Home loans for affordable housing to get cheaper as SBI, HDFC, ICICI Bank and Axis Bank slash rates. Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance. The revised rates will be available with effect from May 16.
Private sector lender ICICI Bank on May 15 reduced its interest rates by up to 30 bps for home loans of up to Rs 30 lakh. HDFC reduced its rates for women borrowers to 8.35 per cent and others to 8.40 per cent for home loans of up to Rs 30 lakh.
State Bank of India (SBI) had announced a reduction in the home loan rates by 25 bps from 8.60 per cent to 8.35 per cent per annum. SBI, was the first to reduce interest rates on home loans earlier this month, followed by ICICI and HDFC.
Transit Systems in India, adds value to the properties that are in the proximity. The real estate near a public transit incurs a boost in price considering all the factors that impacts, which includes accessibility benefits, type of housing and type of transit systems.
Since transportation networks increase accessibility and reduce commuting costs (both time and monetary costs), land parcels that have access to major transport networks would have higher values.Thus, for any individual or family, preference to stay in a particular area is mostly dependent upon the characteristics of neighbourhood, which include utilisation of land, provision of local amenities, socio-economic profile of the community, open or green spaces etc.
Read More at CommonFloor.com – Transit Modes and Its Effects on Real Estate : A CommonFloor Report
According to property research firm Liases Foras, home sales bounced back in the December quarter.Property prices, however, grew an average 1 percent quarter-on-quarter in the top six cities, continuing a trend of marginal growth that has been on for six quarters now.
When new launches saw a 14 percent decline in the quarter and economic slowdown along with the uncertainty due to the upcoming elections pushed sales down, Developers offered discounts—waiver of stamp duty and registration fees, broker or agent’s bills, foreign trip, car, freebies like air conditioners, furnishings and modular kitchens— worth lakhs of rupee.
Bangalore posted the biggest gain with home sales growing 58 percent over a year ago between October and December. The National Capital Region (NCR) registered the smallest gain of 4 percent among the top six cities. Home sales in Pune rose 48 percent while those in Mumbai Metropolitan Region (MMR) were up 26 percent.
Source: The Economic Times
CommonFloor.com, online portal for apartment communities in India and CARE Ratings, the second-largest credit rating agency in India have jointly tried to rates real estate projects in India. The real estate star rating would involve detailed examination of Project Developer Quality, Construction Quality, Legal Quality and Financial Quality which helps the property buyers and real estate investors to evaluate the residential projects in the city. The rating scale from one star to seven stars.
Wegmans Business Park, an impressive approximately 5 Lacs sq. ft. IT Park that is located at a prime location in the Greater Noida by Wegmans group of companies, is assigned NCR 7-Star. Ambady’s Green Meadows-Phase (I) by Ambady Tourist Enterprises Pvt Ltd too rated Kochi 7-Star. Tritvam by TRIF Kochi Projects Private Limited also rated Kochi 7-Star.