Latest news with #ManojGaur
India Gazette
3 days ago
- Business
- India Gazette
RBI's rate cut will boost mid-segment housing affordability in top cities, say real estate executives
New Delhi [India], June 6 (ANI): The decision of the Reserve Bank of India (RBI) to reduce the policy repo rate will significantly help mid-segment housing across top-tier cities, translating into lower EMIs (Equated Monthly Installment) and better affordability, said real estate executives, terming it a 'strategic move'. The policy rates massively impact the sale of the real estate infrastructure, as lowering of rates means lower interest rates from banks for the home buyers and cheaper EMIs. The policy rate cuts have a massive impact on the real estate sector. This effectively lowers the cost of borrowing, making home loan EMIs easier on the pocket and thereby directly improving affordability for buyers. RBI's MPC, after the meeting today, decided to reduce the policy repo rate under the Liquidity Adjustment Facility by 50 basis points to 5.5 per cent. This larger-than-expected cut in the repo rate was accompanied by a 100 bps cut in the Cash Reserve Ratio (CRR), now reduced to 3 per cent, aimed at enhancing liquidity by Rs 2.5 lakh crore. 'The cumulative 100 basis point reduction over the last six months is a welcome and strategic move. We are particularly optimistic about its impact on the affordable housing sector, which has been under pressure on both the demand and supply sides. Lower interest rates will increase homebuyer affordability and improve the financial viability of affordable housing projects,' said Shekhar G Patel, President of the real estate industry body CREDAI. 'Not only will it make homeownership affordable and boost buyers' sentiments but it will also add new vigour to the economy, which in turn will augur well for both residential and commercial realty,' said Manoj Gaur, CMD, Gaurs Group. Anshul Jain, Chief Executive, India, SEA & APAC Tenant Representation, Cushman & Wakefield, in his analysis, said that RBI has today delivered a boost to consumer/household sentiment with a 50 bps cut, seen as positive for the real estate sector, particularly housing. 'With this, the cumulative cut for this year of 1 per cent is indeed going to help translate into lower EMIs and relatively better affordability, thereby helping the mid-segment housing across top-tier cities,' Jain added. Anuj Puri, Chairman of ANAROCK Group, shared similar views and added, 'This can potentially boost demand in the Indian real estate sector, especially in affordable and mid-income segments.' Commenting on the impact of the decision on the luxury segment, Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd, said, 'The demand for mid- and premium-segment homes has already been on the rise following previous rate cuts, and this larger reduction will further accelerate interest from both homebuyers and investors.' 'This move could spur refinancing activity and strengthen investment interest in branded properties known for their attractive returns, particularly among Grade A developers,' said Niranjan Hiranandani, Chairman, NAREDCO & Hiranandani Group. Umang Jindal, CEO at Homeland Group, said, 'More than numbers, it also paints a picture of a growing economy and a confident future.' Real estate sector has an important role to play. As per the government data, the real estate sector contributed around 7 per cent to India's GDP in 2018-19 and its share is expected to grow to around 13 per cent of India's GDP in 2025. (ANI)
Time of India
24-05-2025
- Business
- Time of India
ED carries out searches of Delhi-NCR, Mumbai presmises of JIL, JAL & others realty cos
New Delhi: The Enforcement Directorate on Friday carried out searches at 15 premises in Delhi-NCR and Mumbai linked to Jaypee Infratech Ltd (JIL), Jaypee Associates Ltd (JAL) and others in connection with an alleged Rs 12,000-crore fraud, and diversion and siphoning off homebuyers' money. Sources said other associated entities that have been searched include Gaursons, Gulshan, Mahagun and Suraksha Realty, the latter is currently the owner of JIL after winning the bid through insolvency process. The anti-money laundering agency initiated investigation under the PMLA against JIL and JAL based on multiple FIRs registered by the economic offences wing of the Delhi Police and Uttar Pradesh Police on complaints filed by hundreds of homebuyers of Jaypee Wish Town and other projects of JIL. A senior officer said ED is looking into an alleged "fraud with homebuyers and investors of around Rs 12,000 crore and siphoning off and diversion of funds". The former promoters of JIL and JAL are under the scanner while JIL's present owner Suraksha Realty could provide documents available with the company as it is under its control now. When contacted, a spokesperson for Suraksha told TOI that "it is a mistaken identity as we have not done any sale or purchase, except construction of the projects". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He denied that Suraksha was in any way involved in bank borrowings related to the project. There was no response from Manoj Gaur, the former director of JIL. The searches were conducted across Delhi-NCR and Mumbai at offices and residential premises of the accused. The investigation is primarily focused on the alleged frauds by promoters of Jaypee Wish Town, who began selling flats in 2010-11 and were to deliver these within three years. In 2017, several FIRs were filed against the promoters of JIL after homebuyers held demonstrations against police inaction in registering a case against the builder who had collected money from them, and allegedly diverted it to other projects, leading to delay in delivery of thousands of flats. Many of the homebuyers had put their life savings in Jaypee Infratech projects in Wish Town in Noida and other places, the scheduled delivery of which was to begin in 2013-15 but are pending even today. Jaypee Infratech Ltd, now under Suraksha Realty, has pushed the deadline to deliver possession of more than 10,000 flats from June 2026 to Dec 2028. The Mumbai-based realtor had won the project through insolvency in 2023, and its project deadlines started from May 2024 when the award of JIL was approved by the National Company Law appellate Tribunal. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Time of India
24-05-2025
- Business
- Time of India
ED conducts searches on 15 premises in Delhi-NCR, Mumbai of Jaypee and other realty firms
NEW DELHI: Enforcement Directorate on Friday carried out searches on 15 premises in Delhi-NCR and Mumbai linked to Jaypee Infratech Ltd (JIL), Jaypee Associates Ltd (JAL) and others in connection with an alleged Rs 12,000-crore fraud, and diversion and siphoning off homebuyers' money. Sources said other associated entities that have been searched include Gaursons, Gulshan, Mahagun and Suraksha Realty, the latter is currently the owner of JIL after winning the bid through insolvency process. The agency initiated investigation under PMLA against JIL and JAL based on multiple FIRs registered by the economic offences wing of Delhi Police and UP Police on complaints filed by hundreds of homebuyers of Jaypee Wish Town and other projects of JIL. A senior officer said ED is looking into an alleged "fraud with homebuyers and investors of around Rs 12,000 crore and siphoning off and diversion of funds". The former promoters of JIL and JAL are under the scanner while JIL's present owner Suraksha Realty could provide documents available with the company as it is under its control now. A spokesperson for Suraksha told TOI that "it is a mistaken identity as we have not done any sale or purchase, except construction of the projects". Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Thousands Are Saving Money Using This Wall Plug elecTrick - Save upto 80% on Power Bill Click Here Undo He denied that Suraksha was in any way involved in bank borrowings related to the project. There was no response from Manoj Gaur, the former director of JIL. The investigation is primarily focused on the alleged frauds by promoters of Jaypee Wish Town, who began selling flats in 2010-11 and were to deliver these within three years. In 2017, several FIRs were filed against the promoters of JIL after homebuyers held demonstrations against police inaction in registering a case against the builder who had collected money from them, and allegedly diverted it to other projects, leading to delay in delivery of thousands of flats. Many of the homebuyers had put their life savings in Jaypee Infratech projects in Wish Town in Noida and other places, the scheduled delivery of which was to begin in 2013-15 but are pending even today. Jaypee Infratech Ltd, now under Suraksha Realty, has pushed the deadline to deliver possession of more than 10,000 flats from June 2026 to Dec 2028. The Mumbai-based realtor had won the project through insolvency in 2023, and its project deadlines started from May 2024. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
Time of India
23-05-2025
- Business
- Time of India
ED conducts searches on premises of Jaypee and other realty firms
NEW DELHI: Enforcement Directorate on Friday carried out searches on 15 premises in Delhi-NCR and Mumbai linked to Jaypee Infratech Ltd (JIL), Jaypee Associates Ltd (JAL) and others in connection with an alleged Rs 12,000-crore fraud, and diversion and siphoning off homebuyers' money. Sources said other associated entities that have been searched include Gaursons, Gulshan, Mahagun and Suraksha Realty, the latter is currently the owner of JIL after winning the bid through insolvency process. The agency initiated investigation under PMLA against JIL and JAL based on multiple FIRs registered by the economic offences wing of Delhi Police and UP Police on complaints filed by hundreds of homebuyers of Jaypee Wish Town and other projects of JIL. A senior officer said ED is looking into an alleged "fraud with homebuyers and investors of around Rs 12,000 crore and siphoning off and diversion of funds". The former promoters of JIL and JAL are under the scanner while JIL's present owner Suraksha Realty could provide documents available with the company as it is under its control now. A spokesperson for Suraksha told TOI that "it is a mistaken identity as we have not done any sale or purchase, except construction of the projects". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He denied that Suraksha was in any way involved in bank borrowings related to the project. There was no response from Manoj Gaur, the former director of JIL. The investigation is primarily focused on the alleged frauds by promoters of Jaypee Wish Town, who began selling flats in 2010-11 and were to deliver these within three years. In 2017, several FIRs were filed against the promoters of JIL after homebuyers held demonstrations against police inaction in registering a case against the builder who had collected money from them, and allegedly diverted it to other projects, leading to delay in delivery of thousands of flats. Many of the homebuyers had put their life savings in Jaypee Infratech projects in Wish Town in Noida and other places, the scheduled delivery of which was to begin in 2013-15 but are pending even today. Jaypee Infratech Ltd, now under Suraksha Realty, has pushed the deadline to deliver possession of more than 10,000 flats from June 2026 to Dec 2028. The Mumbai-based realtor had won the project through insolvency in 2023, and its project deadlines started from May 2024.
Time of India
25-04-2025
- Business
- Time of India
In Greater Noida, pay stamp duty at time of booking flats now
NOIDA : Homebuyers will now have to pay stamp duty for a property upfront as Greater Noida Authority has made it mandatory for builders to register flats at the time of booking in all new housing projects, rather than upon project completion. The new rule, aligned with Section 13 of the Real Estate (Regulation and Development) Act (RERA), 2016, also requires builders to execute a registered bipartite 'agreement to sell' with buyers once 10% of a flat's cost is paid, with applicable stamp duty based on the property's value. A separate 'possession deed' is to be signed on a Rs 100 stamp paper at the time of the flat's handover. Stamp duty on a property is usually around 6% to 7% of the total cost of a flat. While homebuyers, so far, paid stamp duty once their property was handed over by builders, they will now need to pay the money right at the time of booking. With several group housing projects stalled over legacy dues in Greater Noida , some for over a decade, homebuyers have been struggling to get possession of their properties even after partial or full payment. Developers, too, flagged that the new policy does not clarify if govt would refund the stamp duty in case a buyer cancels the booking. It may lead to legal disputes if buyers default on payment, they said. The Authority, which adopted the rule in its 136th board meeting last Oct 27, however, hopes to protect homebuyers against multiple transfers of unregistered units besides helping mop up stamp duty quicker. "Between the start of its construction and final handover, a flat is usually sold or transferred to different buyers. The Authority, or govt, comes in only when a developer obtains occupancy and completion certificates for a project. We have seen that despite permission, many flats are not registered, at least not at the expected pace. The new rule is expected to protect buyers' interests and improve revenue collection," an official said. Last Nov, the Noida Authority implemented a similar rule for registration of sale agreement at the time of initial purchase of a flat. YEIDA, too, has a similar rule in place. On Sept 9, 2024, UP govt directed authorities to enforce RERA guidelines that bar developers from accepting more than 10% of the unit cost without a registered sale agreement. "This is completely impractical as it requires a builder to pay 100% stamp duty on an agreement to sale, and not on possession. There is also no clarity on what happens in case a buyer cancels the booking. On average, 20-25% of flat bookings are cancelled for reasons like death, transfer, financial constraints or simply whim. In such cases, will the stamp duty be refunded? Without any clarity on this, such an order is not feasible," Manoj Gaur, CREDAI's NCR chapter president, told TOI. Gaur also questioned the insistence on collecting stamp duty upfront. "For all flats that are handed over, stamp duty is eventually paid. So why this insistence on collecting it upfront? In many other states, initial registration can be done with just Rs 5,000 to Rs 10,000. A similar approach can be adopted here." Hawelia Group managing director Nikhil Hawelia said the new rule could lead to a rise in property disputes. "If a homebuyer defaults on payments after registration, what recourse will developers have? The property would already be registered in the buyer's name, complicating matters further," he said. Hawelia also raised concerns about its impact on non-resident Indian (NRI) buyers. "NRIs may not be able to travel for registration at the initial stage, which could discourage them from investing. This decision could have a negative impact on the real estate market overall." Abhishek Kumar, president of Noida Extension Flat Owner Welfare Association, also called the decision arbitrary and unjust, saying it will only add to the financial burden on homebuyers. "There is no certainty about when possession will be given, yet buyers are being asked to pay full stamp duty upfront. How is that fair? A more balanced approach instead would be to execute an agreement to lease on just 10% of the property's cost." Kumar also criticised the Authority's decision not to consult stakeholders, including homebuyers, before rolling out such a major change. "There are several flaws in the current order, and it's the buyers who will suffer the consequences," he said.
