Amid a raging controversy over a Rishikesh housing project, the Uttarakhand High Court today issued notices to the state government and Board of Industrial and Financial Reconstruction BIFR on the issue of change in the land use pattern of an industry.

A division bench comprising Chief Justice Barin Ghosh and Justice B K Bist asked the government, BIFR and a private developer to reply within four weeks on a petition filed by an NGO.

The High Court notices came after union minister of state for labour Harish Rawat had accused the government of setting a wrong precedent in changing the land use pattern of the industry to facilitate a housing project at the holy city of Rishikesh near the Ganga....

If you have been hesitant about a home loan, now is the time to consider one. Those attractive interest rates on home loans that teaser or dual rate schemes offer are here to stay for some more time. This means lower equated monthly instalments EMIs outgoings. Improved customer response has resulted in banks extending their teaser rates.

On Tuesday, HDFC extended its scheme to match State Bank of India SBI and ICICI Bank offer that ends on September 30. Other housing finance companies offering such rates are LIC Housing Finance and Indiabulls. Among banks, Punjab National Bank PNB is also offering such a scheme to its borrowers.

Opting for teaser rates
Experts say customers should opt for the current fixed-cum-floating rate loans, since interest rates will only go up from here.

Teaser rate schemes come with a comfort that the interest rate cycle will not disturb the monthly outgo for a minimum period of a year and a half. The interest rates are on an upward trend and there is no clarity when the cycle will change, said Harsh Roongta, CEO, Apnapaise....

You do have to spend a bomb to have your own floor inside an apartment. You can have all the cozy comforts of modern luxurious living without any intrusion on your privacy for Supertech has come up with their first project based on the concept of independent floors.

This 22-acre project, named Oxford Square, is located at Noida Extension providing two, three and four BHK independent and duplex floors. The area of the units will range from 1,086 sq ft to 2,713 sq ft, and will be priced at Rs 2,450 per sq ft. These units are artistically designed to provide opulence and ease amidst beautifully landscaped surroundings.

These units have villa-type fully air-conditioned independent floors, duplex units with personal splash pool and terrace garden, exclusive lawn for ground floor, independent parking for all floors....

Mantri Developers is setting up its first residential property, Mantri Celestial, in Hyderabad. The 24 floors apartment project, comprising 1,152 flats, is expected to be ready by 2011. The apartment, which spreads across 11 acres, is coming up in Gachibowli, which is Hyderabad IT corridor.

Mantri Celestial will offer 2 and 3 BHK flats with prices starting at Rs 3, 440 per sq ft. The apartment will have six towers of 24 floors each. Mantri Developers claims that it is going to be the tallest residential complex in Gachibowli. According to the company, the project will see an investment of about Rs 350 crore. Funding will be done through debt, internal accruals and advances from customers.

To boost sales, Mantri Developers has also launched a no EMI scheme till delivery of the flat. Under the scheme, potential buyers can book a flat by paying Rs 3.5 lakh upfront. The consumer need not bother about installments till the delivery of the possession. Concessions will also be offered for apartments less than 1,200 sq ft....

The home-loan battle between State Bank of India SBI, the country largest lender, and Housing Development Finance Corporation HDFC, the largest mortgage financier, shows no signs of ending.

Less than a week after its teaser home loan scheme expired, HDFC has re-launched it at slightly higher rates. And, SBI is also likely to extend its own teaser rate scheme, due to expire on September 30, a top official said yesterday.

In HDFC latest offer, customers who apply before September 30 and take part-disbursement before October 31 will be charged an interest of 8.5 per cent up to March 31, 2011, and 9.5 per cent for the period between April 1 and March 31, 2012. Thereafter, the prevailing floating rate will apply. The scheme is available to all customers irrespective of loan amount, said an HDFC statement....