#RealtyNewsRoundUp: Japan To Develop Chennai And Varanasi As Smart Cities

Japan and India are set to ink a deal to jointly develop Chennai, Ahmedabad and Varanasi as smart cities. During a meeting of Japanese Ambassador to India Kenji Hiramatsu with Union Urban Development Minister M Venkaiah Naidu, he said, Japan is "quite interested" in urban development initiatives of the Modi government and decided to be a partner, stated an official release.

State-run Bank of Baroda is the latest to slash its marginal cost of funds based lending rate (MCLR) by up to 75 basis points across various tenors. The new rates would be effective from January 7 and will be applicable to all new and renewed borrowal accounts, the bank said in a statement here on Thursday. The overnight MCLR has been reduced to 8.10 per cent from 8.80 per cent.

After trying its hands in the wholesale finance business, Piramal Enterprises announced its plans to enter the retail housing finance segment. Piramal Finance, its 100 per cent subsidiary, will make an application to the National Housing Bank (NHB) for incorporating a housing finance company (HFC) as its subsidiary, the company board decided.

Realty developers Lodha Group has launched its maiden investment fund for startups focused on smart city solutions and overall real estate sector. With an initial investment corpus of Rs 50 crore, the company will provide angel funding or venture capital along with business opportunities, industry contacts and mentor support.