SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Law & Policy

Bombay HC clears Versova slum rehab project, dismisses stable owners' eviction plea

26 Mar 2025

The Bombay High Court has dismissed a petition by stable owners in Versova, Mumbai, allowing the long-pending Ramdas Nagar slum rehabilitation project to proceed. The petitioners, occupying the land for over six decades, challenged eviction notices issued by the BMC in 2024. However, the court ruled that unauthorized occupants cannot dictate terms to landowners or developers. The decision accelerates the redevelopment plan led by One Stop Business Services LLP, which had faced delays due to resistance from 11 remaining structures. This ruling reinforces legal compliance in urban redevelopment and sets a precedent against unauthorized settlements obstructing infrastructure projects.

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Karnataka HC: Residential apartments must follow KAO Act, not form cooperative societies

26 Mar 2025

The Karnataka High Court has ruled that residential apartment complexes must be governed by the Karnataka Apartment Ownership (KAO) Act, 1972, and cannot form cooperative societies under the Karnataka Co-operative Societies Act, 1959, solely for property management. Justice K S Hemalekha issued the ruling in response to a petition from residents of Parkside Retirement Homes, Brigade Orchards. The court emphasized that residential apartments fall exclusively under the KAO Act if a declaration deed and bylaws are registered. This judgment ensures legal clarity for apartment governance in Karnataka, guiding developers and owners to comply with state laws rather than defaulting to cooperative society structures.

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Vakola reclaims public space after 12-year court fight over 3,000 sqm land

26 Mar 2025

A 3,000 sqm open space in Mumbai's Vakola, initially meant for public use, has been reclaimed after a 12-year battle against illegal encroachment by hawkers. The prolonged effort, led by former corporator Brian Miranda and supported by residents and volunteers, aimed to restore the plot for community use. The Brihanmumbai Municipal Corporation (BMC) recently demolished illegal structures on the site, which had been occupied for years. Miranda's campaign faced multiple legal and bureaucratic hurdles, including a Supreme Court ruling that reinforced the space's designation as a public amenity. The plot has now been transformed into a vibrant garden and children's play area.

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Indore Municipal Corporation plans an INR 8,000 crore budget with a focus on infrastructure

25 Mar 2025

The Indore Municipal Corporation (IMC) is preparing a proposed budget of around INR 8,000 crore for FY 2025-26, focusing on urban development and governance improvements. Key initiatives include constructing a new IMC headquarters, acquiring modern machinery, and restoring Bilawali Pond under the PPP model with plans for sports and leisure activities. IMC also plans to launch a digital revenue collection portal and conduct a GIS survey for accurate property tax assessments. Additional measures include developing fish parlours, treated water pipelines, and integrating advertisements from various departments. The IMC will soon issue a tender for the removal of the BRTS Corridor.

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Bombay High Court enforces closure of mall over environmental violations

25 Mar 2025

The Bombay High Court upheld the closure order against a suburban mall for failing to secure environmental clearance, highlighting the severity of its ecological impact. The court rejected the company's plea, affirming that applying for clearance under an amnesty scheme did not justify ongoing operations. It directed the Maharashtra Pollution Control Board to enforce the closure immediately. The bench ruled that pending applications did not override legal obligations, reaffirming the necessity of strict environmental compliance.

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Lucknow: LDA to launch upgraded portal for land use verification and property transparency

25 Mar 2025

The Lucknow Development Authority (LDA) is launching an upgraded digital portal with a new land use verification feature to curb fraudulent property transactions. This will address issues where commercial plots, green belts, and roads were illegally sold as residential properties. The portal will allow users to generate detailed land use reports by entering tehsil, village name, and plot number, along with the option to obtain an official land use NOC for a nominal fee. LDA Vice Chairperson Prathamesh Kumar announced that the portal will use advanced technology for real-time verification, replacing outdated ERP systems and ensuring greater transparency and trust in property transactions.Read more

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Noida Authority to cancel residential plots over unpaid dues and non-construction

25 Mar 2025

The Noida Authority has announced strict action against residential plot allottees who have failed to begin construction or clear dues, warning of cancellation of allotments. A recent review by Noida CEO Lokesh M. revealed several plots in Sectors 51 and 151 with overdue payments totaling over INR 8 crore, with the largest single default exceeding INR 3.5 crore. Despite multiple notices since February, no action has been taken by the defaulters. The Authority will proceed with cancellations as per lease agreements and building regulations and continue issuing demand notices to ensure land is used as intended and dues are recovered.

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DDA begins process to demolish unsafe Signature View Apartments in Delhi

25 Mar 2025

The Delhi Development Authority (DDA) has initiated the process to hire an agency for the demolition of 336 HIG and MIG flats in Signature View Apartments, Mukherjee Nagar, after they were deemed unsafe. The demolition, to be completed in 120 days, will include dismantling structures, debris disposal, and material recovery. While the DDA has issued SOPs for evacuation, residents are seeking clarity on document collection, key handovers, and rent reimbursements. Built between 2007 and 2010, the buildings showed structural issues within years, prompting an IIT Delhi audit that advised demolition. Smooth execution now hinges on clear communication and timely compensation.

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Noida News: NCLAT orders developers to transfer common area control to registered associations

25 Mar 2025

Supertech Ltd. was ordered by the National Company Law Appellate Tribunal (NCLAT) to hand over management of the common areas of its Supernova project in Noida to the registered Apartment Owners Association in a historic decision. Despite only 27% of units having received occupancy certificates, NCLAT clarified that once an association is registered, it is entitled to take over management, even if the project is incomplete. This decision empowers homebuyers of insolvent real estate projects to gain control of their societies sooner, bypassing developers' resistance.

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Odisha High Court extends stay on apartment ownership act exemption

25 Mar 2025

The Odisha High Court has extended its stay on the state government's February 1, 2025, notification that sought to exempt apartments completed before February 25, 2017, from certain provisions of the Odisha Apartment (Ownership and Management) Act, 2023. The move, challenged by a homebuyer, was seen as favoring builders who sold incomplete flats without occupancy certificates. The case highlights broader issues in India's real estate sector, similar to past disputes in Kerala and Mumbai. The court's final decision, expected on March 26, 2025, will significantly impact apartment ownership rights and legal compliance in Odisha.Read more

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