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

Andhra Pradesh High Court upholds demolition of illegal constructions in CRZ

26 Sep 2024

The Andhra Pradesh High Court refused to stay the demolitions being carried out by the Greater Visakhapatnam Municipal Corporation (GVMC) in the coastal regulation zone (CRZ-1) area near Bheemunipatnam. The court directed the GVMC to not yield to political pressure and ensure the removal of all illegal constructions from the ecologically sensitive area. The court had earlier ordered the GVMC to take action against illegal constructions following a public interest litigation (PIL) petition. The court rejected the arguments of the senior counsel, who claimed the construction was done with due permission in the CRZ-2 area.Read more

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Dharani Committee suggests reforms for land governance and portal data integrity

26 Sep 2024

The Dharani committee has called for a third-party audit of the Dharani portal to investigate allegations of unauthorized changes since its 2020 launch, including discrepancies in property records. Comprising land experts and officials, the committee proposed 32 measures for land governance reform, including renaming the portal to Bhumatha and introducing a new Right of Records Act. It emphasized establishing local oversight and a community paralegal program to assist farmers, while recommending the use of youth for land verification and the organization of village revenue courts to address grievances.Read more

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GoM sticks to GST framework for real estate amid ongoing discussions

26 Sep 2024

The Group of Ministers (GoM) within the GST Council met in Goa to discuss the real estate sector's tax structure, particularly joint development agreements (JDAs). Most members oppose tax relief, advocating for the current rates. The GoM also confirmed no additional exemptions for long-term land leases and discussed affordable housing definitions and construction service taxability. Further analysis on land value for construction services is required, with the next meeting set for October 25.Read more

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DDA extends deadline for final installment of Dwarka flats amid ongoing complaints

25 Sep 2024

The Delhi Development Authority (DDA) has extended the deadline for the final 25% installment payment for 1,800 high-end flats in Dwarka Sector 19B from August 31 to September 30. This extension follows buyer requests for more time and delays due to unfinished work on the flats. Complaints from buyers highlight issues with infrastructure, including inadequate utilities, security, and unfinished construction. Some buyers are concerned about moving in before key facilities are operational, while others question the early collection of maintenance fees.Read more

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GCZMA orders the demolition of illegal constructions in Anjuna's no-development zone

25 Sep 2024

The Goa Coastal Zone Management Authority (GCZMA) has ordered the demolition of illegal constructions in Anjuna, including a swimming pool, multiple buildings and a compound wall, all built unlawfully in a no-development zone. Despite the violator's claims that the structures were on a hill and not subject to Coastal Regulation Zone (CRZ) rules, the GCZMA clarified that these regulations apply universally, regardless of topography. Activist Kashinath Shetye reported that the violator had been delaying demolition since 2017, and the GCZMA's firm action highlights its commitment to enforcing CRZ norms and protecting coastal ecosystems from unregulated development.Read more

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Gujarat RERA to alter rules regarding quarterly progress report submissions

25 Sep 2024

Gujarat Real Estate Regulatory will soon alter the rule related to quarterly progress report submission for real estate projects. The new updated rule will include a penalty between INR 400 to INR 1000 per day, depending on the size of the project. The previous mechanism where if a developer fails to submit QPR, the project quarter automatically gets locked will be discontinued. This will encourage timely submissions by developers and guarantee transparency to homebuyers. A source told the media, the authority is planning to enhance the rules for easy navigation of developers.Read more

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YEIDA launches affordable housing scheme with 1,200 flats near Noida International Airport

25 Sep 2024

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new housing scheme offering over 1,200 affordable flats in Sector 22D, near the upcoming Noida International Airport. The scheme includes 1BHK and 2BHK units, with various pricing options and flexible payment plans. Possession is granted after a minimum payment of 30% of the total premium, and an Apartment Owners Association will manage maintenance after two years. Strict guidelines ensure the flats are used for residential purposes, highlighting the importance of compliance for potential homeowners.Read more

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AMC demolishes 23 illegal structures in Fatehwadi, continues crackdown on unauthorized constructions

25 Sep 2024

The Ahmedabad Municipal Corporation (AMC) took significant action earlier this month by demolishing 23 illegal structures in the Fatehwadi area of Sarkhej, which included 22 residential buildings and one commercial property. These followed notices issued for a total of 51 illegal units across the region. After individuals responsible for the constructions petitioned the Gujarat High Court, the court initially granted a status quo but later ordered the petitioners to remove the structures voluntarily. With the petitioners failing to comply, the AMC proceeded with the demolition, emphasizing its commitment to enforcing urban regulations and maintaining compliance with building laws.Read more

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NCDRC orders compensation for delay in delimitation order by Namakkal Corporation

24 Sep 2024

The Namakkal District Consumer Disputes Redressal Commission (NCDRC) has ordered the Namakkal Municipal Corporation (NMC) to pay INR 50,000 to Tamilselvi, a petitioner, for poor service in delimiting her unoccupied land. Tamilselvi filed for the delimitation scheme in 2021, paid the fees, and provided the requisite documentation. Despite several follow-ups and payments, the delimitation order was never granted. The NCDRC found that NMC's delay to act caused significant anguish and inconvenience to the petitioner and ruled in her favor, ordering that the compensation be given within four weeks of the ruling.Read more

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Jantar Mantar: Delhi villagers demand action on land and infrastructure issues

24 Sep 2024

The 360 rural communities that make up Delhi and the neighbouring state of Haryana convened at Jantar Mantar to demonstrate against the long-standing disregard for land and infrastructure problems. The demonstrators' demands include resuming land mutation, removing restrictive provisions of the Delhi Land Reforms Act, and converting Delhi's villages into smart villages. The protest was organised by Chaudhary Surender Solanki, head of Palam 360 Khap. Despite rural areas' contributions to Delhi's development, villages have degenerated into slum-like areas, according to Solanki. If their demands are not fulfilled, protesters warned of a boycott of the forthcoming elections in Delhi.Read more

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