FindMyProperty – Page 47

In an effort to improve connectivity between two cities of Noida and Greater Noida; the twin authorities have in principal approved the construction of our new bridge across through the River Hindon. These facilities will not only bring the two cities closer but also provide connectivity to Delhi, Ghaziabad and Faridabad. Each bridge will be built at an estimated cost of 55 crore shared by Noida and Greater Noida authorities. Work will start within month on the bridges. The bridges will be 210 meters in length and will have carriageway of 18.5 meters width on each side. Service road of 7.5 meters width will be built along the 8 lane bridge.

Bridges Plans:

A first bridge will be constructed between sector 150 Noida to Greater Noida sector chi-phi with an 80 meter wide road.

A second bridge will be on the road between Greater Noida’s knowledge park 2 and 3 near the 75 meter wide road, which is planned to connect to Faridabad and Noida’s 150 meter wide road.

A Third bridge will be located from near LG roundabout in Greater Noida to knowledge park – 3, which connects to a 75 meter wide road near Hindon canal and road between sector 146 and 147 in Noida.

A fourth bridge between sector 1 Greater Noida Techzone-4 and sector 112 and 115 in Noida has already been constructed but has been planned to be extended by service roads on both side of the bridge.

All the bridges will assist in decongesting areas of Pari Chowk in Greater Noida and Noida-Greater Noida Expressway.

The Reserve Bank of India on Tuesday lowered the repo rate plan at which it lends to banks by 25 basis points to 6.25%. Syndicate Bank and Bank of India have taken a sign from the Reserve bank of India and reduced MCLR (Marginal Cost of Fund Based Lending Rates) in the scope of 5 to 10 basis points. Higher banks like ICICI Bank and State Bank Of India (SBI) bank already reduced their lending rates a few days before this policy was declared.

The policy of calculating base rate according to the marginal cost of funds comes into occurred from April 1, 2016. All banks are following after the (MCLR) Marginal Cost of Fund Based Lending Rates, another uniform system which guarantees reasonable interest rates to borrowers and also to banks.

For a term of one year, the new rate for Bank of India stands at 9.35%, against 9.40% prior; while new rate for Syndicate Bank stands at 9.45% against 9.55%. The new rates are effective from October 7 2016, Friday. Country’s biggest bank State Bank of India and another biggest bank ICICI bank reduced rates by 5 bps to 9.05% for one year with effective from October 1, 2016.

However, this is great news for everyone who is looking for a loan. This is Diwali come early for them, with the repo rate cut translating into lower interest rates on their loans.