An Interest Rate War Is Brewing In The Home Loan Segment This Festive Season
Chennai: Development Credit Bank (DCB) and GIC Housing are offering home loans below the psychological 8% level. Bank have waived off processing fees and documentation charges on certain loans. According to observers, borrowers prefer low interest bearing home loan accounts of nationalized banks over private banks. DCB, which recently entered the segment, is charging 7.95% for loans up to Rs 5 crore at fixed interest rate for the first year and floating rates from second year onwards. HDFC is offering a floating rate of 8.75% for loans up to Rs 15 lakh, 9% (Rs 15-50 lakh) and 9.5% for loans above Rs 50 lakh up to 20 years.
BDA Acquired Property Worth Rs 45 Crore
Bangalore: In an unprecedented drive, BDA acquired property worth Rs 45 crore at Sarakki Agrahara Village in JP Nagar 2nd Phase. Some people had constructed structures on three acres of land that was notified by BDA in 1970, for the formation of JP Nagar 2nd Phase and were fighting court cases against the BDA. The court gave its verdict in favour of the BDA.The demolition was carried out by the BDA Task Force under the guidance of the Superintendent of Police, BDA and Executive Engineer, along with the active co-operation of the local police.
Housing Demand Expected To Rise By 30 Per Cent
New Delhi: Affordable housing seems to be flavour of the day. a majority of the industry experts expect the residential segment to recover by the end of 2009 with a 25-30 per cent renewal in demand.The survey found out that 34 per cent of the demand in the residential segment was in the price range of Rs 5-15 lakh and 26 per cent was in the bracket of Rs 15-25 lakh. As much as 22 per cent demand is in the range of Rs 25-40 lakh, 12 per cent in the range of Rs 35-50 lakh and a mere six per cent for properties priced above Rs 50 lakh, the study revealed. According to the survey, industry experts believe that demand in retail segment would rise by 10-12 per cent during the next three months and will recover only by the last quarter of 2010. The commercial segment is expected to pick up after the third quarter of 2010.
Hike In Taxes On Nariman Point Building
Mumbai: Nariman Point, India’s premier commercial district, is in a state of turmoil. The BMC’s assessment and collection department recently hiked the rateable value in buildings where offices have been given out on leave and license. The rateable value is fixed on the basis of the rent a particular office space is expected to fetch the owner. The Brihanmumbai Municipal Corporation (BMC) has increased the taxes(rateable value) by as much as five to 10 times.