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« Correction in Realty Market is bound to come | Home | Aditya Birla expands into Real Estate »

RBI expects lending rates to fall further

The Reserve Bank of India (RBI) expects the banks to slash the lending rates further over a period of time but non-performing loans could rise in a slowing economy.

Anand Sinha, an executive director at the RBI, said the RBI would continue to maintain ample liquidity in the banking system using conventional and unconventional tools. He said lending rates have come down in recent weeks. “Over a period of time we expect the lending rates to come down,” Sinha added. At its quarterly monetary policy review, the RBI kept its key rates steady and said banks had significant room for cutting lending and deposit rates.

Haryana plans floor-wise registrationThe real estate sector in the state of Haryana gets a boost following the state government’s decision to allow floor-wise registration of the houses falling under municipal limits, Huda sectors and Town and Country Planning licensed areas.

The move is going to help the state government earn additional revenue of around Rs 200 crore annually, as well making people in Gurgaon, Faridabad and Panchkula the legal owners of their part of the house. Property owners and those in real estate business say that the move would give a new push to property prices as rates peaked in Chandigarh after the government allowed floor-wise registration.

NRI builder eyes incomplete projectsA US-based real estate developer of Indian origin, Mint Homes, is planning to take over stuck up realty projects in Chennai and Mumbai to expand his footstep in India. Raj Natarajan, director of the company said, “We have invested Rs 40 crore in Coimbatore project, 25 per cent of which has been completed and the entire 136-apartment project would be completed by March 2010. At present, we are also looking at taking over projects that have been stalled for various reasons.” Meanwhile, the two cities that have drawn his current attention are Chennai and Mumbai.

Rs 800 crore for 8 new hotels: Radisson AB Hotels-promoted The Radisson Delhi is investing around Rs 800 crore over the next four years for opening eight more hotels in the country under the brands of Radisson, Park Plaza and Country Inn.

According to R Kapur, MD, Radisson Hotel Delhi, the company, at present operates two of the Radisson hotels in India in New Delhi and Varanasi and plans for eight new hotels under Carlson Group’s Radisson, Park Plaza and Country Inn brands at an investment of Rs 800 crore.

The new hotels would come up at Bhubaneshwar, Chilka Lake, Hyderabad, Konark, Puri, Paradip, Vishakhapatnam, and Kakinada.

News Published Under:   Banking and Finance, Real Estate India | No Comments »

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