#RealtyNewsRoundup: Jaypee Buyers Can Move Consumer Court, Rules SC
Description
Providing relief to over 25,000 homebuyers who had invested in various projects of Jaypee Infratech, the Supreme Court has ruled that they could drag the parent company Jaiprakash Associates Limited to consumer courts to seek compensation. Jaypee Infratech is undergoing insolvency proceedings since August 2017.
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State-owned United Bank of India has reduced its marginal cost of funds-based lending rate (MCLR) by five basis points across tenors. The one-year lending rate has been reduced from 8.85 per cent to now 8.80 per cent. On the other hand, the six-month and three-month rates now stand at 8.60 per cent and 8.50 per cent, respectively.
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Builders’ body Confederation of Real Estate Developers' Association of India (CREDAI) has said that some financial institutions are arbitrarily increasing interest rates and escrow requirements, and has sought an intervention by the finance ministry in the matter. The body has said that this arbitrary behaviour by the banks has resulted in cost overruns and project delays.
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E-auctioning platform mjunction will start offering its services for the housing and real estate sector for the Uttar Pradesh Awas Vikas Parishad (UPAVP). The UPAVP has commercial plots for group housing, schools, nursing homes and hospitals across six zones that will be e-auctioned through this platform.
Source: Media reports