Realty News Roundup: Industry Terms Lapse Of Land Bill As 'Disastrous'; HDFC & Canara Bank Cut Lending Rates

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

Top News

The central government allowing lapse of the Land Acquisition Bill has received sharp reactions from the industry and industry bodies. In this report, real estate developers have termed the decision as "disastrous", pointing out that this will affect various ongoing and upcoming infrastructure projects across the country. Associated Chambers of Commerce and Industry of India (ASSOCHAM), the industry body, stated that the lapse of Land Bill "is a setback to economic reforms". Meanwhile, in this report, the government has maintained that it is not a setback for the government, as state governments will still have the flexibility to implement land acquisition laws as per their requirements.

Making home loans cheaper, HDFC Bank and Canara Bank have cut their lending rates by 0.35 per cent and 0.10 per cent, respectively. While, HDFC will now lend at a rate of 9.35 per cent, lowest in the industry, and Canara Bank will lend at 9.90 per cent. The decision has come after repeated calls from the Reserve Bank of India (RBI). More banks are now expected to follow suit. Read more.

In a major development, the central government has included real estate agents in the Central Advisory Council. The Council, proposed to be formed under the amended Real Estate Bill, has been set up to help the government understand issues related to the real estate sector. Under the amendment, property brokers will be one of the key stakeholders in the real estate industry, along with home buyers and builders. Read here.

Off the front page

According to a report by The Economic Times, the real estate developers in Nashik are marketing their projects to the pilgrims visiting the city in the view of the Kumbh Mela. The 's real estate sector has been facing a slowdown from past four years.

Prime Minister Narendra Modi will inaugurate a residential complex in Chandigarh built by the Chandigarh Housing Board on September 11. The PM will also hand over possession letters and keys to some of the beneficiaries. The project has a total of 2,108 flats, a mix of 2BHK, 3BHK and 1BHK, along with EWS units. Read more.

Upcoming project: Real estate developer, Puravankara Projects, has announced that it will develop 10 million sq ft of residential and commercial projects in Hyderabad. This development will be done over next five years. The company has identified Hyderabad as one of its core markets. Read  more.

Opinion

Editorials and opinion pieces on the government's U-turn on the Land Bill. Read The Hindu, The Financial Express, DNA and FirstPost.com.