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 directs SRA nodal officers to address transit rent related issues within 30 days

05 Sep 2023

The Bombay High Court has issued directives to newly appointed Slum Rehabilitation Authority (SRA) nodal officers to ensure prompt action on complaints related to the non-payment of transit rent during the redevelopment process. These directives come in response to Public Interest Litigations (PILs) filed in 2019 regarding the non-payment of transit rent to eligible slum-dwellers, particularly in projects by Omkar Realtors and Developers Pvt Ltd. The court has mandated transparency, requiring the SRA to report on the number of complaints received and resolved. The court's intervention aims to expedite the resolution of transit rent disputes and hold relevant parties accountable, including developers and the SRA.Read more

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Court denies Godrej Properties' plea in Rs 227 crore land deal plea

05 Sep 2023

A joint civil judge in Nagpur has rejected an application from Godrej Properties and a local Agrawal family, who raised concerns about the validity of a lawsuit challenging a Rs 227 crore land deal between them. The challenge is rooted in the provisions of Muslim law, specifically regarding the role of a mother as a natural guardian. While both parties contested the validity of the lawsuit, citing a limitation period, the court rejected their plea, citing principles of Muslim law as the basis for its decision. This case will continue to be heard in court, with a focus on the land deal and Muslim law considerations.Read more

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Topworth Steels and Power MD in custody over alleged money laundering and bank fraud

05 Sep 2023

The Enforcement Directorate (ED) has arrested Abhay Narendra Lodha, the promoter and managing director of a Mumbai-based steel and power company, in connection with a money laundering case linked to an alleged bank fraud. Lodha is associated with Topworth Steels and Power Private Limited (TSPPL), which is currently undergoing insolvency proceedings. The ED's investigation, stemming from a Central Bureau of Investigation (CBI) case, uncovered fraudulent activities related to IDBI Bank, resulting in a loss of Rs 63.10 crore. The agency alleges that the Topworth Group, under Lodha's control, generated illicit funds of around Rs 3,000 crore. This case exemplifies the collaborative efforts of law enforcement agencies to combat financial crimes.Read more

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UP-RERA provides relief to homebuyers with Rs 3,105 crore in recovery certificates

05 Sep 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has made significant progress in assisting distressed homebuyers. Since its establishment in 2017, UP-RERA has issued recovery certificates (RCs) totalling Rs 3,105 crore in favour of 8,575 homebuyers due to developers' failure to deliver homes as promised. However, only around Rs 630.70 crore has been recovered so far, benefiting 3,421 complainants. UP-RERA introduced e-courts in 2020, helping over 20,700 cases get resolved out of 27,100 filed. The authority plans to integrate AI and ML technologies into its website to streamline complaint resolution. UP-RERA has registered over 3,470 real estate projects, with a significant number located in the NCR region.Read more

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Legal battle ensues over Dharavi redevelopment tender process

04 Sep 2023

The Maharashtra government has defended the transparency of the 2022 tender process for the Dharavi slum redevelopment project, stating that no undue favour was shown to Adani Group. The government's response came in reply to a petition by Seclink Technologies Corporation challenging the project's award to Adani Properties. The government asserted that the cancellation of the old tender was justified, and the new process attracted more bidders. The government emphasized the project's importance and inclusivity in accommodating non-eligible slum tenements. The Adani Group had won the bid, prompting the legal challenge, while the government maintained the legitimacy of the new tender.Read more

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DTCP in Haryana takes measures to ensure compliance in OC issuance

04 Sep 2023

The Department of Town and Country Planning (DTCP) in Haryana is investigating instances of architects allegedly flouting norms while issuing occupation certificates (OCs) for buildings. Architects were granted the authority to issue OCs under a self-certification policy issued in November. However, complaints arose that some architects did not follow the proper procedure of submitting files to the district town planner's office after granting OCs. The DTCP has now initiated checks on OCs issued by architects after August 1, and a list of compliant buildings will be sent to tehsildars for registration. Violations will result in show cause notices and registration holds.Read more

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CM Khattar announces Haryana's villages now free from 'Lal Dora' areas

04 Sep 2023

Haryana's Chief Minister, Manohar Lal Khattar, has announced that every village in the state is now free from "Lal Dora" areas. The initiative, launched by the government in December 2019, aimed to establish definite property ownership in rural areas using drone technology to map land plots and provide households with a 'Record of Rights.' This initiative has resulted in the issuance of legal ownership cards. Over 2.5 million property cards have been completed in 6,260 villages, with over 2.4 million cards distributed to their rightful owners. This move eliminates the longstanding "Lal Dora" designation, ensuring property owners have official records and access to bank loans.Read more

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Odisha CM hands over land rights certificates to 65,000 families living in slums

02 Sep 2023

Odisha Chief Minister Naveen Patnaik distributed land rights certificates to 65,000 families in urban slums across five cities, aiming to empower vulnerable communities and improve living conditions. The initiative, part of the 'Jaga Mission,' grants property ownership and basic amenities to uplift slum dwellers. While criticized by opposition parties for political motives, the program signifies a substantial stride towards inclusive development and stability.Read more

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Punjab's PMAY-G efforts provide 34,000 families with permanent housing solutions

02 Sep 2023

Under the Pradhan Mantri Awas Yojana- Gramin (PMAY-G) scheme, Punjab's rural development and panchayats department has sanctioned 40,326 houses. Minister Laljit Singh Bhullar reported that 34,784 houses have already been allotted to needy families, while Rs 21.23 crore was released for constructing the remaining 5,559 houses, with completion expected by December. The disbursement includes Rs 30,000, Rs 72,000, and Rs 18,000 instalments for different beneficiaries. The initiative not only aims to provide pucca houses but also ensures essential amenities, electricity, water, gas, and employment opportunities under MGNREGA, alongside provisions for animals and environmental sustainability.Read more

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Pune administration's gunthewari regularization scheme likely to be extended by three months

01 Sep 2023

The Pune Municipal Corporation is considering extending its gunthewari regularization scheme by three months due to a lacklustre response. Since its reintroduction last year, only 21 out of 856 proposals have been approved, with high costs and complex processes deterring property owners. The scheme aims to regularize unauthorized subdivisions of privately owned land, but limited geographic applicability and documentation hurdles have hindered its success.Read more

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