State Bank of India (Maharashtra and Goa), Bank of Baroda, IDBI and Allahabad Bank have cut rates in the range of 25-50 basis points. Lenders would like to see the RBI come up with some measures so that sentiments improve further.
The commercial real estate sector has been booming in the last few years, driven by the high demand from corporates, especially IT and ITeS companies.
As returns decline, with extent and time horizon uncertain, some of these investors look to shift to safer zones