London's Berkeley group woos Indian for housing project

Berkeley Homes is developing about 400 units in this project 'One Tower Bridge' located on the river Thames, which are priced between 900,000 pounds and 20 million pounds

New Delhi: London's leading real estate company Berkeley group is wooing Indian investors to buy homes in its luxury housing project adjacent to iconic 'Tower Bridge' on the banks of river Thames, reports PTI.
The top management of Berkeley Homes, part of the group, is currently in the national capital to showcase its project to home buyers and investors in India. According to Knight Frank, 3.6% of Indian invest in prime central London.
Berkeley Homes is developing about 400 units in this project 'One Tower Bridge' located on the river Thames between Tower Bridge and City hall on the south bank.
"We have come here in India for the first time to promote our products. We are meeting people since yesterday and we have got a good response," Berkeley Homes Managing Director Piers Clanford told reporters here.
"Prices starts from about 9,00,000 pounds and goes up to 20 million pounds," he said.
The total investment on this project, to be completed by 2016, would be 350 million pounds, Clanford said.
Property consultant Knight Frank is helping Berkeley group, which is listed on London Stock Exchange with a market cap of 1.6 billion pounds, in selling this project.
"We expect as much as 10% of sales from Indian, which includes those who are already living in London," Knight Frank Partner (Residential Investment and International Project marketing) Sebastian Warner said.
On the London property market, he said, "it is a safe and secured market. Titles are clear".
Warner said property market is picking up in London and expects housing prices to rise by 20% in the next four years.


NPAs of nationalised banks rises to Rs73,038 crore in June

Gross NPAs for nationalised bank, excluding SBI and its associate banks, rose to Rs73,038 crore in June from Rs66,795 crore at the end of March 2012 

New Delhi: The Union Government has said the gross non-performing assets (NPAs) of nationalised banks, excluding State Bank of India (SBI) and its five associate banks, have increased to Rs73,038 crore in June, reports PTI.
The gross NPAs for nationalised bank stood at Rs66,795 crore at the end of March 2012 against Rs73,038 crore in June 2012, Minister of State for Finance Namo Narain Meena said in a written reply in the Rajya Sabha.
The nationalised banks include 20 banks excluding State Bank of India and its five associate banks.
"Banks are required to monitor their NPAs and take steps to bring them down through recovery or other channels," he said.
RBI also monitors the NPA levels in banks, he said, adding the aspect is reviewed during Annual Financial Inspections of banks and monitored on an ongoing basis through regulatory returns submitted by banks and periodical meetings with banks.
The channels of recovery available to banks include recourse to Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Debt Recovery Tribunals, Lok Adalats etc., he added.
The government has advised public sector banks to take a number of new initiatives to increase the pace of recovery and manage NPAs, he added.
The new initiatives included appointment of nodal officers for recovery, to conduct special drives for recovery of loss assets, to put in place early warning system, to replace system of post dated cheques with Electronic Clearance System and to proactively pursue the loan issues with state governments, he added.



Rajan Manchanda

4 years ago

NPAs.......not alarming at all.

Figures of 2G and coalgate are much more impressive.

Stake dilution in PSBs poses political problem: Rangarajan

The PMEAC chairman says given the large scale infusion needed into 26 public sector banks, a long-term programme will have to be drawn up by the government

Mumbai: Acknowledging difficulties in recapitalisation of public sector banks (PSBs), C Rangarajan, chairman of the Prime Minister's Economic Advisory Council (PMEAC) has said reduction in stakes by the government is fraught with 'political problems', reports PTI.
"The other alternative of reducing the share of the government in public sector banks poses difficult political problems," Rangarajan said addressing a financial summit organised by the industry lobby FICCI and IBA.
His comments come within two days of Reserve Bank of India (RBI) Governor D Subbarao stating that if the government decides to maintain its stake at 57%, it will have to pump-in Rs90,000 crore while if it decides to bring it down to 51%, it would need to infuse Rs70,000 crore.
Given the difficulties in arranging money by the government, Subbarao had also suggested diluting government stake in banks below 51%.
RBI has mandated domestic banks to make the migration to Basel-III by end of FY18. In order to avoid repeats of financial sector crisis like the one in 2008, a committee of central bankers from across the world came up with the Basel-III norms, which ask for higher capital buffers and also have some re-classifications.
Rangarajan said given the large scale infusion needed into 26 public sector banks, a long-term programme will have to be drawn up by the government.
If the government fails to re-capitalise, "the market share of the public sector banks will come down", Rangarajan said, hinting at the bank's potential inability to lend given limited capital buffer.
In his address, Rangarajan also called for a "periodic entry" of new banks if the Indian banking system was to remain competitive over time.
"A closed system can only become oligopolistic," he warned.
Incidentally, the Finance Ministry has been sitting on a proposal to make necessary changes to regulatory aspects for allowing entry of new banks.
No new domestic lenders have come on the scene of commercial banks for nearly a decade now, Yes Bank and Kotak Mahindra Bank being among the last ones to get banking licence.
Rangarajan also expressed concern about deterioration in asset quality of banks in the current slowdown but said that the gross non-performing assets are lower compared to the historic high.


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