#Loan Against Land Property in Noida
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Loan Against Land Property loan against property private finance - Capified
Loan Against Land Property
Capified are the ones who provide loans against property in Delhi. You have a wage and you are qualified then this is the less expensive loan choice for you for having a loan against property in Delhi. The property has to be occupied for a particular period of time, which differs depending on the state.
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Loan Against Land Property in Noida
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Loan Against Land Property in India
Get the loan against land property from Capified that offers a secured loan in India. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The value of your property decides basically the amount of potential loan you will be sanctioned.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida - Capified
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Fact About Investing in digi homes Real Estate
Facts Regarding Buying Emaar Digi Homes Actual Estate
As we as a whole know about the episode of the Covid pandemic, The world is confronting a truly challenging time because of COVID-19. As indicated by the study, the Economic state of India because of COVID-19 is having a 'profound effect' on Indian organizations. In any case, in contrast with different sectors, the impact of COVID-19 will be very less in the Real Estate sector moreover, offering more entryways for business in the new to the scene future is normal. That is the reason Real Estate is viewed as the best Investment.
The examination shows that land is the most rewarding long haul speculation when contrasted with different structures. Purchasing a property is joined by the vibe of an individual in numerous ways.
Certain individuals buy property for their own utilization, some for venture purposes and furthermore for business use and a lot more goals of individuals can be there while the person in question remembers to purchase a property. These can be in the accompanying ways:
Profound Quotient:- As we as a whole know purchasing a house is a personal choice for Indians But, Investment in land gives a feeling that everything is good. Everybody is genuinely connected to his family and Home. That is the reason interest in land is the most ideal choice for what's in store.
Safe to unstable Markets:- Real home venture is considered as the most un-unstable resource or we can say that okay of misfortune and high chance of benefit. Land stays unaffected because of market vacillations. This is particularly obvious in the ongoing climate of the market slump.
Reasonable Home Loans:- Due to ongoing repo rate cuts by RBI, Interest rates have boiled down to practically 7% making the home credits cheaper.Repo Rate goes down Real Estate goes up. Realty blasts have a convincing connection with the brought down repo rates. The current repo pace of simply 4.4% is areas of strength for an of comparable development.
Fence against expansion:- Inflation diminishes the worth of cash with the end goal that a speculation's return isn't worth however much it could have been the point at which the venture was made initially. Supporting against expansion lessens this tension, as in land resources are broadly acclaimed as a fence against expansion as it is safe to the shaky buying force of rupee.
Long haul Tangible resource:- It is a fixed actual resource that gives consolation and happiness over other monetary resources, particularly in the long haul. Unmistakable resources are normally long haul resources, and can be found on an organization's monetary record. The term is frequently connected with property, plant, and hardware, which is typically partitioned into two classes: Land: thought about a resource with a limitless term of presence; in this manner, land is rarely devalued.
Profit from Investment:- The worth of ROI (Return on Investment) appreciation presented by land properties makes it engaging for interest in the log-run, land speculation assemble wealth.Real bequest market is designed in nature and one necessities to contribute and subsequently hang on for a broad time frame to see the value in sound returns. NCR and expressly Gurgaon realty promote has encountered a few blending lately and in spite of the way that expenses have dropped and bargains have dove, there has been a silver covering to all the strife.
Rental Yields:- It is accepted that rental yields from land is higher when contrasted with customary sources. Top Residential Areas to Invest in emaar digi homes Gurgaon
Dwarka Expressway.
Sohna Road.
Green Extension Road Etc.
Land in Gurgaon has Geared to Grow and Develop
emaar digi homes Gurgaon is the significant area of the land among all as of now. Land in Gurgaon has been developing and creating at the sprayed rate since recent years. Land costs in the locales like Gurgaon and Noida could drop over a colossal land region and is probably going to come in the National Capital Territory in light of DDA's new land consolidating plan. The plans will definitely be useful for the Nation Capital Territory (NCR) in the long haul, since land costs in the rural land centers like emaar digi homes secotor 62 land would continuously justify with clean give showing up into the Delhi housing market.
As per the Delhi Development Authority (Dda's) recently supported land joining plan, private designers may straightforwardly retain land from ranchers/landowners able to be in the land pooling plan, where they will get returns of the created areas, rather than a.
The Authority would make the vital help offices and mass/EWS land errands on the land while organizers will get an immense piece of something similar for additional private turn of events. The advisors illustrated that DDA has perceived around 200 towns along the boundaries of Delhi for this venture. It intends to pivot 85 towns into 'advancement regions' and roughly around 80 into 'metropolitan regions'.
All such perceived areas are together liable to deliver in excess of 65,000 miles of developable land in the NCR. Magazine referenced that specific side-line spots of National Capital Territory with colossal private plans have been seeing climb in the costs to the track of a few periods throughout about a few areas.
Yet again as indicated by experts, it is trusted that this to be a limited capacity to focus, nonetheless, which is probably going to support supplier of forming regions getting into the land space.
Possessing a real estate parcel is a common subject in India. As indicated by the sources including that land joining procedures, will assist with fixing availability to land for essential private turn of events and offices advancement for the country's consistently expanding the occupants of the city.
The Gorgon lodging industry will see a key driver that will help the development of the new Gorgon region. The Dwarka-Gurgaon Expressway, otherwise called the North Peripheral street or NPR, is as of now a subject of conversation.
Out of the total 18-km grow of region for the connected entry, around 16 km has proactively been gotten, and the assignments distributed. In spite of the fact that there is an issue with a 2-km eliminate where homes lie across the proposed grow, experts don't figure it will bring on any issue once they got requires a significant take a position.
Higher Authorities in digi homes Gurgaon ought to choose from other best strategies somewhere else and target offering capabilities along the North Side-line Street before broad improvement occurs. It contains industry street, mineral water, and sewerage plants, and so on. The best danger for any client in this spot is the imminent stand by in the advancement of the NPR that would additionally stand by improvement here.
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A Guide to the Property Tax in Delhi 2020-2021: All You Need to Know
Property taxes are levied by either state government or local civic bodies. House tax is a kind of property tax levied on house properties, along with appurtenant land. It is governed by Income Tax Act, 1961 together with indirect taxes like GST, stamp duty and property tax. As with most real estate tax regimes, the legislation affects the entire lifecycle of constructing, owning, renting and using a property as well the depreciation, repairs and improvements, sale and the deployment of sale proceeds.
Property Tax: This tax is paid annually to the government authorities by the property owners. The tax is collected by the authorities to fund the cost of improvements and establishments of public expenditures and amenities.
Property tax is not calculated uniformly across the whole country. There are different bodies that have been made to calculate the property tax.
Also check out, How the Indian real estate sector can become the cornerstone of the economy
Calculation of Property Tax: Property Tax can be calculated under the following three methods:
Unit Area Value System: It calculates the Property Tax based on the per unit price of the built-up area of the property.
Annual Rental Value System: Property tax is collected every year under this method. It is the rent estimated by the municipal corporation based on the location and the size of the property.
Capital Value System: Under this method, the property tax is calculated based on the market value of the property, which is decided by the government according to the location.
Types of Property: Properties are classified into certain categories to help the government streamline the process of estimating taxes based on certain specific criteria.
Property in India has been divided into the following four categories:
Personal Property: Transportable man-made property like cars, buses and cranes is known as personal property.
Land: Land in its undeveloped form that is devoid of any form of construction.
Improvements and upgrades made to land: Manmade constructions on land that cannot be moved like buildings.
Intangible property: The property that is not in its concrete form is called Intangible property.
Income Calculation from House Property: One can calculate income from house property based on the following points:
• Only the net annual value of the residential property is considered for taxation, which is determined by deducting the municipal taxes from the gross annual value of the house.
• In case the house is lying vacant for any financial year, then only the rent received for certain tenure is considered as income, and it is not computed for 12 months or the whole year.
• In case a house is lying vacant, but the owner is still paying the property tax against it, then, this loan can be offset under the income received from other sources. In case one is unable to consider the same in the current fiscal year then this expense can be carried forward within the next eight years.
Also check out, Real estate investment: 5 common mistakes to avoid
Income Tax Exemptions under Section 24 of the Income Tax Act: Under the section 24 of the Income Tax Act is known as ‘deduction from income from house property. Income, in this case, is earned according to three scenarios:
• Rent received at the rented house is said to be as income.
• A person who owns more than one house is considered to have the net annual value of the unoccupied house as income.
• If a person owns and occupies a house, then the income is considered as Nil. However, the rent received through additional houses is eligible for deductions under section 24 of the Income Tax Act.
Also check out, Some useful tips on how to reduce homeloan EMIs
Tax Exemptions Offered under Section 80C
Under section 80C of the Income Tax Act, the following tax exemptions are offered to the property owners.
• Individuals who purchase a new home can claim deduction under Section 80C on the stamp duty and registration charges. Up to Rs. 1.5 lakhs can be deducted under these charges.
• Exemption can be claimed as per this clause for any other expenses undertaken through the transfer of a new residential property.
Authorities for Collection of Property Tax in Delhi
MCD: Municipal Corporation of Delhi (MCD) is authorized to collect tax from all kinds of properties, like residential, commercial and vacant. The tax collection by MCD is based on the tax estimates derived through the Unit Area System.
MCD is divided into three zones:
NDMC
North Delhi Municipal Corporation (NDMC) is authorized for property tax collection in the New Delhi area from property owners and joint owners having rented, sub rented, occupied or non-occupied. It calculates property tax using the unit area value system. Many times the rent is also calculated on the basis of the annual rent value system, where the highest estimate of the annual rent value system or highest of the unit area value system is taken into consideration. Payment can be made at NDMC through a cheque which is payable at New Delhi.
EDMC
East Delhi Municipal Corporation (EDMC) is liable to collect property tax from the property owners in the East Delhi zone. You can pay the property tax on their website or through cheques.
SDMC
South Delhi Municipal Corporation (SDMC) is responsible for tax collection in the southern zone of Delhi. It is authorized to collect tax for the development and construction of civic amenities in the region under its supervision just like the EDMC and the NDMC. The SDMC also calculates the property tax via the unit area method. In addition to this, the tax collecting authority accepts payments through net banking and cheques.
Get 2bhk flat on rent in Noida extension
Property tax is the mandatory tax that should be paid by every person who owns a property. Nowadays, the Property Tax can be easily paid online. Recently, an app has also been developed to make payment easy. You can also use Google Tez and Paytm to pay the property tax.
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What Factors are affecting Property prices in Pune?
Recent insights in Pune demonstrate that certain property valuations have improved. Real estate certainly is on the ascent, with the development push being given by significant factors like socioeconomics, financing costs, area, and the condition of the economy, which influence the costs of property in Pune. Right experiences concerning the ideal opportunity for acquisition of property, value accelerations, downturns in the housing market, and different pointers, help in settling on significant buy choices. In this way, what are these variables which drive property prices in Pune?
Area
Structures, land, and properties, situated in business and market regions, hold higher worth than their partners in the neighborhoods. It is expected to discover representatives providing a greater expense estimate for structures in very much created and endorsed provinces and regions against those in the lesser created and forthcoming regions. Likewise, structures developed on freehold land will generally order a higher valuation than those on leasehold plots.
Conveniences
The valuation of properties with better infrastructural abilities and current conveniences are costlier than those which neglect to give appropriate electric associations, phone lines, water sewerage offices, and any remaining foundation, for example, public venues, kids parks, pools, exercise centers, parking areas or general stores. Valuation of property is unmistakably founded on the accessibility of necessities and offices associated with open lodging.
Framework
Infrastructural advancement is quite possibly the main variable that impacts land costs in Pune. The presence of streets, air terminals, flyovers, shopping centers, transport terminals, and different offices near the property, help in the esteem heightening of something very similar.
Indeed, availability is perhaps the main necessity for financial backers looking towards buying areas or property. This prompts the idea which clarifies an ascent in the valuation of property which is all around associated with diversion center points, clinical offices, instructive establishments, retail markets, and business focuses, alongside other everyday offices.
Commercial Land
Places like Noida, Gurgaon, Pune, Hyderabad, Navi Mumbai, and Andheri-Borivali in Mumbai, are striking instances of business improvement which have influenced the valuation of property here.
Puraniks offers residential projects in Pune surrounded by shopping centers, IT workplaces, and Special Economic Zones close to local locations help in chopping down the time and energy squandered in driving to working
Accessibility of land
In places where there is adequate land accessible for private purposes or advancement of land, the chart mirroring the valuation of property in Pune shows a more slow ascent than in regions where land is nearly scant.
Affordable housing
Reasonableness alludes to the expense brought about by the proprietor during the time spent getting a charge out of or holding property. In layman's terms, it is the term that builds up a connection between loan costs, property costs, and wages.
This prompts a heightening in a definitive value charged to the purchaser. Before settling on their land buy choices, financial backers should lead an investigation of these drivers to get a reasonable valuation of the property that intrigues them. Cautious examination and schoolwork can prompt better returns, simple liquidity, and more rewarding speculations.
Looking for prospects to invest in Pune? Puraniks - Real Estate Developer offers new flats in Pune with 1 bhk and 2 bhk flat for sale in Pune.
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Following are the reasons that settle on them sure about their choice
Noida is running high on its stream with the Delhi Metro's Magenta line set to associate south Delhi to Noida. Nowadays, the time taken to drive between the two objections will descend from one hour to 16 minutes. Here are some different reasons likewise that help any individual's choice of purchasing private or business property.
The sensibly lower cost because of demonetization
Because of the demonetization move and the execution of RERA and GST, Noida land had seen a perceptible lull. The unsold record in the city shot up. Financial backers are as yet ascending from the stun of demonetization and attempting to comprehend the new land arrangements. Subsequently, they are offering assortments of property in Noida at a sensibly lower cost.
Worked on Property Registration Process
With Real Estate Regulations Act executed in the whole country, Property in Noida Real Estate Regulatory Authority has additionally coordinated the whole property enrollment cycle to improve on it. Prior, enlisting property in Noida was a major test, yet not presently. The specialists of the city are carrying out new strategies and administrative laws, subsequently making property enrollment in Noida brisk and basic.
Developing Real Estate Infrastructure
Another motivation behind why you should to put resources into Noida land is the developing framework in the city. Be it Metro projects, new private and business land activities, or street projects and interstates for consistent network; the land foundation in Noida is developing quickly.
RERA Making Things Transparent
The public authority carried out Real Estate Regulations Act in May 2017 to permit the property purchasers against the bad activities of the developers and creators. The Uttar Pradesh Real Estate Regulatory Authority carried out this law to secure the home purchasers and lift interest in the land business. It adds clearness to the entire venture measure as the clients and financial backers can see before the manufacturer or engineer is as of now enlisted with the position or not.
Profit from Investment (ROI)
More noteworthy Noida and Noida land can possibly give a lovely exceptional ROI as indicated by the sort of improvements that is going on in the district. As of now, there is a serious distinction in the expenses of properties in Gurgaon, Noida and Greater Noida. In any case, with the arranged foundation and Government endeavors. The thing that matters will diminish pointedly in a couple of years. This may be the most suitable time for interest in Noida land and Greater Noida as the cost of land will unquestionably go up. Interesting points prior to putting resources into Noida and Greater Noida land
CRISIL Rating:
Prior to putting resources into the land of Greater Noida, you should consistently check for the CRISIL rating. The higher the evaluations are, the better the offices and conveniences of the property.
The Cost of Borrowing Loan:
By and by the home advance is accessible on higher pace of interest in Greater Noida. So consistently check for loan fees and settle on the best arrangement undoubtedly.
Area
It is in every case better to pick the prepared to move in alternative which has area benefit and it is close to all fundamental conveniences like workplaces, markets, schools, and emergency clinics.
Property in Noida
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Whither RERA? Three years on, rough edges need ironing out
The Real Estate Regulatory Authority (RERA) was brought in to crack the whip on dodgy builders taking unsuspecting homebuyers for a ride. The results are mixed
In March, 2016, Parliament voted into law the Real Estate (Regulation and Development) Act—RERA—a legislation that held out the promise of placing consumers at the center of a new rules-based framework for India’s property market.
RERA, midwifed by two governments—UPA II and the NDA II—between 2009 and the 2016, was necessitated by the growing misery of tens of thousands of harried homebuyers.
Unsuspecting individual customers often complained about getting the short end of the stick, as many builders, some dodgy and some reputed, exploited regulatory gaps by not delivering promised apartments on time or reneging on size and quality, or sometimes, simply vanishing after collecting funds.
RERA’s primary purpose, apart from defining rules, was to build trust among buyers and builders in a market where opaque deals thriving in grey payment systems operating outside the legitimate financial system had become commonplace.
For instance, customers would often find that the actual size of an apartment would be about 30% smaller than what was originally promised. The reason: “super built up area”, an arbitrary concept that builders used to charge customers for shared spaces such as common passage area, stairs and other areas.
Fund diversion had become a rampant practice in the realty sector. Many builders, large and small, would collect money from consumers for apartments, a part of which would then be channeled to buy land for another project. The net effect: never-ending project delays. This was going on without any checks and balances, and builders had developed the `consumers- be-damned’ attitude. For the banking sector too lending to realty projects became a risky proposition, as project delays resulted in mounting loan defaults.
RERA was brought in to address these. Three years later, experts reckon, the results, at best, are mixed.
RERA RULES
Under RERA, builders are required to disclose details of “carpet area”, which is the actual apartment’s size, design, structure, layout, time of completion and other project specifications well in advance.
The rules make it mandatory for any project exceeding 500 square metres with eight or more apartments to register with a state’s real estate regulatory authority (RERA) before launching or even advertising a housing scheme.
Also read: Where’s my house? NCR’s Notorious Construction Record
Registration of real estate agents or brokers have also been made mandatory with clear responsibilities and functions. The punitive provisions include de-registration of the project. If the builder defaults on promises made at the time of the launch, the buyer can approach consumer fora in case of disputes with real estate developers. The penal measures were aimed at serving as a deterrent for builders to short change customers and ensure timely project delivery.
It is also now mandatory for builders to park 70% of funds collected from buyers in an escrow account, implying that these funds can only be withdrawn for the specific project for which these were collected.
Under the central law, each state was required to set up its own RERA that can draw upon central rules applicable in union territories.
Maharashtra was the first off the block with MahaRera in May 2017, with other states soon following suit with their own institutions.
MORE THAN A REGISTERING BODY
RERA’s role is not limited to just as a registering agency for realty projects, but was designed to evolve into a body empowered to even complete stuck projects or even allow buyers’ groups to take over unfinished projects.
Three years later, experts say, RERA’s record on this front remains below par. The RERA Act’s Section 8 empowers the authority, buyers’ association or an appropriate government organisation to execute unfinished projects, but arranging funds and buyers’ cooperation remain a critical challenge.
The Amrapali Group, which has unfinished projects peppered across Noida and Greater Noida, is a case in point. The Supreme Court, which which is hearing a batch of pleas of 42,000 home buyers against the embattled group for failing to give the possession of flats, had asked the Noida and Greater Noida Authorities whether they will be able to complete the projects. The authorities responded that they did not have the capability to handle projects of such big scale, but suggested that perhaps UP RERA could take these up.
“While it (UP RERA) certainly cannot complete projects by itself, it can find appropriate solutions by approaching competent authorities or even appoint a project management consultant to finish these,” said Kumar Mihir, lawyer, representing Amrapali homebuyers.
LEAKING ESCROW
Sound as it may appear on paper, in practice, however, too many instances of leaks in builders’ escrow accounts have come to light.
“The problem in most cases has arisen not because of shortage of funds but because monies collected from homebuyers have been siphoned off. This is because builders have exploited gaps in RERA rules of some states. For instance, the Uttar Pradesh RERA rules do not mandate parking funds in an escrow account for projects that started before May 1, 2017. Had it applied to all ongoing projects before May 1, 2017 the funding for most of the incomplete RERA projects would have been sorted,” said a lawyer who did not wish to be identified.
The RERA rules framed for the union territories had categorically stated that promoters of ongoing projects are required to set aside 70% of funds collected for specific project in a separate escrow account.
Some states such as Uttarakhand, Orissa and Bihar have adopted the central RERA rules. Maharashtra and Gujarat rules stipulate that only 70 percent of funds collected in the future, after May 01, 2017, have to be kept aside in an escrow account. The Uttar Pradesh RERA rules are silent, which builders have taken advantage of to siphon off funds.
BUYERS AS BUILDERS
Exasperated buyers are now beginning to come forward to turn builders themselves. RERA rules allow this and the few cases, if successfully tested, can well serve as the proof of concept for this model.
The Maharashtra real estate regulator has already come with a standard operating procedure (SOP) that allowed homebuyers to remove a developer in case the project is not completed on time.
The SOP allows a homebuyers’ association that enjoys the backing of at least 51 percent of its members to remove the developer from a much-delayed project. It even empowers the association to even cancel the developer’s registration under the MahaRERA Act.
Last year, the UP RERA decided to consider a proposal by defrauded homebuyers to take over and complete a project in Noida that had been delayed by several years.
“Prima facie, this appears to be an excellent move and will also set a very good precedent. But, it is also very important to know (a) how the project will be funded and (b) if the builder has taken more money than what work has been done by him and how RERA plans to recover the excess money from him,” said Abhay Upadhyay, President, Forum For People's Collective Efforts.
Experts, however, sounded a caveat. Authorities taking over incomplete projects should be an exception, rather than a norm because under RERA a builder should adhere to the rules, with strict penalties for violation. Also, it may be difficult for RERA to undertake a project from scratch.
“Doing something from scratch is very difficult. We will not advise it. It all depends on the size of the project and should be taken up on a case-to-case basis. It is not something that can be applied across the board,” said a lawyer who did not wish to be identified.
CRISIS OF CONFIDENCE
RERA’s institutionalisation was predicated upon customer centricity. The state bodies were expected to play the role of a strict referee that would instill the fear of law among deceitful builders.
Three years later, customers say, the job remains half done. The two main issues that homebuyers face today are to do with lack of confidence about execution of RERA orders by realty companies, and multiple forums for grievance redressal.
A mere RERA registration does not guarantee that a project will be delivered on time. An under-construction project, therefore, continues to remain a risky bet despite RERA.
“This is because RERA authorities are not taking proactive steps to ensure that all provisions are being complied with by the builder, nor are they monitoring the progress of the projects. They should ensure that projects are granted extension only under exceptional circumstances”, said Upadhyay, president of Fight for RERA, an umbrella body of homebuyers.
There are also instances where realty companies have given different timelines to homebuyers and the authority. “A builder cannot change timelines. At best, he can only ask for a one year extension from the regulatory authority. If the builder changes timelines he is liabile to pay penalty. Authorities should be on their toes to address the issue,” said lawyer quoted earlier.
What is needed are speedier clearances and cutting down of bureaucratic red tape.
“The government should expedite a single window clearance mechanism for the real estate sector. The clearance and approval process for residential real estate projects has been an impediment for a long time. After RERA was launched, it became all the more important to facilitate smooth clearances and approvals so that there are no execution delays due to procedural hindrances,” said Amit Ruparel, managing director, Ruparel Realty.
Most contracts with homebuyers were changed after RERA came into effect from May 1, 2017. This has complicated timeline commitments.
“For most projects those timelines are almost ending. It is for RERA authorities to now start mapping those projects to see if there are delays and to start sending out show cause notices to developers. RERA’s job is not merely to register a project but also to map the projects and ensure that their timelines are being met,” said the lawyer who did not wish to be identified.
That said, the process is evolving in the right direction, albeit slowly, expert said.
“Things are changing for the better. Generally, players are far more accountable and cannot easily get away with breaking the RERA rules. While the redressal of complaints is not satisfactory for many, consumers are coming forward in large numbers to register complaints across states. The Wild West days of Indian real estate are definitely over”, says Anuj Puri, chairman, ANAROCK Property Consultants.
Project and real estate agent registrations have been rising steadily. For instance, in Andhra Pradesh as many as 307 projects were registered under RERA as on date, a five-fold increase from 61 in November 2018.
Maharashtra is currently the most active state having the highest project registrations with more than 20,718 projects under MahaRERA so far, and nearly 19,699 RERA-registered real estate agents.
Project registration in Karnataka currently stands at 2530 projects and 1342 RERA-registered real estate agents, says data shared by ANAROCK.
Gujarat has 5,317 RERA-registered projects and 899 registered agents and agencies.
“RERA, accompanied by reduced GST rates, has helped in bringing back consumer confidence and the trust factor which the industry lacked,” said Rahul Grover, president, Sales and Operations at Sai Estate Consultants.
This article was originally published in English www.moneycontrol.com
All rights reserved. Any act of copying, reproducing, or distributing this newsletter whether wholly or in part, for any purpose without the permission of Amit B Wadhwani is strictly prohibited and shall be deemed to be copyright infringement.
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Rana Kapoor: No Banker,
It was only a few days ago that Rana Kapoor, the 62-year-old co-founder of Yes Bank, had returned from his refuge in London with the hope that the Government would restructure the bank that he had founded in 2003. Kapoor called it “my baby”. He returned to India hoping he would get back his corner office which he had lost last year following the Reserve Bank of India’s (RBI) intervention. Instead, he was in the Enforcement Directorate’s (ED) and Central Bureau of Investigation’s (CBI) custody as the humongous load of its non-performing assets (NPAs) had exploded, triggering tectonic ripples across the market and the economy that were only amplified by the coronavirus shocks. The RBI restricted monthly withdrawals from the bank to Rs 50,000 per customer. Sheila Bhatia, a depositor in Noida, said, “I ran from pillar to post to withdraw a lakh of rupees for a wedding in our extended family.” Emergency patients requiring high-cost treatment needed special permission to withdraw more.
On March 9th, as markets opened following Kapoor’s arrest, Nifty Bank Index traded 3.98 per cent below March 6th and the 30-share Sensex plummeted 1,448 points. The coronavirus scare could be the overall reason for the bloodbath, but the fear about a debacle in the banking sector over the fate of Rana Kapoor had certainly given the market tragedy a gory subtext.
Kapoor is anything but a staid banker. He is another flamboyant Delhiite clad in bespoke suits and speaking with more authority than credibility. At a panel discussion on financial innovation in banking at the World Economic Forum’s India Summit 2014 in New Delhi, Kapoor, then CEO and MD of Yes Bank, sputtered clichés with supreme confidence. Such as innovation ought to be regulated, or it could result in a crisis situation, just like the economic meltdown of 2008. Ironically, Kapoor’s own activities then had cried for regulation. A series of loans issued by Yes Bank under his watch turned to NPAs as borrowers claimed inability to repay the money and Kapoor allegedly resorted to money laundering. In the process, he belied public trust by flouting norms and stuffing cash into his family businesses through a clutch of companies where his wife Bindu Kapoor, or his three daughters, Radha Kapoor Khanna, Rakhee Kapoor Tandon and Roshini Kapoor, were directors.
An affidavit filed in Delhi High Court by the Citizens’ Whistleblower Forum revealed that the fee income that Kapoor generated was actually targeted to his own group companies instead of the bank’s coffers. A close look at the relationship with Yes Bank and Indiabulls will make this clear. Between 2009 and 2010, despite their weak balance sheet, Yes Bank lent Rs 100 crore to 14 Indiabulls companies. None of these companies had any business operations and over time had accumulated huge losses. Again, in 2018-19, Yes Bank extended a loan of Rs 750 crore to Indiabulls group companies. In return, as many as seven companies directly or indirectly owned by Kapoor’s wife, Bindu Kapoor, received Rs 2,000 crore from Indiabulls. According to the affidavit, none of the seven companies reported to the Ministry of Corporate Affairs, as it is mandatory, about the loans taken; some of these companies did not even disclose these loans in their annual reports.
Now take the ongoing case concerning Dewan Housing Finance Corporation Limited (DHFL), under which the company is believed to have siphoned off Rs 13,000 crore through 79 shell companies. The DHFL promoters, Kapil Wadhavan and Dheeraj Wadhawan, allegedly bought properties from Iqbal Mirchi, henchman of fugitive underworld don Dawood Ibrahim, for which Yes Bank had extended huge loans to DHFL. It later turned bad. Though DHFL failed to pay back the loan to Yes Bank, it could still extend a corporate loan worth Rs 600 crore in 2018 to DoIt Urban Ventures, a company with 20 branches but hardly any employees. The company was controlled by Rana Kapoor’s family. At this time, Yes Bank’s debt exposure to DHFL stood at Rs 3,700 crore. Around the same time, Yes Bank had extended Rs 750 crore to RKW Developers, a DHFL group company directly connected to the underworld transactions.
Dawood Ibrahim and Iqbal Mirchi (second from right) in Sharjah, 1991
Another case that underlines the recklessness inherent in Kapoor’s operations is a corporate loan of Rs 600 crore extended to Avantha Group Chairman Gautam Thapar where Thapar pledged to Yes Bank his Lutyens’ Delhi 1.2-acre bungalow on 40, Amrita Shergill Marg. When he defaulted, Bindu Kapoor launched a shell company, Bliss Abode Pvt Ltd in March 2017. The bank followed due process and invited bids on the bungalow. Among others, Interglobe Aviation’s (Indigo) Rahul Bhatia got interested and bid for the bungalow. But Kapoor, as the auctioneer, scuttled the sale and grabbed it for his wife’s company for Rs 380 crore. Today, the property houses the corporate office of Bliss Abode Pvt Ltd.
For most of the 16 years that Rana Kapoor was at the helm of Yes Bank (2003-2019), he reportedly ruled with an iron fist and used it as his fiefdom, lending recklessly and, in large part, succeeding in cooking the books. The son of an Indian Airlines pilot and a Sri Ram College of Commerce alumnus, Kapoor landed at Rutgers University in the US for his MBA where he interned in the IT department of Citibank in New York. In 1980, he joined Bank of America and later led its wholesale business in Asia. While at the bank, along with five colleagues, he presented to the American Insurance Group a business plan for a non-banking finance company (NBFC) but that did not stick. After a stint at ANZ Grindlays’ investment bank, in 1998, Kapoor helped develop the India market for the Netherlands-based Rabobank India. That’s when his entrepreneurial journey took off as, along with two former colleagues, Ashok Kapur, also his brother-in-law, and Harkirat Singh, Rabo India Finance, an NBFC, came into being with 25 per cent of their equity, the other 75 per cent being held by Rabobank. In 2003, all three sold their stake with the intention of setting up a bank for which they got a banking licence that very year. Eventually, Singh was sidelined as Kapoor and Kapur got Yes Bank off the ground the next year.
DHFL allegedly bought properties from Iqbal Mirchi, henchman of Dawood Ibrahim, for which Yes Bank had extended huge loans to DHFL
Kapoor and Kapur were a study in contrast; while the former was brazen, Kapur’s moderate old-world charm helped even convince the RBI to grant them the licence. As Ashok Kapur donned the hat of chairman, Rana Kapoor became the face of the bank as its MD and CEO and remained so until irregularities surfaced and the RBI forced him out on January 31st, 2019. In 2005, the bank got listed and posted a profit of Rs 55.3 crore. This was also a phase of brand-building where Kapoor made it a point to be visible across the board. So he started winning a clutch of awards, like Ernst & Young’s ‘Start-up Entrepreneur of the Year ’ in 2005 or the PHD Chamber’s ‘Distinguished Entrepreneur of the Year’ in 2007, soaking in the limelight all the while. In 2008, Kapur died in the Mumbai terror attacks and in the subsequent year, the board of Yes Bank, led by Rana Kapoor, declined to appoint Kapur’s daughter Shagun Kapur Gogia as director, citing inexperience. A court case dragged on until Gogia gained entry to the board as a representative director last year. Nandan Sen, a retired MNC banker familiar with Yes Bank’s inside story, says that the death of Ashok Kapur “deprived the bank of its moral compass”.
FROM KAPUR’S DEATH until last year, Rana Kapoor made a mark as an unconventional banker lending at breakneck speed and earning the epithet ‘lender of the last resort’ among rivals. When the owner of an infrastructure company wanted to raise money for a new project, he approached Kapoor, and was surprised with the offer of a Rs 400-crore loan. On the side, though, Kapoor made him pay a 6 per cent processing fee, which was never the norm, and this helped dress up the bank’s books. It is the fee income that buoyed up the profit and loss account of Yes Bank. But it was Band-Aid that hid the persistent income haemorrhage.
Kapoor’s obsession with fee income was such that, in 2011, Yes Bank was prominent among the banks penalised by the RBI for violating currency derivative norms. The ruling came as a blow to banks as small and medium enterprises claimed that banks were forcing on them meaningless contracts to earn fees that boosted earnings. Over-the-counter derivatives help companies hedge against fluctuations in interest and foreign exchange rates. Banks sold currency derivatives to enable companies to buy cover from currency fluctuations. The devil is in the fine print. In 2007, when the euro, Swiss franc and yen surged, the borrowers were told to pay up after the markets moved against them. The contracts were too confusing and left little headroom for delaying settlement, which is the normal practice in derivative markets. That’s when the banks, including Yes Bank, got sued by the companies. Most cases, however, were settled out of court.
Kapoor’s modus operandi was a far cry from the studied prudence of Mumbai’s banking fraternity. In many ways, it offers a peep into the Delhi trader’s get-rich-quick-at-any-cost mindset. Kapoor, scion of a family of Delhi jewellers, was an oddball in Mumbai’s conservative and demure banking world of stone mansions in the Fort area. Micromanaging every aspect of the business, Kapoor delivered impressive numbers as the industry grappled with NPAs triggered by over-leveraging, downturn and doubtful promoter integrity. But Yes Bank continued to be on a roll and said it had less than 1 per cent of bad loans with a corporate exposure as high as 65 per cent. In an interview to CNBC-TV18 in 2016, Kapoor was asked how he managed to keep it that way when the competition was bleeding. He pointed at a three-way relationship between relationship managers, product managers and risk managers. “That makes sure that when you have a problem, the red flag surfaces early enough,” he said. But the trouble was that at Yes Bank, Rana Kapoor was all three rolled into one.
Depositors outside a Yes Bank branch in Ahmedabad, March 6 (Photo: AP)
A hands-on banker, Kapoor spent time with the borrower, however small. It was also normal for Kapoor to fire his relationship managers over a text message. Thrashing out deals with promoters directly gave him a high. This attitude was at odds with the bank’s scale which obliges that the lender should take a backseat while the managers take over. But Kapoor was apparently a control freak. To stay in the arc light, he sponsored a slew of corporate and media events, making it a point that he and his family members should be seated in the front row next to the invited VIP. “It’s my show or no-show,” was his favourite pronouncement on such occasions. At public dinners, he would always be at the head of the table. He hosted lavish parties at his Samudra Mahal sea-facing apartment in Worli, Mumbai, where he was a tenant of politician Jyotiraditya Scindia. While searching it, the ED found a Rs 2 crore portrait of Rajiv Gandhi sketched by MF Husain during a raid on March 6th. He is learnt to have bought it from Priyanka Gandhi.
Kapoor was an oddball in Mumbai’s conservative and demure banking world of stone mansions in the Fort area
His neighbours included fugitive diamantaire Nirav Modi as well as leaders of the IT industry like Nandan Nilekani and NR Narayana Murthy. His other properties include a plot in the vicinity of Mukesh Ambani’s Antilia, around nine flats in an Indiabulls-promoted apartment complex in Mumbai and properties in the US, UK and France. Proximity to the rich and the powerful gave Kapoor an aura hard to disregard.
Sen maintains that he considered his bank next to none and was willing to do just about anything to make the numbers talk. But not everything was right with the bank. According to a report by Jefferies on stress exposure across major accounts, Yes Bank was second only to the State Bank of India with an exposure of over Rs 10,260 crore, of which Anil Ambani’s finance businesses alone accounted for Rs 2,850 crore. And the total exposure of Yes Bank to Anil Dhirubhai Ambani Group (ADAG) alone stood at Rs 13,000 crore. Similarly, the lender had exposure to Cox & Kings, IL&FS, DHFL, CG Power and a clutch of companies that defaulted on payment. At the same time, in 2016, the RBI was tightening the leash on indiscriminate lending by storing details in its central database, the Central Repository of Information on Large Credits (CRILC). Lenders now had to submit quarterly reports on all borrowers with exposure above Rs 5 crore. Sen said Yes Bank’s modus operandi could work in the past “but, as reporting norms became stricter over time, the management could not hide its books from scrutiny any more”.
Rana Kapoor with his wife Bindu and daughter Roshini (centre)
Stricter assessment norms by the central banker got Kapoor’s goat and in fiscal 2016-17, Yes Bank reported a divergence in gross bad loans of Rs 6,355 crore. So while NPAs of Rs 2,018 crore was reported by the bank, the RBI pegged that to be much higher, at Rs 8,373 crore. In every fiscal thereafter, the bank’s share of bad loans was higher than most of its peers. But the bank kept growing. Between March 2008 and August 2018, its share price skyrocketed from Rs 9 to Rs 404. However, the more circumspect of traders chose caution. Kuldip Singh, a mutual fund trader in Delhi, says “most banking funds started offloading Yes Bank from their portfolio in late-2018”.
The bank’s loan book also swelled to make it the country’s fourth-largest private sector lender. Rana Kapoor would lend to practically anybody and everybody, and between financial years 2014 and 2019, the bank’s loan book grew from Rs 55,000 crore to Rs 2.5 lakh crore. Of this, from financial years 2017 to 2019, the loan book doubled—at a CAGR of 38 per cent, unconventional for the industry wherein banks have not grown beyond 25 per cent.
Rana Kapoor would lend to everybody, and between 2014 and 2019, the bank’s loan book grew from Rs 55,000 crore to Rs 2.5 lakh crore
Questions were being asked on how Yes Bank managed to keep a lid on mounting NPAs while others were in the red and Kapoor warded them off by claiming that it was the small size of the bank that made it manage the loans better. Kapoor is said to have even cited the example of the Vijay Mallya-run Kingfisher Airlines where Yes Bank had significant exposure but was among the few lenders to have recovered all loans before the airline went bust. This, Kapoor claimed, was due to the bank’s watertight structures. For Kapoor, the Kingfisher Airlines experience long remained a bragging point.
But the central bank was simply not impressed. As it became clear the bank’s doubtful assets were piling and that Kapoor would not budge from his position, the regulator was forced to step in and issue a letter in September 2018 that Kapoor had only three months at the helm. It is around then that he tweeted comparing his 10.66 per cent shares he held at that juncture to diamonds and said that he would never sell them but pass them on to his progeny. When Kapoor was making the statement, Yes Bank shares were trading at Rs 183, already a huge discount to the previous months. A year later, as the share price further tumbled, Kapoor had to eat his words and, finally, had sold all his shares by January this year. Meanwhile, Yes Bank under Kapoor’s successor Ravneet Singh Gill failed to turn around. On March 5th, the RBI effectively took control of the bank and appointed an administrator from the SBI to overlook operations. It also placed the bank under a 30-day moratorium.
With Kapoor in custody for alleged offences on a number of charges, including under the Prevention of Money Laundering Act, his dream of riding to the peak of the banking industry remains buried under a gigantic avalanche. At the time of going to press, Kapoor is being grilled by the ED and the CBI. Will more skeletons tumble out of the closet?
The post Rana Kapoor: No Banker appeared first on Open The Magazine.
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It was only a few days ago that Rana Kapoor, the 62-year-old co-founder of Yes Bank, had returned from his refuge in London with the hope that the Government would restructure the bank that he had founded in 2003. Kapoor called it “my baby”. He returned to India hoping he would get back his corner … Continue reading “Rana Kapoor: No Banker”
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It was only a few days ago that Rana Kapoor, the 62-year-old co-founder of Yes Bank, had returned from his refuge in London with the hope that the Government would restructure the bank that he had founded in 2003. Kapoor called it “my baby”. He returned to India hoping he would get back his corner office which he had lost last year following the Reserve Bank of India’s (RBI) intervention. Instead, he was in the Enforcement Directorate’s (ED) and Central Bureau of Investigation’s (CBI) custody as the humongous load of its non-performing assets (NPAs) had exploded, triggering tectonic ripples across the market and the economy that were only amplified by the coronavirus shocks. The RBI restricted monthly withdrawals from the bank to Rs 50,000 per customer. Sheila Bhatia, a depositor in Noida, said, “I ran from pillar to post to withdraw a lakh of rupees for a wedding in our extended family.” Emergency patients requiring high-cost treatment needed special permission to withdraw more.
On March 9th, as markets opened following Kapoor’s arrest, Nifty Bank Index traded 3.98 per cent below March 6th and the 30-share Sensex plummeted 1,448 points. The coronavirus scare could be the overall reason for the bloodbath, but the fear about a debacle in the banking sector over the fate of Rana Kapoor had certainly given the market tragedy a gory subtext.
Kapoor is anything but a staid banker. He is another flamboyant Delhiite clad in bespoke suits and speaking with more authority than credibility. At a panel discussion on financial innovation in banking at the World Economic Forum’s India Summit 2014 in New Delhi, Kapoor, then CEO and MD of Yes Bank, sputtered clichés with supreme confidence. Such as innovation ought to be regulated, or it could result in a crisis situation, just like the economic meltdown of 2008. Ironically, Kapoor’s own activities then had cried for regulation. A series of loans issued by Yes Bank under his watch turned to NPAs as borrowers claimed inability to repay the money and Kapoor allegedly resorted to money laundering. In the process, he belied public trust by flouting norms and stuffing cash into his family businesses through a clutch of companies where his wife Bindu Kapoor, or his three daughters, Radha Kapoor Khanna, Rakhee Kapoor Tandon and Roshini Kapoor, were directors.
An affidavit filed in Delhi High Court by the Citizens’ Whistleblower Forum revealed that the fee income that Kapoor generated was actually targeted to his own group companies instead of the bank’s coffers. A close look at the relationship with Yes Bank and Indiabulls will make this clear. Between 2009 and 2010, despite their weak balance sheet, Yes Bank lent Rs 100 crore to 14 Indiabulls companies. None of these companies had any business operations and over time had accumulated huge losses. Again, in 2018-19, Yes Bank extended a loan of Rs 750 crore to Indiabulls group companies. In return, as many as seven companies directly or indirectly owned by Kapoor’s wife, Bindu Kapoor, received Rs 2,000 crore from Indiabulls. According to the affidavit, none of the seven companies reported to the Ministry of Corporate Affairs, as it is mandatory, about the loans taken; some of these companies did not even disclose these loans in their annual reports.
Now take the ongoing case concerning Dewan Housing Finance Corporation Limited (DHFL), under which the company is believed to have siphoned off Rs 13,000 crore through 79 shell companies. The DHFL promoters, Kapil Wadhavan and Dheeraj Wadhawan, allegedly bought properties from Iqbal Mirchi, henchman of fugitive underworld don Dawood Ibrahim, for which Yes Bank had extended huge loans to DHFL. It later turned bad. Though DHFL failed to pay back the loan to Yes Bank, it could still extend a corporate loan worth Rs 600 crore in 2018 to DoIt Urban Ventures, a company with 20 branches but hardly any employees. The company was controlled by Rana Kapoor’s family. At this time, Yes Bank’s debt exposure to DHFL stood at Rs 3,700 crore. Around the same time, Yes Bank had extended Rs 750 crore to RKW Developers, a DHFL group company directly connected to the underworld transactions.
Dawood Ibrahim and Iqbal Mirchi (second from right) in Sharjah, 1991
Another case that underlines the recklessness inherent in Kapoor’s operations is a corporate loan of Rs 600 crore extended to Avantha Group Chairman Gautam Thapar where Thapar pledged to Yes Bank his Lutyens’ Delhi 1.2-acre bungalow on 40, Amrita Shergill Marg. When he defaulted, Bindu Kapoor launched a shell company, Bliss Abode Pvt Ltd in March 2017. The bank followed due process and invited bids on the bungalow. Among others, Interglobe Aviation’s (Indigo) Rahul Bhatia got interested and bid for the bungalow. But Kapoor, as the auctioneer, scuttled the sale and grabbed it for his wife’s company for Rs 380 crore. Today, the property houses the corporate office of Bliss Abode Pvt Ltd.
For most of the 16 years that Rana Kapoor was at the helm of Yes Bank (2003-2019), he reportedly ruled with an iron fist and used it as his fiefdom, lending recklessly and, in large part, succeeding in cooking the books. The son of an Indian Airlines pilot and a Sri Ram College of Commerce alumnus, Kapoor landed at Rutgers University in the US for his MBA where he interned in the IT department of Citibank in New York. In 1980, he joined Bank of America and later led its wholesale business in Asia. While at the bank, along with five colleagues, he presented to the American Insurance Group a business plan for a non-banking finance company (NBFC) but that did not stick. After a stint at ANZ Grindlays’ investment bank, in 1998, Kapoor helped develop the India market for the Netherlands-based Rabobank India. That’s when his entrepreneurial journey took off as, along with two former colleagues, Ashok Kapur, also his brother-in-law, and Harkirat Singh, Rabo India Finance, an NBFC, came into being with 25 per cent of their equity, the other 75 per cent being held by Rabobank. In 2003, all three sold their stake with the intention of setting up a bank for which they got a banking licence that very year. Eventually, Singh was sidelined as Kapoor and Kapur got Yes Bank off the ground the next year.
DHFL allegedly bought properties from Iqbal Mirchi, henchman of Dawood Ibrahim, for which Yes Bank had extended huge loans to DHFL
Kapoor and Kapur were a study in contrast; while the former was brazen, Kapur’s moderate old-world charm helped even convince the RBI to grant them the licence. As Ashok Kapur donned the hat of chairman, Rana Kapoor became the face of the bank as its MD and CEO and remained so until irregularities surfaced and the RBI forced him out on January 31st, 2019. In 2005, the bank got listed and posted a profit of Rs 55.3 crore. This was also a phase of brand-building where Kapoor made it a point to be visible across the board. So he started winning a clutch of awards, like Ernst & Young’s ‘Start-up Entrepreneur of the Year ’ in 2005 or the PHD Chamber’s ‘Distinguished Entrepreneur of the Year’ in 2007, soaking in the limelight all the while. In 2008, Kapur died in the Mumbai terror attacks and in the subsequent year, the board of Yes Bank, led by Rana Kapoor, declined to appoint Kapur’s daughter Shagun Kapur Gogia as director, citing inexperience. A court case dragged on until Gogia gained entry to the board as a representative director last year. Nandan Sen, a retired MNC banker familiar with Yes Bank’s inside story, says that the death of Ashok Kapur “deprived the bank of its moral compass”.
FROM KAPUR’S DEATH until last year, Rana Kapoor made a mark as an unconventional banker lending at breakneck speed and earning the epithet ‘lender of the last resort’ among rivals. When the owner of an infrastructure company wanted to raise money for a new project, he approached Kapoor, and was surprised with the offer of a Rs 400-crore loan. On the side, though, Kapoor made him pay a 6 per cent processing fee, which was never the norm, and this helped dress up the bank’s books. It is the fee income that buoyed up the profit and loss account of Yes Bank. But it was Band-Aid that hid the persistent income haemorrhage.
Kapoor’s obsession with fee income was such that, in 2011, Yes Bank was prominent among the banks penalised by the RBI for violating currency derivative norms. The ruling came as a blow to banks as small and medium enterprises claimed that banks were forcing on them meaningless contracts to earn fees that boosted earnings. Over-the-counter derivatives help companies hedge against fluctuations in interest and foreign exchange rates. Banks sold currency derivatives to enable companies to buy cover from currency fluctuations. The devil is in the fine print. In 2007, when the euro, Swiss franc and yen surged, the borrowers were told to pay up after the markets moved against them. The contracts were too confusing and left little headroom for delaying settlement, which is the normal practice in derivative markets. That’s when the banks, including Yes Bank, got sued by the companies. Most cases, however, were settled out of court.
Kapoor’s modus operandi was a far cry from the studied prudence of Mumbai’s banking fraternity. In many ways, it offers a peep into the Delhi trader’s get-rich-quick-at-any-cost mindset. Kapoor, scion of a family of Delhi jewellers, was an oddball in Mumbai’s conservative and demure banking world of stone mansions in the Fort area. Micromanaging every aspect of the business, Kapoor delivered impressive numbers as the industry grappled with NPAs triggered by over-leveraging, downturn and doubtful promoter integrity. But Yes Bank continued to be on a roll and said it had less than 1 per cent of bad loans with a corporate exposure as high as 65 per cent. In an interview to CNBC-TV18 in 2016, Kapoor was asked how he managed to keep it that way when the competition was bleeding. He pointed at a three-way relationship between relationship managers, product managers and risk managers. “That makes sure that when you have a problem, the red flag surfaces early enough,��� he said. But the trouble was that at Yes Bank, Rana Kapoor was all three rolled into one.
Depositors outside a Yes Bank branch in Ahmedabad, March 6 (Photo: AP)
A hands-on banker, Kapoor spent time with the borrower, however small. It was also normal for Kapoor to fire his relationship managers over a text message. Thrashing out deals with promoters directly gave him a high. This attitude was at odds with the bank’s scale which obliges that the lender should take a backseat while the managers take over. But Kapoor was apparently a control freak. To stay in the arc light, he sponsored a slew of corporate and media events, making it a point that he and his family members should be seated in the front row next to the invited VIP. “It’s my show or no-show,” was his favourite pronouncement on such occasions. At public dinners, he would always be at the head of the table. He hosted lavish parties at his Samudra Mahal sea-facing apartment in Worli, Mumbai, where he was a tenant of politician Jyotiraditya Scindia. While searching it, the ED found a Rs 2 crore portrait of Rajiv Gandhi sketched by MF Husain during a raid on March 6th. He is learnt to have bought it from Priyanka Gandhi.
Kapoor was an oddball in Mumbai’s conservative and demure banking world of stone mansions in the Fort area
His neighbours included fugitive diamantaire Nirav Modi as well as leaders of the IT industry like Nandan Nilekani and NR Narayana Murthy. His other properties include a plot in the vicinity of Mukesh Ambani’s Antilia, around nine flats in an Indiabulls-promoted apartment complex in Mumbai and properties in the US, UK and France. Proximity to the rich and the powerful gave Kapoor an aura hard to disregard.
Sen maintains that he considered his bank next to none and was willing to do just about anything to make the numbers talk. But not everything was right with the bank. According to a report by Jefferies on stress exposure across major accounts, Yes Bank was second only to the State Bank of India with an exposure of over Rs 10,260 crore, of which Anil Ambani’s finance businesses alone accounted for Rs 2,850 crore. And the total exposure of Yes Bank to Anil Dhirubhai Ambani Group (ADAG) alone stood at Rs 13,000 crore. Similarly, the lender had exposure to Cox & Kings, IL&FS, DHFL, CG Power and a clutch of companies that defaulted on payment. At the same time, in 2016, the RBI was tightening the leash on indiscriminate lending by storing details in its central database, the Central Repository of Information on Large Credits (CRILC). Lenders now had to submit quarterly reports on all borrowers with exposure above Rs 5 crore. Sen said Yes Bank’s modus operandi could work in the past “but, as reporting norms became stricter over time, the management could not hide its books from scrutiny any more”.
Rana Kapoor with his wife Bindu and daughter Roshini (centre)
Stricter assessment norms by the central banker got Kapoor’s goat and in fiscal 2016-17, Yes Bank reported a divergence in gross bad loans of Rs 6,355 crore. So while NPAs of Rs 2,018 crore was reported by the bank, the RBI pegged that to be much higher, at Rs 8,373 crore. In every fiscal thereafter, the bank’s share of bad loans was higher than most of its peers. But the bank kept growing. Between March 2008 and August 2018, its share price skyrocketed from Rs 9 to Rs 404. However, the more circumspect of traders chose caution. Kuldip Singh, a mutual fund trader in Delhi, says “most banking funds started offloading Yes Bank from their portfolio in late-2018”.
The bank’s loan book also swelled to make it the country’s fourth-largest private sector lender. Rana Kapoor would lend to practically anybody and everybody, and between financial years 2014 and 2019, the bank’s loan book grew from Rs 55,000 crore to Rs 2.5 lakh crore. Of this, from financial years 2017 to 2019, the loan book doubled—at a CAGR of 38 per cent, unconventional for the industry wherein banks have not grown beyond 25 per cent.
Rana Kapoor would lend to everybody, and between 2014 and 2019, the bank’s loan book grew from Rs 55,000 crore to Rs 2.5 lakh crore
Questions were being asked on how Yes Bank managed to keep a lid on mounting NPAs while others were in the red and Kapoor warded them off by claiming that it was the small size of the bank that made it manage the loans better. Kapoor is said to have even cited the example of the Vijay Mallya-run Kingfisher Airlines where Yes Bank had significant exposure but was among the few lenders to have recovered all loans before the airline went bust. This, Kapoor claimed, was due to the bank’s watertight structures. For Kapoor, the Kingfisher Airlines experience long remained a bragging point.
But the central bank was simply not impressed. As it became clear the bank’s doubtful assets were piling and that Kapoor would not budge from his position, the regulator was forced to step in and issue a letter in September 2018 that Kapoor had only three months at the helm. It is around then that he tweeted comparing his 10.66 per cent shares he held at that juncture to diamonds and said that he would never sell them but pass them on to his progeny. When Kapoor was making the statement, Yes Bank shares were trading at Rs 183, already a huge discount to the previous months. A year later, as the share price further tumbled, Kapoor had to eat his words and, finally, had sold all his shares by January this year. Meanwhile, Yes Bank under Kapoor’s successor Ravneet Singh Gill failed to turn around. On March 5th, the RBI effectively took control of the bank and appointed an administrator from the SBI to overlook operations. It also placed the bank under a 30-day moratorium.
With Kapoor in custody for alleged offences on a number of charges, including under the Prevention of Money Laundering Act, his dream of riding to the peak of the banking industry remains buried under a gigantic avalanche. At the time of going to press, Kapoor is being grilled by the ED and the CBI. Will more skeletons tumble out of the closet?
The post Rana Kapoor: No Banker appeared first on Open The Magazine.
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Rana Kapoor: No Banker Rana Kapoor: No Banker, It was only a few days ago that Rana Kapoor, the 62-year-old co-founder of Yes Bank, had returned from his refuge in London with the hope that the Government would restructure the bank that he had founded in 2003.
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At Capified, we help you capitalize on the full potential of your property, so you can realize your personal or business goals, or even both. We offer the best services for home loan against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property, you can make use of your property to secure funds to expand your existing business or start a new venture or for other purposes.
Loan Against Home in Delhi
Get the loan\cash credit against property as a security from Capified that has experienced bankers. This will work with you to find the best solution for your individual situation. Contact us today to learn more about our loan against property products, best loan against property, best loan against property in various places, best loan against property with minimum ROI, loan against property with minimum documentation.
Best Home Loan in India
Capified is an outstanding organization for home loan in India. The administrations are cultivated by industry confirmed experts who utilize the trend-setting innovation. Inferable from good conduct, right business technique and sensible rates, we have gathered wide supporters everywhere throughout the country.
loan against property eligibility
You can easily apply for a loan against property with us if you are a doctor, self-employed professional, or salaried professional. Anyone between the ages of 25 years to 85 years may apply as long as they match the required income profile.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida Capified
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https://capified.com/loan-against-property-in-ghaziabad/
Loan Against Property in Ghaziabad Loan Against Flat in Ghaziabad Capified
Loan Against Property in Ghaziabad
At Capified, we help you capitalize on the full potential of your property, so you can realize your personal or business goals, or even both. We offer the best services for cash\ loan against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property, you can make use of your property to secure funds to expand your existing business or start a new venture or for other purposes.
Loan Against Flat in Ghaziabad
Capified offers as a loan advisor that are well-versed with the norms of each institution, and will ensure that you make an informed decision that benefits you. Our facility allows you to borrow money against the security of your property in Ghaziabad. This can be used for a variety of purposes, including home improvements, debt consolidation, and education expenses.
finance against property in ghaziabad
Capified help you to meet your short-term requirement of working capital\ Finance against property and allows you to give you a loan against your property in Ghaziabad. All the business enterprises (proprietor, partnership, companies, trust, associates) are eligible for this finance. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques.
Top Finance Against Property in ghaziabad
Capified provides property loan services for different types of residential and commercial properties. We can assist our clients in obtaining housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients. After thoroughly understanding your individual need, our loan advisor will help you to choose a specific product of a specific bank which enables you to meet that need, from the diverse options on our menu.
Loan Against Property Services in ghaziabad
Get the loan against property from Capified that offers a secured loan in Ghaziabad. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
private financer in ghaziabad against property
Get the private financer against property in Ghaziabad from Capified that is a well-informed team, we are occupied in rendering Private Financer against property in Ghaziabad. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques.
Loan Against Property Lowest Interest Rate
Get the loan against property as a security from Capified at the lowest interest rate that it has experienced bankers. This will work with you to find the best solution for your individual situation. Contact us today to learn more about our loan against property products, best loan against property, best loan against property in various places, best loan against property with minimum ROI.
READ MORE....Cash Against Property, Loan Against Property in Delhi, Gurgaon, Noida - Capified
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Loan Against Property in Faridabad Loan Against Flat in Faridabad Capified
Loan Against Property in Faridabad
Capified provides property loans against Property services for different types of residential and commercial properties all over Faridabad. We can assist our clients in obtaining housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients. After thoroughly understanding your individual need, our loan advisor will help you to choose a specific product of a specific bank which enables you to meet that need, from the diverse options on our menu. While you obtain and enjoy the interest rates and repayment options that best suit your requirement.
Loan Against Flat in Faridabad
Get the loan against the flat form Capified that offers a secured loan Faridabad. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid, and the amount of potential loan you will be sanctioned.
finance against property in faridabad
Capified allows you to apply for a finance against your property. We offer the best services for finance against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property, you can make use of your property to secure funds to expand your existing business or start a new venture or for other purposes.
Top Finance Against Property in faridabad
We expertise in structuring finance against property deals for our clients according to specific requirements such as long repayment schedules, flexi repayments such as long repayment schedules, flexi repayments. The funding can be arranged up to 75% of the value of the property depending upon various factors.
Loan Against Property Services in faridabad
Get the Loan Against Property Services in Faridabad from Capified that is a well-informed team, we are occupied in rendering Loan Against Property Services in Faridabad. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques. In addition, these services are rendered at nominal costs.
private financer in faridabad against property
We can assist our clients in obtaining private financer in Faridabad against property, housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients. After thoroughly understanding your individual need, our loan advisor will help you to choose a specific product of a specific bank which enables you to meet that need, from the diverse options on our menu.
Loan Against Property Lowest Interest Rate
Get the loan against property from Capified at the lowest interest rate that offers a secured loan in Faridabad. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The value of your property decides basically the amount of potential loan you will be sanctioned.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida Capified
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Loan Against Property in Gurugram Loan Against Flat in Gurugram Capified
Loan Against Property in Gurugram
Capified are the ones who provide loans against property in Gurugram. You have a wage and you are qualified then this is the less expensive loan choice for you for having a loan against property in Gurugram. The property has to be occupied for a particular period of time, which differs depending on the state.
Loan Against Flat in Gurugram
Capified helps you to get loans against flat, property private finance, so you can realize your personal or business goals in Gurugram. We offer the best services for cash against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property, you can make use of your property to secure funds.
finance against property in gurugram
Get the finance against property as a security from Capified that has experienced bankers in Gurugram. This will work with you to find the best solution for your individual situation. Contact us today to learn more about our loan against property products, best loan against property, best loan against property in various places.
private financer in gurugram against property
Get the private financer against property from Capified in Gurugram that is a well-informed team, we are occupied in rendering Cash Against Property in Gurugram. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques. In addition, these services are rendered at nominal costs.
Loan Against Property Lowest Interest Rate
Get the loan against property from Capified at the lowest interest rate that offers a secured loan in India. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida Capified
#Loan Against Flat in Gurugram#finance against property in gurugram#Loan Against Property Lowest Interest Rate
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Loan Against Villa Loan Against Flats in Delhi Capified
Loan Against Villa
Capified provides loans against Villa Property services for different types of residential and commercial properties. We can assist our clients in obtaining housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients. We offer the best services for cash against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property.
Loan Against Flats in Delhi
With our knowledge of prevailing market trends we can easily guide you in the process of getting a loan for your Flats, commercial property, plot purchase loan as well as loan against property in Delhi. We are among the most trusted flat loan consultants in Delhi who are always available with their cost effective services. We are known for working in a professional way to efficiently sort out all the problems of the clients.
Personal loan against villa
We expertise in structuring personal loan against Villa deals for our clients according to specific requirements such as long repayment schedules, flexi repayments such as long repayment schedules, flexi repayments. The funding can be arranged up to 75% of the value of the property depending upon various factors. Contact us today to learn more about our loan against Villa, and other properties, best loan against property, best loan against property in various places, best loan against property with loan against property with minimum documentation.
Apply for Loan against Property in Villa
Whether you own a Villa, residential, commercial or special use property, it is an asset that can be used as collateral against a loan, when you have a financial requirement. Capified is here to solve your problem related to funds, and capital and get money loan against property, residential or with any other collateral as a security purpose.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida Capified
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Loan Against Property in Noida Loan Against Flat in Noida Capified
Loan Against Property in Noida
Capified provides loans against Property in Noida services for different types of residential and commercial properties. We can assist our clients in obtaining housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients. After thoroughly understanding your individual need, our loan advisor will help you to choose a specific product of a specific bank which enables you to meet that need, from the diverse options on our menu.
Loan Against Flat in Noida
Capified are the ones who provide loans against flats in Noida. You have a wage and you are qualified then this is the less expensive loan choice for you for having a loan against property in Noida. The property has to be occupied for a particular period of time, which differs depending on the state.
finance against property in noida
Capified helps you to get loan\ finance against property private finance, so you can realize your personal or business goals, or even both. We offer the best services for cash against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property, you can make use of your property to secure funds to expand your existing business or start a new venture or for other purposes.
Top Finance Against Property in noida
Get the finance against property in Noida as a security from Capified that has experienced bankers. This will work with you to find the best solution for your individual situation. Contact us today to learn more about our loan against property products, best loan against property, best loan against property in various places, best loan against property with loan against property with minimum documentation.
private financer in noida against property
Get the private financer against property in Noida from Capified that is a well-informed team, we are occupied in rendering Finance against property in Noida. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques.
Loan Against Property Lowest Interest Rate
Get the loan against property from Capified at the lowest interest rate that offers a secured loan in India. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The value of your property decides basically the amount of potential loan you will be sanctioned.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida Capified
#Loan Against Flat in Noida#finance against property in noida#Loan Against Property Lowest Interest Rate
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Loan Against Property in Jaipur Loan Against Flat in Jaipur Capified
Loan Against Property in Jaipur
Capified provides loans against Property in Jaipur services for different types of residential and commercial properties. We can assist our clients in obtaining housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients.
Loan Against Flat in Jaipur
Capified are the ones who provide loans against flats in Jaipur. You have a wage and you are qualified then this is the less expensive loan choice for you for having a loan against property in Jaipur. The property has to be occupied for a particular period of time, which differs depending on the state.
finance against property in jaipur
Capified helps you to get finance against property private finance, so you can realize your personal or business goals Jaipur. We offer the best services for cash against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property.
Top Finance Against Property in jaipur
Get the finance against property in Jaipur as a security from Capified that has experienced bankers. This will work with you to find the best solution for your individual situation. We offer the best loan against property in various places, best loan against property with loan against property with less number of documents.
private financer in jaipur against property
Get the private financer against property in Jaipur from Capified that is a well-informed team, we are occupied in rendering Private Financer against property in Jaipur. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques.
Loan Against Property Lowest Interest Rate
Get the loan against property from Capified at the lowest interest rate that offers a secured loan in Jaipur. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
READ MORE.....Cash Against Property Loan Against Property in Delhi Gurgaon Noida - Capified
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Loan Against Property in Delhi Loan Against Flat in Delhi - Capified
Loan Against Property in Delhi
Capified provides property loans against Property services for different types of residential and commercial properties. We can assist our clients in obtaining housing loans, commercial property loans, and loans against property or Mortgage loans at the most favorable terms and conditions to our clients. After thoroughly understanding your individual need, our loan advisor will help you to choose a specific product of a specific bank which enables you to meet that need, from the diverse options on our menu. While you obtain and enjoy the interest rates and repayment options that best suit your requirement.
Loan Against Flat in Delhi
Get the loan against a flat in Delhi from Capified that offers a secured loan in Delhi. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The value of your property decides basically the amount of potential loan you will be sanctioned.
finance against property in delhi
Capified helps you to get finance against property private finance, so you can realize your personal or business goals, or even both. We offer the best services for cash against your property that can be a built-up residential or commercial property, an approved vacant land or a rental discounting of residential\commercial property, you can make use of your property to secure funds to expand your existing business or start a new venture or for other purposes.
Top Finance Against Property in Delhi
Capified are the ones who provide finance against property in Delhi. You have a wage and you are qualified then this is the less expensive loan choice for you for having a loan against property in Delhi. The property has to be occupied for a particular period of time, which differs depending on the state. This will work with you to find the best solution for your individual situation. Contact us today to learn more about our loan against property products, best loan against property, best loan against property in various places, best loan against property with minimum ROI, loan against property with minimum documentation.
Loan Against Property Services in Delhi
Get the loan against property in India from Capified that is a well-informed team, we are occupied in rendering loan Against Property in Noida. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques. In addition, these services are rendered at nominal costs.
private financer in delhi against property
Get the private financer in Delhi against property from Capified that offers a secured loan in India. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid. The value of your property decides basically the amount of potential loan you will be sanctioned.
Loan Against Property Lowest Interest Rate
Get the loan against property lowest interest rate from Capified that is a well-informed team, we are occupied in rendering Loan Against Property at lowest interest rate. These services are vastly well-liked among our patrons for their timely completion. Our offered service is accomplished employing the advanced techniques. In addition, these services are rendered at nominal costs.
READ MORE....Cash Against Property Loan Against Property in Delhi Gurgaon Noida - Capified
#Loan Against Property Services in Delhi#Loan Against Property in Delhi#finance against property in delhi
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