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Prime Lending Rates revised for realty welfare

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Claimed sources at the www.propertykhazana.com says, Public Sector Banks have cut their standard Prime Lending Rates (PLR) for about 80 bps. One union encouraging PLR rate cut is the realty developers, but the uncertainty is, will this be sufficient to sell the flowing segment. Realty developers are positive regarding the PLR rate cut even if they believe that the segment requires more measures to regain on their base. The present lending rates are in the extent of about 15-20% when it was for about 9-11% in the previous years. There is some news of many ventures that they are going to postpone and PLR cut will relieve that significantly, as banks usually fund construction cost which has risen to the tune of about 30% from the past couple of years.
Director of Puravankara Projects said to www.propertykhazana.com that, “I believe there have to be done more. Till now, we have not in-fact witnessed any rates going downwards. Therefore, it will impact on the end customer or retail borrower, a more drop in rates has to be done.” So, still developers are waiting for a direct housing loan rate cut and they think it will renew the auctions. Present years foremost conglomerates have witnessed an auctions plunge of about 50% and some developers have also stated off the record that they did not had a single auction dealings in 5-6 months.
Source: NBTVLIVE

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