Category: Latest Stories
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Banks Expand Home Loan Spreads to Protect Margins
MUMBAI: Banks are raising their spreads above home loan rates to safeguard their margins. SBI and Union Bank of India have increased their mortgage spreads as reference rates decrease. With the repo rate already reduced by 100 basis points this year, further cuts could be on the horizon. Unlike previously, when lower rates primarily benefited new borrowers while existing ones paid higher, the current environment sees new borrowers facing increased costs, despite banks being required by RBI regulations to pass on rate cuts to existing customers. This discrepancy arises from persistent funding costs. Reducing deposit rates remains challenging, particularly for…
SBI Raises Home Loan Rates by 25 Basis Points: A Signal?
MUMBAI: India’s largest mortgage lender, State Bank of India (SBI), has raised home loan rates by 25 basis points for new borrowers, indicating a potential shift towards higher interest rates in the housing market. This increase mainly impacts applicants with lower credit scores, as SBI adjusts the upper band of its loan rates. Union Bank of India has also raised its rates, and other public sector lenders may follow. As of late July, SBI’s mortgage rates were between 7.5% and 8.45%. Post-adjustment, new borrowers will face rates between 7.5% and 8.70%. Union Bank of India has upped its rate to…
PM Launches ₹11,000 Crore National Highway Projects
Representative image created by AI NEW DELHI: Prime Minister Narendra Modi inaugurated two key National Highway projects in Delhi on Sunday, namely the Delhi section of the Dwarka Expressway and Urban Extension Road-II (UER-II). These developments are part of the government’s strategy to alleviate congestion in the capital, aimed at enhancing connectivity, reducing travel times, and easing traffic flow within Delhi and nearby regions. Such initiatives embody Prime Minister Modi’s vision for world-class infrastructure that promotes better living standards and seamless transportation. The 10.1 km section of the Dwarka Expressway in Delhi was constructed at an investment of approximately ₹5,360…
Ghaziabad Development Body to Transfer 76 Supervisors
GHAZIABAD: The Ghaziabad Development Authority (GDA) plans to transfer 76 supervisors following ongoing allegations of collusion with contractors in illegal construction activities. Residents claim that these supervisors, in alliance with private builders, demand substantial bribes to ignore unauthorized floors. The GDA oversees around 200 supervisors across its seven zones, but its regulations do not outline a maximum tenure for postings. Many supervisors on the transfer list have been stationed in the same zone for over five years. GDA officials acknowledged that prolonged postings have led to “unholy alliances” with local realtors. The reshuffling aims to mitigate the rise of illegal…
Andhra Pradesh Real Estate Sector Shows Recovery Signs
VIJAYAWADA: After a five-year stagnation, the real estate sector in Andhra Pradesh appears to be experiencing new growth. There has been an uptick in land transactions throughout the state, reflecting a renewed interest from buyers in real estate investments. The increase in revenue from stamp duties and registrations further indicates a recovery in the market. The stamps and registrations department reported a 46% revenue growth in the first quarter of the current financial year compared to the same period in 2024. The year-to-date growth stands at 39%, signaling a positive shift for the sector. Following the launch of projects worth…
Delhi: Signature View Apartments’ Construction Faces Further Delays
NEW DELHI: Residents of Signature View Apartments in North Delhi who have yet to vacate the complex designated for demolition recently submitted a request to the Municipal Corporation of Delhi, seeking additional time to leave the premises. The residents’ welfare association for Mukherjee Nagar stated that the occupants were given a deadline of August 10-20 for the disconnection of civic services. Due to challenges in securing alternative rental accommodations, RWA members have requested an extension until October 1 to vacate. In their letter to the deputy commissioner of MCD’s Civil Lines zone, the RWA noted, “In our various communications, the…
Maharashtra CM Questions Rising Mumbai Housing Prices Despite Concessions
Devendra Fadnavis MUMBAI: Chief Minister Devendra Fadnavis expressed his concerns on Thursday regarding the rising prices of flats in Mumbai, despite various concessions offered to the real estate sector, including reduced premiums. At a meeting with CREDAI-MCHI, Fadnavis stated, “Over the past decade, we have made every effort to make housing more affordable based on your requests. However, despite these measures, housing prices have continued to climb. We believed that projects like the coastal road and Atal Setu would lead to lower prices, but instead, prices have soared.” While acknowledging that increasing housing prices can positively impact the economy, Fadnavis…
Telangana to Raise Property Registration Values After Deadlock
HYDERABAD: After a year of indecision and industry resistance, the state government has opted to revise market values—the official ‘government value’ for property registration—within the core urban area (CUR). This highly sought-after zone, which encompasses approximately 27 local bodies within the Outer Ring Road, is responsible for nearly 60% to 70% of the annual revenue from the registration and stamps department. The proposed increase is significant, ranging from 30% to 50% above current rates, with the intention of bridging the gap between official registration values and existing market prices. Once enacted, this initiative is projected to generate an additional ₹2,000…
Mumbai Aims for 500K SRA Homes in 5 Years, Doubling Past Output
MUMBAI: The Slum Rehabilitation Authority (SRA) has launched a project implementation unit (PIU) in a bid to bring over 500,000 homes to slum dwellers within five years, surpassing the total number of homes built in the 29 years since its inception. Despite having delivered only 275,000 homes since its establishment in 1996, the SRA has recently implemented reforms, including drone and biometric surveys, which have expedited the delivery of 16,017 units within just 100 days. In the fiscal year 2024-25 alone, 16,673 units were completed, with a current target of 509,783 homes by 2030, and 334,000 units already under construction.…