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

MahaRERA rules landowner is not an allottee, dismisses complaint against developer

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled that a landowner does not qualify as an allottee under the Real Estate (Regulation and Development) Act and, therefore, cannot seek relief against developers. Swastik Real Estate Developers had sold 36,635 square metres of land to Mahindra Happinest Developers in Kalyan for INR 90.20 crore in July 2018. Despite a conveyance deed being executed in November 2019, Swastik claimed they had not received INR 8.50 crore from the developer. The dispute arose when Mahindra Happinest contested the land title and encumbrances, leading to a complaint before MahaRERA. The authority dismissed the case, stating that Swastik does not qualify as an allottee under the RERA Act, thereby lacking the legal standing to file a complaint.Read more

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Odisha government approves GIS-based master plan for Jeypore

The Odisha government has approved a GIS and remote sensing-based master plan for Jeypore, covering 7,717.20 acres and including 15 surrounding villages. The plan introduces zoning regulations to guide organized growth, with new infrastructure projects such as roads and a bypass. Landowners are required to obtain licenses for construction, and violations could lead to penalties. The last master plan, implemented in 1981, became outdated, prompting this revision to manage the town's growing needs effectively.

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Kerala: Wayanad landslides destroy 0.55 hectares of encroached forest land

The Kerala Forest department has reported that the devastating Wayanad landslides on July 30, 2024, completely destroyed two encroachments covering 0.55 hectares in the Punchirimattam forest area. The encroachments, one spanning 0.43 hectares in the vested forest area and the other extending 0.12 hectares downstream, were part of the South Wayanad forest division. Kerala's government aims to regularise encroachments before 1977 and evict those after, with ongoing efforts to remove encroachments in Wayanad. Over 6,945 hectares of encroachments have been evicted, with 2,778 still pending in Wayanad. The department has also implemented boundary demarcation to prevent further encroachments.

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Supreme Court upholds Piramal Capital's DHFL resolution plan, overturns NCLAT order

The Supreme Court has upheld Piramal Capital & Housing Finance's resolution plan for Dewan Housing Finance Corporation Ltd (DHFL), overturning an NCLAT order that had directed lenders to reassess the valuation of INR 45,000 crore in bad loans. The apex court dismissed appeals from former promoter Kapil Wadhawan and fixed deposit holders, ruling that the approved plan, valued at INR 37,000 crore for DHFL's INR 90,000-crore assets, adhered to legal provisions. The court clarified that future recoveries from avoidance applications under Sections 43, 45, and 50 of the Insolvency and Bankruptcy Code (IBC) would benefit creditors, while Section 66 recoveries would go to Piramal Capital.

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Gurugram: DTCP intensifies crackdown on unauthorised constructions in DLF phases 1-5

The Department of Town and Country Planning (DTCP) has escalated its action against unauthorised constructions in Gurugram's DLF phases 1-5, recommending the revocation of occupation certificates (OCs) for 843 additional properties. This includes 583 EWS category houses and 169 general category units. The move follows an earlier order targeting 1,588 properties, bringing the total number of affected homes to 2,431. The action aligns with a Punjab and Haryana High Court directive to curb violations in planned residential areas. DTCP officials stated that once OCs are revoked, water, sewer, and electricity connections would be severed. The decision has sparked concerns among homeowners, many of whom claim they were issued valid OCs at the time of purchase. While some residents criticise the move as unfair, others welcome it as a necessary step to address urban planning issues. Authorities plan to commence sealing and demolition drives in April, while affected residents explore legal options.

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UP grants second zero-period waiver to 15 developers, easing Noida real estate dues

The Uttar Pradesh government has granted a second two-year zero-period benefit to 15 real estate developers for the period between 2013 and 2015, when construction was halted within a 10km radius of the Okhla Bird Sanctuary (OBS) due to a National Green Tribunal (NGT) ban. This waiver, part of a broader initiative led by a UP government panel to address stalled projects, follows the first zero-period relief granted in December 2023, which significantly reduced Noida Authority's outstanding dues. The latest waiver is expected to cut dues by INR 182 crore by exempting interest and penal charges for stalled projects. Key beneficiaries include Laureate Buildwell, HR Oracle, AIMS RG Angel Promoters, and Prateek Buildtech. The move is anticipated to accelerate project completion and facilitate pending registrations, potentially benefiting homebuyers.

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Bombay HC rules against builder's plea to evict tenants via arbitration

The Bombay High Court ruled that a builder, Ambit Urbanspace, was not justified in using a commercial arbitration plea to remove tenants with statutory legal protection under the Maharashtra Rent Control Act, 1999. The case involved garage tenants on the premises of Poddar Apartment Co-operative Housing Society in Kandivli, who were distinct from society members. The court stated that arbitration could not serve as a "backdoor method" for eviction, particularly when landlords had not acted for decades regarding alleged illegal usage. The judgment emphasised that tenancy matters should be addressed through the Rent Act forum.

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Bombay HC orders demolition of illegal Thane building, seeks action against civic official

The Bombay High Court has directed the Thane Municipal Corporation (TMC) to resume the demolition of an illegal ground-plus-three-floor building in Uthalsar, Thane (W), and take action against Assistant Municipal Commissioner Bhalchandra Ghuge for allegedly protecting the structure. The court criticised the delay in execution despite the Supreme Court upholding the demolition order. The judges instructed TMC to act within a week and ordered the police to provide necessary support. The court emphasised that enforcing such orders is crucial for maintaining planned development and upholding the rule of law.

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Arera Colony residents protest commercialisation, Supreme Court ruling offers hope

Residents of Arera Colony have raised concerns over the increasing commercialisation of their residential area, questioning the authorities on measures to curb the proliferation of unauthorised showrooms, hotels, and restaurants. They have petitioned senior officials, citing a recent Supreme Court ruling that mandates strict enforcement against illegal commercial constructions in residential zones. The verdict directs authorities to ensure compliance with building plans and deny utilities to unauthorised establishments. While some residents have resorted to blocking entry points to curb commercial activities, legal action is being sought to reclaim the colony's residential character.

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Maharashtra government sets July deadline to demolish 391 illegal structures in Malwani-Madh

The Maharashtra state government has set a July deadline for the demolition of 391 illegal constructions in the Malwani-Madh region and has directed authorities to take action against municipal officials and government officers involved in their approval. A Special Investigation Team (SIT), formed following a court order, is investigating alleged manipulation of coastal regulation zone and no-development zone records using forged maps. Of the 457 identified illegal structures, the Brihanmumbai Municipal Corporation (BMC) has acted against 66, with the remaining demolitions now a priority. Officials have acknowledged challenges in identifying forged approvals due to the online nature of the approval system.

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