#RealtyNewsRoundUp: HDFC Hikes Benchmark Lending Rates By 20 Bps

Description

Days after public lender State Bank of India hiked its base rate and benchmark prime lending rate (BPLR) by five basis points each, India’s largest mortgage banker HDFC Ltd has implemented a 20-basis-point increase its retail prime lending rate (RPLR) . This is for the first time since December 2013 that HDFC has hiked RPLR. While the Reserve Bank has maintained a status quo on repo rate for the fourth time in a row on April 5, banks have been hiking interest rate since late 2017 owing to a squeeze in liquidity.

***

The Supreme Court took on April 9 note of all the unencumbered assets of real estate major Unitech Limited, and ordered that a public notice be issued inviting objections for auctioning them to realise the dues of the homebuyers. On the same day, the top court also imposed a fine of Rs 75 lakh on Om Shakti Agency (Madras) Pvt Ltd. The company had earlier claimed that it was negotiating a deal with Unitech to purchase land in Chennai for about Rs 400 crore. Based on that claim, the SC on February 16 directed Om Shakthy to deposit with its registry Rs 90 crore by March 31, a task the firm could not complete. The next date of hearing has been set for May 2.

***

The cement industry is likely to register a flat growth of around five per cent in the current financial year despite a pick-up in demand in recent months and healthy outlook ahead, says rating agency ICRA. According to the agency, affordable and rural housing segments and road and irrigation infrastructure projects would boost the demand and keep the growth momentum in the cement industry.

***

The Centre on April 9 told the Supreme Court it planned to set up a special task force (STF) to oversee the enforcement and implementation of laws to deal with unauthorised construction in Delhi. The STF would identify encroachments on government land, suggest the course of action and oversee effective enforcement of applicable laws by local bodies.

Source: Media reports