#RealtyNewsRoundup: RBI Report Says No Threat Of Systemic Risk From Housing Sector
Realty News Roundup is PropGuide’s selection of top stories from the real estate sector.
A Reserve Bank of India (RBI) report says that the housing sector does not pose any systemic threat to the banking system. The RBI said this is because the non-performing assets (NPAs) among retail loans were contained. Read more.
The Mumbai Metropolitan Region Authority (MMRDA) will allow mixed- use on all the plots being sold in the Bandra-Kurla Complex (BKC). This means that authority will allow building flats on land that was earlier reserved for commercial use. The body will sell nearly 2,50,000 square metres of land through lease. Read more.
Company chief K P Singh plans to make real estate major DLF debt-free. Singh and his family has decided to pump in Rs 10,000 crore in the company. The amount will be raised by selling their stakes in DLF’s rental unit. Read more.
The Indian government’s draft real estate rules say that developers may have to pay 11.2 per cent as interest for buyers if there is a delay in handing over apartments. According to the draft rules, projects that do not have a completion certificate will have to register with the real estate regulatory authorities in states and union territories. Read more.
The income tax department has decided to scrap higher tax deduction at source (TDS) for non-resident investors, who do not provide their Permanent Account Numbers (PAN). However, they may have to provide their e-mail address, phone number, residential address and tax residency certificate. Read more.