Real Estate & NBFCs drive loan growth
Banks have experienced strong demand for loans from the real estate sector and non-banking finance companies (NBFCs) during the year till February, shows the latest data released by the Reserve Bank of India.
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Developing new residential destinations in Mumbai
According to the 2010 census, Mumbai now houses around 14 million people, which makes it India’s most populous city and the world’s second-most populous city.
Mortgage market handicapped by bad laws in India, says Global Property Guru
Indian buyers usually pay for apartments before construction has been completed. Many buyers do not take out mortgage loans (the ratio of housing loans to GDP is less than 5% in India).
Realtors protest new bill
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Mumbai residential property market – correction update
Mumbai saw a steep rise in property prices during the boom period of 2008. However, the economic slowdown in 2009 led to a property market crash which made itself very tangible in Mumbai in the first quarter of 2009, stabilizing by the middle of year and rising again between the 3rd and 4th quarters.
Budget relying on inclusive growth for the ‘aam aadmi’ : Pranab Datta, VC & MD, Knight Frank India
The Budget is relying heavily on maintaining the trajectory of growth in the economy to provide solutions for inclusive growth that touch the ‘Aam Aadmi’ and parallelly stressing on governance aspects, which hopefully will be covered separately through concrete action plans to deal with the menace of unaccounted wealth. The trend for consolidation is expected to continue.
Union Budget 2011 offers 1 per cent interest sop to low-cost housing loans Rs 15 lakh
The government on Monday said low-cost housing loans of Rs 15 lakh will be eligible for one per cent interest subsidy, which will help in increasing the demand for such housing.
Knight Frank outlook on real estate not bright
As real estate prices shoot up and interest rates, the outlook for the sector does not look too bright. In its year-end report, Knight Frank has stated that new home sales in India have fallen by 25 per cent due to soaring prices. With the Reserve Bank of India tightening lending norms to developers and raising interest rates, the property market is likely to plumb new lows in 2011 as buyers disappear.
India property show at Abu Dhabi today
Abu Dhabi is hosting a new India property show that will bring over 100 projects from across India for the Capital-based Non-Resident Indians (NRIs), according to its organiser Future Exhibitions and Promotions (FEP). The inaugural ‘India Property 2011’ is scheduled to be held from today, February 11-12, 2011 in Abu Dhabi that will showcase affordable and hi-end luxury properties with competitive prices in the market starting from Rs1 million to Rs10 million.
RBI asks banks for escrow mechanism on realty loans
The Reserve Bank of India has asked banks to put in place an escrow mechanism that can ring fence their loans to real estate firms and keep a closer tab on the end use of funds. The RBI has been looking to tighten the lending norms for the real estate sector after last year’s bribery-for-loan scam. The scandal also exposed several unethical practices, such as diversion of funds.