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

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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Jammu and Kashmir Housing Board to allot 336 flats to non-locals under PMAY (Urban)

10 May 2023

The Jammu and Kashmir Housing Board is set to allot 336 Low Income Group and Economically Weaker Section flats to non-locals under the Pradhan Mantri Awas Yojana (Urban) mission. The flats are available for a monthly rent of Rs. 2200 per flat for a period of three years which can be extended to five years under certain terms and conditions. The allotment will be made in three phases, and families with incomes below 3 lakhs per annum for EWS and less than 6 lakhs per annum for LIG are eligible to apply. The site is located near major industrial estates and educational and health infrastructure.Read more

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Allahabad HC orders Noida Authority to halt floodplain demolition drive

PNT Reporter

10 May 2023

The Allahabad High Court has directed the Noida Authority to maintain status quo on its order of demolishing farmhouses on the Yamuna floodplain. The directive was issued in response to a petition filed by a farmhouse owner, Ratna Mitra, whose objections were rejected by the authority. Mitra's legal team contended that the authority did not have the necessary jurisdiction to order the demolitions, especially in the absence of floodplain demarcation. The court has directed the authority and National Mission for Clean Ganga to file counter affidavits and listed the case for the next hearing on July 2, 2023.Read more

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Karnataka Home Buyers Forum calls for clarity on occupancy certificate regulations

PNT Reporter

09 May 2023

Homebuyers in Karnataka are urging the Karnataka Real Estate Regulatory Authority (K-RERA) to adhere to rules regarding occupancy certificates and not permit civic bodies to issue partial certificates to builders. They claim that K-RERA's introduction of partial occupancy certificates deviates from the RERA Act 2016, negatively affecting homebuyers in the state. In response, K-RERA is considering amending the K-RERA Act to address the partial occupancy certificate issue.Read more

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High court seeks TIDCO housing details from government in Andhra Pradesh

PNT Reporter

09 May 2023

The Andhra Pradesh High Court has directed the government and petitioners to submit complete details about houses constructed by the Andhra Pradesh Township and Infrastructure Development Corporation (APTIDCO) for economically weaker sections. The court has asked for details of beneficiaries and guidelines framed for selection before deciding on interim orders on petitions challenging the creation of the R5 zone by amending the capital city masterplan. The petitioners allege that the government is planning to allot house sites to landless poor from other areas without handing over the finished houses to beneficiaries.Read more

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MCG directs private developers of 8 colonies to pay for deficient infrastructure

PNT Reporter

09 May 2023

Private developers of eight colonies in Gurugram have been instructed to deposit Rs 75.8 crore for deficient infrastructure costs to continue development, after the Municipal Corporation of Gurugram (MCG) took over the colonies last year. The developers have demanded a re-evaluation of the deficient infrastructure cost, and the MCG commissioner has sanctioned the creation of a committee to re-evaluate the estimates of deficient infrastructure. Meanwhile, the residents of Mayfield Gardens are suffering due to the delay in the matter by MCG.Read more

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MahaRERA Addresses regulatory violations by issuing notices to Chartered Accountants

PNT Reporter

09 May 2023

MahaRERA has issued show-cause notices to chartered accountants and contacted the Institute of Chartered Accountants of India after discovering instances where the same chartered accountant acted as both project auditor and statutory auditor, violating MahaRERA regulations. Officials raised concerns about the intentions of promoters in such cases. MahaRERA has requested the Institute to conduct training sessions to ensure compliance with regulations and the Real Estate (Regulation and Development) Act. This move aims to promote transparency, accountability, and better adherence to guidelines within the real estate sector.Read more

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Bombay High Court allows additional floors in residential building despite protests

PNT Reporter

09 May 2023

Despite protests from the housing society, the Bombay High Court approved the construction of nine additional floors by a developer in a 12-story building. The organization had contended that due to CRZ limits, the original project to build 38 levels had been reduced to 12 floors, and that additional construction would endanger the existing building. However, the developer relied on a VJTI report that authorized the extra floors. Until the petitioners file a substantive lawsuit, the developer will continue construction at their own risk, according to the division bench of justices Gautam Patel and Neela Gokhale.Read more

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Kolkata civic body proposes to levy penalty on owners who ignore to move to UAA system

PNT Reporter

08 May 2023

The Kolkata Municipal Corporation is proposing to impose a penalty of up to 30% on property owners who refuse to switch to the Unit Area Assessment (UAA) system, which has been mandatory since April 2017. The KMC is sending notices to property owners to encourage them to switch to the UAA system and streamline the process. The UAA system calculates property tax based on the unit area value of a property and is intended to be more accurate and transparent than the previous system.Read more

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Four lakh owners in Bengaluru issued unique property ownership records cards

PNT Reporter

08 May 2023

The Urban Property Ownership Records (UPOR) project in Bengaluru has provided over four lakh property owners with digitized and georeferenced property cards that contain a unique land property identification number. The project aims to issue such cards for all 25 lakh properties in the Bruhat Bengaluru Mahanagara Palike (BBMP) limits. The UPOR project is being implemented by staff at Survey Settlement and Land Records (SSLR).Read more

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