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

NCLT allows MHADA plea over its Patra Chawl land

21 Feb 2023

The National Company Law Tribunal (NCLT) has granted a significant relief to the Maharashtra Housing and Area Development Board (MHADA) in the Patra Chawl redevelopment case. The NCLT allowed MHADA's plea to exclude its entire 47-acre property known as 'Siddharth Nagar' from the liquidation estate of Guruashish Construction. Under a Joint Development Agreement (JDA), Guruashish was supposed to construct permanent rehabilitation homes for 672 tenement holders and in lieu could build and sell free-sale component at its own risk. MHADA terminated the JDA in January 2018 due to the builder's default in completing construction within its stipulated timeline.Read more

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Affordable plotted housing scheme suspended in Haryana

21 Feb 2023

The Haryana state government has suspended the Deen Dayal Jan Awas Yojna (DDJAY) scheme, which aimed to provide affordable plotted housing to low- and middle-income families in Gurgaon and Faridabad, due to high land costs and lack of benefit for the target demographic. Prime Minister Narendra Modi launched the DDJAY scheme in Haryana in November 2016 to address the problem of unauthorised colonies while offering affordable housing options to low- and middle-income families.Read more

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Mormugao Municipality takes action against 32 dangerous structures in Goa

21 Feb 2023

The Mormugao Municipal Council (MMC) has made the decision to take enforcement action against dangerous structures under its purview. Thirty-two residential structures have been listed by municipal officials as being unfit for habitation. Majority of these structures are in Vasco town, with the remainder spread among the Baina, Mundvel, Maimollem, Vaddem, and Headland-Sada regions.Read more

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Middlemen siphoning off housing scheme funds in Bengaluru

21 Feb 2023

It has been reported that multiple beneficiaries of the Bruhat Bengaluru Mahanagara Palike's (BBMP) standalone home scheme are falling victim to fraud committed by local middlemen, who are taking advantage of the scheme to extort money from unsuspecting applicants. The scheme is designed to provide financial aid of Rs 5 lakh to economically weaker sections of society, with an annual income of less than Rs 3 lakh, to build their own homes.Read more

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Haryana RERA issues arrest warrant against Shree Vardhman

20 Feb 2023

The Haryana Real Estate Regulatory Authority in Gurugram has issued an arrest warrant for the directors of Shree Vardhman Infrahome Private Limited for failing to transfer ownership of a unit to the assigned individual. The warrant was issued on February 7 by the adjudicating officer’s court following a complaint from the allottee. The court had previously issued a show-cause notice to the directors in connection to the matter but received no response despite proper service.Read more

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Bombay HC dismisses Godrej & Boyce plea against land acquisition

20 Feb 2023

The Bombay High Court has ruled in favour of the state government on a petition filed by Godrej & Boyce challenging the acquisition proceedings initiated by the Maharashtra government and the National High Speed Rail Corporation Limited (NHSRCL) in Mumbai's Vikhroli area for the project. The court stated that the project was of unique importance and that the collective interest of the public would take precedence over private interests, such as those claimed by Godrej & Boyce. The court noted that the provisions of the Fair Compensation Act empower the government to carry out the acquisition proceedings to their conclusion.Read more

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Landowner accuses developers of Godrej Air project of cheating

17 Feb 2023

The Godrej Air residential project in Sector 85, Gurgaon, has become a source of trouble for around 500 homebuyers and investors as the landowner, Orris Infrastructure, has taken legal action against the developer, Godrej Properties. Orris has filed a complaint with the economic offence wing (EOW) of the Gurgaon police, alleging that Godrej Properties has engaged in cheating, criminal breach of trust, and criminal conspiracy. In December 2022, the court of an additional district judge ordered the freezing of 16 bank accounts of the project after Orris filed a petition alleging that Godrej Properties was siphoning funds.Read more

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Occupancy certificate not needed for deemed conveyance in Maharashtra

17 Feb 2023

According to state cooperation department officials in Maharashtra, a housing society does not need to possess an Occupancy Certificate (OC) to apply for and receive deemed conveyance. The officials cited a government resolution (GR) from 2018 that allows for both online and offline applications for deemed conveyance for societies without OC, but with a catch. The society must submit a self-declaration form that affirms that it will pay the necessary dues and obtain the OC from the local authority at a later date.Read more

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Bombay HC overturns decision to cancel 517 slum redevelopment projects

17 Feb 2023

The Bombay High Court has overturned a decision to cancel 517 slum development projects that were left unfinished since 2014. The court, consisting of Justices G S Patel and S G Dige, determined that the notice for cancellation was “not in accordance with the law and lacked a legal basis.” The court referred to the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act of 1971 and stated that the provisions clearly require that every defaulting developer must be given notice and a chance to be heard.Read more

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Builder legally bound to get 'completion certificate': Supreme Court

16 Feb 2023

Last week, the Supreme Court ruled that a builder of a housing complex remains responsible for obtaining a completion certificate for the structure, regardless of whether the flat owners have taken possession of their homes before the issuance of such a certificate. This ruling came as a relief for 36 flat buyers in a Kolkata housing complex who have been litigating against RNR Enterprise, the builder, since 2006.Read more

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