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

Survey of India and Arunachal Pradesh join hands for SVAMITVA scheme implementation

The SVAMITVA scheme, introduced by the Ministry of Panchayati Raj in April 2021, aims to establish property ownership in rural areas by mapping land plots using drone technology and providing property owners with their 'Record of Rights.' Union Minister Kapil Moreshwar Patil announced a collaboration between the Survey of India and the Arunachal Pradesh government to implement the SVAMITVA scheme's objectives. The Survey of India will lead the effort to map and create a comprehensive spatial database of rural areas in Arunachal Pradesh. The initiative aims to provide property cards to residents of the state within the next five years, promoting clear land ownership in rural India. Patil also praised the successful rollout of the Pradhan Mantri Awas Yojana and recommended empowering women's self-help groups in agriculture ventures.Read more

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Mumbai housing ad sparks outcry over alleged community preferences

A controversial advertisement for luxury flats in Mira Road (East), Mumbai, featuring the tagline "Preferred for Marwari and Gujarati families" has sparked controversy. While not explicitly refusing to sell flats to Maharashtrians, activists argue that it shows a clear preference for Marwaris and Gujaratis. The advertisement was linked to Sonam Builders, owned by Mira Road MLA Geeta Jain's family, although Jain denies any connection to the advertised properties. Maharashtra Navnirman Sena (MNS) activists posed as customers and reported discussions about selling flats to a specific community, raising concerns about housing discrimination.Read more

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Slum rehabilitation project in Bhubaneswar stalled due to funding shortage

The Bhubaneswar Development Authority (BDA) has temporarily suspended a slum redevelopment housing project in Mahisakhal, Badagada. Initiated in 2013 under the Rajiv Awas Yojana (RAY), the project aimed to construct a G+4-storied building with 19 blocks, providing nearly 700 dwelling units for slum dwellers. While approximately 15 blocks were completed initially, the remaining four faced delays due to land acquisition and funding issues. Eligible slum dwellers were allotted homes in the completed blocks, leaving some without housing. The BDA estimates it needs Rs 20.75 crore to complete the remaining blocks, raising concerns about the fate of those still awaiting housing.Read more

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Court confiscates SSSC Escatics' properties due to Rs 200 crore loan default

Developer Jayesh Tanna's properties in various Mumbai neighbourhoods have come under symbolic possession due to a loan default exceeding Rs 200 crore. A court-appointed commissioner oversaw this action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession, a tactic exerting psychological pressure on the debtor, is used without physical occupation by the bank. Tanna faces numerous offences, including alleged flat sales to third parties, and ACRE initiated the legal proceedings. Despite challenges, the court-appointed legal team successfully completed the symbolic possession process, showcasing innovative legal strategies in Mumbai's dynamic real estate scene.Read more

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Ludhiana Development Authority issues notice to unlicensed builders over advertisements

According to GLADA (Greater Ludhiana Area Development Authority) Chief Administrator Sagar Setia, builders must adhere to guidelines mandating the acquisition of licenses from the authority after registering with RERA (Real Estate Regulatory Authority). In a bid to regulate real estate activities effectively, GLADA has issued notices to builders who have displayed advertisements without the required licenses. This move underscores GLADA's commitment to upholding legal and regulatory standards in the development sector. Setia emphasized the importance of builders complying with these procedures to ensure transparency and accountability in the real estate industry.Read more

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MahaRERA notifies 49 Pune projects and fines six MMR developers for QR code non-compliance

MahaRERA is actively enhancing transparency and accountability in the real estate sector. It has issued show-cause notices to 74 real estate projects, predominantly in Pune, for failing to adhere to MahaRERA's essential mandate. As of August 1st, MahaRERA has mandated QR codes in property developers' advertising, granting potential homebuyers’ convenient access to crucial project details. These QR codes provide insights into project timelines, complaints, approvals, and plan modifications. MahaRERA has also imposed substantial fines on six developers in the MMR for not including QR codes, reinforcing its commitment to regulatory compliance and consumer empowerment.Read more

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Art Nirman Ltd faces a legal quagmire as a member files an FIR against three partners

Art Nirman Ltd, tasked with redeveloping Nidhi Apartments in Shastrinagar, Ahmedabad, faces legal challenges as a dissenter files an FIR against three partners. The company, having obtained over 75% consent from the society, began demolition. However, a member, Chandrakant Shah, objected to the redevelopment due to the inclusion of commercial units. Despite a civil court dismissing his protest, Shah filed an FIR, accusing the builders of causing Rs 1.75 crore damage by demolishing his house without proper notice. The partners argue compliance with the tripartite agreement. The Gujarat high court is set to adjudicate on the matter.Read more

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Residents upset as GNIDA's demolition efforts thwarted over building violations

In Greater Noida West, the Greater Noida Industrial Development Authority (GNIDA) encountered resistance while attempting to demolish an unauthorized staircase in Gaur City 2's White Orchid Society. The demolition was prompted by the builder's failure to comply with previous notices. Residents were disappointed when the GNIDA's demolition team left without executing the demolition. Allegations arose that officials engaged in private discussions with the responsible party, causing delays. A two-day extension was ultimately granted, postponing the demolition. This incident underscores the challenges of dealing with unauthorized construction and non-compliance, impacting resident safety and adherence to approved building plans, raising questions about how authorities will handle such issues in the future.Read more

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Maharashtra's new advisory promotes accountability in housing society administration

A government advisory in Maharashtra aims to address issues of administrators in housing societies overstepping their authority. To improve accountability and transparency, the advisory recommends the formation of an administrative panel consisting of three members, including two from within the society. This response comes after numerous complaints about administrators making unilateral decisions without consulting residents. The circular, issued by the state cooperatives department, restricts administrators from making policy decisions or handling major repairs independently. The circular also encourages periodic changes in auditors and emphasises computerisation of society information.Read more

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Maharashtra Government takes action against discrimination in rental premises

Following a recent controversy, Maharashtra's Minister has announced forthcoming regulations governing property rentals. This announcement comes in the wake of a 35-year-old woman filing a police complaint against a man and his son for allegedly denying her a rental property due to her Marathi-speaking background. The new rules aim to address such discrimination issues and ensure fair access to rental premises in the state. The government's decision to tackle rental discrimination is seen as a step towards promoting inclusivity and preventing discrimination based on language or ethnicity in property rentals within Maharashtra.Read more

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