Propertymart News  

February 1, 2007

ICICI Bank increases home loan interest rates, PSU Banks don’t

Filed under: News — admin @ 6:19 am

Mumbai, India, February 2007 - Leading private sector bank ICICI Bank has announced a rate increase of 1% for its floating home loan customers. It remains to be seen if other private sector banks follow suit or use this opportunity to gain share from ICICI Bank. Meanwhile, the Indian Finance Minister has exhorted public sector banks to keep home loan interest rates unchanged. After ICICI’s increase, home loans rates of PSU banks are around 1-1.5% cheaper.
ICICI Bank announced on February 6 an increase of 1% in its Benchmark Advance Rate (I-BAR) and its Floating Reference Rate (FRR) for consumer loans (including home loans) with effect from February 09, 2007. The revised I-BAR will be 14.75% p.a. payable monthly as against 13.75% at present. The revised FRR will be 11.75% p.a. as against 10.75% at present.

For existing floating rate customers, the increase in Floating Reference Rate (FRR) by 1% will be effective from the respective reset dates. The existing fixed rate customers whose loans are fully disbursed, will, however, not be impacted by the increase and their contracted rates will remain unchanged.

The Bank has also announced an increase in interest rates on 80C Fixed Deposits of value less than Rs 0.10 million by 1.25% for 5-year tenor with effect from February 09, 2007. The revised interest rate on 80C FD will be 9.50% p.a. as against 8.25% at present.

New Master Plan for Delhi 2021 notified

Filed under: News — admin @ 6:18 am

New Delhi, India, February 2007 - INRnews reports that the Urban Development Minister Mr. Jaipal Reddy has signed the much awaited new Master Plan for Delhi-2021. Significant policy changes include providing for greater height and floor ratio norms as well as wide relief from sealing and demolition through mixed land use norms that allows for commercial activities on 2,283 roads.
Mr. Jaipal Reddy also announced that the ongoing sealing drive in Delhi would not resume from Wednesday.

Under the MPD-2021, areas of the capital have been designated as “commercial”, “residential” and “mixed”. This move would benefit a significant number of smaller establishments as well as private practitioners such as doctors and lawyers who have set up businesses in residential areas.

A number of measures are included to allow for redevelopment of existing colonies with new structures with more height and floor ratios to be allowed. 62% additional construction will be allowed in group housing societies. Also private participation has been invited in slum development.

Delhi’s Master Plan-2021 also lists an eight-point action plan for cleaning the Yamuna river.

With Delhi said to have a shortage of 24 lakh dwelling units, the notification of MPD-2021 is likely to create a construction boom of sorts. Owners and developers are likely to rush to take advantage of the liberalised height and floor ratio norms to create more built-up area. The liberalised norms are also likely to push up land prices but could have a dampening effect on apartment prices as more supply comes into market.

Major real estate developers bid for 106 acre Bangalore biotech park project

Filed under: News — admin @ 6:18 am

Bangalore, India, February 2007 - The Karnataka government has succeeded in attracting interest from many large real estate developers for the 106 acre, Rs.350 crore biotech park project in Bangalore. The proposed “Helix” park located in Electronics City Phase 3 on the Hosur Road aims to attract biotech companies, including startups, by providing infrastructure such as office space and educational and research facilities within the vicinity.
Requests for Proposals have been issued to 16 companies including DLF, Gammon Infrastructure, IVRCL Infrastructure, L&T, Punj Lloyd and Mahindra Gesco amongst others. The government plans to issue a work order by April.

Rs 3500 crore Satellite Township to come up at Tellapur near Hyderabad

Filed under: News — admin @ 6:16 am

Hyderabad, February 2007 - The Hyderabad Urban Development Authority (HUDA) has awarded a Rs.3,500 crore Satellite Township project at Tellapur near Hyderabad to a consortium comprising Nagarjuna Construction, ICICI Venture Funds and Tishman Speyer Properties.
The project is located on a 400 acre site. The consortium bid Rs.4.21 crore per acre.

Private equity firm Actis to set up $300 m India real estate fund

Filed under: News — admin @ 6:14 am

New Delhi, India, February, 2007, - UK-based private equity firm Actis plans to set up a $300 million India real estate fund, on top of two other existing funds with an estimated equity of $475 million. The firm is already in talks with real estate players for making these investments according to Donald Peck, Managing Partner of Actis.

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