Archive for January 2017

HDFC cuts home loan rate for existing borrowers

HDFC had cut the loan rate for new customers by upto 45 basis points earlier this month.

HDFC cuts home loan rate for existing borrowersMUMBAI: Housing Development Finance Corp (HDFC) has reduced its interest rate for existing borrowers by 15 basis points.

Starting today new women borrowers will pay 8.65% interest on home loans upto Rs 75 lakhs while other borrowers will pay 8.70%, HDFC said in a statement. Loan rates for existing borrowers will also reduce by 15 basis points.

“This reduction will benefit all existing customers,” HDFC said in a statement.

Earlier this month HDFC had cut the loan rate for new customers by upto 45 basis points citing lower cost of funds.

One basis point is 0.01 percentage point.
HDFC cuts home loan rate for existing borrowers

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The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Eros Group receives occupancy certificate for its Greater Noida West project

The builder has received OC for a total of 1,768 units for the Phase-1 of its project in the region.

Eros Group receives occupancy certificate for its Greater Noida West projectNEW DELHI: Real estate developer Eros Group has received Occupancy Certificate (OC) for the first phase of it’s Greater Noida West project, namely Eros Sampoornam.

The builder has received OC for a total of 1,768 units for the Phase-1 of its project in the region. This phase is complete and ready for possession and comprises of total 21 towers whose OC has been received. “With possessions started in our project, we expect approximately 300 to 400 home-buyers to give their acceptance by the end of this month and more than 700 by mid of year 2017”, said Avneesh Sood, Director of Eros Group.

Work on the second and final phase, comprising of 1,432 units is taking place at a rapid pace, and the possession for the same will be announced soon too. The project is spread across 25 acres of land approx. and is in its final stages of completion.

Eros Group receives occupancy certificate for its Greater Noida West project

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

Land acquisition: Compensation confusion and rescue from court

The residents of Nagla Chitey, a settlement of about 300 people in Bachhela Bachheli village of Firozabad, fought for their rights collectively and emerged victorious.

Land acquisition-Compensation confusion and rescue from court.AGRA: Having locked horns with the government, they came out as winners after a two-year-long pitched legal battle.

The residents of Nagla Chitey, a settlement of about 300 people in Bachhela Bachheli village of Firozabad, fought for their rights collectively and emerged victorious.

All was well till November 2015. About a year earlier, the government had entered into a deal with the villagers to acquire their land for the construction of a greenfield project, the Agra-Lucknow Expressway.

Villagers willingly surrendered their land as they were being offered amounts in the range of Rs 800/sq mt to Rs 8,000/ sq mt. This was the rate offered for land under ‘abadi’ (area under habitation) category.

Over the next few months, the money was transferred into bank accounts of land-owning villagers. Families became self-sufficient and utilized the money for various purposes.

“I bought a motorcycle worth Rs 75,000 and got my house constructed properly,” said Naresh Baghel, a former village pradhan of Nagla Chitey. Others, too, had similar stories of better fortune the expressway had blessed them with.

Just when the villagers thought that a turnaround point in their lives had arrived, revenue officers came knocking on their doors, this time with not-so-good news.

Claiming that the villagers had been paid up to three times ‘higher’ compensation, the Firozabad district administration served recovery notices to 22 villagers.

“They came as unwelcome guests and started threatening us with criminal action,” said Jaiveer Singh, another villager.

Stating that their land was agricultural and not abadi, the group of 22 villagers was asked to return the ‘excess’ amount paid as compensation with interest.

The notice, on November 23, 2015, even held these villagers guilty of fraud and of causing loss to the government. As most villagers had already invested a significant portion of the amount they received in something or the other, the only option was to face legal action or go into hiding.

“It is not easy to take on the administration. We argued with the lekhpal, deputy collector and other authorities. What was the need to execute a sale deed with us without their homework? Were they not aware what our land title was?” said Phulwasa Devi, part of the group which faced the administration’s wrath.

United by the common cause, the villagers decided to battle it out and petitioned the Allahabad high court against the order. Justifying its move, the administration told the court that employees of the department of consolidation had colluded with the group of 22 and notified the land as ‘abadi’ fraudulently.

The court however, quashed the recovery notice dubbing it as ‘wholly illegal and without any authority of law’ on November 28, 2016.

From then on, the villagers have lived peacefully, as far as their ‘hard-earned’ money is concerned.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

All ongoing real estate projects under new Act

All ongoing real estate projects that do not get a completion certificate on or before April 30, 2017, will come under the purview of the Real Estate (Regulation & Development) Act.

New Delhi, Jan 21, 2017, DHNS:

All ongoing real estate projects under new ActThe Union Ministry of Housing and Poverty Alleviation has clarified that the Real Estate Act will come into force from May 1 and the new law will be applicable to ongoing projects, which did not get the completion certificate before that.

The clarification comes after some states, including Uttar Pradesh and Gujarat, faced allegations of diluting the provisions of the act and deliberately letting off ongoing projects.

Uttar Pradesh in the draft rules has come up with four exemptions to exclude incomplete projects from the category of “ongoing projects”, while Gujarat has exempted all projects launched before the notification of the rules.

This means such projects need not to be registered with the real estate regulator in these states.

On excluding balconies from the definition of carpet area, the Centre clarified that it posed no problems as costing could be accordingly informed to the buyers.

Besides, any expenditure incurred by promoters on development of land could be included as part of the cost of the land, an official from the ministry said.

The act provides for interim regulatory authorities, who will in turn put in place the necessary institutional mechanisms for full-fledged regulatory authorities to become functional from May 1.

The realty law, which was passed by Parliament last year, makes it mandatory for all builders — developing a project where the land exceeds 500 square metres — to register themselves with the regulatory authority before launching or even advertising their project.

Failure to do so will invite a penalty of up to 10% of the project cost, according to the realty law.

DISCLAIMER

The news and data posted here is from various sources, published and electronically available. We have taken all possible care to verify and crosscheck the accuracy of the same. However, despite due diligence, sources may contain occasional errors.www.noidapropertydealers.co.in will not be responsible for any errors in such an instance.

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