ICICI Bank, HDFC make home loan cheaper to match SBI's rates

India’s largest housing finance company HDFCICICI Bank have slashed interest rates and are now offering home loans of up to Rs 30 lakh at 8.35% — the same rate which State Bank of India offers.

In terms of the new schedule of rates, salaried women borrowers will get home loans at 8.35% and others at 8.40% for loans up to Rs 30 lakh.

In the case of ICICI Bank, loans above Rs 30 lakh will be available at 8.5% and 8.55% for women and other borrowers respectively.

HDFC Bank offers uniform rates for men and women at 8.5% for loans between Rs 30 lakh and Rs 75 lakh, and loans above Rs 75 lakh at 8.55%.

Last week, SBI intensified competition in the home loan segment by reducing its home loan rates by 25 basis points (100bps = 1 percentage point) to 8.35%. While ICICI Bank has reduced interest rates by 30bps from the previous rates, HDFC’s rate reduction is 15-20bps as the mortgage company had already brought down rates to 8.5% last month.

ICICI Bank customers taking home loans in the affordable segment will also have the option to choose either a floating interest rate, or a fixed interest rate for the initial two/three years followed by floating rate.

According to ICICI Bank officials, the last time home loan rates were at current levels was in 2009.
 and the largest private lender 

Source- ET Realty

Haryana RERA to protect home buyers' interest: FM

NEW DELHI: Haryana finance minister Captain Abhimanyu Singh on Saturday assured home buyers that their interest will be protected through the real estateregulatory Act (RERA).

"We need to bring back the confidence of home buyers and investors, without which the business wouldn't move an inch," said Singh, adding, "RERA will ensure that on one hand the builders get a good business environment to work in, while on the other the rights of home buyers are protected."

The minister was speaking at an investment convention organised by NAREDCO, Haryana.

The Haryana government has let off most ongoing housing projects which have been delayed and remain a worry for many home buyers in its draft rules for the Real Estate (Regulation and Development) Act, 2016.

Projects which have applied for occupancy certificate or part completion certificate have been excluded from the ambit of RERA, provided the same is granted by the competent authority within three months of the application.

Those projects which have received completion or part completion certificate in case of plotted colony and occupancy certificate for the building blocks of integrated complexes like group housing, commercial, cyber park or cyber city have also been excluded.

The Haryana government has now invited objections or suggestions towards the same by May 14.

NAREDCO on Saturday demanded an investor friendly and customer oriented real estate regulator that can act as a facilitator to effectively run real estate business transaction with optimum satisfaction to all customers.

"The need for real estate regulator was felt necessary because some developers did not adhere to their promises in deliveries of houses to the intended lot," said Parveen Jain, president, NAREDCO.

The builders' body also urged for a uniform stamp duty on all real estate transactions.

Meanwhile, the Haryana FM also asked real estate developers to pay their dues to the tune of Rs 17,000 crore to the government at the earliest.

Singh also announced that the state is in talks with the Centre for an international airport at Hisar.

Source: ET Realty

Gujarat CM launches scheme for Homeless

GANDHINAGAR, Chief Minister Vijay Rupani on Friday launched implementation of the Pradhan Mantri Awas Yojna (Gramin) in Gujarat at a function at Anand, starting with distribution of approval letters and booklet of model designs to over 14,000 homeless people  in rural areas of five districts — Ahmedabad, Gandhinagar, Anand, Aravalli and Kheda.

Speaking at the function, Rupani said that his Government is committed to help the homeless poor build their own houses, without discriminating between BPL and APL families. It is part of the State Government’s plan to provide housing to all.

 “The plan is to encompass 204,703 beneficiaries in the State, help them build their own house with 20 per cent subsidy to be directly deposited in their bank account in installments. The first installment is Rs 40,000,” he said, adding that the Prime Minister is the pride of Gujarat as he

had launched a series of welfare schemes for the poor. The State Government is also marching ahead to help the

last man in the last mile,

he added.  

Source- The Pioneer

Importance of CSR activities in Indian Real Estate

 Corporate social responsibility (CSR) activities are undertaken by corporates to help the underprivileged with various means. This might be through providing free or subsidized education, food, health check-ups or helping the society as a whole by organizing awareness campaigns around tree plantation, traffic, safety & security etc. 

At Eros Group, since our inception 70 years ago we have always stressed on helping the needy and the less privileged ones with whatever we can. In fact taking the thoughts ahead we have recently launched a series of CSR activities which includes distribution of blankets last winter at our Greater Noida project site and continuing it with tree plantation, conducting yoga camps for our buyers and recently constructed Greater Noida West's first public drinking water system just outside our project, Eros Sampoornam. Very soon we are planning to organize Blood Donation camps as we have heard that most of the NCR based hospitals do not have sufficient blood bottles to meet the demands. We have decided to conduct such CSR activities at least once in a month. 

Real estate sector suffers from trust and if all the developers who actually care for their surroundings join hands to bring a change and start doing something for others then this sector will never again become the victim of mistrust. 

There are very few people who have the will & the resources too, to help others and this should be a responsibility. 

- Avneesh Sood, Director, Eros Group.

Yamuna E-way authority eyes 2 more townships as 2nd phase gets govt nod

                  The second phase of the MasterPlan 2031 of the Yamuna Expressway Industrial Development Authority (YEIDA) was approved by the Yogi Aditya Nath-led Uttar Pradesh government on Monday. According to the plan, YEIDA will have two new urban nodes, or townships, in its area, which will comprise a dedicated industrial area and a heritage city to promote tourism.

With the state government’s approval, YEIDA has become the largest industrial township in the country with an area encompassing 2,687 square kilometres.

According to officials, YEIDA had in August 2015 decided to reorganise the area falling in the second phase of its Master Plan 2031. A detailed survey of the proposed notified area, which encompasses more than 1,100 villages, was carried out with the aim of focusing on sustained and controlled development along the 185-km Yamuna Expressway between Greater Noida and Agra.

In March 2016, an amendment to set up two urban nodes or townships comprising a dedicated industrial area and a heritage city to promote tourism was proposed, which the state has now given its nod to, officials said.

According to Arunvir Singh, chief executive officer (CEO), YEIDA, the “two new urban centres” will be developed into smart cities across more than 20,000 hectares. “The Tappal-Bajna centre will be developed across 11,104 hectares, while the Raya urban centre will be across 9,366 hectares,” he said. “While Raya centre is expected to serve a population of 9.75 lakh by 2031, Bajna centre will serve 12.75 lakh,” he told TOI.

YEIDA officials said that Phase 2 includes more than double the area of Phase 1 in the Master Plan 2031. In Phase 2, land has been reserved for green spaces besides mixed land use including industrial, residential and institutional. Recreational green areas and corporate spaces have also been earmarked along the Yamuna Expressway area in the master plan.

“The dedicated tourist zone in the Raya urban centre will have a riverfront area compassing 109 hectares of land with 102 hectares of water bodies and recreational area covering 1,498 hectares. The tourism zone will sprawl across 731 hectares,” Singh said.“The idea is to provide tourists coming to Vrindavan and the Mathura-Hathras-Agra tourist circuit with world-class space they can enjoy and take tourism to the next level on the global map,” he added.

The Tappal-Bajna centre, meanwhile, will boast an area dedicated to industry. The area will include mixed land use space and recreational zone across 1,755 hectares besides water bodies and natural features over 103 hectares.

Source - ET Realty

KKR INVESTS ₹200 CRORES IN SIGNATURE GLOBAL’S AFFORDABLE HOUSING

Delhi: Leading financial investor KKR has committed to invest ₹200 Crore in the National Capital Region based affordable housing player Signature Global India Private Limited. The company has alongside launched two more affordable housing projects in Gurugram primarily ‘The Millenia’ in Sector – 37D and Solera 2, in Sector 107. The projects would also be coming up under the Haryana Affordable Housing Policy like their earlier projects. The company also plans to deliver the first phase of the project Solera, launched in 2015 under the same policy and awarded a 5 star rating from CARE Rating, by the early 2018. This will be the first delivery of any Haryana affordable housing policy project across Haryana . 

On this occasion, Pradeep Aggarwal, Co – founder & Chairman, Signature Global said, “It is very exciting and encouraging at the same time to partner with a leading financial investor like KKR and we wish to take forward this partnership in a long way. We are currently developing approx 7,400 affordable homes out of which we have already allotted 5005 units and 2400 would be allotted soon. We wish to develop over 1,00,000 affordable homes till 2022 . The current launch of over 1900 units is a step in the same direction and would come up at a total cost of ₹500 Crores.”

Apart from the recent accrual of ₹200 Crores, Signature Global had also raised ₹150 Crores from ICICI Prudential in May last year. To boost rural and urban housing , post demonetisation, the Prime Minister had announced interest subsidy of up to 3, 4 & 6.5 per cent on loans taken under the Pradhan Mantri Awaas Yojana. The amount raised through this recent funding would be used towards the development of its affordable housing projects.

Speaking further on the group’s expansion plans, Ravi Aggarwal, Co – founder & Managing Director, Signature Global Group said, “Signature Global has the vision of Har Parivar Ek Ghar and working with that vision, they wish to be one of the leading contributor towards the PM’s vision of Housing for All and that is the reason we would be soon expanding to other cities like Karnal, Ghaziabad and further to multiple cities in Uttar Pradesh and Maharashtra. Lalit Aggarwal , Co – founder &  Joint Managing director added we are also exploring opportunities for Joint Development Agreement across the country in affordable housing segment. Talks are already in the closing stages of a JDA in Mumbai for affordable housing. We are looking at launching another 20,000 affordable housing units by the end of this financial year wherein our focus will remain the same of providing quality housing for first time home buyers.”

KPMG India Private Limited and Yes Securities Ltd., a wholly owned subsidiary of YES Bank Ltd. acted as financial advisors to the transaction.

About Signature Global:

Signature Global Group is a 21st century real estate and infrastructure development company with a vision to provide the best possible real estate solution to their valued customers, clients & stakeholders. Founded by a set of seasoned professionals with an aim to amalgamate global standards and quality to Indian Real Estate Industry, the group showcases decades of experience in stock market and financial services sector.

 The group is headed by Mr. Pradeep Aggarwal, who is also the Chairman of National Affordable Housing – ASSOCHAM and Treasurer of NAREDCO – Haryana.

Only registered home buyers' body can file complaint against builders: NCDRC

NEW DELHI: The National Consumer Disputes Redressal Commission (NCDRC) has clarified only registered residents' welfare associations (RWAs), consumer organisations, cooperative societies or association of flat or plot buyers can file complaints against builders in the commission.

Clearing the ambigbuity regarding the term ‘voluntary consumer association’ in Section-12 of the Consumer Protection Act, presiding member Justice VK Jain in his order on Friday said, "Recognised consumer association means any voluntary consumer association registered under the Companies Act, 1956 (1 of 1956) or any other law for the time being in force."

The commission has also made it clear that a Trust cannot file a case for one or more consumers or on behalf of a group.

It said the sole or one of the main objectives of the body should be to pursue, propagate, advance, safeguard or promote the interests of the consumers in general.

"It should be a body formed by a group of persons, coming together of their own will and without being motivated by any financial consideration," the order said.

NCDRC also clarified that if a body is formed with the objective of making financial gains, and not to serve the cause of the consumer or the society in general, it will not qualify as a voluntary consumer association.

"Authenticity of an association is important. I think with clarity on the same, the process will be streamlined and the cases will get expedited. We will spread awareness and appeal to the buyers to form associations and get it registered before moving to the court," said Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA).

NCDRC and the Supreme Court have already made it clear that a group of consumers having a common interest or a common grievance and seeking the same or identical relief against the same person can come together without forming any association to file a case in NCDRC with a claim of Rs 1 crore or more.

In case the claim is less than Rs 1 crore, then consumers need to file cases in the district forum or state commission.

Source- ET Realty