City Lights: Bank of Baroda stops releasing loans to Noida housing project

Bank of Baroda stops releasing loans to Noida housing project

Bank of Baroda has stopped releasing home loan instalments to flat owners in Greater Noida (West) in Uttar Pradesh, particularly Gaur City-1 project, in view of an ongoing litigation, the government has informed Parliament. "Yes, Sir", Minister of State for Finance Namo Narain Meena said in a written reply in Rajya Sabha to a question whether Bank of Baroda has stopped releasing the next housing loan instalments to house owners in Greater Noida (West), particularly Gaur City-I in view of litigation against acquisition of land by companies. "Bank of Baroda proposes to release the housing loan instalments after the final judgement of Supreme Court," the minister said. In view of the ongoing litigation, Meena said, "Bank has adopted a cautious approach for resuming the sanction of fresh home loans and also in releasing further disbursement in home loans already sanctioned in Gaur City-I and other projects in Noida Extension and Greater Noida, till legal position is crystallised." The Minister further said that Union Bank of India and Corporation Bank have "resumed releases" of home loan instalments.

Punjab to have new housing policy

Punjab will bring in a new housing policy for the state by the mid of next month in a bid to attract more investments for its real estate sector, Deputy Chief Minister Sukhbir Singh Badal has said. Badal said Punjab is all set to become the new investment destination as it is having the highest growth rate even when the national economy is under stress. He said the new policy is aimed at ensuring hassle-free and time-bound clearances for the investors, besides offering incentives in Floor Area Ratio. Noting that the availability of land is limited in the state, Badal batted for vertical expansion through high-rise buildings.

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