Amidst stubborn escalation of prices in most of the real estate markets, HDFC chairman Deepak Parekh said the residential price escalation now seems to be a thing of the past. “My view is that real estate prices should come down, at least on the residential side. The days of prices shooting up have gone,” Mr Parekh told shareholders during HDFC’s annual general meeting. He also said that the commercial real estate segment has collapsed and prices of commercial properties are unlikely to rise.
“If you look at the general property scenario, commercial real estate has collapsed across the country,” he said, adding that the IT, retail and office space are in surplus.
“In smaller cities they (residential prices) have gone up but they are reasonably priced in Tier II and Tier III cities,” he said, adding that his company’s growth is coming from small towns now.
The Maharashtra government has introduced the e-Secured Bank and Treasury Receipt (eSBTR) which will be available online and offline. Issued by participating banks on special government stationery for payment of stamp duty and/or registration fees for stamp duty values above Rs5,000, the eSBTR will have around 25 security features, such as a watermark, background tint and security thread, reducing possibilities of duplication. It will be available in select branches of IDBI Bank in Mumbai and Pune; the entire state will be covered soon.
More than 400 people who had booked flats in Teen Kanya, a housing project of Bengal Shelter Housing Development Ltd, in New Town (Kolkata), are in distress after State Bank of India announced that it was taking possession of the project to recover dues in excess of Rs176 crore. The project is half-complete. Most flat-owners bought into the Teen Kanya project because the state housing board has 49% stake in Bengal Shelter Housing Development. Three directors of a real estate company, Ajay Kumar Singhal, Pankaj Kapoor, and Manoj Kumar Goyal, were arrested by the economic offences wing (EOW) of Delhi police for allegedly cheating around 200 investors of over Rs10 crore under the pretext of allotment of flats at Sonepat (Haryana). The real estate company offered flats at Sonepat with a club, swimming pool and other facilities without having any valid licences or permission from the authorities to develop such a project.
The accused had promised to hand over the flats within three years but construction at the site never started. The victims ran from pillar to post and made every possible effort to recover their deposit amount. A case of cheating and criminal conspiracy was, finally, registered at the EOW police station based on the complaint of Hari Om Goyal, one of the investors.