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

Andhra Pradesh accelerates high-rise approvals with 72-hour clearance initiative

To boost urban development, the Andhra Pradesh government has implemented a policy that expedites approvals for high-rise building plans, guaranteeing clearance in as little as 72 hours. This initiative involves the establishment of a dedicated cell within the Directorate of Town and Country Planning (DTCP) to oversee the swift processing of applications for buildings with 12 or more floors. The policy also encompasses projects utilizing Transferable Development Rights (TDR), aiming to attract private investments, enhance infrastructure, and generate employment opportunities. By addressing delays previously encountered at Urban Local Bodies (ULBs) and Urban Development Authorities (UDAs), the government seeks to streamline the approval process and foster a more transparent and investor-friendly environment.Read more

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Chhattisgarh allocates over 8 lakh houses under PMAY to boost rural housing

Chhattisgarh has witnessed a significant milestone in rural housing with the allocation of over 800,000 houses under the Pradhan Mantri Awas Yojana (PMAY). Union Minister Shivraj Singh Chouhan acknowledged Chief Minister Vishnu Deo Sai's efforts in completing previously incomplete homes under the scheme. A new survey has also been initiated to assess further housing requirements in the state. Additionally, the state government's 'Samadhan Shivir' initiative has effectively resolved over 4,000 applications related to PMAY, with a resolution rate of 85% in the Bastar district. The government's focused approach aims to address housing shortages while ensuring effective implementation of welfare schemes.Read more

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Goa government plans new law to legalize homes on traditional and private lands

The Goa government plans to introduce a new law to legalize homes built on private, comunidade, and Alvara lands, helping thousands of residents with unauthorized dwellings due to complex land tenure issues. Chief Minister Shri Pramod Sawant highlighted that the law will benefit homeowners listed in the 1971 land survey records and aims to regularize more homes than the current RUCA Act, which helped only 2,000 of 10,000 applicants. The government clarified that recent demolitions followed court orders related to neighbor disputes, not policy. This initiative seeks to provide legal security to residents, especially in rural and semi-urban areas, by offering a clear path to home legalization with possible fines.Read more

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Maharashtra Tribunal directs Lodha Group to register part of New Cuffe Parade project with MahaRERA

In a significant decision favoring homebuyers, the Maharashtra Real Estate Appellate Tribunal has ordered Lodha Group (Macrotech Developers) to register a portion of its New Cuffe Parade project in Wadala with the Maharashtra Real Estate Regulatory Authority (MahaRERA). The directive comes after nine buyers, who booked flats between 2011 and 2014, alleged delays and incomplete occupancy certifications. Despite Lodha obtaining a part Occupancy Certificate (OC) in June 2017, the Tribunal emphasized that projects without full completion certificates post-May 2017 fall under RERA's purview. This ruling underscores the importance of full compliance with RERA regulations to protect homebuyer interests.Read more

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Maharashtra plans concessional loans to empower housing societies for self-redevelopment

In a significant move to facilitate urban renewal, Maharashtra Chief Minister Devendra Fadnavis announced that cooperative housing societies may soon access concessional loans for self-redevelopment projects. The state has approached the National Cooperative Development Corporation (NCDC) to extend its lending services to urban areas, aiming to reduce societies' reliance on private developers. This initiative complements existing incentives, including a waiver of the 8.5% interest on government premiums until March 2026 and plans for a single-window clearance system. These measures are designed to streamline redevelopment processes, making them more accessible and financially viable for housing societies across the state.Read more

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CBI probes YEIDA land allotments in Noida amid alleged builder-bank nexus

The Central Bureau of Investigation (CBI) has initiated an inquiry into land allotments by the Yamuna Expressway Industrial Development Authority (YEIDA) concerning four residential projects in Noida. This action follows a Supreme Court directive to investigate potential irregularities involving builders and banks in subvention schemes. YEIDA has provided the CBI with documents related to Supertech's UP Country, Oasis Realtech's Grandstand, and Jaypee Group's Kove and Kassia projects. The investigation aims to uncover any misuse of funds and project delays that have adversely affected numerous homebuyers in the region.Read more

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MHADA accelerates redevelopment of unsafe cessed buildings in Mumbai's island city

The Maharashtra Housing and Area Development Authority (MHADA) has intensified efforts to redevelop the 13,091 cessed buildings in Mumbai's island city. In response to the deteriorating condition of these structures, MHADA has initiated structural inspections and launched an awareness campaign to inform societies about the redevelopment process. The government has amended Section 79A of the MHADA Act, 1976, allowing landowners the first opportunity to submit a redevelopment proposal with the irrevocable consent of 51% of tenants/residents. If no proposal is submitted, MHADA's Mumbai Building Repair and Reconstruction Board (MBRRB) can acquire the building and land to carry out the redevelopment process.Read more

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Belagavi Cantonment Board revises building bylaws for sustainable urban development

The Belagavi Cantonment Board (BCB) has submitted a revised draft of its building bylaws to the Principal Director of Defence Estates, Southern Command, in Pune, for approval. The updated bylaws incorporate recommendations from The Energy and Resources Institute (TERI) following the rejection of the previous version by authorities. The civil area is now divided into two zones, with distinct guidelines for building permissions, ground coverage limits, and height restrictions. Zone 1 covers high-density areas and permits up to three floors and 90% ground coverage, while Zone 2 focuses on low-density zones with a maximum Floor Space Index (FSI) of 0.5 and 50% ground coverage.Read more

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Noida Authority intensifies crackdown on illegal farmhouses along Yamuna floodplains

The Noida Authority is set to issue notices to approximately 250 farmhouse owners for constructing permanent structures on the Yamuna floodplains, areas designated solely for agricultural use. While land transactions are not prohibited, any non-agricultural construction is illegal. Since May 2022, the Authority has demolished around 200 such structures, though many owners obtained stay orders from the Allahabad High Court, temporarily halting further action. Aerial surveys using drones have been initiated to identify new illegal constructions, with plans for a large-scale enforcement campaign.Read more

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UP-RERA issues directive to stop handover of incomplete apartments

In response to rising complaints from homebuyers, UP-RERA has directed developers to stop handing over incomplete "bare shell" flats, declaring the practice a violation of the RERA Act, 2016. Citing Section 37, the authority emphasized that possession can only be offered after full completion, including promised amenities and execution of a registered sale or lease deed. Secretary Mahendra Verma warned that forcing buyers to accept unfinished units, even through sale agreement clauses, could lead to penalties of up to 5% of the project cost under Sections 38 and 61. The directive reinforces homebuyer rights and signals strict enforcement against errant developers.Read more

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