RBI/2011-12/245
DBOD.BP.BC.No. 45 /08.12.015/2011-12
November 3, 2011
All Scheduled Commercial Banks
(excluding RRBs )
Dear Sir,
Guidelines on Commercial Real Estate (CRE)
Please refer to the circular DBOD.No.Dir.(Hsg).BC.31/08.12.001/2009-10 dated August 27, 2009 on ‘Finance for Housing Projects’. Banks were advised, inter-alia, to stipulate a clause, in the terms and conditions of granting finance to specific housing/development projects, regarding disclosure of mortgage of property to the bank in the Pamphlets / Brochures/ Advertisements etc., which may be published by developer/owner inviting public at large to purchase flats and properties.
2. On a review, it has been decided that the provisions contained therein will be, mutatis-mutandis, applicable to Commercial Real Estate also.
Yours faithfully,
(Deepak Singhal)
Chief General Manager-in-Charge
CAclubindia
Guest
Notification No : DBOD.BP.BC.No. 45 /08.12.015/2011-12Published in Community & General