Foliage Real Estate Developers Pvt. Ltd., termed as “Foliage”, is a leading real estate developer located in Ahmedabad and operates in various areas of Gujarat in the Low Income Housing (LIH) segment. We are the well-organized player in the real estate market with having strategically strong processes of development in LIH as well as any other segment. We are providing houses at a very competitive range in LIH and affordable housing segment. We are having a capacity to build more than 1500 units at single project.

 

The company's strategy is to be no. 1 company in the LIH segment nationwide and get the global recognition by adopting different technologies and implementing it, providing high-quality & affordable product line. Though company is operating in real estate sector, we are very much process and logistic oriented, where we have applied the project launch and construction process as an assembly line like a production unit. We intend to capitalize on our leadership position in the LIH segment of the real estate industry to enhance our growth and cash flow from operations. Specifically, we intend to:

 

• Grow our business by focusing on high growth with expansion across Gujarat;

• Increase our return on asset base through disciplined management of capacity;

• Build new revenue streams by introducing new technologies and increasing the number of projects; and

• Selectively pursue strategic opportunities.

 

Foliage’s and any of its subsidiaries long-term debt obligations are Zero.

 

It acquired and may acquire debt for short term at SPV level where SPV works for a specific project of up to 1.5 Cr (Rs.15million-Based on the size of the project).

 

Foliage is a privately held company. It does not have publicly-traded common stock on any stock exchanges.

 

 

Foliage Real Estate Developers Pvt. Ltd. was established in 2006.

 

 

Foliage and its subsidiaries financial statements are prepared in accordance with Indian generally accepted accounting principles (GAAP). This was developed by ICAI.

 

 

Foliage's statutory auditor are K.J.Patel & Associates.

 

 

Foliage's follows a financial year that begins on April 1stand ends on March 31st.

 

*Some of the documents mentioned above might not be relevant in all the cases. This is only a suggestive outline. Depending upon the type of property and sale/resale the documents requirement would vary. Please take advice from your solicitor.

 

• BD dept. will provide the list of region where Land Identification dept. needs to identify the land.

 

• Land Identification dept. capture land details in the specified format by the way of media.

• Filter land from the list as per required aspects.

• Make visit to the filtered lands to fill up the questionnaire.

• Financial Viability of the Project.

• Submission of all summary to the top management.

• Management review and do final filtration of Land.

• Legal aspects likewise NA, Title, 7/12 “utaro”NA, Title clearance,7/12 utaro,6 “hak patrak”,survey/FP, any DP/TP all should take in to consideration and do the legal scrutiny.

• Get the land title cleared from the legal advisor.

• Make the land payment schedules.

• Title transfer procedure.

• Possession of land once the tranches of payment is finished

 

Depending upon the current governing laws and the repatriation method, Investors may need to pay double taxation. The taxation for the SPV company (which does the project and derives profit & loss) is approximately 35%. However, proper planning and tax structuring, can reduce the tax implications or double taxation in certain cases.

 

 

• Organization will form a Limited Liability Company (Private Limited) in which each individual co-promoter will hold shares of the company in the ration of his/her Investment.

 

• The Investment Company will then invest in the real estate project. This creates security for the co-promoter as their money officially comes to their company and that company invests in the land (prime security). The land itself will become the collateral.

• All the money will be routed through recognized banking channels only. We encourage investors to use direct wire transfer and NRE account transfer.

• The transfer from the US can either be from an individual's account or from an account of a family limited partnership company.

• The funds brought in by each individual and profit earned there on is also re-patriable. (They can sell their share in the private limited company and repatriate the funds).

• The tax rates for this company as well as individuals will be as per the govt. law at about 33%. This tax will be paid by the development company.

The fund flow shall happen as explained below:

 

Title report is a document issued by a solicitor after scrutinizing the land records with the government authorities. A notice is also published in the newspaper inviting any claim on the said property by individuals, companies, govt. agencies, financial institutes, etc.

 

It is advisable to get a title report done.

 

FSI means Floor Space Index, which is the ratio between the built up areas allowed and plot area available. Like if FSI is 1 then on a plot of 100 Sq.mts, one can build 100 Sq.mts of built up area and with the setbacks and open spaces, the building can be higher than one floor. Simply it means that higher the FSI, higher built up area is possible...Or more simply one can say higher floors to go with....

 

 

1. Carpet area is the net area that you get for your premise (from inner edge of from wall to wall measurements)

 

2. Built-up area means carpet area plus the area occupied by walls of your premises (from outer/middle edge of the walls)

3. Super Built-up means the area you get for your premises plus the areas used for all common amenities like lift, stairs, passages, basement parking, etc. divided among all users.

 

BU means Building Use permission. This is a permit document issued by the local governing authority after checking if the property is built as per by-laws or not. It is only issued if the building is constructed as per plans.

 

It is usually issued after the building is finished construction.

To obtain BU permission after completion of construction, following things are required:

a. Construction stagewise progress reports are to be submitted to the local governing authorities.

b. All structural drawings should be submitted.

c. Lift inspector’s certificate should be attached.

 

Development Plan is blue print for proposed development of the city for next 10 years. It is called Macro level planning of the city. It shows:

 

• Zoning – Residential, Commercial, Industrial, Recreation, Agriculture, etc.

• Roads – new and widening of existing roads.

• Reservations

• Government Land

Town Planning Scheme

• It is micro level planning by which land lord surrender his 25 to 50% of land and will get Regular shape, approachable shape and approachable final plot.

• It includes plot level planning, Roads, drainage and water supply, electricity poles, etc.

• Reserved plots for dispensaries, schools, playgrounds, gardens, libraries, police stations, fire brigade, civic centre, etc.

Infrastructure is designed for projected population to control or for guided growth or aimed survival density should be required to monitor. That can be possible by Building Control Regulations.

 

Laws are applicable at Three Stages in Construction.

 

A. Before starting the construction or Purchasing/acquiring land.

• Land revenue code

• Tenancy code

• Transfer of property act

• Contract act

• Registration and stamp duty act

• Power of attorney/Hindu, Muslim succession act.

• Gujarat Town planning and Urban development act.

• Bombay provincial municipal corporation act.

• Local authority acts like port trust development authority, cantonment area authority.

• NOC from Airport Authority, Fire department, O.N.G.C., Railway Authority.

• General development control regulation

B. Laws to observed During the Construction

• Contract Act

• Labour Act

• Indian electricity Act/Rules

• Flat ownership Act

• NTC Act

• Co-operative society Act

• Consumer Act

• IT Act

• Company Act

• Indian Elevator Act

*Some of the documents mentioned above might not be relevant in all the cases. This is only a suggestive outline. Depending upon the type of property and sale/resale the documents requirement would vary. Please take advice from your solicitor.