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

Hyderabad: High Court orders removal of unauthorised structures along Musi riverfront

PNT Reporter

The Telangana High Court has mandated the removal of unauthorised structures along the Musi River, supporting the Musi Riverfront Development Project in Hyderabad. The court instructed agencies like HYDRAA to issue notices to encroachers and conduct a socio-economic survey to rehabilitate displaced residents. The ruling emphasises preventing sewage pollution and compensating affected landowners. Opposition parties have criticised the move, citing inadequate notice for demolitions. The project aims to restore the river's ecological health, improve urban landscapes, and enhance transport networks. While transformative for Hyderabad, the initiative faces challenges in balancing environmental goals with residents' rights and urban development priorities.Read more

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Odisha: State government works to clear over 53,000 acres of encroached land

PNT Reporter

The Odisha government faces the challenge of clearing 53,480 acres of encroached government land, despite reclaiming 55,293 acres out of a total of 1,08,773 acres under the Odisha Prevention of Land Encroachment (OPLE) Act, 1972. Revenue Minister Suresh Pujari emphasized ongoing district-level efforts, with collectors directed to survey and protect cleared areas. Fencing and signage are being prioritized to prevent re-encroachment. Public awareness campaigns are also being launched to address the issue sustainably. While significant progress has been made, the government aims to ensure the reclaimed land serves public needs, supporting infrastructure and community development across Odisha.Read more

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Vasai Virar municipal corporation starts demolition of unauthorised buildings in Nalasopara

PNT Reporter

The Vasai Virar City Municipal Corporation in Palghar, Maharashtra, has begun demolishing 41 illegal buildings in Nalasopara following a court order. These structures were built without proper permissions, violating urban planning regulations. The demolition, overseen by municipal officials and supported by law enforcement to maintain safety and order, highlights the civic body's commitment to regulating unauthorized constructions. The operation, expected to span several days, aims to enforce compliance with planning laws and deter future illegal activities. This action underscores efforts to uphold urban development standards and maintain the integrity of the region's zoning regulations.Read more

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MahaRERA recovers INR 200 crore for homebuyers, strengthens recovery efforts with retired officials

PNT Reporter

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recovered INR 200.23 crore for homebuyers across various regions, with significant amounts from Mumbai City and Mumbai Suburban. To improve recovery efforts, MahaRERA is appointing retired Tahsildars in key districts. Currently, INR 228.12 crore is outstanding in Mumbai Suburban, and INR 150.72 crore in Pune. MahaRERA has issued 1,163 warrants to recover INR 705.62 crore, with successful recoveries from 139 projects. The authority ensures developers meet compensation requirements, utilizing District Collectors for recovery under the Real Estate (Regulation and Development) Act, 2016, and prioritizing consumer protections effectively.Read more

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Domestic and international investors now eligible as co-developers in GIFT City SEZ

PNT Reporter

For the first time, both domestic and international investors can become co-developers in commercial ventures within GIFT City's Multi Services SEZ. This opportunity follows the approval of an investor's request to obtain co-developer status for the Pragya tower, home to the IFSC Authority. The new model enables investors to acquire property rights and lease space to businesses setting up offices within the SEZ. Industry experts believe this shift will accelerate SEZ development, offering developers an exit strategy and creating investment opportunities, while aligning with the goal of generating 100,000 jobs in the near future.Read more

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Haryana: HRERA enforces strict compliance on annual report submissions by real estate developers

PNT Reporter

The Haryana Real Estate Regulatory Authority (HRERA) has introduced a stringent mandate requiring real estate developers to submit annual reports for their ongoing projects within 30 days. The decision comes in response to widespread non-compliance among developers, raising concerns about transparency. RERA has begun issuing show-cause notices to defaulters, with penalties for non-compliance. Developers must also ensure their project accounts are audited by certified chartered accountants, verifying proper fund utilization. RERA's actions underscore its commitment to transparency and safeguarding homebuyers' interests while maintaining financial integrity in real estate development.Read more

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Goa High Court blocks villa project in Bardez over orchard land and road access disputes

PNT Reporter

The High Court has temporarily suspended the construction of 12 villas and a swimming pool in Paliem, Bardez, after a public interest petition was filed challenging the technical clearance order. The petition disputes the approval for construction on an orchard with a no-development slope, claiming the Town and Country Planning (TCP) department wrongly designated the area as a settlement zone. Additionally, it alleges the property lacks an access road, contradicting a directive from the Principal Secretary (TCP). The petitioners, local biodiversity committee leaders, accuse government officials of fraud and manipulation, seeking the cancellation of the clearance order.Read more

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NGT petition filed to halt green space development in Navi Mumbai Chemical Zone

PNT Reporter

A non-profit organisation has filed a petition with the National Green Tribunal (NGT) to prevent commercial development on an open space in Navi Mumbai's Pawane chemical zone, home to over 200 trees. The plot, known as OS-7, has been allocated for a hotel by MIDC, raising concerns among environmentalists about the loss of green space that serves as a pollution buffer between the chemical zone and a residential area. MIDC's recent move to reclaim the land has sparked further debate, with environmental groups urging alternative resettlement solutions for project-affected persons (PAPs).Read more

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Pune: PMRDA files six FIRs against illegal constructions, more cases to follow

PNT Reporter

The Pune Metropolitan Region Development Authority (PMRDA) recently filed six FIRs against illegal constructions and has submitted applications for three additional cases. Despite prior stop-work notices, construction activities continued, leading to legal actions. Demolitions were paused for two months following a Supreme Court directive limiting such actions to structures on roads and water bodies. With election duties concluded, PMRDA plans to resume normal operations, including demolitions of unauthorised structures. The department ensures that complaints are investigated, and opportunities are provided to regularise structures where possible, but restricted or unapproved constructions face demolition.Read more

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Noida: Confusion delays lift registration despite rising safety concerns

PNT Reporter

Two months after Uttar Pradesh introduced the Lift and Escalator Rules, 2024, none of Noida's 80,000 lifts have been registered, despite rising safety concerns and repeated malfunctions. The law mandates registration, safety checks, and maintenance, with penalties of INR 10,000 and potential lift suspension for non-compliance. Residents and Apartment Owners Associations (AOAs) cite confusion over the registration process, which the Noida administration plans to clarify in a meeting with stakeholders. Safety incidents, including lift crashes, underscore the urgency of enforcement. Concerns about monopolistic repair mandates by manufacturers add to the challenges, making effective communication and compliance critical for improving elevator safety.Read more

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