#RealtyNewsRoundup: Banks Should Link Home Loan Rates To Repo Rate, Says RBI Panel
The committee appointed on household finance by the Reserve Bank of India has suggested that banks should link their home loan rates to the Central bank's repo rate, the rate at which it lends to banks, instead of the Marginal Cost of Funds-based Lending Rate (MCLR), the benchmark banks follow currently. The RBI had earlier expressed its displeasure over the rate transmission under the MCLR regime.
The Supreme Court had adjourned the hearing into the insolvency proceedings against Jaypee Infratech, giving time to other homebuyers to file their petitions and join the proceedings. The next date of hearing is September 4.
The Maharashtra Urban Development Department will now be granting occupation certificates (OC) within eight days, building commencement certificates within 30 days and plinth-checking certificate within seven days. The move comes as a major relief for those who have been waiting for months to secure OCs.
Meanwhile, real estate projects in Noida will be given partial completion certificates for three months, from September 1 to November 30 this year, to hasten delivery of long overdue flats that are stuck because cash-strapped developers can't clear all their dues to get completion certificates. The latest formula was devised after a series of meetings the Noida administration had with real estate companies.
Source: Media reports