Banks to review teaser home loan plans next month
The country's top lenders have decided to review the future of fixed-cum-floating home loan interest rate schemes in March. The limited period offers, which have come to be known as teaser rate schemes, are due to end by March 31.
State Bank of India chairman O P Bhatt said "We will review it (special home loan scheme) sometime in March and see what kind of (credit) offtake has taken place, what kind of liquidity we have, what is the view on lending to various sectors and where we think the cost of funds is heading." He added that the effort would be to keep interest rates down, but if it hurt the bank, then rates would have to go up.
Lenders get tough with realtors
Banks have cut their exposure to real estate, as stressed assets mount in the sector. State Bank of India (SBI) and Punjab National Bank (PNB), among others, have begun cutting borrowing limits for the sector, coupled with aggressive recoveries.
According to a data released by the Reserve Bank of India (RBI), for the first time in nearly five years, loans to the realty sector, including commercial property and construction finance, came down by Rs 8,120 crore to Rs 88,581 crore as on November 20, 2009. As on August 28, the total loans to the sector stood at Rs 96,701 crore. In those three months, growth in real estate loans dropped to 15.3 per cent from 41.5 per cent in the preceding three months and from 49 per cent a year earlier.
Supertech to invest Rs 2000 cr in its projects
Noida-based developer Supertech Group has announced to invest Rs 2000 crore in its upcoming projects in next three years. The group is planning a Rs 1000-crore township project in Greater Noida, which will be spread in 100 acres and will have over 5000 dwellings mainly of affordable category.
Mohit Arora, company's director said that the company will be looking for a financial partner in this venture. He said that the company has recently launched two of its projects - Eco city, an eco friendly project in Noida and an integrated township project -Sports City in Meerut. These projects are spread in 12.6 acre and 75 acres respectively.
"The marked investment in both these projects together is Rs 1200 crore," said Arora.
3C announces Rs 2400 cr residential project
The 3C Company, a real estate company specialised in green development, has announced a green project Lotus Panache, which will be spread in over 41 acres and with an outlay of Rs. 2,400 Crore. The project has been jointly funded by Red Fort Capital, a leading international private equity real estate fund.
Vidur Bharadwaj, director of the company said, "The aspiration to own a green residential address that provides healthy living and cost savings has grown tremendously." The developer had earlier launched a green residential Project - Lotus Boulevard, where it received good response in terms of bookings.
State Bank of India chairman O P Bhatt said "We will review it (special home loan scheme) sometime in March and see what kind of (credit) offtake has taken place, what kind of liquidity we have, what is the view on lending to various sectors and where we think the cost of funds is heading." He added that the effort would be to keep interest rates down, but if it hurt the bank, then rates would have to go up.
Lenders get tough with realtors
Banks have cut their exposure to real estate, as stressed assets mount in the sector. State Bank of India (SBI) and Punjab National Bank (PNB), among others, have begun cutting borrowing limits for the sector, coupled with aggressive recoveries.
According to a data released by the Reserve Bank of India (RBI), for the first time in nearly five years, loans to the realty sector, including commercial property and construction finance, came down by Rs 8,120 crore to Rs 88,581 crore as on November 20, 2009. As on August 28, the total loans to the sector stood at Rs 96,701 crore. In those three months, growth in real estate loans dropped to 15.3 per cent from 41.5 per cent in the preceding three months and from 49 per cent a year earlier.
Supertech to invest Rs 2000 cr in its projects
Noida-based developer Supertech Group has announced to invest Rs 2000 crore in its upcoming projects in next three years. The group is planning a Rs 1000-crore township project in Greater Noida, which will be spread in 100 acres and will have over 5000 dwellings mainly of affordable category.
Mohit Arora, company's director said that the company will be looking for a financial partner in this venture. He said that the company has recently launched two of its projects - Eco city, an eco friendly project in Noida and an integrated township project -Sports City in Meerut. These projects are spread in 12.6 acre and 75 acres respectively.
"The marked investment in both these projects together is Rs 1200 crore," said Arora.
3C announces Rs 2400 cr residential project
The 3C Company, a real estate company specialised in green development, has announced a green project Lotus Panache, which will be spread in over 41 acres and with an outlay of Rs. 2,400 Crore. The project has been jointly funded by Red Fort Capital, a leading international private equity real estate fund.
Vidur Bharadwaj, director of the company said, "The aspiration to own a green residential address that provides healthy living and cost savings has grown tremendously." The developer had earlier launched a green residential Project - Lotus Boulevard, where it received good response in terms of bookings.
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