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Home Loans

Good times for property seekers aren not that far. The home loan rates have plummeted. Affordable housing is also being promoted. Here are the technicalities: The floating home rates on new loans across loan slabs have been reduced by up to of 75 basis points. State Bank of India, is also likely to introduce a scheme where home loans up to 30 lakh will be made available at 10.5% instead of the card rate of 10.75%. IDBI has revised rates will come into effect starting April 2, 2012. The floating interest rates for home loans upto 25 lakh have been reduced by 10.75%, the extent of reduction is progressively higher for larger loan amounts - from 50 bps on loans ranging from Rs 25 lakh to less than Rs 75 lakh to 75 bps on loans of Rs. 75 lakh and above (11.25%). HDFC, the largest home finance company, is running a festive offer scheme.

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HDFC will be offering offering home loans of up to Rs 30 lakh at the rate of 10.5 percent, Rs 30 lakh to Rs 75 lakh at the rate of 10.75 per cent and loans above Rs 75 lakh at the rate of 11 percent. Canara Bank has reduced the home loan rates from April , said a press release from the bank. With the revision, the rate of interest now ranges between 10.75 per cent and 11.25 per cent. The bank has waived additional interest of 25 bps for acquiring another residential unit. The release from the bank also said that the bank has enabled a Web-based application in its Web site, through which both existing and prospective customers can submit loan applications online for housing loans.

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Corporation Commissioner P.W.C.Davidar said integration activities are required in the entire Corporation area for more effective functioning. A detailed roadmap is being prepared. Revenue aspects such as street correlation statement for both professional tax and property tax have been reviewed and the work is expected to be completed by December 20. Requirement of vehicles for the newly demarcated zones has been identified and immediate steps initiated for the purchase of vehicles,” he said. The civic body has also proposed to take over responsibility of maintenance of roads under the control of the Highways Department in the newly added areas. A chunk of the Rs.5,555 crore estimated for improvement of roads under the Mega City Development Mission in five years is likely to be used by the civic body. Save Alandur, Valasarawakkam and parts of Tiruvottiyur, none of these local bodies has an underground sewerage system. A part of Madhavaram managed to get Metrowater sewer connections, due to its proximity to Perambur. Though work is nearing completion in Pallavaram, the local bodies where works are underway will have to wait for two more years, say government sources. The Municipal Administration department has detailed project reports for areas like Mugalivakkam but awaits funds. There is some disturbing news from Chennai's neighbourhood. Kancheepuram and Tiruvallur districts have, according to the provisional census data, recorded a steep rise in population during 2001-11, nearly 38.7% and 35.2% respectively. A large chunk of these districts at least nine municipalities, eight town panchayats, and 25 village panchayats is expected to join the Greater Chennai Corporation ahead of the local body polls due in October. Town panchayats like Perungudi, Pallikaranai, Sholinganallur as well as village panchayats like Kottivakkam, Palavakkam, Neelankarai, Injambakkam, Semmanchery, Uthandi on the East Coast Road all in Kancheepuram district have seen a high increase in population in recent years.

Greater Chennai Bridges - Deccan Chronicle

Chennai: Taking into account the increasing traffic requirements of Greater Chennai, Chief Minister Jayalalithaa announced the construction of two multi-lane overbridges at Medavakkam and Keelkattalai at a cost of Rs 185 crore and a vehicular subway in the Southern Ring Road at a cost of Rs 50 crore with the help of Japan International Cooperation Agency (JICA). An escalator-cum-pedestrian overbridge would be set up near suburban Tambaram railway station at a cost of Rs 12 crore. Upgradation of the state highway between Oragadam, an industrial belt, and Singaperumalkoil, lying south of the city, to a six-lane road at a cost of Rs 120 crore and conversion of ring road between Meenakshi Mission and Kappalur around Madurai city to four lanes at a cost of Rs 200 crore would be taken up. Road projects worth Rs 1,130 crore have been identified and the work on projects worth Rs 400 crore would commence this year, Ms Jayalalithaa said. Further Rs 300 crore assistance from Nabard would be used to construct 100 bridges on panchayat union roads, she said. Agreements for Rs 1,020 crore would be signed for maintenance and development of all state roads and important district roads in Ramanathapuram and Krishnagiri districts for a period of five years. Greater chennai corporation - Times of India
CHENNAI: The World Bank seems to have agreed to part-fund two major projects of the Chennai Corporation -- pedestrianisation of 1.4 kilometres of Thiyagaraja Road and upgrading a few arterial roads to international standard. Chennai Corporation sources civic body source familiar with the development said a sum of Rs 98.33 crore had been sought from the World Bank to upgrade four roads in Dr Ambedkar Salai and Ashok Nagar. Thirty arterial roads in the city are part of a 1,500-crore project which will be sanctioned by the government once the civic body proves that it has the capacity to lay a world class road. The corporation has also sought World Bank funding to build storm water drains in its extended areas. 'We have asked the bank to take up one of our four drainage basins and fund it. It is a Rs 4,500-crore mega project that will be taken up in a phased manner over the next five or six years,' an official said. Tamil Nadu Urban Development Project (TNUDP) is also participating in the talks. 'About Rs 500 crore will be sanctioned for all projects that come under the corporation, Metrowater and other urban and local bodies,' the official said. 'The World Bank is looking at projects where there will be greater social impact with limited resettlements and no land acquisition,' he said.