1.MC keen to develop residential complex at Manimajra.
The Municipal Corporation (MC) is contemplating the development of a residential complex at Manimajra. For the purpose, an area measuring around 6 acres would be provided with basic civic amenities. Thereafter, a decision would be taken on whether plots are to be auctioned or a group housing project started. The area to be developed - called Pocket 6 - is behind the showrooms at the NAC market near the Housing Board light point.
2.Rate cut impact: Home sales may finally move up.
Home sales, on a declining path for many quarters in key markets such as the National Capital Region (NCR) and Mumbai, are expected to get a boost after the central bank cut repo rates by 50 basis points. However, property prices are unlikely to move down, say property companies and consultants.
3.Lack of civic sense, maintenance have stained Connaught Place facades.
The white-washed facades in Connaught Place have already lost their sheen a year-and-a-half after the restoration work was carried out in the area. The paan-stained facades have turned black and are also chipping-off in some areas. According to NDMC officials, the company carrying out the work there, EIL, “is responsible for maintenance of this area for five years”.
4.From heaven to living hell: Traders, residents lament CP’s fall from glory.
Eighty-year-old B G Khullar stands near H-block in Connaught Place waiting for someone to help him get to the Middle Circle where he lives. At his age, walking in itself is an effort. But now, he has to navigate through uneven roads and dug-up pathways to reach home after completing his daily chores.
5.Adarsh land belongs to state not Army: Judicial Commission.
In a big relief for Maharashtra government, the judicial commission probing the Adarsh housing scam has said the land on which the controversial skyscraper stands belongs to the state and not the Ministry of Defence (MoD) and that it was not reserved for Kargil war widows. The interim report of the two-member panel headed by former High Court Judge J A Patil, which was tabled in the state assembly today by Chief Minister Prithviraj Chavan, has said MoD has failed to prove its ownership of the land.
6.Lack of transparency in selection of Lavasa project: CAG.
Observing that the project nods were given without environmental and Cabinet approvals, the Comptroller & Auditor General (CAG) has rapped the Maharashtra government for "total lack of transparency" in the selection of the Lavasa hill station project in Pune district. "We have brought out total lack of transparency in selection of the project proponent. Granting of SPA( special planning authority) status to Lavasa Corporation Limited (LCL) without any control by the Government left scope for irregularities, perceived conflict of interest and violation of environmental laws," it said.
7.Realty industry welcomes RBI rate cut, sees benefit for all.
The interest rate sensitive realty industry on Tuesday welcomed the Reserve Bank of India's (RBI) decision to cut key lending rates by 50 basis points, and felt the move will boost builders' and home loan customers' sentiments alike. "For the real estate in particular, this is indeed a welcome step by RBI. While the sector was already reeling under the pressures of high interest rates, this will allow banks to lower down the interest rates significantly. Both buyers and developers shall get benefitted from this," said Pradeep Jain, chairman, Confederation of Real Estate Developers' Association of India ( CREDAI).
8.RBI`s rate cut to benefit realty companies: Knight Frank.
The 50 bps reduction announced by the RBI will give a huge sentimental boost to the real estate sector in general and the housing loan segment in particular. Though this rate cut does not affect the fundamentals of the RE market. We have seen a steady off-take in housing loans despite the high interest rates and real estate prices. This cut will only give it an extra fillip. However the larger impetus will come from the other measures. At present, UCBs are permitted to assume aggregate exposure on real estate, commercial real estate and housing loans up to a maximum of 10% of their total assets with an additional limit of 5% of their total assets for housing loans up to Rs 1.5 million.
9.Builders hail rate cut, hope it will be passed on.
Mr Paras Gundecha, President, Maharashtra Chamber of Housing Industry, said commercial banks should cut interest rates so that home loans become affordable. High cost of funding is one of the main causes of rising real estate prices, he said. He also welcomed the RBI decision to scrap pre-closure of loans. It is a welcome development for a stagnating economy as this is expected to spark off fresh investments.
10.Hypercity to be cautious on store expansion plans.
Hypercity, the hypermarket arm of retailer Shoppers Stop , is scaling down its store rollouts and tweaking the product mix to include high-margin goods in an effort to achieve break even faster. 'We would like to have a medium-sized business but it has to be a profitable business. Our idea is not to build huge scale,' Mark Ashman, chief executive of Hypercity, told Reuters. Hypercity contributes 30 percent to the overall consolidated revenue of Shoppers Stop. Most organised food and grocery retailers in India are yet to turn profitable as they operate with high costs and compete on razor-thin margins.
11. CREDAI lauds rate cuts, hopes more ahead
The Confederation of Real Estate Developers Association of India (CREDAI) has termed the credit rate cut announced by the Reserve Bank of India (RBI) on Tuesday as the right policy step saying the real-estate body hopes to see further rate cuts. Lalit Jain, National President, CREDAI said, “While credit rate cuts are a step in the right direction, we are looking forward to more rate cuts. Expecting home loan rates to come down now based on the Repo and Reverse Repo rate cuts, the industry is waiting to see the outcome of the annual policy statement.”
12.ICICI Bank, Indiabulls Arms Bid 600 Cr for Parsvnath Plot.
ICICI Bank’s domestic real estate fund and Indiabulls Real Estate have bid between . 500 crore and . 600 crore for developer Parsvnath’s 1.2-acre plot at Kasturba Gandhi Marg in New Delhi. Sahara, Bhushan Steel and Red Fort Capital had also bid for the centrally-located property earlier.
13.Prepayment Penalty on Home Loans Goes.
Home loan customers will have greater flexibility to switch to banks that offer better rates with the banking regulator having banned lenders from charging a prepayment penalty on floating rate home loans. For over a year, Reserve Bank of India (RBI) persuaded banks to desist from charging a prepayment fee but moral suasion from the central bank was to no avail. On Tuesday, RBI barred banks from charging any fee from a customer who wants to repay an outstanding loan and close the account.
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