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In relief for 30,000 homebuyers, Centre to take over Unitech – Times of India
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In relief for 30,000 homebuyers, Centre to take over Unitech – Times of India

NEW DELHI: In a major relief to around 30,000 homebuyers, the Centre agreed to take over troubled real estate giant Unitech to streamline the management of the company which is in a financial mess caused by siphoning off of more than 50% of money deposited by individuals and financial institutions. The funds were allegedly misappropriated…

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SBI to refund customers if builder fails to complete project – Livemint
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SBI to refund customers if builder fails to complete project – Livemint

Home loan borrowers from State Bank of India (SBI) will now be able to avail of a full refund of the principal amount if the builder fails to handover an occupancy certificate (OC) within a stipulated time.India’s largest bank on Wednesday unveiled a product called Residential Builder Finance with Buyer Gurantee (RBBG) wherein borrowers buying…

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Construction, property industries in trouble: Rajan – Deccan Herald
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Construction, property industries in trouble: Rajan – Deccan Herald

Bloomberg, Dec 07 2019, 14:28pm ist updated: Dec 07 2019, 14:28pm ist India’s real estate, construction and infrastructure industries are in “deep trouble,” and non-bank finance companies which lend to these sectors should have their asset quality reviewed, former Reserve Bank of India (RBI) Governor Raghuram Rajan said. There is also “significant distress in rural…

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India’s real estate sector is in ‘deep trouble’: Raghuram Rajan – Livemint
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India’s real estate sector is in ‘deep trouble’: Raghuram Rajan – Livemint

India’s real estate, construction and infrastructure industries are in “deep trouble,” and non-bank finance companies which lend to these sectors should have their asset quality reviewed, former central bank Governor Raghuram Rajan said.There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in…

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$14 bn loans to builders under severe stress, may result in default: Report – Business Standard
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$14 bn loans to builders under severe stress, may result in default: Report – Business Standard

Loans worth $14 billion provided to real estate firms by banks, NBFCs and housing finance companies (HFCs) are under “severe stress” and facing issues of debt servicing, according to a report. “Over 62% or about $58 billion of the total loan advances ($93 billion) to Indian real estate by banks and NBFCs/HFCs is currently completely…

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NCR-based real estate group admits to Rs 3,000 crore black money after I-T raids
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NCR-based real estate group admits to Rs 3,000 crore black money after I-T raids

PTI | Updated: Dec 2, 2019, 20:38 ISTHighlightsLast week, searches and surveys were conducted at over 25 premises of the group Cash ledgers containing details of unaccounted cash receipts of more than Rs 250 crore have also been found and seized. The group also did not pay taxes on several property transactions: CBDTIt said 32…

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