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

Supreme Court orders BMC to provide fair compensation for land surrendered for public use

19 Sep 2024

Due to "delay and laches," the Bombay High Court in 2018 dismissed builders' compensation claims against the BMC for land turned over for public use. This ruling was reversed by the Supreme Court because it was deemed unfair. The BMC was instructed by Justices B.V. Nagarathna and N.K. Singh to promptly furnish more buildable area and Transferable Development Rights (TDR), valued at approximately INR 500 crore. Despite the BMC's appeals, the Supreme Court maintained the High Court's previous decision mandating compensation. The court decided that under Article 300-A, previous statutes that guaranteed just compensation could not be superseded by modifications that denied compensation.Read more

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Bombay High Court orders demolition of seven illegal floors in Khar building

19 Sep 2024

The Bombay High Court ordered the demolition of seven illegal floors of an eight-storey building in Khar, rejecting a plea for regularisation. The Brihanmumbai Municipal Corporation (BMC) was instructed to complete the demolition within three months, based on its 2018 notice. The court found that the commencement certificate issued in 1994 only allowed construction of the basement and first floor, but additional floors were built unlawfully. A fine of INR 50,000 was imposed on the petitioner for misleading the court. The HC referenced previous rulings against regularising illegal constructions, emphasising strict adherence to building regulations and minimal leniency.Read more

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Maharashtra Deputy CM announces construction of 12,000 Homes under PMAY

19 Sep 2024

Maharashtra Deputy Chief Minister Devendra Fadnavis recently unveiled a housing project to build 12,000 homes for dabbawalas and cobblers under the Pradhan Mantri Awas Yojana (PMAY) over the next three years. The initiative, overseen by the Maharashtra Housing and Area Development Authority (MHADA), will be supported by a memorandum of understanding with developers. Priyanka Homes Realty will provide a 30-acre plot, and Naman Builders will develop the project on a no-profit-no-loss basis. Each 500 sq ft home will be priced at INR 25 lakh, making homeownership more accessible for these communities and improving their living conditions.Read more

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Safety audits required for all buildings over 15 metres in Lucknow

19 Sep 2024

In a recent LDA board meeting led by Lucknow Commissioner Roshan Jacob, it was decided that safety audits would be mandatory for all buildings over 15 metres tall, following a deadly building collapse. Costs for the audits will be covered by building owners or Residents Welfare Associations (RWAs). A private firm will handle the audits, which are due to be completed by October. The LDA also approved high-rise developments in Transit-Oriented Development zones with higher Floor Area Ratios (FAR). Other updates included transferring management of the Ambedkar Auditorium, creating new sub-centres in Gomtinagar, and revising land acquisition plans for the Wellness City project.Read more

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AISECT partners with NeGD to provide over 300 Government Services via UMANG portal

19 Sep 2024

AISECT has partnered with the National e-Governance Division (NeGD) to integrate over 300 government services through the UMANG portal, available via aisectonline.com and ASK centres across India. This initiative aims to enhance access to essential services like birth certificates, driving licences, and ITR filing in rural and semi-urban areas. AISECT's efforts support local entrepreneurs, foster economic growth, and bridge the digital divide. The partnership seeks to empower communities by providing easy access to vital services, driving digital inclusion.Read more

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NGT issues notice over Kusumpur Pahadi redevelopment, citing environmental concerns

18 Sep 2024

The National Green Tribunal (NGT) has issued notices to key authorities, including the Delhi Development Authority and the Lieutenant Governor, in response to a petition alleging that the Kusumpur Pahadi redevelopment plan violates the 1992 Aravali Notification. The Society for Protection of Culture, Heritage, Environment, Traditions, and Promotion of National Awareness (SP-CHETNA) argues that the redevelopment, which proposes 2,800 new units, threatens a protected forest and exacerbates groundwater depletion in nearby Vasant Vihar. The NGT, in a September 10 order, highlighted potential environmental impacts and instructed the respondents to provide their responses by December 6, ahead of the December 13 hearing.Read more

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S+4 policy in Haryana on hold despite no court-imposed ban, DTCP awaits final decision

18 Sep 2024

The Punjab and Haryana High Court recently clarified that it had not issued a stay on the construction of stilt-plus-four floors. However, the Department of Town and Country Planning (DTCP) has put the policy on hold pending a final decision. The court is reviewing a petition from the Gurgaon Citizens Council (GCC) questioning the policy, and a hearing is set for 23rd October. Despite the policy's suspension, guidelines for S+4 construction were issued in July, leading to further debate. Developers hope for revised regulations soon, balancing urban development in Gurugram.Read more

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NCLT grants approval for Adani Group's Bridgeport Realtors to acquire Radius Estates

18 Sep 2024

The National Company Law Tribunal (NCLT) has approved Bridgeport Realtors, a subsidiary of Adani Goodhomes, to acquire Radius Estates and Developers through a merger. This move, a vital part of Radius Estates' corporate insolvency resolution process since April 2021, was first approved by the NCLT in January 2023 and later by the NCLAT in May 2024. The merger aims to streamline corporate structure, enhance financial stability, and optimise real estate operations. The tribunal confirmed no additional shareholder or creditor meetings were needed, as consent was already secured.Read more

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Gujarat Government introduces a new system to expedite the town planning process

17 Sep 2024

The Gujarat state government has reformed the town planning (TP) scheme to enhance efficiency and transparency. These changes will allow town planners to declare a preliminary scheme within seven months, compared to the previous 12-month average. A newly established Original Plot Approval Committee (OPAC) will ensure plot boundaries remain intact until approval. The process will appoint a town planning officer (TPO) early to accelerate the drafting phase. The scheme proposals will be accessible online to ensure transparency. The reforms reflect Gujarat's influential TP model and invite public input until mid-September for further refinement.Read more

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Government issues draft standards for finance system under PM Surya Ghar Scheme

17 Sep 2024

The Ministry of New and Renewable Energy has unveiled draft guidelines for central financial support and payment security under the RESCO and utility-led models for rooftop solar systems. In the RESCO model, a renewable energy company installs and maintains the system for five years without upfront costs to the consumer. The consumer pays only for the electricity generated, and after the company's investment is recovered, the system becomes the consumer's property, making electricity nearly free. Alternatively, RESCO operators may sell power to the grid. In the utility-led model, state distribution companies own the systems for five years before transferring ownership to households.Read more

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