New NDMA guidelines: Loans only for earthquake resistant buildings

By Vipin Agnihotri

By Vipin Agnihotri

Financial intermediation in the organized sector of India is conducted by a wide array of institutions functioning under the overall surveillance of the Reserve Bank of India (RBI).

Considering a drastic increase in energy consumption in large commercial buildings, the government has decided to give these establishments a certificate declaring the buildings to be energy efficient if they plan to have a connected power of 500 kilowatts or more.

For the time being, the code will be applicable to new construction commercial buildings as well as integrated townships but a separate code will soon be formulated for reconstruction of old buildings soon.

London/Mumbai: London may top the global property rates chart, but it’s high-end Indian real estate prices that are growing the fastest in the world.

A new study — ‘Wealth Report 2007’ — by real estate consultancy Knight Frank and Citi Private Bank shows that prime real estate rates in India, along with those in Russia and China, soared 40 to 50 per cent over the last year. The British capital, in comparison, recorded a price growth of 30 per cent in the high-end segment.

Although, India can today boast of its bullish economy which is growing more than 8.5% annually since 2003 but has brought with it a significant drop in number of consumers who are unable to carry the burden of rising prices anymore.

The situation has become worst with interest rates on loans hitting the sky, which has made it a Hercules task for borrowers to repay loans, which have been rising at a faster rate than incomes have risen.