Realty News Roundup: Jaitley Asks Banks To Pass On Rate Cut Benefit To Borrowers; DDA To Re-Allot 8000 Flats Surrendered By Customers

Realty News Roundup is PropGuide's selection of top stories from the real estate sector

Top News

Union Finance Minister Arun Jaitley has asked banks to pass on the benefit of the Reserve Bank of India's (RBI) repo rate cut to their borrowers, to help boost demand and growth. “Only a part of it (the rate cut) has been passed over. So, as interest rates go down, the possibility of people going in for housing will increase. As far as auto sales are concerned, they are on the rise,” the minister said. Read more

The Securities and Exchange Board of India (SEBI) has ordered Yash Dream Real Estate Ltd and its promoters/directors to refund Rs 125.81 crore to the investors within three months. The company was found to be guilty of violating public issue norms. In another development, SEBI requested the Supreme Court to restrict DLF's fund-raising plan till the outcome of a pending appeal in the court relating to non-disclosure of information during its 2007 initial public offering (IPO). 

Cement prices have reportedly dropped in the Delhi-National Capital Region (NCR) after developers alleged artificial price hikes by companies. About four cement firms in the region have cut prices by about 17-19 per cent, according to this report. Meanwhile, Girish Pai, Head of Research (HoR), Nirmal Bang Institutional Equities Cement sector has said that cement sector may attract institutional investors.

The Delhi Development Authority (DDA) is likely to re-allot nearly 8,000 flats, that were surrendered by individuals, to whom they were allotted in the 2014 residential property scheme. These flats were surrendered by them as the rooms were too small in size. DDA is likely to announce re-allotment by the end of this year. Read more

A 30-member business delegation from Malaysia led by Minister of Works Haji Fadillah Bin Haji Yusof has proposed to invest $30 billion in urban development and residential projects in India. In another development, a 23-member delegation from China visited Greater Noida to explore investment opportunities. 

Off the front page

Bollywood stars, Rishi Kapoor and Ranbir Kapoor, have bought an apartment each in Pune's renowned Trump Towers, the first venture in India by American real estate tycoon and Republican presidential candidate Donald Trump. Each of the apartment owned by the father-son duo is spread over 6,100 sq ft and costs Rs 13 crore. Read more

Business watch: Unitech Ltd is reportedly planning to raise Rs 1,300-1,400 crore by selling land and stakes in projects or from a single-large transaction. The decision has come in a bid to quicken construction of the company's existing projects and overcome a delivery backlog and liquidity crunch. LIC Housing Finance's net profit rose 20.7 per cent to Rs 412 crore in the quarter. For more such news, click here, here and here.

The Karnataka government has accepted a proposal for a hike in property tax. This report says that property tax is likely to increase in Bengaluru by about 20 per cent for residential and 25 per cent for non-residential properties. Read more 

Opinion

With the Reserve Bank of India's repo rate cut, is this the right time to take home loans? Read here