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First Published: Sun, Aug 17 2008. 11 40 PM IST
Updated: Sun, Aug 17 2008. 11 40 PM IST
Depositors whose money is stuck in a distressed bank have reason to cheer. They can now withdraw part of their deposits before the bank’s liquidation. Last fortnight, the National Consumer Disputes Redressal Commission said banks could not withhold depositors’ dues till they were legally sold. The order said a regulation could be introduced under which small depositors are paid up to Rs1 lakh of their deposit. The commission said that if a banking company is to be revived, it should be done within a reasonable time. If that is not possible, the licence should be cancelled and the bank should be ordered to wind up or face liquidation. (Bindisha Sarang)
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With demand in the residential sector sinking on the back of rising mortgage rates and housing prices, developers are focusing on mid-income housing units. Delhi-based developer DLF is focusing on the segment with annual earnings between Rs12 lakh and Rs20 lakh. Last quarter, it launched New Town Heights, a project priced between Rs45 lakh and Rs60 lakh, which is coming up in Gurgaon, Chennai, Kolkata, Kochi and Indore. BPTP is offering three-bedroom apartments (1,414 sq. ft) in Park Floors, Faridabad, in the range of Rs25-28 lakh. Delhi-based Omaxe is developing 1 million affordable homes by 2013 at Rs3 lakh to Rs15 lakh per flat. (Urmila Rao)
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First Published: Sun, Aug 17 2008. 11 40 PM IST