February - 2011

Housing loans to get 1% interest rebate

Mon, Feb 28 2011

In a bid to boost up demand for low-cost housing, the government has announced that housing loans of Rs. 15 lakh will be eligible for one per cent interest subsidy. Pranab Mukherjee (FM) said he is liberalizing the existing scheme of one per cent interest subvention on housing loans up to Rs. 15 lakh, where the cost of house does not exceed Rs. 25 lakh.

Ansal API looks to raise Rs 500 cr from private equity firms

Sat, Feb 26 2011

Realty major Ansal API is on a look out to raise funds, amounting to Rs 500 from a host of private equity investors, including IL&FS Investment Managers and Red Fort Capital. The raised funds would be deployed to supplement Ansal’s ongoing projects.

PSBs to scrap home loan foreclosure fee

Fri, Feb 25 2011

In a bid to lighten up country’s home loan borrowers, the government has urged the Public Sector Banks (PSBs) to stop levying pre-payment penalty or foreclosure charges on home loans.

Tatas seek a regulator for real estate sector

Thu, Feb 24 2011

Realty major Tata Housing mentioned the need of a real estate regulator in the upcoming Union Budget. The realty watchdog will make sure the fair play in the industry and protection of consumer interests, Tata Housing urged.

Unitech to build township project at Rewari, Haryana

Wed, Feb 23 2011

Rewari of Haryana will soon see the development of an integrated township by India’s second largest realty firm Unitech Ltd. Unitech has estimated the cost of construction Rs 55 crore. This township will be inclusive of 350 housing units at Rewari.

Cement makers to add 23 mt next fiscal

Tue, Feb 22 2011

Already facing the supplies in galore, the Indian cement industry further expects to add 23.3 million tonnes of capacity in 2011-12. To this, a whopping 9.2 million tonnes is expected to be added from southern region only.

DLF to launch luxury residential project in Delhi

Mon, Feb 21 2011

Real estate developer, DLF has announced its plan of launching an opulent project in the National Capital this week. The project will cover 38 luxury housing units that will be offered at whopping Rs 15-25 crore.

Rising debt burden comes to haunt realtors on Street

Sat, Feb 19 2011

The ongoing probe by investigating agencies in telecom license case, has adversely affected value of India’s second-largest realty firm Unitech and its rival DB Realty, over the past three months. These realty players have shed almost two-fifth value in the market.

Give tax sops on affordable housing

Fri, Feb 18 2011

The Associated Chambers of Commerce and Industry of India (Assocham) has urged the government to re-introduce the tax exemption scheme, for giving boost to the affordable housing segment, in the forthcoming Budget for 2011-12.

HDFC Property looks to exit Embassy Golf

Thu, Feb 17 2011

IT department has decided to raise funds from as many as 90 companies who have purchased any property or land on lease from the Mumbai MRDA. By deducting TDS from the payments made, the IT department will be able to raise over 1,100 crore in which Reliance Industries will be paying as much as 100 crore itself.

Unitech to launch 10 mn sqft area at a cost of up to Rs 2000cr

Wed, Feb 16 2011

Country’s second largest realty company, Unitech has announced that it will launch various projects across the country with a saleable area of 10 million sq ft. The construction cost of the projects is estimated between Rs 1,500-2,000 crore.

Parsvnath to invest Rs 5,000 cr on ongoing realty projects

Tue, Feb 15 2011

In a bid to complete its existing projects, the realty major Parsvnath Developers has decided to invest nearly Rs 5,000 crore over the next three. This investment will yield sales over Rs 14,000 crore, Parsvnath Developers expects.

Banks wary of lending to realty sector

Mon, Feb 14 2011

The banks, who have major share in lending to real estate companies, may gradually stop lending to the sector, on account of the involvement of two major realtors to ongoing investigations into the telecom spectrum scam.

Property sale ban in 567 colonies over

Fri, Feb 11 2011

The property transaction can effected by thousands of residents at regularised, unauthorised colonies across Delhi, as the ban on the registry of real estate transactions in the areas about to be lifted soon. Earlier, there was a ban on property sale and purchase in 567 colonies.

NRIs not eligible for interest sops on home loans: RBI

Thu, Feb 10 2011

The country’s apex bank RBI has issued directives for Non Resident Indians (NRIs) for their non-eligibility for incentives on interest on home loans of up to Rs 10 lakh. For Indian denizens, the banks provide one per cent interest subsidy for home loans of up to Rs 10 lakh.

Property prices in Punjab likely to rise by up to 20%

Wed, Feb 9 2011

With the introduction of levy by the local government for approval of upcoming residential or commercial projects in municipal areas coupled with high input cost, the real estate in Punjab will soon see steep price rise. The property prices are expected to rise up to 20 per cent.

Cognizant to invest $ 500 mn in real estate in next four years

Tue, Feb 8 2011

In a bid to expand its operations for long-term growth, Cognizant is planning to invest to the tune of $500 million in real estate development. Over the next four years, the company plans to extend its facilities for software development and training in SEZs located in Chennai, Pune, Coimbatore, and Kolkata.

'57% Delhiites own accommodation'

Mon, Feb 7 2011

As per the report released by Urban Development Minister A K Walia on "Housing Conditions in Delhi," around 57 percent of Delhites possess their own accommodation. The report was prepared by Directorate of Economics and Statistics on the basis of a survey conducted under 65th National Sample Survey Round.

Unitech promoters repay entire Rs 250 cr owed to creditors

Mon, Feb 7 2011

Resulting from a dispute with high net individuals (HNIs), the promoters of Unitech have to repay Rs 178 crore, ahead of a deadline of February 22. This Delhi-based realty firm’s promoters had borrowed Rs 250 crore from wealthy investors widely referred to as HNIs.

RBI unhappy over high prepayment penalty on home loans

Fri, Feb 4 2011

Country’s apex bank has shown its worries over high prepayment penalty on preclosure of home loans. The Reserve Bank of India is looking for options to ask banks to lower the burden on borrowers if they are willing to prepay the loan.

Cheaper rates prompt real estate developers to head for small cities

Thu, Feb 3 2011

In wake of prevailing cheap rates in the small cities, the real estate developers turning to smaller towns and cities in north for development. This is like to augment the realty prices in such cities. As per realty experts, small cities are potential investment hub for developers as they offer land at cheaper rates.

DLF lines up 800 crore for land acquisition

Wed, Feb 2 2011

India's largest realty company DLF has lined up Rs. 800 crore for land acquisition. It has been planning to make an average quarterly investment of 300-400 crore over the next couple of quarters. The investment will majorly take place in regions of New Gurgaon and Chandigarh, with an aim to consolidate existing land holding.

State gifts 6 builders 500 acres of slum land

Tue, Feb 1 2011

The Maharashtra state government has again tangled in a land allegation. The state government used a little-known rule in the Slum Act to hand over almost 500 acres of slum pockets to six developers on a first come, first serve basis between 2008 and 2010.