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

Gujarat State Consumer Disputes Redressal Commission directs Sambhav Infrastructure to deliver flats

In a recent ruling, the Gujarat State Consumer Dispute Redressal Commission has instructed Sambhav Infrastructure Pvt Ltd and its directors, Mihir Desai and Toshal Desai, to deliver possession of flats to five customers who booked housing units in the Stavan Parishray scheme in Gota. The Commission has ordered compensation of Rs 3.80 lakh or a refund for these 5 customers. The directive also follows a case where the builder failed to fulfil its commitment made in 2012, leading to a legal intervention.Read more

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Gurugram residents receives HSVP notices demanding Rs 409 crore in 30 days

Haryana Shahari Vikas Pradhikaran (HSVP) has served notices to 150 property owners in Sector 110A, demanding a "enhancement amount" of Rs 409 crore. Residents must pay between Rs 30 lakh to Rs 1 crore, based on plot size, within 30 days or face interest penalties. The notices follow a Punjab and Haryana High Court directive for enhanced compensation to landowners affected by the 2015 demolition of homes in New Palam Vihar for Dwarka Expressway construction. Allotted alternative plots in Sector 110A in 2017, affected families now grapple with the unexpected demand, prompting protests and appeals.Read more

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CHB's efforts to boost auction sales fall short despite price reductions

The Chandigarh Housing Board (CHB) has been facing challenges in generating interest from potential buyers for its auctioned properties. Despite efforts, including significant price reductions, the response to both residential and commercial properties has been lacklustre. The most recent auction, held in November, saw only three out of 116 residential properties finding buyers, and none of the 88 commercial properties were taken. Previous auctions have also witnessed limited success, raising concerns about the effectiveness of CHB's auction strategies and the overall market conditions for property transactions in the region.Read more

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MHADA unveils strategic plan to clear 11,184 unsold flats

The Maharashtra Housing and Area Development Authority (MHADA) has unveiled a comprehensive policy to sell 11,184 unsold flats across divisional circles. Directed by MHADA's Vice Chairman & CEO, Sanjeev Jaiswal, the move follows recommendations from a committee reviewing unsold inventory. The policy offers various avenues, including bulk discounts, instalment sales, leasing to institutions, and auctions. It aims to optimize the sales process, unlocking funds stagnant for a decade. This strategic decision is expected to rejuvenate MHADA's finances, facilitating new housing projects and addressing the persistent challenge of unsold flats in the market.Read more

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Respite for Mumbai's construction industry as Bombay High Court ends debris transport prohibition

The Bombay High Court's ban on open carrying of construction debris, implemented to combat rising pollution, has lapsed, potentially bringing relief to 9,000 construction sites in Mumbai. Initially imposed on November 6 and extended until November 19, the ban aimed to curb pollution caused by the transportation of debris. The BMC is now likely to permit the uncovered transport of construction debris by trucks, addressing concerns raised by project proponents about the inconvenience caused by debris accumulation. The Union environment ministry had directed stringent measures against debris transport due to its significant contribution to air pollution in the Mumbai Metropolitan Region.Read more

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Environmentalists sound alarm on unchecked hillside development in India

A recent RTI revelation exposed a critical gap in India's hillside development: the lack of a dedicated regulatory body. This oversight, brought to light by environmental activist B N Kumar, has sparked concerns among experts about the potential risks of uncontrolled development in these ecologically sensitive areas. Kumar's plea to the Ministry of Environment for regulatory measures follows recent disasters in hilly regions, emphasizing the need for a comprehensive framework to balance development with environmental integrity. The situation demands immediate action to establish a regulatory authority for sustainable hill development.Read more

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Legal wrangle continues for Lavasa as SBI is granted permission to challenge Dawrin's resolution plan

The insolvency proceedings for Lavasa Corporation have taken a new turn as the National Company Law Appellate Tribunal (NCLAT) granted State Bank of India (SBI) permission to challenge the lower court's approval of the resolution plan submitted by Darwin Platform Infrastructure (DPIL). This marks the second objection by a bank to Lavasa Corporation's loan default resolution. SBI contends that DPIL did not adhere to the waterfall mechanism of the Insolvency and Bankruptcy Code (IBC). The case is scheduled for a hearing on January 10, 2024. Despite the ongoing legal developments, DPIL has not implemented its resolution plan, raising doubts about its intentions and the future of Lavasa Corporation.Read more

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DDA unveils Festival Special Housing Scheme 2023, 5,000 affordable flats up for grabs in Delhi

The Delhi Development Authority (DDA) has initiated the registration process for 5,000 newly constructed Economically Weaker Section (EWS) and Low-Income Group (LIG) flats in Lok Nayak Puram, Narela, and Dwarka. This is part of the Festival Special Housing Scheme 2023, which includes a total of 27,000 EWS and LIG flats. The registration process is online, and applicants can visit the official DDA website to fill out the application form. The flats will be allocated on a first-come-first-serve basis, and applicants are encouraged to ensure they have all necessary documentation for a smooth application process. The scheme aims to address the demand for affordable housing in Delhi and cater to the housing needs of economically vulnerable sections of society.Read more

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Navigating Chheda Nagar's uncertain future: Rights, rulings, and redevelopment

Chheda Nagar, a 156-acre residential cluster in Mumbai with a 50-year history, faces a new twist in its land dispute. A court stayed the suburban collector's 2022 order declaring the area as state government land. The collector's decision canceled titles, recognized housing societies' rights, and restricted BMC's authority. The Salt Commissioner, Government of India, Chheda family, and Maharashtra government are key claimants. Legal battles, dating back to the 1970s, continue, impacting redevelopment plans. Residents sought relief through land conversion, but the court's stay, pending final decision, has left the fate of Chheda Nagar in limbo.Read more

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Gurugram authorities seal two buildings, 21 floors for occupancy violations

The District Town Planner Enforcement (DTPE) in Gurugram took action by sealing 21 floors across two apartment buildings in response to alleged violations of occupation certificate norms. The move is part of a crackdown on unauthorized commercial activities within residential premises. Malibu Town Club also faced closure due to complaints about illicit construction within its premises. The authorities issued show cause notices and restoration orders, emphasizing their commitment to curbing unauthorized developments in the region. The enforcement action aims to deter illegal construction and commercial activities within residential spaces, highlighting the importance of adhering to occupation certificate norms for planned development in Gurugram.Read more

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