Activists demand the implementation of a 1983 government rule allowing affordable group housing by providing land at low rates. Over 3,900 applications are pending.
Naredco and Credai have urged the government to ease foreign investment norms and modify regulations to boost funding for ongoing real estate projects amid a credit squeeze.
Real estate developers and consultants express disappointment over RBI's credit policy, urging for increased liquidity to boost the struggling property sector.
Golden Gate Properties launches affordable housing project, 'The Commune', in Bangalore promising 995 sq ft flats for Rs 19 lakh. The project includes facilities such as a retail center, school and club-houses.
Home loans under the floating rate regime have become more expensive due to RBI's repo rate hike. Leading providers like HDFC and ICICI Bank have raised interest rates.
Housing finance is under pressure as banks increase developers' contribution limits amid rising rates and an uncertain economy, impacting real estate investments.
India's National Housing Bank aims to raise ₹110 billion by March 2009 to satisfy loan demand, including plans for a mortgage guarantee firm.
Loan against property rates depend on loan amount, borrower's credit ranking, and pledged security's equity in India's competitive housing finance market.
ICICI Bank downplays real estate bubble fears despite rising interest rates and property prices impacting sector growth. The bank expects a market correction.
Indian real estate lacks reliable price tracking mechanism, with NHB Residex attempting to provide credible market indices for residential properties.
The Indian government acknowledges public demand for reduced home loan interest rates, particularly for loans under Rs 20 lakh, but leaves the decision to banks and the RBI.
Real estate firms call for tax cuts and controlled material prices in the upcoming budget to stimulate the struggling sector and benefit buyers.
The BJP is urging the establishment of a Real Estate Regulatory Authority to protect small investors, highlighting concerns over housing projects and financial security.