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

Controversy in Mumbai's historic Matharpacady village over proposed redevelopment

Mazgaon's Matharpacady village in Mumbai faces controversy over a proposed cluster redevelopment that threatens its historic charm. Residents, proud of their centuries-old neighbourhood with vintage houses, fear the irreversible loss of architectural treasures. They received a letter from Shreepati Build Infra Heritage Pvt Ltd, which they believe lacks reasonable justification for the project. Concerns are growing about the potential erasure of the neighbourhood’s historical value. While the developer has approvals and offers to residents, the community emphasizes the need to balance development with preservation of their unique heritage.Read more

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Land allotment draw by YEIDA expected to bolster revenue with Rs 698 crore

The Yamuna Expressway Industrial Development Authority (YEIDA) conducted a draw on October 18, 2023, to allocate 1,184 residential plots in three sectors, aiming to generate approximately Rs 698 crore in revenue. YEIDA witnessed a massive response to this scheme, with 1.4 lakh applicants competing for the limited plots available in sectors 16, 17, and 20. These plots were offered in seven size categories and priced at Rs 24,600 per square meter, ranging from Rs 29.5 lakh to Rs 4.92 crore. The list of allottees will be published on YEIDA's official website shortly.Read more

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Ahmedabad Municipal Corporation cancels permit and licences of HR Exeter-2 project

The Ahmedabad Municipal Corporation (AMC) has suspended the HR Exeter-2 construction project in Ambawadi following the tragic death of a girl on-site. An immediate inspection revealed a lack of safety measures, including the absence of essential gear for workers. Engineers Chitrarth Parani and Anjana Kumari Chaudhary have had their licences revoked for not enforcing safety regulations. Developer Utsav Patel and engineer Bhargav D Patel face potential licence cancellations, with AMC seeking explanations for the glaring safety omissions. This incident underscores the vital importance of rigorous safety protocols in construction.Read more

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PMRDA nears finalization of Mhalunge Maan Town Planning Scheme

The Pune Metropolitan Region Development Authority (PMRDA) plans to submit the final arbitration report for the Mhalunge Maan town planning scheme to the state for approval in November 2023. The scheme, initiated in 2018, involves 510 plots and 5,800 beneficiaries receiving 50% of their land area in the township. After almost five years, PMRDA officials are progressing towards the arbitration report submission. They have presented the status of all six town planning schemes in Pune to the guardian minister, Ajit Pawar. The Centre has allocated Rs25 crore for infrastructure funding for each of these projects, while PMRDA has already allocated Rs175 cr from its own budget.Read more

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Kanabargi residential project in Belagavi set to start in two months

In the last 15 years, the Belagavi Urban Development Authority (BUDA) has refrained from launching any new residential layouts, resulting in a substantial escalation in land prices across the city. Notably, the Ramtirth Nagar layout was the most recent residential project initiated by BUDA, but it's underwhelming performance has since placed immense pressure on the authority to move forward with the Kanabargi project. With increasing land costs and a growing demand for housing, the forthcoming Kanabargi project is seen as a critical step for BUDA to meet the city's housing needs and alleviate the mounting cost burdens on residents.Read more

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Bombay High Court orders BMC to compensate Runwal Township land acquired 54 years ago

The Bombay High Court has issued a directive to the Brihanmumbai Municipal Corporation (BMC) to provide compensation to the developer, Runwal Township, for the acquisition of setback land that occurred 54 years ago. This compensation could come in the form of floor space index (FSI), transfer of development rights (TDR), or monetary compensation and must be completed within eight weeks. The setback land was acquired by BMC in 1969 and was initially owned by Meghji Gopalji and his wife. They sought compensation in the form of FSI in 1976. The case went to court in 2019-20, with the BMC arguing against the claim. The court ruled in favour of compensation, emphasizing the right to property under the Indian Constitution. This landmark judgment could lead to similar compensation claims in land acquisition cases.Read more

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High Court rejects BMC's penalty demand from Kamla Industrial Park

The Bombay High Court criticized the Brihanmumbai Municipal Corporation (BMC) for demanding a Rs 22.80 crore penalty from industrial and commercial tenement owners of Kamla Industrial Park at Charkop in Kandivali for unauthorized constructions. The court ruled against BMC, deeming the penalty inequitable due to the municipal inaction that allowed the violations. The court emphasized the importance of timely intervention by municipal bodies to prevent unauthorized constructions, safeguarding property owners' and buyers' interests and maintaining the integrity of the real estate market.Read more

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Bank accounts of RWAs frozen as registrar enforces legal framework

The Karnataka Registrar of Cooperative Society (RoCS) is taking action against Resident Welfare Associations (RWAs) registered under the Karnataka Societies Registration Act (KSRA), 1960. Notices have been issued to freeze bank accounts of RWAs, and in one case, the registration was cancelled. This crackdown follows Karnataka High Court orders deeming it unlawful for housing associations to register under this Act. Legal experts highlight that while the Act permits societies like NGOs, charities, etc., it does not allow RWAs to collect maintenance fees. The RWAs must be registered under Karnataka Cooperative Societies Act, 1959 (KCSA) for collecting fees in their bank account.Read more

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Mumbai residents protest against BMC's footpath encroachments in Chandivali

Residents in the Powai-Chandivali area of Mumbai took to the streets in protest, frustrated by the Brihanmumbai Municipal Corporation's (BMC) prolonged inaction on encroachments on the Adityavardhan Raheja Vihar Road footpath. The Chandivali Citizens Welfare Association (CCWA) and housing society members criticized BMC's indifference. Allegations arose that these encroachments were strategic moves to gain land ahead of a proposed road widening project, as part of a political ploy. CCWA had previously raised concerns about shops on the footpath, but BMC remained unresponsive until the protest. The BMC eventually responded by deploying a bulldozer to demolish a recently erected structure.Read more

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KSPCB's struggles with NGT fine collections in Bengaluru

The Karnataka State Pollution Control Board (KSPCB) has reportedly collected only Rs 4 crore of the National Green Tribunal's (NGT) Rs 200 crore fine imposed on over 160 Bengaluru apartment complexes and commercial establishments since 2000 for non-compliance with sewage treatment plans. Forest Minister Eshwar B Khandre disclosed the poor enforcement, citing legal hurdles as the reason. Builders sold apartments and do not hold up to their responsibility while the new owners are unwilling to pay the fines. They have even contested the fines in court. The NGT's deadline for setting up sewage treatment plants was originally December 2023, but that too has been extended now to December 2024.Read more

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