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The government has modified the Karnataka Land Revenue (Amendment) Bill–2012 to pass it. The bill seeks to regularize unauthorised construction of houses on government land in areas other than cities and towns. The modification came after facing pressure from the opposition. Opposition members had raised objection to a clause that provided for regularization of buildings [...] Continue Reading »
State Bank of India (SBI) has revealed that it has cut its annual home loan growth target by up to 10 per cent age points. The biggest lender of the country has to revise their target due to sluggish growth in property market. The bank cut its home loan rates on Wednesday by up to [...] Continue Reading »
A day after SBI reduced home and auto loan rates and the National Housing Bank (NHB) announced reduction in the refinance rate under a special scheme for the economically weaker section, there seems to be a possibility of further cut looming in the horizon. Moreover, SBI said that it would cut interest rates on fixed [...] Continue Reading »
The Delhi High Court has issued notice to the central and Delhi governments on a public interest litigation (PIL) seeking a ban on the installation of cell phone towers on residential buildings. The PIL, reports that these towers can pose health hazards to residents living within 50-metre radius and also sought urgent steps to reduce [...] Continue Reading »
The realtors welcome the move by Reserve Bank of India (RBI) to cut the Statutory Liquidity Ratio (SLR) by one percentage point from 24 per cent to 23 per cent. The real estate sector, which is struggling due to the combined effects of diving demand, huge debt and piling inventory, is hopeful of positive effect [...] Continue Reading »
The Center has finalized a central law to regulate India’s growing real estate sector and prevent realtors from targeting property buyers through unfair practices. The law ministry has cleared the draft of the Real Estate (Regulation & Development) Bill, proposed by the housing and urban poverty alleviation ministry. The bill proposes the setting up of [...] Continue Reading »
The two adjacent Adrash flats have come under the scanner of the Adarsh judicial commission. The flats were financed by the Kolhapur-based builder Umesh Shinde. Vishwas Chougule, a retired teacher was allotted flat number 1904, while his former colleague Raghunath Bhosale was allotted a neighbouring flat in Adarsh. Shinde, who runs Raj Devendra Construction Ltd, [...] Continue Reading »
Good news emerge for economically weaker section as National Housing Bank (NHB)has slashed its refinance rate by up to 100 basis points for home loans not exceeding Rs 5 lakh. NHB said it has reduced the rate to promote affordable housing finance for low income people in urban areas. It has been pondering schemes for [...] Continue Reading »
Shares in State Bank of India fell 1.1 percent as a result of their declaration to cut home loan rates for new borrowers. SBI cut its rate on auto loans to 10.75 percent from 11.25 percent, while cutting home loans to a range of 10.25 percent to 10.4 percent depending on the lent amount. The [...] Continue Reading »
Retail loans may turn cheaper as country’s central bank, Reserve Bank of India (RBI) has announced a reduction of one percentage point in Statutory liquidity ratio (SLR) for banks. Retail customers may get the benefit of lower lending rates as banks may reduce rates on retail loans. The lower SLR, which is the proportion of deposits banks [...] Continue Reading »
