Indian Property News on 'October, 2006'

For loan, sign affidavit that house is legal: HC

NEW DELHI: Henceforth, housing loans would be given only when an affidavit or an undertaking is furnished by the applicant with details about the legal status of the property or the land for which loan is being taken. In an attempt to save innocent buyers from purchasing illegal and unauthorised structures, the Delhi High Court today ordered the Reserve Bank of India (RBI) to issue directions to all the banks to this effect.

The two-member Bench headed by acting chief justice Vijender Jain, accepting the recommendation of the HC-appointed Monitoring Committee also ruled, “For a bank loan given for a new construction, a condition should be laid for deposit of copy of completion certificate with the bank after the construction is over within two months, failing which loan would be cancelled.” Read More »

Chandigarh rises from the North

The realty boom is not restricted to metro cities any more. Due to some local and general factors, the property value is rising in the non traditional markets like the city of Chandigarh. The prices have continuously appreciated during last four years.

Some of the factors behind the price appreciation being setting up of new technology parks, spill demand over from overcrowded metros like Delhi, falling home loan rates and excessive liquidity because of liberal credit policies. Affluent people are willing to buy independent houses instead of apartment or flats even if it is on the outskirts of the city which is available at the same price of a flat inside the city. Read More »

Reliance JV sells 20% in Bandra-Kurla Complex

MUMBAI: Mukesh Ambani’s Reliance Group and its joint venture partner, Maker Group, have sold 20% stake in a prime real estate development at Bandra-Kurla Complex to private fund Xander Real Estate Partners.

Insiders estimate that Xander, founded and managed by Siddharth Yog, may have paid around Rs 600 crore to pick up 10% each from Reliance and Maker. Read More »

Specialty Mall For Interiors & Exteriors

Shopping for interiors and exteriors requirements in Pune is soon to acquire a new meaning, courtesy Ishanya, the upcoming specialty mall for interiors and exteriors. Promoted and developed by the Rs 600-crore Deepak Fertilisers (DFPCl) group, Ishanya aims to be a one-stop shop for over 52 categories of products servicing the building and interiors industry and the first of its kind total solutions provider in this field in the country.

Spread over a lavish 5,00,000 sq. ft., on a 10-acre property, this Rs100-crore mall is designed to cater to all kinds of buyers including home and office owners, hotel and retail industry, and for all categories of commercial developers and builders. It will feature products from glazing, flooring, furniture, furnishing, hi-tech consumer electronic white goods, lighting, and acoustics, reaching up to art, sculpture, and landscape. Read More »

Real estate frauds reach a new high

HYDERABAD: M Prakash Rao (name changed), a businessman from Srikakulam district, wanted to buy a plot in the city.

So with a dream in his eyes to own a piece of land in ‘Happening Hyderabad’, he arrived in the city, went on a ’site visit’, looked at a few ventures and settled for a plot in Hayathnagar.

Little did he know that within a year of paying ‘easy instalments’ to own the dream plot, his real estate dealer would close the shop and scoot with his money. Read More »

Pantaloon-All For A Mall

Pantaloon is going the mall way, obtaining for the purpose about five acres of land in Chennai, precisely at Thoraipakkam along Old Mahabalipuram Road. The latest in the company’s format in the retail chain, it is expected to house everything that is needed for the construction sector, such as paints, hardware, furnishings and various equipments.

After putting up the shopping complex, Pantaloon may either lease it out or sell space to different firms which serve the home needs sector. Read More »