Housing Sector Current Affairs
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India’s largest commercial bank State Bank of India (SBI) launched SBI Realty, a dedicated portal that will help home buyers to choose flats from its 3,000 approved projects across the country.
SBI Realty will be a one stop integrated website for home buyers. It will help customers to choose their dream home from 3,000 SBI approved projects, which are spread across 13 states/UTs covering 30 cities.
The SBI Realty portal has been developed by SBICAP Securities in association with PropEquity in terms of data support, project information, etc. At present, the website has 9.5 lakh home units available on it.
Using the portal, customers can compare current and past trends of prices for properties in various localities in the city. It will also assist customers in calculating appropriate loan amount a customer should borrow based on income and credit profile.
About State Bank of India (SBI)
SBI is the largest commercial bank in India in terms of assets, deposits, branches, profits, customers and employees. It has a deposit base of Rs 25.85 lakh crore. It has an extensive network, with over 24 thousand branches in India and 194 overseas offices in 35 other countries.
The Union Ministry of Housing has notified the Real Estate (Regulation and Development) (General) Rules, 2016, to be applicable to the five Union Territories.
These five Union Territories are Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh.
- These Rules have been notified as stipulated in the Real Estate (Regulation & Development) Act, 2016 for ensuring timely completion of projects in five Union Territories
- As per provisions of the Act, Real Estate Regulatory Authorities (RERA) and Real Estate Appellate Tribunals (REAT) have to be set up by the end of April, 2017.
- The Rules provide for compounding of punishment with imprisonment for violation of the orders of REAT against payment of 10% of project cost in case of developers and 10% of the cost of property purchased in case of allottees and agents.
Real Estate (Regulation & Development) Act, 2016
The Real Estate Act that seeks to regulate the housing sector besides bringing transparency and ensuring timely completion of projects. The law is touted as a major reform measure to regulate the vast real estate sector. It requires registration of all projects with state-level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.