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

NCDRC rules that homebuyers can seek refunds for missing promised amenities

The National Consumer Dispute Redressal Commission (NCDRC) recently ruled that homebuyers are entitled to seek refunds if the amenities promised by builders are not provided at the time of possession. This verdict follows numerous cases where developers, in a rush to meet deadlines, handed over flats without completing advertised features such as clubs, gyms, and green spaces. The ruling came in response to a complaint from a buyer of M3M Woodshire in Gurgaon, who cited significant deficiencies in the project. The NCDRC emphasised that advertised amenities must be delivered, granting the buyer a refund with interest.Read more

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Noida Authority proposes increase in FAR to 2.5 for industrial zones

The Noida Authority is set to revise building regulations to tackle land shortages by increasing the Floor Area Ratio (FAR) from 2 to 2.5 in industrial sectors. This change, impacting plots on roads wider than 24 meters and smaller industrial sites, aims to optimize land use and support vertical growth. The new FAR regulations also extend to IT and IT-enabled services (ITES) plots. This initiative seeks to enhance industrial capacity and accommodate Noida's rapid development, balancing economic expansion with sustainable urban planning. Public feedback will shape the final amendments, marking a crucial step in Noida's growth strategy.Read more

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Transit rent for Mumbai Metro 3 Project-Affected Persons soars 1,800% since 2017

From 2017 to 2023, transit rent for 576 project-affected persons (PAPs) from Mumbai's Girgaon-Kalbadevi area has increased over 1,800%, from INR 2.38 crore to INR 46.39 crore. This sharp rise, attributed to escalating displacement and ongoing construction of the Metro 3 line (Aqua Line), has sparked debate about the project's management. The Mumbai Metro Rail Corporation (MMRC) defends the increase, citing annual rent hikes and the growing number of displaced residents. Meanwhile, the project's total cost has surged by 61% to INR 37,276 crore. Despite these issues, the metro line aims to improve city transport, with completion expected by 2026.Read more

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Citizens respond positively to waterborne, vector-borne, and epidemic disease awareness camps

To combat malaria, dengue, and waterborne diseases, Navi Mumbai Municipal Corporation (NMMC) has initiated special awareness camps. These camps, organized by the NMMC Health Department across 24 Urban Primary Health Centres, aim to educate citizens on disease prevention and health practices. On August 28th, over 13,000 residents participated in these camps, and 1,216 blood samples were collected. Five such camps have already benefited 40,825 citizens. The camps include demonstrations on preventing mosquito breeding, such as covering water storage and maintaining cleanliness. NMMC Commissioner Dr. Kailas Shinde urges residents to eliminate mosquito breeding sites and adhere to hygiene practices to control disease outbreaks effectively.Read more

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Mohali Deputy Mayor urges swift inclusion of seven villages

As the panchayat elections near, the issue of incorporating seven villages into Mohali's municipal limits resurfaces. The proposal, initially approved by the Mohali Municipal Corporation (MC) in 2021, remains unresolved. Deputy Mayor Kuljit Singh Bedi has urged the Punjab government to finalise the inclusion of villages like Balongi and Mauli Baidwan. Bedi warns that a delay could create governance confusion post-election. Inclusion would grant residents access to urban amenities and foster development. With elections approaching, swift action is deemed crucial for organised local governance and fulfilling residents' aspirations.Read more

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Odisha government orders demolition of 191 illegal structures in Bhubaneswar

The Odisha government is ramping up efforts to combat illegal construction in Bhubaneswar, with Housing and Urban Development Minister Krushna Chandra Mohapatra announcing the demolition of 191 unauthorised buildings. A total of 491 illegal construction cases have been recorded within the Bhubaneswar Development Authority (BDA) jurisdiction, with 63 resolved and 237 pending in court. The Bhubaneswar Municipal Corporation (BMC) reported 1,444 illegal cases, with 993 still unresolved. The government's actions aim to enforce compliance with building laws, ensure urban safety, and promote sustainable development in the rapidly growing city.Read more

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Karnataka High Court decision eases stamp duty burden in property transactions

The Karnataka High Court clarified that once an absolute sale deed is executed and stamped, the earlier agreement of sale no longer requires stamp duty. This ruling, by Justice Sachin Shankar Magadum, aims to streamline property transactions and reduce tax burdens on buyers and sellers. The court emphasized that the sale deed, once in place, overrides previous agreements, making them irrelevant for stamp duty purposes. This decision, stemming from a partition suit in Haveri, enhances clarity in real estate transactions and may improve efficiency in Karnataka's property market by discouraging unnecessary penalties.Read more

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Noida Authority moves to reclaim 13 acres from Unitech after years of no development

The Noida Authority plans to reclaim 13 acres of a 24-acre plot in Sector 144, originally allotted to Unitech Group in 2011 for residential development but left undeveloped. The land is not part of an ongoing Supreme Court case involving Unitech's unfinished projects, enabling the Authority to cancel the allotment. Despite a proposal from Unitech to build new towers and houses on the vacant land to fund its incomplete projects, the Authority opposed it. A final decision from the Supreme Court is awaited to determine whether the Authority can proceed with reclaiming the land.Read more

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Bengaluru civic body orders contractors to clear construction debris or face penalties

Bengaluru's civic body has issued a strict directive to contractors, mandating the timely removal of construction debris from project sites or face financial penalties. This initiative addresses the growing issue of construction waste obstructing public spaces, hindering traffic, and posing health risks. Contractors are now responsible for maintaining cleanliness throughout the project lifecycle, with regular inspections by officials ensuring compliance. Fines will be imposed based on the severity of violations. The directive is welcomed by residents, who have long complained about debris-related hazards. To aid compliance, the civic body plans to establish designated debris disposal zones across the city. This move aims to enhance urban living conditions and promote sustainable practices as Bengaluru continues to grow.Read more

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Haryana RERA orders OSB Expressway Towers project be completed within six months

H-RERA met with the homebuyers concerned with the delays in the OSB Expressway Towers project in Sector 109, Gurgaon, and has issued a final warning to the builder. The project, which has been delayed for more than seven years, must be completed within the next six months. If the builder fails to meet this deadline, H-RERA may transfer control of the project to a buyers' association or bring in a third-party builder to finish the work. This decision is intended to protect the rights and interests of the homebuyers who have been waiting for their homes for an extended period.Read more

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