Reserve Bank of India
Banks are a large source of funds for the housing finance companies (HFCs) and an increase in their lending rate would push up the cost of funds for the HFCs. Since the latest round of monetary tightening by RBI last week, a host of banks and lending institutions have raised their rates and HDFC is [...] Continue Reading »
Real estate is the second largest employment generating sector, which will be hit by the decision to increase repo rate by the Reserve Bank of India for the third time since May this year. Out of total price of a flat, some 36% amount goes as tax to the government. Since March 2010, the RBI [...] Continue Reading »
Land acquisition in Sahberi and Patwari, where over 30,000 apartments and plots were sold, has been declared illegal by courts. The Allahahad High Court is due to hear cases regarding more villages this week, but the fate of nearly 70,000 apartments in Noida Extension is uncertain. Demands for higher compensation have spread to neighbouring areas [...] Continue Reading »
According to recent finance ministry data that captures the performance of public sector banks, instances of home loan defaults contributing to gross non-performing assets (NPAs) was the highest in the category of loans up to Rs 2 lakh. The figure stood at six per cent in 2010-11, slightly lower than 6.4 per cent in 2009-10. [...] Continue Reading »
The Reserve Bank of India has said banks should leave no stone unturned to verify the documents, including cross verification with the local administration, to ensure that frauds are eliminated. “Wherever documents of title are submitted as security for loans, there should be a system where documents of title are subject to verification regarding their [...] Continue Reading »
The Reserve Bank of India (RBI) decision to raise key policy rates by 25 basis points can dent sales of homes in the country. Over the last six months, builders have been witnessing a decline in registrations for homes and the latest round of hike is seen adding to their worries. Over the last 15 [...] Continue Reading »
An NRI/PIO is allowed to send abroad up to $1 million from the sale of property in any one financial year.This amount should be the sale proceeds of property inherited by him out of rupee funds. The $1 million remittance can also be made from the balances held in Non Resident Ordinary Rupee (NRO) Accounts. [...] Continue Reading »
