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

Gujarat to elevate nine municipalities to municipal corporations, boosting urban governance

PNT Reporter

17 Dec 2024

The Gujarat government will upgrade nine municipalities-Gandhidham, Surendranagar, Porbandar, Vapi, Navsari, Mehsana, Morbi, Nadiad, and Anand-to municipal corporation status within two weeks, increasing the state's total to 17 corporations. This move, announced in the 2024-25 budget, aims to improve local governance and urban services. Administrators, primarily district collectors, will oversee these areas until elections in late 2025. The expansion will extend jurisdiction to nearby villages, with budgetary grants allocated for infrastructure and services like water supply, waste management, and roads. The initiative reflects a commitment to enhancing urban development in Gujarat's rapidly growing regions.Read more

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Gurugram civic body uncovers six illegal colonies on 700 acres of disputed land in Behrampur

PNT Reporter

16 Dec 2024

The Gurugram civic body has uncovered six illegal colonies on 700 acres of disputed panchayat land in Behrampur during a surprise inspection. Plots in these colonies, sold for INR 50,000 to INR 80,000 per square-yard, were found to have ongoing construction and road networks. The nodal officer stated that signboards will mark the sites as illegal, and constructions will be demolished. The land ownership is under legal dispute, complicating matters further. A crackdown on illegal activities will follow, including filing complaints against property dealers involved in unauthorized sales, urging buyers to verify legal clearances before purchasing real estate.Read more

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Uttar Pradesh: GDA to mandate solar panels for residential plots over 100 sq m in Ghaziabad

PNT Reporter

16 Dec 2024

The Ghaziabad Development Authority (GDA) plans to amend building bylaws to mandate solar panels for residential plots of 100 square meters or more, requiring a minimum generation of 1 kW. Building approvals and completion certificates will depend on compliance. This initiative supports Uttar Pradesh's vision to make Ghaziabad a 'solar city,' targeting over 10% of electricity consumption from solar by 2027. A study by UPNEDA estimates the city's solar potential at 2,858 MW, with residential rooftops contributing 2,014 MW. Subsidies from central and state governments make solar installations affordable, offering financial incentives through net metering. The policy promotes sustainability and cost-effective energy solutions for residents.Read more

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Maharashtra launches an urban land digitization project in 10 pilot cities

PNT Reporter

16 Dec 2024

The Maharashtra government has launched a novel urban land records digitization project, starting with 10 pilot cities, including Baramati and Chandrapur. The initiative aims to address urban land documentation challenges by creating detailed, GPS-enabled digital property records through drone surveys. Starting in December, the project will roll out fully by February 2025 under the National Geospatial Knowledge-based Land Survey framework. With plans to digitize 4,900 cities nationwide in five years, Maharashtra will expand this model to 400 cities, transforming urban land management and setting a benchmark for other states.Read more

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Bhubaneswar developer faces legal action for failing to follow ORERA order

PNT Reporter

16 Dec 2024

A Bhubaneswar developer faces action for ignoring an Odisha Real Estate Regulatory Authority (ORERA) order to compensate 18 homebuyers INR 87.94 lakh for delayed property delivery in Ghatikia. After losing an appeal in the Odisha Real Estate Appellate Tribunal (OREAT), the developer was issued a show-cause notice by the ADM, warning of arrest if compliance isn't met by December 31. This case highlights poor enforcement of ORERA rulings, with less than 2% implemented despite Supreme Court guidelines. Separately, ORERA flagged 57 promoters with unpaid penalties totaling INR 6.89 crore, underscoring non-compliance issues in Odisha's real estate sector.Read more

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Bihar RERA to auction confiscated property to compensate homebuyers for the first time

PNT Reporter

16 Dec 2024

In a historic move, the Real Estate Regulatory Authority (RERA) in Bihar is set to auction a defaulting promoter's confiscated property to compensate homebuyers. The land, owned by Agrani Homes Private Limited in Patna's Dhawalpura locality, was seized by RERA in April 2023 after the promoter failed to refund amounts to homebuyers due to an unfinished project. The auction, scheduled for December 16, 2024, will have a minimum bid price of INR 5.17 crore. The proceeds will be distributed to the affected homebuyers, marking the first such auction since the Real Estate (Regulation and Development) Act, 2016, was enacted.Read more

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Navi Mumbai Municipal Corporation demolishes unauthorized constructions in Nerul and Ghansoli

PNT Reporter

13 Dec 2024

Navi Mumbai Municipal Corporation (NMMC) recently conducted demolition operations on unauthorized constructions in Nerul and Ghansoli following non-compliance with issued notices. The first demolition targeted a property in Nerul, involving a large team of workers and equipment. In Ghansoli, the construction of additional floors without approval was also demolished, with a penalty of INR 50,000 imposed. NMMC continues to crack down on illegal building activities in the region.Read more

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Delhi LG orders probe into alleged Revenue Department land scam involving DDA property

PNT Reporter

13 Dec 2024

Delhi Lieutenant Governor VK Saxena has ordered an Anti-Corruption Branch (ACB) investigation into an alleged land scam involving three Revenue Department officials. The case centers on the illegal sale of Delhi Development Authority (DDA) land, acquired in 1965, to private individuals through a no-objection certificate (NOC) issued by Hauz Khas Revenue officials. The accused allegedly marked part of the government land as private, enabling its fraudulent sale. The Vigilance Department has been directed to expedite corruption cases, ensuring adherence to the Prevention of Corruption Act. This probe highlights efforts to curb corruption and protect government assets.Read more

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AMC reclaims reserved plots in Gota and Thaltej, clears encroachments for urban development

PNT Reporter

13 Dec 2024

The Ahmedabad Municipal Corporation (AMC) reclaimed reserved plots and cleared encroachments in the Gota, Thaltej, Jagatpur, and Sola areas as part of its urban planning initiatives. In Gota's TP scheme 56, AMC secured an 8,800 sq. m residential plot and a 420 sq. m open space plot. In Thaltej's TP scheme 214, two commercial plots, measuring 1,088 sq. m and 5,824 sq. m, were reclaimed. In Jagatpur's TP scheme 34, land reserved for housing the urban poor was cleared, while illegal structures obstructing roads in Sola's TP schemes 42 and 43 were removed. These efforts demonstrate AMC's commitment to sustainable urban development, reclaiming land for planned growth, and improving infrastructure access in Ahmedabad.Read more

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KDMC begins demolition of 47 illegal buildings linked to forged RERA certificates

PNT Reporter

13 Dec 2024

The Kalyan-Dombivli Municipal Corporation (KDMC) has begun demolishing 47 of 65 illegal buildings constructed using forged RERA certificates, affecting around 6,500 residents. This follows a Bombay High Court order after a whistleblower's complaint revealed the scam last year. While 10 unoccupied buildings were demolished earlier, the current process involves inhabited structures, prompting KDMC to disconnect utilities to ensure evacuation before demolition. Fifteen arrests, including builders and agents, have been made, with a Special Investigation Team probing the fraud. Delays were attributed to elections and monsoons. Residents demand accountability from officials and fair compensation for affected families.Read more

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