Vishwanath Realtor

If you bought your home before April 2016 with the help of home loan, here is good news for you. In a directive issued on February 8, the Reserve Bank of India has asked financial institutions to link the old home loans with the marginal cost of funds-based lending rates. It was on April 1, 2016, that the new lending benchmark was launched by the Reserve Bank. Prior to that, home loans were linked with the base rate. The MCLR regime is more in line with the policy changes implemented by the RBI from time to time, unlike the previous base rate regime.

According to media reports, Indian cricket team captain Virat Kohli has cancelled the sale deed of an uber-luxury sky bungalow he bought for Rs 34 crore in 2016 from Omkar Realtors. The Indian skipper, who is currently living with actor wife Anushka Sharma at a plush rented apartment in Mumbai’s Worli at a monthly rental of Rs 15 lakh, is now planning to buy a penthouse at Bandra or Versova, some of the most posh localities in Mumbai, a city that is counted among the most unaffordable property markets in the world.

In the Budget Speech on February 1, Finance Minister Arun Jaitley announced that if a property is being sold at a price lower than the circle rates, no adjustments would be made if it doesn't exceed five per cent of the consideration. Developers have welcomed the move of the government recognising that the price variation within certain zones is possible. However, there are some who are disappointed because they feel that the stamp duty should be levied on the actual selling price and not on the circle rate value.

The Insolvency and Bankruptcy Code places consumers right at the end of the queue when it comes to distribution of assets if a company is liquidated, a fault the corporate ministry might correct soon. According to media reports, proposed amendments by a panel will be presented before the ministry to improve the resolution mechanism. Homebuyers could be brought in the category of secured financial creditors in insolvency proceedings.

The current market will wipe out many inexperienced brokers who jumped into this business just to make easy, big bucks. This will present an opportunity to those who are dedicated and have gained rich experience in providing housing solutions to end-users.