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

Land dispute halts Mayfield Gardens handover to Gurugram Municipal Corporation

The transfer of Mayfield Gardens to the Municipal Corporation of Gurugram (MCG) has stalled due to a dispute over a 327-acre land area. While MCG, following the Department of Town and Country Planning (DTCP) directives, seeks the entire 327 acres, the developer, Mayfield Projects, is only willing to hand over 291 acres, citing that the remaining 36 acres are undeveloped and lack essential infrastructure. The developer challenges MCG's INR 5.6 crore charge for infrastructure repairs. This impasse leaves residents facing poor road conditions and awaiting improved maintenance. A DTCP decision or a phased handover agreement is expected soon.Read more

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Real Estate developers urge Finance Minister for key budget reforms

Real estate developers urge the finance minister to boost affordable housing in the Budget through measures like reinstating the credit-linked subsidy scheme (CLSS), revising the definition of affordable housing in major cities, and introducing input tax credit for GST paid. They seek to increase the home loan interest tax deduction from INR 2 lakh to INR 5 lakh and simplify the approval process. The affordable housing segment has declined, with sales dropping from 38% in 2019 to 20% in 2023 due to high interest rates. Developers suggest raising the affordable housing price cap to INR 1 crore in metro cities.Read more

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Delhi High Court demands explanation from L&DO over property conversion delays

The Land and Development Office (L&DO) in Delhi is facing criticism for delaying the conversion of leasehold properties to freehold status. This two-year informal pause, due to an unfinalised standard operating procedure, has led to legal challenges and Delhi High Court involvement. Leaseholders of prime properties are eager for the housing ministry's approval, as the high market values make conversions attractive. The conversion charge is currently 6-10% of land value. The delay affects thousands of properties under L&DO jurisdiction. The situation calls for a balanced approach addressing both government and property owners' interests while ensuring a fair conversion process.Read more

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Andhra Pradesh government accelerates affordable housing efforts

The Andhra Pradesh government, led by Housing Minister K Pardha Saradhi, has announced an ambitious plan to complete the construction of around 1.28 lakh houses in the next 100 days. This is part of a larger goal to finish 8 lakh houses by next March. The minister reviewed the progress of housing units under the PM Awas Yojana scheme and assured full support to the beneficiaries. The government has prepared a roadmap to systematically complete the ongoing projects and has decided to allow stage conversion for 6 lakh units to facilitate faster progress. Additionally, the government plans to utilize fly ash for infrastructure development and closely monitor the projects through monthly reviews with district officials.Read more

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Supreme Court calls for uniformity in builder-buyer agreements to curb homebuyer fraud

The Supreme Court has observed that homebuyers across the country are being defrauded by builders, necessitating uniformity in builder-buyer agreements. The court recently heard a PIL filed by lawyer Ashwini Upadhyay, seeking the creation of a model agreement to ensure transparency and fairness and to restrain builders and agents from engaging in unfair and restrictive trade practices. The bench stated that buyers are being defrauded by builders all across the country, which is why there is a need for uniformity. The court will review the report of the amicus curiae and the objections to it, with the matter scheduled for further hearing on July 19.Read more

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Bombay High Court grants temporary relief to residents of unauthorized settlements in Nalasopara

The Bombay High Court has provided significant relief to around 8,000 residents of 41 unauthorized buildings in Agarwal Nagar, Nalasopara East, by staying their eviction for three months due to the impending monsoon season. The residents approached the court, expressing their concerns and willingness to be evicted only if they received cash compensation or alternative housing. The eviction notices were issued following a directive from the High Court, as the buildings were deemed encroachments on municipal lands. The illegal construction was allegedly carried out by former corporator Sitaram Gupta and his son Arun Gupta without necessary permissions. The case has highlighted the ongoing struggle between the residents and the authorities, with the High Court's stay order providing temporary relief while the long-term solution remains to be determined.Read more

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DDA asks Dwarka Sector 19B allottees to settle final payment by August 28

The DDA has announced that the housing units in Dwarka's Sector 19B are ready for possession. Allottees must complete their final payments by August 28 to avoid extra charges. If payments are made after this date but by September 28, an interest rate of 10% per annum will be applied. The DDA urged allottees to settle payments promptly to avoid additional costs and to take possession of their new homes without delay. The Delhi Development Authority has issued a circular for allottees of its premium housing scheme in Dwarka's Sector 19B. The DDA claims the units are ready for possession.Read more

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Gurugram builders ordered to address critical maintenance after plaster falls

The Department of Town and Country Planning (DTCP) in Gurugram issued notices to 38 builders, mandating surveys and addressing maintenance issues within seven days after plaster fell from balconies in Paras Dews and Signature Global Solera societies, causing panic. Residents demanded immediate action, highlighting persistent safety concerns. District town planner Manish Yadav's notice emphasised resolving critical maintenance issues and submitting action reports. Developers, including CHD and NBCC, Paras Buildtech, and others, were named. Incidents at the Paras Dews and the Solera led to injuries and highlighted the urgency. Developers acknowledged the issues, attributing them to rain and promised timely repairs.Read more

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Bihar's land survey initiative targets completion by July 2025

Bihar Chief Minister Nitish Kumar has urged officials to accelerate the statewide land survey and settlement, aiming for completion by mid-2025. Addressing the issue at an event in Patna, Kumar highlighted the role of land disputes in crime, linking over 60% of incidents in the state to such disputes. Initiated in 2013 with a special aerial survey, the effort aims to reduce conflicts and enhance legal clarity. With recent recruitment of 9,888 officials, the government emphasizes the survey's importance in promoting social stability and economic growth, underscoring its commitment to effective land management and governance.Read more

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Andhra Pradesh CM focuses on infrastructure and price control

Andhra Pradesh Chief Minister N Chandrababu Naidu has initiated a comprehensive overhaul, focusing on infrastructure repairs and essential commodity price stability. In recent meetings, Naidu emphasised urgent measures to address road repairs, ensure continuous sand supply for construction, and stabilise prices of key commodities. He directed officials to implement both immediate and long-term strategies, aiming to swiftly resolve long standing issues and enhance public welfare. Naidu's proactive stance includes modernising road maintenance efforts and collaborating with central authorities to regulate prices and secure essential supplies. His efforts underscore a commitment to bolstering economic stability and public satisfaction across the state.Read more

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