#RealtyNewsRoundUp: Raghuram Rajan Asks Developers To Reduce Prices

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

On the backdrop of the recent interest rates cut, Reserve Bank of India (RBI) Governor Raghuram Rajan has asked the real estate developers to reduce prices in order to encourage more people to buy homes. The RBI, earlier this month, had lowered the rate by 25 basis points. Thus, a cumulative cut of 1.5 per cent has been done since January 2015. Read more

A government team on April 25 carried out an inspection of Amrapali Sapphire. The residents of this society have been protesting on Twitter, which has also led to cricketer Mahendra Singh Dhoni stepping down as the realty firm's brand ambassador. The inspection marked the beginning of a drive in which Noida Authority officials will visit a housing society each day to examine amenities and check for compliance with sanctioned layout plans. Read more

Realty giants, such as House of Hiranandani, Tata Housing Development Co and Godrej Properties Ltd are expanding their portfolio and footprint by acquiring residential projects that are stuck, usually for want of money or buyers, or both.

According to the reports, House of Hiranandani (HOH), a Mumbai-based real estate venture, plans to expand its presence in Mumbai and enter markets like the national capital region (NCR) and Pune by buying stressed assets or forming alliances with developers whose projects are stuck. Read more

The Uttar Pradesh Government plans to organise a committee to probe into the allotment of 25,000 acres of land in Sonbhadra district to the Jaypee Group to set up a cement factory. This land was taken back by the state government from the developer after the Uttar Pradesh Forest Department raised objection over the land allotment claiming that the company was carrying out illegal mining in the region. The committee will submit its report within a month. Read more