whether in the possession of all mandatory clearance under various builders laws and other enactments

Yes

p) Minimum stake 15% of the project cost(duly certified by the C.A. to be obtained)

No loan has been availed by the promoters. Approx. Rs. “ ” cr. has been invested by the promoters and remaining is as advance from the customers against booking amount.

q) Opinion report to be obtained in respect of borrower who is enjoying credit facilities with other bank

NA

Average price of 144 x 2 BHK flats x Rs.6.50 lacs : Rs.936.00 Lacs Average price of 156 x 1 BHK flats x Rs.4.50 lacs : Rs.702.00 LacsAverage price of 40 x 1 HK flats x Rs.3.00 lacs : Rs.120.00 LacsTotal Flats : 340 Flats

Total business available : Rs.17.58 crores approx.Business expected : Rs.7.00 crores approx S.N. NORMS COMPLIANCE STATUS1 Search report from empanelled lawyer

certifying builder’s /third party’s (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.

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.

2 Possession of all mandatory legal clearance under various extent builder laws and other legal enactments and copy obtained for our record.

YES

3 Project completion period should not exceed 24 months. The builder’s adherence to the project completion schedule should be satisfied on the basis of promoter’s track record in timely completion of their last three completed projects.

Project will be completed by “ ”

4 Track record of builder in timely conveyance of valid title, which should be ascertained on the basis of their latest three completed projects.

Good

5 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.)

Project Cost Rs. “ ”crores

6 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.

Pvt. Ltd. Company

7 Opinion report should be obtained in respect of borrowers who enjoy credit facilities with other bank.

No credit facility obtained

8 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.

NA

9 There shall not be any known legal case of significant nature like (a) default to some other Bank (can be ascertained by perusal of RBI’S defaulters list/ access to CIBIL data base, etc.) (b) Land misappropriation and (c) large tax evasion etc.

No such case was found.

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. We confirmed that the search/ title report has been obtained from the Advocate empanelled on SBI panel at Kalol centre on our Bank’s prescribed format.

2. We confirmed that Master Valuation has been obtained from our Bank’s approved valuer M/S Multi Mulyakan Inc report dated 22.09.2014.

3. 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 Bank’s interest in the security to the society, if any, formed or proposed

to be formed for noting Bank’s 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