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The Government is likely to introduce a bill in the monsoon session of Parliament to protect consumers’ interests against dubious operators in the real estate sector.
Though the Reserve Bank of India has laid out strict due diligence standards for banks for sanctioning loans to the real estate sector, industry experts believe lending to the sector will not decline.
Mahagun has promised full refund to the buyers who booked flats in its project at Noida Extension.
Noida extension seems to be taking its toll. India’s largest home loan provider State Bank of India (SBI) said on Friday, July 8, it will not finance real estate projects which are mired in disputes over acquisition of land.
More than half a dozen builders, including Ahmedabad-based Bakeri Group, Lodha Developers and Indiabulls Real Estate, have either pulled out of the affordable-housing segment or have changed their offering.
The Supreme Court today, July8, rejected the Sahara Group’s plea to issue a notice to the government in connection to its dispute with market regulator SEBI.
The Reserve Bank of India (RBI) has asked banks to go slow on lending to the commercial real estate projects. The central bank fears an asset price bubble.
The Supreme Court will today hear the Sahara group firm’s plea against the SEBI order to return the money, along with 15 per cent interest, collected from investors through its Optionally Fully Convertible Debentures scheme.
Hours after the Supreme Court order, several worried investors at Shah Beri village rushed to the offices of developers demanding their money back or a house at an alternative site.
Private equity firm India Property Fund has picked up a 49% stake in Ramprastha Group’s housing project Skyz in Gurgaon for Rs.120 crore.