Property News

Property News #30: Indiabulls Housing Finance, Singaporeans snap up properties, Delhi-based builders arrested

Indiabulls Housing Finance says their retail book is clean

The deputy managing director of the Indiabulls Housing Finance, Ashwini Kumar Hooda stated that most of their NPLs were only from the wholesale book whereas the retail book remained completely clean.

When asked about the strong loan growth for the second half of FY21 he stated that Home sales grew with interest rates dropping, with EMIs down by 25 per cent per lakh. On average, the developers provide a 15 percent discount to the people. The stamp duty is decreased from 5 to 2% in States such as Maharashtra.

On the other hand, for provisions, disbursements, and Gross NPLs he stated that in the type of write-offs there is 100% provision. This quarter, they’ve disbursed nearly Rs 2,500 crore. Most NPLs just came out of the bulk book. During COVID, NPLs inched by 10 bps. They are down sequentially because NPLs are not recognised by the company this year.  Otherwise, the company’s NPL levels would be close to the last quarter.

Singaporeans snap up properties during the worst ever recession

The Government expects Singapore to fall by 5%–7% this year, a historic 2.2% decline in 1998 and the deepest recession since independence in 1965. The prices of real estate in the city have risen to their highest level in the third quarter since 2013 by 0.8 per cent, while the sales volume has increased to a peak of two years, according to the latest data. 

According to a report by the OrangeTee and Tie real estate firm, Singaporeans purchased nearly 81% of all private flats sold in the third quarter, the highest proportion since early 2009. The average price increase of just 0.1 per cent in 2020 was moderate. But Singapore property is a safe bet compared to its competitive equity markets for investors, such as 36-year-old asset manager Amy Zhang, who recently purchased an investment property worth 1.17 million SDRs. 

Singapore property has long been drawn by super-rich China as well as multi-millionaires from its less established Southeast Asian neighbours. Political instability in Hong Kong has also led to the call even though some international transactions were suspended because of COVID-19 restrictions in the field of transport.

Two Delhi-based builders arrested for duping about 250 buyers of Rs 29 crore

On the pretext of a housing society project under the Delhi Development Authority scheme two individuals were arrested, allegedly duplicating about 250 homebuyers of Rs 29 Crore, police said on Thursday. Ratan Singh Negi, a Faridabad native, and his partner, a companion, have offices in the multi-state co-operative housing community Aerocity Dwarka. Before joining the company, the two were employed by police in a management capacity with another real estate company.

The arrests of Negi and his partner, who had been abstaining following the dismissal of their anticipatory bailouts, arrived in Delhi. The police also investigate the positions connected to the trials of other conspirators and related people.

O P Mishra, the Joint Commissioner of Police (Economic Offences Wing) said that various attractive proposals have been followed in the name of DDA land pooling policy (LPP) by various companies or builders, and a registration fee or initial reservation for property or flat has been demanded.

The research found that LPP was used as a justification for giving the masses an idea that the projects are properly approved. 

As per the DDA report, any license or permit is not issued for any business and without a preliminary registration under the immobilities (Regulation and Development) Act no individual is permitted to advertise, market, book, sell or ask people to purchase a parcel of property or apartment under the LLP.

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Bengali Property News#30। India Bull Housing Finance । Singaporean Snap up। Delhi based Builders

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