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SC Asks Supertech To Refund Rs 1 Cr To Homebuyer ForThe apex court upheld an earlier ruling by the National Consumer Disputes Redressal Commission, which had ordered the developer to refund Rs 96 lakh, with a 10 per cent interest.
CREDAI aims at a refined real estate sectorConfederation of Real Estate Developers' Associations of India (CREDAI) is all set to bring about a revolution in the Housing Sector. With slum rehabilitation and e-based single window approval process in the pipeline, CREDAI national President Lalit Kumar Jain rolled out the roadmap at the end of the organisation's general council meeting in Delhi on Tuesday. CREDAI is coming up with a mission to make India 'Housing Surplus' by 2020 from current scenario wherein there is a deficit in proper housing in the country. Real Estate sector extends its supports to 250 industries; it generates lot of employment opportunities and contributes 11% to GDP.
Experts speak on the outcome of the General ElectionFor the sector, real estate experts firmly believe that the new government will reboot the regulatory framework surrounding real estate and put a mechanism for the fast-tracking of developing project, which will definitely play a positive role to boost up confidence of realty Industry.
Repo rate cut - reaction from banks and real estateThe announcement by the Reserve Bank of India on Repo rate slash was welcomed by the realty sector. The rates were slashed from 8.5% to 8%. The effect of this slash will be reflected in the home loan rates, especially in the floating loan rates. Leading banks in both public and private sector have indicated a substantial cut in the lending rates soon.
Why property prices never come down?Recently, a well-known real estate developer, while addressing a press briefing, said that his next project would constitute of special customized villa properties. When asked in what price band would those properties be, he responded by saying that the project would cater to uber rich of the country and would be sold by invitation only. “These villas will be priced high,” he said. While there was no logical reason behind the pricing of the villas little did he realize that the announcement will further raise the average property price in that area.