#RealtyNewsRoundUp: SC Lifts Construction Ban In Maharashtra, Uttarakhand

Developers heaved a sigh relief after the Supreme Court on September 5 lifted the ban on construction activities in Maharashtra and Uttarakhand. The ban was imposed by the top court after some states failed to notify solid-waste management rules.

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The Karnataka government is planning to increase the guidance value of properties by up to 20 per cent. The decision could generate revenue of between Rs 1,000 and Rs 1,500 crore. The government has already issued a gazette notification, proposing revision in guidance value and has invited objections from the public within 15 days. The revised rates will come into effect before the first week of October.

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A high-powered committee on the stalled projects in Noida and Greater Noida has recommended the development authorities to come up with a policy for taking over the unused land of stuck projects such where the builders are not taking enough steps to resolve the issue. It also recommended bringing in other developers as substitutes to complete such unfinished projects.

Meanwhile, homebuyers in Amrapali various projects have decided to request the Supreme Court to direct probe against the real estate giant by the Serious Fraud Investigation Office for cheating them.

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After State Bank of India and ICICI Bank, Bank of Baroda has increased its marginal cost of funds-based lending rate (MCLR). The state-run lender has hiked the rate by five basis points across tenors. While the bank's one-year MCLR is now 8.55 per cent as against 8.50 per cent earlier, three-month MCLR will attract 8.20 per cent interest.

Source: Media reports