Banks reduced FD rates for select maturities

SBI has reduced FD rates by 0.25% for maturities of 3-5 years


State Bank of India has...

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Sudden jump in 10-year G-Sec yields

The yields touched two-month high due to expectations of a liquidity crunch arising from...

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Impact of Maharashtra Housing Act

Maharashtra has enacted the Maharashtra Housing (Regulation and Promotion of Construction, Sale, Management and Transfer) Act which will create a housing regulator and will, supposedly, offer buyers an arbitrating body to attend to their grievances. It will have the powers of a civil court, can sentence errant developers to a prison term of up to three years and impose fines of up to Rs1 crore.

The housing regulator can standardise practices, streamlining procedures and attend to consumer grievances in a decisive and timely manner. The regulatory body can pass orders to transfer 10% of the total project to buyers who can then sell it in the market to cross-subsidise the construction cost and finish the project on time. Builders will not be allowed to sell at least 10% of their total apartments, known as ‘retained flats’, until they finish construction and procure the occupation certificate (OC) for the project.
The Act received presidential assent this week, making Maharashtra the country’s first state to have a regulator to rein in the realty sector. The Housing Regulatory Authority will be headed by a person of the rank of a principal secretary. Those dissatisfied by its ruling can approach the Housing Appellate Tribunal chaired by a serving or retired judge of a high court.
 

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