#RealtyNewsRoundup: Allahabad Bank Reduces Lending Rate By 5BPS

After State Bank of India, Allahabad Bank on May 13 announced a cut in the lending rate by five basis points (bps) across certain tenors. Now, the marginal cost of funds-based lending rate (MCLR) for one-year loan from Allahabad Bank stands at 8.60 per cent from 8.65 per cent. The new rates will be effective starting May 14. Additionally, the MCLR for loans of one, three and six months now stand at 8.20 per cent, 8.40 per cent and 8.45 per cent, respectively.

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In the wake of rising impact of urbanisation, the state government is all set to revise the Kerala Town and Country Planning Act (KTCPA), 2016. According to media reports, the Act is being revised to address the anomalies in the existing rules and regulations that surfaced during the 2018 floors that caused major damage across the state. The floods, according to the officials, have raised the need for better urban planning so that the state is prepared against sudden high intensity floods or other natural disasters.

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The Pune Municipal Corporation (PMC) plans to rent out its properties and shops through an e-auction system. The corporation aims to remove the discrepancies such as delay in recovering rents and illegal occupancy, that occur when properties are rented out through a tendering process. The civic body has over 17,000 properties across the city which it rents out to generate revenue.

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India has emerged as the world’s fastest-growing energy market as the country’s investment in the sector grew by 12 per cent in 2018, a report released by the International Energy Agency shows. According to the report, in 2018, India’s spending on renewable energy continued to exceed for fossil fuel-based power, supported by tendering for solar PV.

Source: Media reports