Kotak Mahindra Bank: RLLR: 0.75 | From: 8.7% - To: 10.5%
Union Bank of India: RLLR: 0.5 | From: 8.5% - To: 10%
Bank of Baroda: RLLR: 0.5 | From: 9.25% - To: 11%
HDFC Bank: RLLR: 0.75 | From: 8.5% - To: 8.8%

Law & Policy

Noida cracks down on builders: 12 offices sealed over INR 175 crore in unpaid dues

The district administration in Dadri, Noida, has recently sealed the offices of 12 real estate developers due to unpaid dues exceeding INR 175 crore to UP-RERA. Despite repeated recovery notices, these builders failed to comply, prompting strict enforcement actions. Key defaulters include Uttam Steels and Associates, Rudra Buildwell Homes, and Ansal Hitech Township. This move reflects a broader issue, with over 100 projects in the area collectively owing more than INR 500 crore. Recovery efforts face significant challenges, especially involving builders based in Delhi, highlighting the need for improved inter-state coordination and stronger regulatory measures to safeguard homebuyers and ensure accountability in the real estate sector.Read more

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Mumbai's construction sector urged to adopt sustainable practices to tackle air pollution

CREDAI-MCHI, in collaboration with the Maharashtra Pollution Control Board (MPCB) and WRI India, recently organised a capacity-building workshop in Mumbai to address the rising concern of air pollution caused by construction activities. The event gathered site engineers, safety officers, and project managers to discuss practical measures for mitigating dust and emissions, such as fogging, wheel washing, and isolating active zones. WRI India conducted a technical session on real-time monitoring, data transparency, and compliance with state guidelines, while representatives from BMC and CREDAI-MCHI emphasised the importance of sustainable construction practices. The workshop concluded with a pledge to implement structured mitigation strategies and promote environmentally responsible construction in the Mumbai Metropolitan Region (MMR).Read more

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Supreme Court stays demolition of illegal buildings in Chandni Chowk, Delhi

The Supreme Court of India has stayed the demolition of illegal constructions in Fatehpuri, Chandni Chowk, New Delhi, after reviewing photos showing ongoing unauthorized building activities. The court criticized the Municipal Corporation of Delhi (MCD) for not effectively preventing these violations despite prior orders. The MCD claimed to have removed illegal structures but delayed submitting a detailed report due to public holidays, which the court found unconvincing. The Supreme Court asked for independent experts to inspect the site and report back. The next hearing is scheduled for May 23, 2025. Earlier, the court also considered a possible CBI investigation amid concerns of builder influence on the MCD.Read more

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Bombay HC halts bidding process for INR 13,200 crore Thane-Borivali twin tunnel project

The Bombay High Court has ordered a stay on the bid opening for the Thane-Borivali twin tunnel project, a major infrastructure plan estimated at INR 13,200 crore. The stay comes after a petition alleged that a key bidder failed to meet eligibility criteria, raising questions about procedural transparency. The twin tunnel, meant to connect Thane and Borivali via a 10.8 km stretch beneath the Sanjay Gandhi National Park, aims to significantly cut travel time across Mumbai's eastern and western suburbs. The state government now awaits the court's next hearing, which will decide whether the bidding process can move forward.Read more

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BMC to finalise contractor for Deonar dumpyard clearance, plans to reclaim land in 3 years

The Brihanmumbai Municipal Corporation (BMC) is set to finalise one of its largest-ever waste clearance contracts to clear Mumbai's Deonar dumpyard within three years. The INR 2,368 crore project aims to remediate nearly 185 lakh tonnes of legacy waste using sustainable bioremediation techniques. Once completed, the reclaimed 311-acre land can be reused, including for the Dharavi Redevelopment Project. With tenders closing in May 2025, the selected contractor will be responsible for safely disposing of waste and converting it into usable materials like inert matter, recyclables, and soil fillers. The project is part of a broader push for cleaner, safer urban environments.Read more

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Mumbai News: ED probes 41 illegal buildings in Vasai; 13 locations searched over land scam

The Enforcement Directorate (ED) has launched a major investigation into 41 illegal buildings constructed on public land in Vasai, raiding 13 locations linked to the accused builders. These buildings were allegedly developed on a 60-acre plot meant for public use, with forged approval documents and fake agreements used to sell homes to unsuspecting buyers. The scam dates back to 2009 and involves a group of builders and civic officials. The Vasai-Virar Municipal Corporation (VVMC) has already demolished 14 structures, and more action is expected as authorities uncover the full scale of the fraud.Read more

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TGRERA orders builder to register plot or refund buyer with interest

The Telangana Real Estate Regulatory Authority (TGRERA) has directed a developer in LB Nagar to either register an unencumbered plot in the 'SV Golden City 5' project or refund INR 15.1 lakh, along with 11% annual interest, to buyer Purshottam Ketepally. Ketepally had booked a plot in October 2022 and made subsequent payments, but later discovered the plot was mortgaged. Despite assurances of an alternative plot and additional payments, the registration did not occur. TGRERA ruled in favor of the buyer, citing the builder's failure to fulfill commitments, and warned of penalties under Section 63 of the Real Estate (Regulation and Development) Act, 2016, for non-compliance.Read more

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Uttar Pradesh proposes capped fees for rent agreement registration to encourage legal compliance

The Uttar Pradesh government is considering a proposal to cap registration fees for rent agreements, aiming to make the process more affordable and encourage legal compliance. Under the proposed structure, registration fees would be set at INR 500 for annual rents up to INR 2 lakh, INR 5,000 for rents between INR 2-5 lakh, and INR 20,000 for rents above INR 5 lakh. Currently, a 4% stamp duty on the total lease value has deterred many from registering agreements, leaving them without legal protection under the Rent Control Act, 2021. The proposal also includes incentives for women property owners and caps on stamp duty for ancestral property divisions.Read more

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Odisha charts a new course in land policy with a farmer-first approach

The Odisha government is set to revamp its Resettlement and Rehabilitation policy, replacing the 2006 framework with a more farmer-centric approach. Key features include a "land-for-land" compensation model for displaced farmers and stringent measures to prevent land misuse by private industries. With substantial new investments on the horizon, the state aims to reclaim underutilized lands to facilitate industrial growth while ensuring environmental sustainability. The policy, currently in the drafting phase with input from multiple sub-committees, is poised to bring significant changes to land acquisition and utilization practices in Odisha.Read more

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MREAT affirms RERA's jurisdiction in Winter Green homebuyer dispute

The Maharashtra Real Estate Appellate Tribunal (MREAT) has overturned a 2022 MahaRERA order that directed 36 homebuyers in the Winter Green project at Rivali Park, Borivli, to seek arbitration for delay-related grievances. MahaRERA had based its decision on pre-2016 sale agreements containing arbitration clauses. However, MREAT cited binding rulings from the Bombay High Court and Supreme Court, clarifying that disputes under the RERA Act are non-arbitral. It ruled that such matters fall squarely within MahaRERA's jurisdiction, regardless of prior arbitration clauses. The case has been remanded to MahaRERA for a fresh hearing on merit, reinforcing regulatory protection for homebuyers.Read more

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