On July 23, the apex court had cracked its whip on errant builders for breaching the trust reposed by homebuyers and ordered cancellation of the registration of Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases.
The country's largest housing finance company HDFC Ltd will merge with the country's largest private sector lender HDFC Bank, according to a regulatory filing. The scheme of amalgamation will be subject to various regulatory approvals, including from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), HDFC Bank said in the filing on Monday.
Those looking to take advantage of current market conditions should buy only after conducting due-diligence.
New law could pose challenges of cost escalation, increased paperwork, fear developers.
The COVID-19 pandemic affected the residential property market during the April-June period last year but sales have improved in affordable homes segment since July onwards, reflecting economic recovery in the real estate sector, according to the Economic Survey. The National Housing Bank's (NHB) Housing Price Indices (HPIs) are a broad measure of movement of residential property prices observed within a geographic boundary. The NHB-RESIDEX captures two housing price indices -- HPI@ Assessment Prices and HPI@ Market Prices - Under Construction Properties based on the data available for 50 cities with quarterly updation.
A bench of Justices Arun Mishra and U U Lalit said, if home buyers are not ready to pay their outstanding amount, then the court will have to bundle up the projects.
The real estate Bill will stamp out illegal practices prevalent in the industry.
'Some cases do not get a single hearing for 6 to 8 months, while some have been pending for as long as 8 years.'
'I suggest a cut in the GST rates and an infusion of Rs 1.2 trillion into the economy in six months.'
Around 576,000 housing units, worth Rs 4.64 trillion, are delayed in seven major cities of the country
On the other hand, the Yogi Adityanath government has 'completed nine lakh houses under the scheme and 14 lakh are under construction', Modi said, reeling out comparative figures.
A fourth of the property market is cash-based and this has affected home sales after high value notes were scrapped.
If the real estate sector is properly managed, it could drive not just finance but demand for a range of products and services, observes T N Ninan.
Analysts attribute the surge to a host of factors, particularly the interest shown by the retail investors in these two market segments.
The purchase or construction of houses by large numbers of people can add meaningfully to India's economic growth, points out Neelkanth Mishra.
All real estate developers may not be able to avail the benefit of Reserve Bank of India's one-time restructuring scheme as they might not meet the required financial ratios and have the necessary credit rating, HDFC vice chairman and CEO Keki Mistry said. He was speaking at a real estate and infrastructure investor summit organised by Naredco. "Restructuring may not necessarily help every developer because not too many will be able to meet the criteria laid down in terms of meeting the various ratios and getting credit ratings," Mistry said.
Resolution to the bad loans problem has to be incremental, and the RBI has to ensure NPAs are not swept under the carpet, HDFC chairman Deepak Parekh tells Joydeep Ghosh.
With the controversial Land Acquisition Bill pending for long, government on Tuesday made a strong pitch in the Lok Sabha for "some sort of understanding" on it, saying passage of the legislation is necessary to make land available for the programme of 'Housing-for-All' by 2020.
The court also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property.
The Bill comes at a time when prospective home buyers are avoiding under-construction projects, almost everywhere in the country, thereby drying up sources of interest-free funds for debt-ridden developer firms
Home buyers would be able to invoke Section 7 of the IBC against errant developers.
'Prices are rock, bottom, developers are ready to negotiate and banks are keen to lend.'
Commerce and Industry Minister Piyush Goyal that the players in the sector should start lowering prices and, if the worst comes to the worst, write off investment as bad business decisions.
'By not only decriminalising routine business failures, but by ensuring that institutional lending and corporate rescue frameworks are strengthened via the IBC, the prime minister has ensured there is no room anymore for the proverbial 'reckless, prodigal debtor',' notes Sanju Verma.
The government is coming up with this new law, replacing the Consumer Protection Act 1986, which will incorporate the revised 2015 UN guidelines on consumer protection.
Verdicts paving the way for construction of a Ram Temple at Ayodhya and India's multi-billion dollar Rafale fighter jet deal with France were 2019's landmark imprints of the Supreme Court, which also found itself at the centre of a controversy with then Chief Justice of India Ranjan Gogoi being accused of sexual harassment before getting the clean chit.
Developers are likely to start announcing their festive season offers soon, reports Sanjay Kumar Singh.
Such investments come with their own share of risks and buyers may need to hold on for at least 5 to 10 years.
Modi slammed opposition parties for seeking proof of the damage done by the Indian Air Force in Pakistan's Balakot.
Surendra Hiranandani -- chairman and managing director, House of Hiranandani -- explains what ails India's housing sector and indicates the way forward.
The trust deficit has widened with buyers losing confidence in a developer's ability to construct and deliver a project on time.
A decline in the real estate sector, rising debt and the company's alleged involvement in 2G scam caused damage to the business and its image.
'The BJP has no presence where the regional parties are strong.' 'And we should think of the Congress and support the Congress in those places where it is the dominant regional party.' 'The leaders of the other parties (have to) get together on this simple principle of one candidate against the BJP candidate.'
The bill would prohibit unaccounted money from being pumped into the sector and as now 70 per cent of the money has to be deposited in bank accounts through cheques.
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