Mumbai
The President of Maharashtra Chamber of Housing Industry says, “Festival brings happiness and people afford to purchase new home and vehicle. As per the Indian tradition, people purchase on the auspicious occasion of Dussehra and Diwali. He also reports saying there is a good growth in sales during these festivals”. Mumbai is yet to start [...] Continue Reading »
To pay 20% of total cost of the apartment initially in Purvankara Projects and rest only at the time of possession, the realty developer has come up with a 20/80 deferred payment scheme. The interest cost on the 80% of the value of the apartment till possession will be bear by the company itself. EMIs [...] Continue Reading »
Home loan borrowers are now facing a tough time as there is a slight raise in the EMI (Equated Monthly Installments). Banks have agreed to increase pre-payment charges at the meeting with RBI (Reserve Bank of India). The Central Government is concerned about the home loan burden on the loan borrowers. Henceforth they have put [...] Continue Reading »
State Bank of India has gone through teaser loan scheme by the Reserve Bank of India (RBI) in early 2009 but now ruled out relaunching a dual rate scheme for home loans due to its paying a stiff price in the form of huge provisioning. ICICI Bank and HDFC have already come up with teaser [...] Continue Reading »
Many builders are finding it difficult to service loans-the combined debt of the top eleven listed real estate firms is 38,500 crore. In such a gloomy scenario, builders sharing resources-man, machine, land and finances-would help control costs and keep a check on inventory. Few builders have decided to build joint projects using one builder’s land [...] Continue Reading »
Reserve Bank of India (RBI) said floating rate home loans will be spared penal charges in case of prepayments. Besides the decision on home loans, the action points include measures to protect customer interest in unauthorized ATM transactions, and a policy for compensation to customers for mental harassment. The regulator for housing finance companies like [...] Continue Reading »
Bombay High Court on Monday while asking Brihanmumbai Municipal Corporation to ensure that precautions are taken by developers during construction of high rises referred to a recent incident when a coconut tree in a municipal garden killed a top official of a private equity firm. “Trees are falling in your gardens. People are dying,” remarked [...] Continue Reading »
Brihanmumbai Municipal Corporation (BMC) has now promised to repair 164 pock-marked locations in the next four days. Fifty-three of these patches are in the island city, 85 in the western suburbs and 26 in the eastern suburbs. Since the onset of the monsoon, the civic administration has been facing flak over pathetic condition of roads. [...] Continue Reading »
Demand for property in major cities across the country have dipped and sharp increase in borrowing costs had kept buyers on the sidelines. Banks have raised their lending rates sharply in the past few months after Reserve Bank of India (RBI) raised interest rates 11 times since March 2010. Bhopal leads the pack in rise [...] Continue Reading »
Subodh Kumar’s new Development Control Rules (DCR) proposals will allow developers to build an extra 25% above the sanctioned FSI in a residential project, for which they will be charged 100% premium. For commercial buildings, the BMC will allow 15% additional built-up area and charge a similarly hefty premium. In a joint statement issued exclusively [...] Continue Reading »
