Project finance required for resort
ABHIJEET PARIKH
(Querist) 30 December 2011
This query is : Resolved
Respected Members
I have Query in mind ......
I had purchsed a plot of land in name of my Father in the region of Andhra-Pradesh Closer to Banglore
The Title of the property is clear and my fathers name is displayed in its EC - Card and property card ...
The status of Plot is agriculture now and I will be applying For NA
Now I have Following Query
1. I want to develop this plot and make resort over there ..... and I want to get some financial assistance from Banks/Financial Institution for its development how to go about it ... what will be the documentation requirement to get the financial assistance or loan
2. As said plot is in individuals name what kind of entity formation ie LLP HUF or Pvt co will help me to get maximum financial assitance for the resort project.....
Regards
Abhijeet
Devajyoti Barman
(Expert) 30 December 2011
1. Every Bank, be it privatised or public has its own credit policy according to which it insist on the documentation. So no generalisation could be made except you need to convert the agricultural land into bastu land from the Municipality.
2. Bank gives loan on the financial capacity of an individual or the institution. So you need to show your financial might not the form of ownership.
ABHIJEET PARIKH
(Querist) 30 December 2011
I am seeking in general Information in case of documentations I have been told by many CAs that forming some entity will enable more loan taking ability so wanted to know type of formation will help to garner more finance from bank
Devajyoti Barman
(Expert) 30 December 2011
It is the job of the CA not of lawyers.
Better listen their advice.
We know law not finance.
VENKATESH HEGDE
(Expert) 30 December 2011
Dear Abheejit
Each and every land has its own market value & valuation accordingly. If you taken NA from munciple authority atometically its value will rises more than that agricultural land. It is left to the banks for limits of the lone for the respective lands. If Some CA have a better idea to raise the valuation of lands please share with us also. :)
prabhakar singh
(Expert) 30 December 2011
1. I ... what will be the documentation requirement to get the financial assistance or loan???
Answer:Original sale deed&Revenue extracts as well as an order for land use changed from agriculture to commercial.
2.company or LLP .
Moreover for valuation a government registered valuer certificate would be required.
Rajeev Kumar
(Expert) 31 December 2011
I fully agree with Prabhakar sir
