Put plans on hold after HK caps expansion, Singapore orders stricter asset norms.
A year later, land prices are less than half the peak levels of Rs 20 lakh an acre.
Since September-October last year, when the real estate market was in deep recession, several developers had started offering gifts like a car or a parking space with flats. For example, Kolkata-based real estate developer RDB Group had decided to give a Nano car with flats at its residential project in Sonarpur, South 24-Parganas.
Govt's divestment plans encourage funds to bet big on state-owned firms.
The minister said at a time when banks in the US and Europe needed government support for survival, banks in India were strong enough to sustain on their own.
Pranab Mukherjee has projected government borrowings of Rs 4.51 lakh crore for the current fiscal.
The long wait for realisation makes lenders averse to security receipt transactions. Instead, they have been insisting more on cash, even though valuations of bad assets are generally lower in case of cash deals than those involving SRs. While in deals involving SRs stressed assets are valued at 30 per cent on an average, in cash deals they are valued at 20 per cent, depending on the quality of the assets.
In an attempt to reduce costs, India's biggest wine producer, Indage Vintners, has started closing its regional offices, while centralising all sales and marketing activities at its headquarters in Mumbai.
"We are now looking at a new fund under the gold category, which will enable small investors to subscribe to the units from the offices of UTI, without even having a demat account," said sources at UTI Mutual Fund. "With the equity markets rising by almost 30 per cent between mid-March and April, investors are no longer interested in gold ETFs. Also most Indians prefer holding physical gold, rather than gold ETFs," said a broker.
Zahir Haq lost his farmland to the Nano factory, but still applied for a car, when bookings for the Tata Motors Rs 1 lakh car opened at Singur on April 9. And he is not alone: an appreciable number of Singur residents booked the Nano through the bank branches in the area, with the State Bank of India branch as the nodal point.
Locals -- more so in the area broadly called Nandigram lying across the minor Haldi River from Haldia -- fear a fresh round of land acquisition, as the state government pushes ahead with its petroleum, chemical and petrochemical investment region plans with Indian Oil Corporation and Calc Refinery Ltd as its anchor tenants. The PCPIR is one of the Left Front government's showcase projects in its efforts to accelerate growth in the state.
State Bank of India, India's largest lender, may cut interest rates in the new financial year on the back of a lower-than-expected credit growth.
The share of government banks in auto finance has increased significantly in the last few months. In some cases, it has nearly doubled. The reason: these banks are offering cheaper loans than their private sector counterparts.
In spite of ample liquidity, banks are treading cautiously as far as lending to the real estate sector is concerned, and are seeking collateral as high as 150 per cent of the loan amount as security deposit from them.
The fresh allegations of carrying out retail trade have come from the Forward Bloc, a constituent of the Left Front government in Bengal, which had been opposing the entry of Metro on this ground. Forward Bloc-controlled APMC in the state has submitted a report stating the instances of violations of the terms of the Regulated Market Committee licence, said sources.
The 997-acre plot in Singur handed over by the West Bengal government to Tata Motors is likely to remain in the hands of the company and can be returned only after a year or so.
The company is also mulling to enter the currency futures space through the exchange. Recently, the Securities and Exchange Board of India had issued guidelines for SME exchange, and had set a minimum net worth criteria of Rs 100 crore (Rs 1 billion) for entity willing to start it.
mjunction services, one of the largest e-commerce companies promoted by Steel Authority of India and Tata Steel, has shelved its initial public offering plan after Tata Steel indicated it would back the management team for its future expansion plans.
In spite of some initial hiccups due to problems in land acquisition, the real estate projects by Unitech in West Bengal were now on track. After facing delays due to problems in land acquisition, work at the proposed logistics hub on Kona Expressway had started.
The small loan size, strict vigil of bankers and the already high interest rates paid by the borrowers to moneylenders make the scheme attractive for banks. Banks are also devising new models for recovering such loans, mostly by deploying agents or vendors on a daily or weekly basis in rural areas.
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