#RealtyNewsRoundUp: Banks Raise Lending Rates Ahead Of RBI Monetary Policy

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On June 1, two public and two private lenders announced their plans to hike interest rates, days before the Reserve Bank of India’s (RBI) bimonthly monetary policy review. While State Bank of India, Punjab National Bank and ICICI Bank have increased their marginal cost of funding-based lending rate by up to 10 basis points, HDFC has increased its retail prime lending rate by an equal number. The new rates are effective from June 1.

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The government has announced a reward scheme to crackdown on benami properties. The scheme promises to give a person reward of up to Rs 1 crore for giving specific information about benami properties. To become eligible for a reward under the Benami Transactions Informants Reward Scheme, 2018, an informant is required to provide specific details about the benami property.

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Prime Minister Narendra Modi has set March 2019 as the deadline for all municipalities to go online to grant permission for building construction. The PM has also asked all agencies to complete geo-tagging of urban infrastructure being built under the urban rejuvenation mission by this month-end.

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Following an order by the National Consumer Disputes Redressal Commission, Pune-based Marvel Omega Builders Private Limited will have to pay around Rs 8.14 crore, with an additional compensation of ₹32.56 lakh, to two Pune residents. The realtor failed to hand homes to these buyers within the stipulated time.

Meanwhile, the Economic Offences Wing (EOW) of the Mumbai Police has registered a complaint against a builder, who cheated 10 people to the tune of Rs 1.57 crore by selling them flats on unauthorised floors of a building at Malad East.

Source: Media reports