#RealtyNewsRoundup: Want To Bring Down Your Home Loan Cost? Insurance Could Be The Key
The National Housing Bank is working on a framework with the Insurance Institute of India that would bring down home loan rates by half a per cent if borrowers opted for a property insurance cover. Such a framework would also act as a risk mitigation tool for real estate developers and keep a check on loan defaults.
The Centre government has warned states of a situation of vacuum if necessary steps are not taken to implement the Real Estate (Regulation & Development) Act, 2016 with the May 1 deadline. In a letter to state chief ministers, Minister of Housing & Urban Alleviation Venkaiah Naidu has asked them to personally look into the matter and ensure timely implementation of the law.
The Department of Town and Country Planning has announced that it will focus on recovery of pending external development charges and infrastructure development charges worth Rs 20,000 crore from real estate developers. In October last year, the DTCP had issued notices to 33 developers, majority of them in Gurgaon, for recovery of pending charges.
The Delhi Development Authority has changed the land-use status of a plot in east Delhi’s Trilokpuri area. This could speed up the construction process of the Majlis Park-Shiv Vihar Metro Corridor. According to reports, two land patches, a 286-metre- stretch at Trilokpuri and a 100-metre plot at Hasanpur, have been the cause of a delay of the Metro's expansion in east Delhi.