Sending positive signs from easing the cash crunch for the realty sector, Secretary for Financial Services D K Mittal on Monday, Sep 17, asked the commercial banks to focus on funding partially completed projects on a priority basis and development of projects in small towns.
The Secretary, Banking, Ministry of Finance has agreed to look into the problems being faced by the real estate industry and work towards reducing the cost of funding through banks and financial institutions.
CREDAI has reacted sharply over the Finance Minister’s asking chiefs of public sector banks to put pressure on real estate developers to lower property prices and not hold invetory. CREDAI has said in a release that instead of asking realtors to download unsold stock at discounted prices, the Union Finance Minister P Chidambaram should take immediate steps to boost to housing stock supply through special incentives to the affordable segment.
Parsvnath Developers has reported a net loss of Rs 23…
Sahara Group, ICICI Bank, Bhushan Steel, Bharti Realty, Red Fort Capital and Shri Lal Mahal are understood to be in the race among others to acquire Parsvnath Developers’ 1.18 acre of prime commercial land near Connaught Place in the National Capital.
Real estate developers today expressed disappointment over the RBI’s decision to keep key policy rates unchanged and sought a cut in interest rate to boost housing demand.
Terming RBI’s decision to reduce cash reserve ratio (CRR) as a “positive step”, the industry body Confederation of Real Estate Developers’ Association (CREDAI) said on Friday, march 9, the move would enable financial institutions to fund real estate projects.
Seeking to address the concern of real estate developers over delay in getting approval of the projects, government today announced the setting up of an expert committee to suggest measures for a speedy clearance system.
The latest interest rate hike by the Reserve Bank of India (RBI) is bound to push up the price of housing loans as well as the residential apartments.
Valuation of immovable properties owned under general power of attorney (GPA) might fall by about 20 percent as the Supreme Court has declared the sale of properties through this deed illegal, industry experts said Friday.