#RealtyNewsRoundUp: Banks Hike Lending Rate

Within a day of the Reserve Bank of India hiking repo rate, banks have started raising interest rates which will increase equated monthly installment for home loans. Among banks that have hiked their interest rates by up to 10 basis points for different tenures are HDFC, ICICI, SBI, Indian Bank and Karur Vsya Bank.

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Housing Minister Hardeep Singh Puri cautioned homebuyers about fraudulent activities by builders in the name of the flagship Pradhan Mantri Awas Yojana-Urban in the national capital region. The minister said "fly-by-night operators" were using the name of PMAY(U) programme to lure customers when they had "nothing to do" with the scheme.

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The Uttar Pradesh Housing and Development Board is planning to impose a cess on anyone purchasing a flat or plot in its areas in Ghaziabad to raise funds for the third phase of a metro project. A proposal has been mooted by the board after a letter from the UP chief secretary directed stakeholders to carve out their “areas of influence” and gave them to liberty to impose a cess to raise funds. The third phase envisages extension of two metro corridors — Vaishali to Mohan Nagar and Sector 62 (Electronics City Noida) to Sahibabad.

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With the Indian Meteorological Department (IMD) predicting "heavy-to-very-heavy" rainfall along the Maharashtra coast, including Mumbai, over this weekend, the Brihanmumbai Municipal Corporation is preparing itself to prevent and tackle monsoon-related disasters. Mumbai received its first heavy rainfall of this monsoon on June 6, as the IMD had predicted. Media reports have been claiming severe waterlogging at the Hindmata junction in south-central Mumbai, flooding at railway tracks between Sion and Matunga, as well in the Juhu locality.

Source: Media reports