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

Wankhede Stadium lease renewal sparks controversy over rent charges

The Maharashtra government has extended the lease of Mumbai's iconic Wankhede Stadium for 30 years, following its expiration in 2018, valuing the 44,000 square meter plot at approximately INR 1,304 crore. The Mumbai Cricket Association (MCA) is mandated to pay an annual rent of INR 1.52 crore, plus an additional INR 8.58 crore covering the period from 2018 to 2023, a decision contested by the MCA due to what they perceive as excessive charges. Despite objections, the stadium remains a pivotal hub for cricket administration in India, with its history dating back to 1968 and hosting numerous prestigious events over the years.Read more

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DDA approves key infrastructure projects, land use modifications and housing schemes in Delhi

The Delhi Development Authority (DDA) has greenlit several crucial projects aimed at bolstering public infrastructure and advancing the housing sector. Chaired by Delhi Lieutenant Governor V K Saxena, the DDA approved changes in land use to promote green energy and efficient public transportation in Ghazipur, Auchandi village, and Jangpura. This facilitates vital facilities like RFID setups, electrical sub-stations, and RRTS facilities. Housing schemes like the Diwali Special Housing Scheme 2023 and e-auctions for leftover flats in Dwarka are underway, offering discounts to incentivize buyers, including government employees. Moreover, non-governmental legal entities can now purchase built-up properties in bulk, fostering residential staff quarters and hostels. These initiatives, endorsed by the DDA, aim to address infrastructure needs and foster sustainable urban development in Delhi.Read more

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Senior citizen's plea prompts Bombay High Court's action on delayed building redevelopment

The Bombay High Court has asserted the protection of fundamental rights for senior citizens facing housing redevelopment delays. The court's comments were made during a plea filed by a 65-year-old woman, Jayashree Dholi, who claimed to be "homeless" due to a stalled redevelopment project in Mulund. The court emphasised that seniors in their "twilight years" should not suffer due to redevelopment delays and issued notices to authorities, including the Maharashtra Government and Brihanmumbai Municipal Corporation, seeking responses to address the petitioner's fundamental rights violation.Read more

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Bombay HC denies Air India Colony staff plea against building demolitions

The Bombay High Court has dismissed a plea by the Air India Colony staff association to maintain the status quo for two weeks until the Supreme Court addresses the matter on February 13. The association sought to preserve the current state pending further judicial review. However, the court rejected their request, indicating a swift decision on the issue of demolition of vacant buildings. This development points to the legal proceedings progressing quickly, potentially leading to imminent action regarding the disputed buildings.Read more

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Adivasis petition BMC for compensation over GMLR-induced property loss

Adivasi communities residing in Aarey's Film City, Mumbai, are facing uncertainty following the BMC's dismissal of their land claims under the Forest Rights Act. The Adivasi Habale Pada Mandal has expressed discontent through a formal letter to the civic authority, challenging the decision and requesting compensation. The municipal corporation, however, has rebuffed these claims, asserting that a forest rights committee must be established before reaching a resolution. Meanwhile, surveys for the planned Goregaon Mulund Link Road (GMLR) are underway to evaluate its potential impact on Adivasi-held lands.Read more

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Bombay High Court allows Govinda Tower reconstruction after 25-year tragedy

The Bombay High Court has approved the reconstruction of the seven-storeyed Govinda Tower in Kherwadi, Bandra (E), which tragically collapsed over 25 years ago. Justices Gautam Patel and Kamal Khata highlighted the severity of the incident, which resulted in numerous injuries and fatalities. Originally built on a MHADA-leased plot, the building's reconstruction efforts by previous developers failed. Following residents' pleas, the court permitted the appointment of a new developer in August 2023. Despite opposition from the resolution professional involved in insolvency proceedings against the previous developer, the court directed BMC and MHADA to process the society's development proposal, marking a crucial step towards reconstruction and bringing hope to the residents of Kherwadi.Read more

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Housing Boost: Government allocates funds for middle-class homeownership

The government unveiled a new housing initiative in the Union interim budget for 2024–25, aiding the middle class in owning homes. Finance Minister Nirmala Sitharaman revealed the plan, aiming to assist those renting or in slums to buy or build homes. While specifics are pending, PM Narendra Modi hinted at it, focusing on interest relief and bank loans. The Ministry of Housing's budget sees a 12% increase, drawing industry praise. However, concerns linger about fund utilization. Amidst reductions in certain schemes, the focus on affordable housing and rural initiatives remains strong, reflecting the government's commitment to inclusive development.Read more

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Bombay High Court pushes for answers on Lalbaug flyover cracks

A Bombay High Court Bench comprising Chief Justice Devendra Kumar Upadhyay and Justice Arif S Doctor have instructed the BMC to submit details of the inquiry into construction lapses concerning the Lalbaug flyover within six weeks. The directive is related to disclosing the findings of the enquiry conducted by the Statutory Technical Advisory Committee (STAC) regarding any lapses or breaches by the contractor in the construction of the flyover. The High Court's decision underscores the importance of transparency and accountability in construction projects, emphasizing the need for thorough investigations into potential shortcomings in the infrastructure development process.Read more

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Maharashtra Government rolls out 'Abhay Yojana' to ease CIDCO dues

In a recent announcement, Chief Minister Eknath Shinde has delivered long-awaited relief for thousands of families, Project-Affected Persons (PAPs), and developers in the city's housing societies. Based on committee recommendations, CIDCO will disconnect pending dues from the grant of Occupation Certificates, conveyance, society formation, and flat transfer NOCs. The newly introduced "Abhay Yojana" amnesty scheme offers a 50% concession to payees for outstanding dues recovery. This move is expected to benefit over 1,000 housing societies and more than 10,000 families, addressing delays caused by demands for Maveja and Additional Lease Premium (ALP) from CIDCO. The directive ensures the issuance of necessary documents without tying them to Maveja/ALP recovery, providing significant relief to stakeholders and marking a crucial step towards easing financial burdens.Read more

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BMC voices concerns over the DP 2034 TDR rules for Dharavi

The Brihanmumbai Municipal Corporation (BMC) has raised objections to the Maharashtra government's proposal that 40% of all Transfer of Development Rights (TDR) used in construction projects in Mumbai must come from the Dharavi redevelopment project (DRP). The BMC expressed concerns about the feasibility of implementing the Development Plan (DP-2034) and potential challenges in acquiring reserved land if conditions on Dharavi TDR utilization are imposed. The BMC emphasized that the imposition of utilizing Dharavi TDR first could result in no takers for its TDR allocated for land acquired for roads and public amenities. Additionally, the BMC opposed the proposal to eliminate indexation for DRP TDR, urging the government to consider the unique circumstances and challenges associated with the Dharavi redevelopment project.Read more

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