NEW DELHI, APRIL 12:
Favouring open competition rather than a regulator, a senior official of realty major DLF has said that the draft real estate regulator Bill would only increase the number of watchdogs without solving the sector's problems.
“Speaking on the sidelines of the National Housing Bank conference on ‘Housing: An Engine for Inclusive Growth”, Rajeev Talwar, Executive Director, DLF, said: “Increasing the number of authorities is not the solution to the real estate sector's problems. We still have to get a number of clearances from various authorities before starting a project.”
The Real Estate (Regulation and Development) Bill seeks to provide a uniform regulatory environment in the sector. It has been sent to the Cabinet and is pending approval. Key elements in the draft Bill include provisions for jail term for developers for misleading advertisements about projects.
NEW DELHI, MARCH 31:
National Housing Bank has mobilised Rs 644 crore from its recently concluded tax-free bonds issue, its Chairman and Managing Director, R.V.Verma has said.
As much as Rs 198 crore — out of this overall amount of Rs 644 crore — came from retail individual investors. The remaining came from institutional investors.
NHB could have raised more funds if more time was on its side, Verma said, adding that the recent public offering was open only for five days.
“There was a good market for retail. We did not get enough time to market the retail issue”.
The softening of G-sec yields in the run up to the issue also did not help as it impacted the pricing of the tax–free bonds, Verma noted.
The Centre had allowed NHB to raise Rs 5,000 crore through tax free bonds during 2012-13.
It had room to mobilise upto Rs 3,750 crore through the recently concluded public issue.
Another factor which could have impacted tax free bond issues this fiscal, including the recent NHB issue, is the delayed clarification from the corporate affairs ministry.
New Delhi: People in North-East Delhi will now be able to get their properties registered on the same day of filing of application under an online registration system.
The new online registration was launched on Wednesday at newly renovated sub registrar office in Vivek Vihar. It is the third such sub-registrar office to have online registration facility.
NEW DELHI: The government is seeking to mitigate the huge shortage of housing in cities around the country in an election year by proposing to set up an Urban Housing Fund with an initial allocation of Rs 2,000 crore in 2013-14. This comes along with a move to provide Rs 6,000 crore of additional funds for the Rural Housing Fund.
Finance Minister P Chidambaram while presenting his Budget today raised tax deduction limit by Rs 1 lakh for the first time home loan takers to promote the housing sector.
"...a person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during the period April 1, 2013 to March 31, 2014 will be entitled to an additional deduction of interest of up to Rs 1 lakh," he announced while presenting Budget 2013-14 in Parliament.
Finance Minister P Chidambaram today announced a Rs 2,000 crore urban housing fund, while making luxury homes costlier by cutting abatement on service tax on a flat with a floor area of over 2,000 sq ft, or prices exceeding Rs 1 crore.