#RealtyNewsRoundUp: UP Cabinet Makes Changes In Real Estate Act To Make It More Buyer-Friendly

The Uttar Pradesh state Cabinet on October 10 approved amendments to the Uttar Pradesh Real Estate (Regulation and development) Agreement for Sale Rules, 2018. Now, a standard agreement-to-sale format will be followed in designing all builder-buyer agreements. These agreements will be registered at the sub-registrar’s office so that builders are not able to sell a flat to multiple buyers.

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Following an order of the Supreme Court several properties of insolvency-hit Amrapali Group were seized on October 10. Nine properties of the group, some in national capital region’s in Noida and Greater Noida and others in Bihar’s Rajgir and Buxar, were sealed after its three directors, who are in police custody, said the documents related to the group's 46 firms were stored there.

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State-owned Oriental Bank of Commerce (OBC) has raised its marginal cost of funds-based lending rate (MCLR) by 10 basis points for various tenors with effect from October 11. Syndicate Bank has also increased its MCLR by 10 basis points for three-month tenor while keeping the other rates unchanged.

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The Punjab government through has launched a residential plot scheme in Amritsar. Under the scheme, the Amritsar Development Authority on October 10 invited applications for allotment of 140 residential plots at new Urban Estate, Batala and Gurdaspur. Preference in allotment in both schemes will be given to senior citizens and women applicants.

Source: Media reports