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

Legal victory for tenants as Bombay HC allows reconstruction by tenants

31 Oct 2023

The Bombay High Court has criticized the BMC for inaction and permitted a tenants association to seek permission for the reconstruction of a demolished building. Chandralok building on Aarey Road, Pahadi village, was constructed in 1965. It was dubbed a C-1 category dangerous building by the BMC in 2014. In July 2019, the 103 tenants vacated the building and it was demolished. The owner - who is also lessee of the land - failed to take steps for reconstruction or redevelopment or provide alternative accommodation. The HC noted the obligation of the BMC to act when there is no owner-led proposal and upheld tenants' statutory right to reconstruction.Read more

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YEIDA to launch new residential plot scheme in early 2024 after recent success

31 Oct 2023

The Yamuna Expressway Industrial Development Authority (YEIDA) plans to launch a new residential plot scheme in January-February 2024 following the success of a recent scheme. The new scheme will offer over 2,000 residential plots near the upcoming Noida International Airport. While the exact sectors for these plots are yet to be finalized, the move comes in response to strong demand for residential plots in the region. A recent draw for 1,184 plots saw a remarkable 1.4 lakh applicants, indicating a robust demand for affordable housing options. The land acquisition process is underway, and the scheme is expected to be launched early next year, supporting housing and infrastructure development in the area.Read more

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Ghaziabad's Festive Housing Bonanza: Online booking for 1,629 units launched

31 Oct 2023

The Ghaziabad Development Authority (GDA) has introduced an online platform to facilitate the sale of 1,629 units across various housing schemes, making property purchases more accessible. The units span a wide range, from affordable 1BHK and 2BHK apartments in Koyal Enclave and Indraprastha, to premium 2BHK, 3BHK, and 3BHK with a study in Madhuban Bapudham Pocket C. There are also 19 affordable MIG flats in Madhuban Bapudham Pocket B. Prices vary from Rs 10.8 lakh to Rs 69.4 lakh. Prospective buyers can reserve units by paying 10% of the flat’s cost online and can spread the remaining amount over 12 instalments within three years.Read more

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Bombay HC upholds tenants' rights to 405 sqft carpet area for cessed building rehab flats

28 Oct 2023

In a pivotal ruling, the Bombay High Court reaffirmed the right of tenants in cessed buildings to receive 405 sq ft of carpet area for their rehabilitation flats. This decision came as a result of a writ petition filed by 59 residents of Mohamed Taibhai Chawl in Worli, contesting a developer's attempt to provide them with only 351 sq ft of carpet area under Section 33(7) of the Development Control and Promotion Regulations (DCPR) 2034. Armed with building plans obtained through the RTI Act, the residents argued for larger rehab flats, more parking space, and increased amenity open space.Read more

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Bombay High Court halts Arambol Hotel construction in Goa, citing violation of NDZ rules

28 Oct 2023

The High Court of Bombay at Goa has taken a decisive stance against illegal construction in ecologically sensitive No Development Zones (NDZ). In a case involving a four-storeyed hotel built near the seashore without any necessary permissions, the court has ordered the structure's immediate sealing. The judgment emphasises the need for strict enforcement of environmental regulations and highlights the alarming prevalence of such illegal constructions near shorelines. This resolute action serves as a warning to potential violators and underscores the importance of protecting the environment and upholding regulatory compliance.Read more

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DDA sells a whopping 2,300 flats within 100 days of launching its housing scheme

28 Oct 2023

Almost 100 days after its launch, the Delhi Development Authority (DDA) has successfully sold nearly 2,300 flats. The housing scheme, which began on a 'first-come, first-served' basis in June, offered 5,600 flats in various configurations across Jasola, Rohini, Dwarka, Lok Nayak Puram, Narela, and Siraspur areas. 2BHK units in Dwarka, priced between Rs 1 crore and Rs 1.2 crore, were quickly snapped up. The surge in sales was attributed to measures like allowing the combination of two flats and physical property visits before purchase.Read more

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Madhya Pradesh High Court permits Housing Board to resolve Rs 435 crore debt

28 Oct 2023

Justice Subodh Abhyankar of the Madhya Pradesh High Court has issued a directive to the Madhya Pradesh Housing and Infrastructure Development Board (MPHIDB), instructing them to settle their outstanding dues totalling Rs 435 crore. The court ordered the board to make the entire payment within a strict two-week timeframe upon receiving the certified copy of the order. Additionally, the order stipulates that the MPHIDB should transfer a sum of Rs 6.54 crore directly to a labour union as part of a settlement agreement. This legal action marks the end of a long standing dispute over a land where Hukumchand mills stood.Read more

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Uttarakhand Consumer Commission orders builder to refund Rs 3 lakh with interest

28 Oct 2023

Antriksh NRI City, a Haridwar-based developer, has been ordered by the Uttarakhand state consumer commission to repay Rs 3 lakh plus 6% interest to petitioner Vikas Malik. Malik had initially paid Rs 6.4 lakh as part payment for a Rs 34 lakh plot but later wished to cancel the deal. The developer argued that the COVID-19 pandemic prevented the refund, a stance the commission rejected. They ruled in favour of Malik, emphasizing that banks and government institutions were operational during the pandemic, rendering the developer's excuse insufficient. In addition to the refund, the developer was directed to pay Rs 10,000 in litigation charges. This case underscores the importance of upholding contractual agreements even during unforeseen circumstances.Read more

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India's PMAY-Gramin scheme to achieve 'Housing for All' in rural areas by 2023

27 Oct 2023

The Indian government has announced an accelerated timeline to achieve its 'housing for all' initiative in rural India, now targeting completion by December 2023, three months ahead of the previous deadline. Under the Pradhan Mantri Awas Yojana (Gramin), the government aimed to build 29.5 million houses for rural families. As of September 30, 24.5 million houses were constructed, with the rest set to be finished by the new December target. The initiative reflects the government's proactive approach toward fulfilling housing promises, highlighting its commitment to rural development and providing housing for millions of families across the country.Read more

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Delhi Development Authority's Land Pooling Policy sees slow uptake

27 Oct 2023

Delhi's 2018 land pooling policy, designed to revamp 105 villages within P-II, K-I, L, N, and J zones, has hit a roadblock as it garners limited interest from landowners. The policy mandates that landowners form a consortia to collectively pool land, with 70% of the land required for development needing to be contiguous and free from encumbrances. Despite its potential to unlock urban development opportunities, the low uptake underscores challenges and skepticism faced by landowners, possibly due to complexities and uncertainties associated with the policy. Delhi Development Authority (DDA) continues to encourage participation, hoping to boost this redevelopment initiative.Read more

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