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

In Pune district, just 39 of 277 recovery warrant orders executed: MahaRERA report

PNT Reporter

12 May 2023

According to a report by the Maharashtra Real Estate Regulatory Authority (MahaRERA), only 39 out of 277 recovery warrant orders have been executed by the district administration of Pune, resulting in only Rs32.92 crore being recovered out of the total amount of Rs170.37 crore owed by errant realtors. The slow process of execution of orders in Pune district has been attributed to the lack of a dedicated team and difficulty in finding properties of errant builders for auction. Homebuyers have expressed frustration at the inordinate delay in executing recovery warrant orders.Read more

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Thousands face eviction as CHB cancels allotments over unpaid dues

PNT Reporter

12 May 2023

The Chandigarh Housing Board had cancelled the flat allotment for the rent defaulters. The CHB cancelled 100 allottees and also sent notices to all the small flats that were rented and dues not paid. About Rs.50 crores were outstanding from the small flats rented out. Once the allotment is cancelled, the tenants must vacate the flat and if the dues are paid with interest and revival charges, the flat can be restored. About 18000 flats are under restoration in Chandigarh. Besides cancelling allotments, show cause notices have also been sent to some tenants to pay off their pending dues.Read more

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Supreme Court rejects BMC's review petition, orders refund of property tax

PNT Reporter

12 May 2023

The Supreme Court has directed the Brihanmumbai Municipal Corporation (BMC) to rework the capital value of all properties in Mumbai and refund citizens who paid property tax for the years 2010 to 2012 as per the Capital Valuation System (CVS). The high court had set aside certain rules framed by the BMC for retrospective tax assessment and directed them to frame new rules and issue fresh bills. This decision will have significant implications for the BMC and the citizens of Mumbai as property tax is the second largest source of revenue for the civic agency.Read more

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Housing society can't shirk duty if house is rented: Maharashtra SCDRC

PNT Reporter

12 May 2023

The Maharashtra State Consumer Disputes Redressal Commission has ordered a housing society in Deonar to pay Rs 55,000 as compensation and carry out repairs and water-proofing of two row houses owned by residents who had been regularly paying monthly service charges. The society had failed to fix the leakage and waterproofing of the houses, despite carrying out waterproofing of all the other units in the colony. The commission observed that a housing society cannot shirk its responsibility of necessary maintenance only because the owners have given the house on rent.Read more

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Over 17,000 registered housing societies in Pune lack conveyance

PNT Reporter

11 May 2023

A recent report by the Pune Cooperation Department revealed that approximately 17,000 registered housing societies in Pune lack conveyance or deemed conveyance. Incomplete documentation and property disputes are the main reasons for this situation. To tackle this problem, the state government is planning to conduct monthly camps to educate and assist housing societies in applying for conveyance or deemed conveyance. An app has also been launched to guide housing societies through the process, and social media groups have been formed to create awareness.Read more

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Bombay HC allows RNA Palazzo buyers to self-develop stalled project

PNT Reporter

11 May 2023

The Bombay High Court has granted a group of 78 flat purchasers of RNA Palazzo, a stalled residential project in Kandivli, the right to self-develop the remaining parts of the project. The flat purchasers had formed an association and filed a suit against the developer seeking specific performance by the builder of their agreements for flats. The court appointed the association of flat purchasers as an agent of the court receiver to take charge of the project and self-develop the remaining parts.Read more

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Gurugram authorities crack down on Building Code violations, sealing two homes and an unauthorized office

PNT Reporter

11 May 2023

Gurugram officials have taken action against building code violations, sealing two residential properties in DLF 1 and an unauthorized office in Palm Springs Plaza's basement. The properties had breached provisions of the occupation certificate and Haryana Building Code, leading the Department of Town and Country Planning to enforce the closures. The crackdown emphasizes the local government's dedication to upholding regulations and maintaining a safe living and working environment, as Gurugram continues to grow and develop.Read more

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Lucknow government takes action against illegal construction and encroachments

PNT Reporter

11 May 2023

The state government of Lucknow is taking strict measures to eradicate illegal construction and encroachments made on government lands. The State Level Anti-Mafia Task Force (SLALMTF) has been formed to put a stop to encroachments, and the government has passed an order for all state urban bodies to report any encroachments on public lands, parks, and ponds within their jurisdiction. The revenue department and Directorate of Local Bodies are working together to update information on the Anti-Land Mafia Portal (IGRS Portal). A four-level task force has been established for analysing the anti-land campaign at various levels.Read more

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Uttarakhand implements stricter scrutiny for land purchases

PNT Reporter

11 May 2023

The Uttarakhand Government has announced plans to introduce a new law with strict provisions for purchasing land in the state. The move comes after concerns raised by Chief Minister Pushkar Singh Dhami about "land jihad", or encroachments on state-owned land by way of building religious structures. The new law will examine the background of prospective buyers and their reasons for purchasing land in Uttarakhand, with officials aiming to prevent "people with dubious backgrounds" from buying land in the state. The government will also make necessary changes to existing land-related laws and bring an ordinance over the issue.Read more

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Government decides to extend Smart Cities mission deadline till June 2024

PNT Reporter

10 May 2023

India's Union Housing and Urban Affairs Ministry has extended the deadline for the Smart Cities Mission until June 2024 due to requests from some cities. The Mission was launched in 2015 to redevelop 100 cities, and on-ground project execution began at least 18 months post-city selection. Officials stated that the extension is being granted not only to complete projects but also to disseminate and institutionalize best practices, templates, and innovations created under the Mission for replication across the country.Read more

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