BSEL Infrastructure Realty (FZE), a fully-owned subsidiary of the Indian realty major, BSEL Infrastructure Realty Limited, developers of AED 2 billion worth seven residential towers at Ajman’s Emirates City today announced tie up with Bank of Baroda (BOB) to offer mortgage financing to the property seekers in UAE for their own use.
Announcing the details of the mortgage financing, senior officials of Bank of Baroda said the facility has been conceived with the idea of offering the best in class financing deals to the rising number of investors in the company’s Ajman property.
The seven towers of the project are named after jewels - Fayrooz, Kahraman, Almas, Emerald, Sapphire and BSEL Ruby.
Under the mortgage finance scheme Bank of Baroda will offer 70% per cent of the value of the property up to a maximum tenure of 15 years subject to fulfilling eligibility criteria / other terms & conditions. The rate of interest starting from 8.50% (Floating rate linked with Bank of Baroda lending rate in U A E).
Each tower of the project rises up to 50 floors an the total project will offer 5,000 apartments. The total area of the property is estimated to be around 8 million square feet. The project development has already begun and the first phase comprising development of BSEL Pearl Tower is expected to be completed by early quarter of 2010. Each tower of the project will have ground floor as show room, six-level car parking and a host of amenities that suits modern living.
In India, BSEL, an ISO 9000-2001 company with a net worth of US$185 million, has developed a host of salient infrastructure projects across the country including shopping malls, hotels, IT parks, commercial and residential projects across a cumulative area of ten million square feet ever since its inception in 1995. The company is also listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) in India as well on the Luxembourg bourse.
