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

The Yamuna Expressway Authority is set to relaunch its effort to acquire 36 land parcels

The Yamuna Expressway Authority (YEIDA) is re-examining 36 previously unsuccessful land acquisition attempts to expand its holdings and curb illegal constructions. The initiative covers over 6,317 hectares in various sectors. Challenges included farmer opposition over low compensation, leading to court stays. The survey also addresses encroachments, with notices issued to over 300 violators. Upon completion, YEIDA plans residential, group housing, and transport projects to foster regional growth. This effort aims to secure land for development, enforce proper use, and support infrastructure and economic expansion, ensuring transparent and fair processes in land management.Read more

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Proposed 20% circle rate hike in Ghaziabad to increase property costs and stamp duty fees

Ghaziabad is set to increase its circle rate by 20% for residential and commercial properties. The circle rate, established by the state government, is the minimum price below which a property cannot be sold and is used to calculate stamp duty and registration charges. This proposed hike comes after significant infrastructural developments, such as the Delhi-Meerut Rapid Rail, which have raised property values. If the proposal is approved, higher circle rates will result in increased stamp duty and registration fees, thereby raising overall property prices. Public feedback will be sought before finalising and implementing the revised rates.Read more

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NKDA permits controlled construction material storage on sidewalks

The New Town Kolkata Development Authority (NKDA) has introduced new regulations permitting builders to store construction materials on footpaths under specific conditions. Developers with approved plans can now use footpaths for storage, provided a 1.5-metre pedestrian passage remains clear. This initiative balances construction needs with pedestrian safety. All future projects in New Town will require a construction management plan detailing material storage and waste disposal practices. An upcoming Standard Operating Procedure (SOP) will outline enforcement and penalties. This regulation aims to improve construction efficiency while ensuring safe and uncluttered sidewalks for pedestrians.Read more

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Gurugram cracks down on illegal constructions in affordable housing

Gurugram authorities are cracking down on illegal construction in affordable housing units, following a survey by the District Town Planner (Enforcement) department revealing widespread violations in EWS category homes in DLF Phase 5. Show-cause notices were issued to 100 homeowners for illegally converting EWS units into commercial spaces or adding extra floors. Despite notices, inadequate responses have led to the preparation of restoration orders. These violations have strained infrastructure, highlighting the need for stricter enforcement of building regulations and protection of low-income residents' rights. Restoration orders will mandate compliance or result in property sealing.Read more

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CCI dismisses complaint against Indiabulls Housing Finance for misleading ads

The Competition Commission of India (CCI) has dismissed a complaint against Indiabulls Housing Finance and its officials, including the Managing Director and Chairman, for alleged abuse of dominant position through misleading advertisements. Complainant Anil Bansal accused the company of offering attractive loan rates that later increased, creating market barriers. However, the CCI found no evidence of anti-competitive practices, noting the highly competitive landscape of the property loan market in India. This decision clears Indiabulls Housing Finance of wrongdoing and underscores the role of the CCI in maintaining fair competition and protecting consumer interests.Read more

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Bihar assembly passes bill for lift and escalator regulation

The Bihar Assembly has passed the Bihar Lift and Escalator Bill, 2024, introduced by Energy Minister Bijendra Prasad Yadav, to enhance safety standards in multi-storied buildings. This legislation mandates registration and regular inspections of lifts and escalators in residential, commercial, and public buildings. Key provisions include mandatory maintenance, routine inspections, and third-party insurance for accident compensation. The bill responds to the increasing number of high-rise structures in Bihar, aiming to prevent accidents and ensure public safety. This move aligns Bihar with other Indian states prioritising stringent safety regulations in the construction industry.Read more

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Tamil Nadu's new self-certification scheme simplifies home construction

Chief Minister M K Stalin inaugurated a new scheme under the Department of Housing and Urban Development, allowing self-certification for building permits of homes up to 3,500 square feet on plots up to 2,500 square feet. The initiative, first introduced in the 2024-25 state budget, aims to help economically weaker sections and the middle class by simplifying the approval process and reducing costs. Applicants can receive permits immediately, with certain inspections waived. The scheme is expected to benefit rural and urban areas alike, reducing approval charges and streamlining home construction in Tamil Nadu.Read more

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Supreme Court directs High Court to resolve dispute over Goa's coastal development plans

The Supreme Court has directed the High Court of Bombay at Goa to resolve the dispute over the Outline Development Plans (ODPs) for five coastal villages in Goa-Calangute, Candolim, Parre, Arpore, and Nagoa. Introduced on December 15, 2022, the ODPs face opposition from environmental activists and residents, leading to a High Court stay on development activities. The Goa Foundation argues that the ODPs will cause environmental harm, while allegations have been made against Calangute MLA Michael Lobo for influencing the plans for personal gain. The Supreme Court's decision to send the case back to the High Court will determine the future of these development plans and their impact on Goa's coastal environment.Read more

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Karnataka government approves plan to divide Bengaluru into 10 units

The Karnataka government has approved a bill to restructure Bengaluru's administration, proposing to divide the Bruhat Bengaluru Mahanagara Palike (BBMP) into up to 10 smaller units. This aims to enhance governance in the city, which faces challenges like traffic congestion, waste management, and infrastructure development. The plan includes increasing the number of wards from 225 to 400 and establishing a Greater Bengaluru Authority (GBA) to coordinate the smaller units. The GBA will oversee the 1,400 sq km region but not local planning, which remains with the Bangalore Development Authority (BDA).Read more

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Government takes steps to curb illegal land registration in Karnataka

The Karnataka government is addressing illegal land registrations, especially in high-value areas like Bengaluru, by integrating "e-khatas" or electronic land records for all properties. Revenue Minister Krishna Byre Gowda announced this initiative to enhance transparency and prevent illegal conversions of agricultural land. Responding to allegations of sub-registrar collusion with land sharks, Gowda highlighted that a new bill, pending the President's assent, aims to curb such activities. The government also addressed issues related to the regularisation of houses on government land and the usage of 'Kumki' land. These measures aim to protect legitimate property owners and ensure accurate land records.Read more

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