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#RealtyNewsRoundup: SBI Slashes Interest Rates [Video]

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Realty News Roundup is PropGuide’s selection of the day’s top stories from the real estate sector.

After a massive inflow of deposits spurred by the demonetisation of high-value banknotes, country’s largest lender the State Bank of India cut its marginal cost of funds-based lending rate or MCLR across all tenors by 90 basis points. MCLR is the benchmark lending rate at which a bank prices all its loans. Other public sector lenders such as Punjab National Bank and Union Bank of India, too, have brought down the benchmark interest rate.

With an eye on municipal elections, the Nagpur Improvement Trust has decided to build over 16,000 houses for economically weaker sections (EWS) and low income group (LIG) families. The civic body will also provide ownership documents to the residents of 52 slums built on its land.

The Gujarat government recently announced that the process to regularise residential properties built on land coming under the Urban Land Ceiling Act in five municipal corporations will begin from March next year. The government said that this is for the first time that 75,000 families living on ULC lands will have their properties regularised.

Realty developer K Raheja Corp and Singapore’s sovereign wealth fund GIC have entered into a pact to jointly acquire a three-acre land parcel in Mumbai’s Worli for Rs 610 crore from Siemens. The companies are planning to develop a five lakh sq ft commercial project at the site. 


Source: Media reports

Tags: State Bank Of India, Video, Nagpur, propguide, K Raheja Corp, demonetization, March, Singapore’s sovereign wealth fund GIC, Punjab National Bank, Union Bank of India

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In his address to the nation on the New Year’s Eve, Prime Minister Narendra Modi urged banks to make lower-middle class and middle-class their areas of focus. PM’s speech has prompted several banks, including India’s largest lender SBI, to slash lending rates. The move is likely to give an added push to the affordable housing segment.

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