#RealtyNewsRoundUp: 3 Public Sector Lenders Lower Base Rate

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Several public lenders, including State Bank of India, have lowered their base rate. Other banks that have reduced their base rate are Andhra Bank and Bank of Baroda. The move, coming days before the Reserve Bank of India reviews its monetary policy, will benefit home loan borrowers, who have not migrated to the Marginal Cost of Funds-Based Lending system. The new lending benchmark came into effect in March 2016. The new rates will be effective from October 1.

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The Karnataka Cabinet has approved the construction of one lakh houses meant for the economically weaker sections in and around state capital Bengaluru. Besides, the state Cabinet also set a deadline of one-year for the completion of the project. The state and Centre will fund the project that is likely to cost Rs 6,000 crore.

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The Union housing ministry will need about Rs 1 lakh crore in the next two-three years for meeting its target to provide assistance to the poor under the Pradhan Mantri Awas Yojana. The government has announced to provide a roof to every urban household by 2022.

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The Tamil Nadu Real Estate Regulatory Authority (TNRERA) has registered 89 housing projects since its formation. The Tamil Nadu Real Estate (Regulation & Development) Rules, 2017, that were notified by the state government on June 22 mandate registration of all ongoing projects that have not received completion certificates.

Source: Media reports