Uttar Pradesh: Financial crisis shatters housing dreams from many
As many as 105 people in Lucknow have lodged a petition with UPRERA e-court for a hearing to get a refund of booking amount as they are now facing financial crisis and have dropped their plan to buy a house.
Realtors allege cartelization by cement, steel companies
The Confederation of Real Estate Developers' Association of India (Credai) has written to minister for housing & urban affairs Hardeep Singh Puri, seeking urgent measures to control the hike in the prices of cement and steel amid the ongoing pandemic crisis.
India Cements partially resumes operations at manufacturing facilities
The company said it has adopted a series of precautionary and safety measures at its facilities including compliance with standard operating procedures and other measures as advised by government authorities.
PNB Housing cuts retail lending rates by 15 bps for existing customers
"We have decided to take this initiative to help our customers to overcome this pandemic and drive growth in the housing sector. With this, over 2.35 lakh of our customers will be positively impacted irrespective of their base loan amount," Vyas said.
In the 250 real estate projects in progress in Noida, Greater Noida and Yamuna Expressway areas, developers say that full-fledged construction can’t start before the Delhi borders reopen to let trucks in with raw materials move.
SBI hikes home loan rates by up to 30 basis points
For home loans up to Rs 75 lakh, SBI has increased the spread by 20 basis points. For home loans up to Rs 30 lakh, the effective rate, which is EBR plus spread, now stands at 7.40 per cent as against 7.20 per cent on April 1, 2020.
However, developers fear that despite easing on construction ban, it will be difficult to convince workers to stay if they have the option of going back. They also say that projects may take some more time to effectively take off till sufficient workforce could be brought in.
Migration of labour has further compounded problems for builders, who expect it will require 2-3 months to mobilise workforce once lockdown is lifted. Even half-complete projects would be difficult to finish by December this year.
Sell unsold units at ‘no-profit-no-loss’ to save interest, boost liquidity: Gadkari
The outbreak of coronavirus disease has impacted the real estate sector, which was already reeling from the demand slowdown, the road, transport and highways minister said while addressing a webinar organised by realtors’ body NAREDCO.
Greater Noida: No EMIs from buyers to avail 'zero-period' waiver
The Greater Noida Industrial Development Agency (GNIDA), under whose jurisdiction are the housing projects in Noida Extension where land acquisition cases had stopped work, has spelt out these conditions.