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Govt eases FDI norms for single-brand retail – Weekly News Round Up

Welcome back to the Weekly News Roundup! Let’s see what’s in the bulletin for this week. The East Delhi Municipal Corporation (EDMC) has approved a proposal under which the Cooperative Group Housing Societies (CGHS) under the jurisdiction of the civic body will be allowed a property tax rebate of 5%, only if they install rainwater harvesting system in the societies’ premises. Recently Bombay High Court ordered to demolish all structures constructed in the Mumbra-Diva area, in order to protect the mangroves in the coastal area of Mumbai. HC also issued instructions to fine the violators under the Forest Conservation Act. Leh which is the headquarters of the recently formed Ladakh Union Territory is soon expected to be counted in the list of the Government’s Smart Cities Mission. The governm...

Do You Know About The Hidden Tax Benefits of A Joint Home Loan?

by Arti Chaudhary If you are planning to buy a new property then why not go for the co-ownership, especially when you can avail amazing tax benefits in joint home loans. You can acquire this loan along with your parents, own siblings, spouse, or with an acquaintance (in this case person should be trustworthy and a clear agreement should be signed). Another term related to joint home loan is co-borrower, here the person is liable to pay the loan amount. Some basic benefits of joint property ownership are: When both the owners of the property are working, their income gets clubbed and you became eligible to take a higher amount of loan. Your Cibil score or credit score decides the amount bank will grant you as a loan. If in case, the credit score of any of the owner is poor, and another one ...

Subvention Schemes Ban will impact only 8% of the total 280 Housing Projects launched in Q2 2019

The National Housing Board’s (NHB) recent directive to housing finance companies to refrain from giving loans under subvention schemes was not as crippling as was initially assumed. ANAROCK research reveals that out of the total 280 projects launched in the April-June quarter of 2019, only about 23 projects (or 8%) were marketed under subvention schemes. These 23 projects comprised of 7,620 units – about 11% of the total 69,000 units launched in the quarter. Anuj Puri, Chairman – ANAROCK Property Consultants says, “The ban on subvention schemes will doubtlessly contribute to the sector’s overall liquidity issues as players can no longer use them to attract customers. However, only a limited number of developers were affected by this move. That said, our data also reveals ...

Piramal Capital & Housing Finance now operational in Jaipur

Piramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal EnterprisesLimited, announced its foray in Rajasthan with the launch of its housing finance business in Jaipur. The company will provide its housing finance offerings namely home loans, loans against property and small ticket construction finance for home buyers (salaried and self-employed) in the Jaipur market. With a network of 3,000+ channel partners, the housing finance business of PCHFL has 16 branches across 15 cities. Going forward, in the next 3-6 months, PCHFL plans to open its housing finance operations in Navi Mumbai and Palava. Overall housing finance loan book for the company stood at INR 6100 crores as on June 30, 2019. Commenting on the launch, Mr. Khushru Jijina, Managing Director,...

RBI Repo Rate Cut: A Significant Boost Ahead Of The Festive Season For The Real Estate Sector

by Santosh Sinha The real estate industry welcomes the decision by the Reserve Bank of India to cut the Repo Rate by 35bps, 4th consecutive rate cut in the year 2019. And why not, the sector is about to enter the festive season. The real estate developers expect to boost their sales in the upcoming quarter, provided the respective banks pass on the benefits to the end consumers before that. Anshuman Magazine, Chairman & CEO, India, South East Asia, Middle East & Africa, CBRE, describes, “The Reserve Bank of India’s decision to cut the repo rate by 35 basis points is a welcome move. In a scenario where there is pressure on GDP growth, the move will spur investment and boost consumption activity in the economy. We believe that this announcement might result in a further reducti...

For the Reserve Bank of India growth is now the highest priority

by Niranjan Hiranandani The fourth straight cut in the benchmark repo rate is a welcome step which will make borrowings cheaper and would help boost in demand in several sectors like real estate and auto which has been sagging since last several quarters. It would also help in bringing about some balance between growth and inflation. We believe that the credit policy announcement is an extension to what was already initiated by the central government in the Union Budget 2019-20 for giving fiscal stimulus to NBFCs. The industry which is facing a huge challenge in terms of acute shortage of liquidity would get respite with banks now allowed to lend more to Non-Banking financial companies (NBFC). As the RBI Governor said, a 35 basis point repo rate cut would lead to credit demand picking up a...

Consecutive rate cuts to translate into residential sector growth

by Ramesh Nair In line with the general market sentiment, the cumulative 110 bps rate cut in the last four policy reviews favors the Indian economy. The rate cut of 35 bps delivered by the RBI is likely to bring in a balance between growth and inflation. Riding along the same track, the real estate sector too will gain momentum owing to favorable policy reforms. However, the growth shall also depend on whether there is a proportional transmission of rate cuts to the end consumer. The rate cut has a direct bearing on the real estate sector considering that residential sales rely to a large extent on the availability of credit in the form of home loans and buyer sentiment. The improved market sentiments due to the tax deduction schemes, modified tenancy laws, focus on the implementation of P...

Union Budget 2019 Boost To Real Estate: Affordable Housing Gets New Lease Of Life

Union Finance Minister Nirmala Sitharaman, while presenting her maiden budget and the first budget of Modi 2.0 government, announced an additional rebate of Rs 1.5 Lakh on Housing Loan Interest. Being considered as a big boost to the real estate sector, this step will encourage first-time homebuyers and will enhance sales. Currently, this rebate was limited to Rs 2 Lakh only. So with this announcement, a housing loan for a home valued up to Rs 45 Lakh, the homebuyers will now avail a rebate of Rs 3.5 lakh on the home loan interest amount. This benefit will be available for home loans taken till March 2020 The Finance Minister also proposed some relief to non-banking finance companies that are facing a crisis of confidence after banks showed reluctance in lending them following the recent I...

What Real Estate Expects From The Union Budget 2019

Ms. Nirmala Sitharaman, the new finance minister in Modi Government is set to present her maiden budget on July 5, 2019. And clearly, her focus would be to pull up the GDP growth rate up to 7.5%, as expected by the World Bank. Generating employment is the next issue that the government wants to tackle. And to do so, she would have to bring in some reformatory and corrective measures to the Housing, Agriculture and the Infrastructure sectors. The housing sector, in particular, holds the key. There are expectations that the Modi government would continue its reformatory mode to bail out the ‘long-forgotten’ sector. During its first term, the Modi government had introduced major reforms such as Real Estate (Regulation and Development) Act, Goods and Services Tax (GST), Insolvency ...

Housing Demand during NDA 0.1

Home loan search trends in India from RealtyMyths.com Housing demand and demand for home loans are directly proportional to each other. A rise in housing demand will pull up the demand for home loans and vice versa. Therefore, any indication about the queries generated for a home loan will also give a fair idea of the housing demand during that period. We tracked the search trends for home loans in India. We got a very clear picture showing a surge in the searches from January 2017 onwards.

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