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 High Court orders BMC to compensate Runwal Township land acquired 54 years ago

21 Oct 2023

The Bombay High Court has issued a directive to the Brihanmumbai Municipal Corporation (BMC) to provide compensation to the developer, Runwal Township, for the acquisition of setback land that occurred 54 years ago. This compensation could come in the form of floor space index (FSI), transfer of development rights (TDR), or monetary compensation and must be completed within eight weeks. The setback land was acquired by BMC in 1969 and was initially owned by Meghji Gopalji and his wife. They sought compensation in the form of FSI in 1976. The case went to court in 2019-20, with the BMC arguing against the claim. The court ruled in favour of compensation, emphasizing the right to property under the Indian Constitution. This landmark judgment could lead to similar compensation claims in land acquisition cases.Read more

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High Court rejects BMC's penalty demand from Kamla Industrial Park

21 Oct 2023

The Bombay High Court criticized the Brihanmumbai Municipal Corporation (BMC) for demanding a Rs 22.80 crore penalty from industrial and commercial tenement owners of Kamla Industrial Park at Charkop in Kandivali for unauthorized constructions. The court ruled against BMC, deeming the penalty inequitable due to the municipal inaction that allowed the violations. The court emphasized the importance of timely intervention by municipal bodies to prevent unauthorized constructions, safeguarding property owners' and buyers' interests and maintaining the integrity of the real estate market.Read more

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Bank accounts of RWAs frozen as registrar enforces legal framework

21 Oct 2023

The Karnataka Registrar of Cooperative Society (RoCS) is taking action against Resident Welfare Associations (RWAs) registered under the Karnataka Societies Registration Act (KSRA), 1960. Notices have been issued to freeze bank accounts of RWAs, and in one case, the registration was cancelled. This crackdown follows Karnataka High Court orders deeming it unlawful for housing associations to register under this Act. Legal experts highlight that while the Act permits societies like NGOs, charities, etc., it does not allow RWAs to collect maintenance fees. The RWAs must be registered under Karnataka Cooperative Societies Act, 1959 (KCSA) for collecting fees in their bank account.Read more

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Mumbai residents protest against BMC's footpath encroachments in Chandivali

21 Oct 2023

Residents in the Powai-Chandivali area of Mumbai took to the streets in protest, frustrated by the Brihanmumbai Municipal Corporation's (BMC) prolonged inaction on encroachments on the Adityavardhan Raheja Vihar Road footpath. The Chandivali Citizens Welfare Association (CCWA) and housing society members criticized BMC's indifference. Allegations arose that these encroachments were strategic moves to gain land ahead of a proposed road widening project, as part of a political ploy. CCWA had previously raised concerns about shops on the footpath, but BMC remained unresponsive until the protest. The BMC eventually responded by deploying a bulldozer to demolish a recently erected structure.Read more

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KSPCB's struggles with NGT fine collections in Bengaluru

21 Oct 2023

The Karnataka State Pollution Control Board (KSPCB) has reportedly collected only Rs 4 crore of the National Green Tribunal's (NGT) Rs 200 crore fine imposed on over 160 Bengaluru apartment complexes and commercial establishments since 2000 for non-compliance with sewage treatment plans. Forest Minister Eshwar B Khandre disclosed the poor enforcement, citing legal hurdles as the reason. Builders sold apartments and do not hold up to their responsibility while the new owners are unwilling to pay the fines. They have even contested the fines in court. The NGT's deadline for setting up sewage treatment plants was originally December 2023, but that too has been extended now to December 2024.Read more

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Sikkim CM announces housing schemes for those who lost homes in flash floods

21 Oct 2023

Sikkim's Chief Minister, PS Tamang, announced two housing schemes and financial aid for flood-affected residents in the northern region. The "Punarwas Awas Yojna" (Rehabilitation Housing Scheme) will provide houses to beneficiaries, while the Janta Housing Colony scheme offers rent-free housing. Additionally, provision for essential household items and financial relief measures, including interest-free loans and loan repayment extensions, aim to assist businesses and individuals impacted by the flash flood to rebuild their lives.Read more

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Indian Railways delay handover of key land for Dharavi redevelopment project

20 Oct 2023

The Indian Railways has yet to transfer 47.5 acres of land in Dadar to the Dharavi Redevelopment Project Pvt. Ltd., the dedicated entity for the rejuvenation of the sprawling Dharavi slum. Insiders reveal that the railway still maintains goods on the mostly vacant land. This significant parcel of railway land borders the Dharavi region and holds substantial importance for the construction of the initial phase of permanent accommodations. While a physical survey of the land has been completed, discussions are actively underway between the project authorities and the Indian Railways to secure its prompt handover.Read more

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Deadline extension for MHADA 2023 affordable housing lottery near Mumbai

20 Oct 2023

The Maharashtra Housing and Area Development Authority's (MHADA) Konkan Board has extended its application deadline for the 2023 affordable housing lottery to November 15, previously set for October 16. Over 5,300 homes in towns like Thane, Virar, and Vasai, priced between Rs 10 lakh to Rs 50 lakh, are up for grabs. Notably, more than 1,000 of these homes fall under the Pradhan Mantri Awas Yojana (PMAY), catering to low and middle-income residents. The lottery results are expected at 11 am on December 13.Read more

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Maharashtra's Mahahousing to construct 36,000 affordable homes under PMAY Scheme

20 Oct 2023

Under the Prime Minister Awas Yojana (PMAY), Maharashtra Housing Development Corporation (Mahahousing) is constructing 36,000 affordable homes in tier-2 and tier-3 cities, including Solapur, Nagpur, Satara, and Titwala in the Mumbai Metropolitan Region. These 300-600 sq. ft. houses are priced from Rs 9 to Rs 17 lakh, catering to various income segments. Additionally, 2,200 flats in Titwala are in the works. The first 500 homes for Economically Weaker Sections and Low-Income Groups in Solapur will be distributed via lottery, priced at Rs 9 lakh after PMAY subsidies.Read more

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Noida Authority destroys 50 farmhouses on Yamuna floodplains

20 Oct 2023

Dozens of farmhouses, sprawling across multiple acres on the Yamuna floodplains, have faced demolition by the Noida Authority. The owners had constructed concrete structures on the premises and were using them for various commercial activities. This action signals the beginning of a crackdown on unauthorized developments along the environmentally sensitive floodplain area. The Noida Authority has emphasized its commitment to preserving the floodplains and curbing illegal encroachments. Further demolitions are expected as part of a broader effort to reclaim and protect the Yamuna floodplains.Read more

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