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

Delhi's DPCC mandates online registration for construction firms to combat dust pollution

The Delhi Pollution Control Committee (DPCC) has mandated construction companies in Delhi to register on a designated web portal before the Graded Response Action Plan (GRAP) takes effect on October 1. The updated GRAP focuses on mitigating dust pollution, requiring adherence to a 14-point dust mitigation measure and a 27-point checklist for projects over 500 sqm. DPCC has introduced an online self-assessment portal, urging construction agencies to register for monitoring and assessment purposes. Failure to register may lead to a halt in construction activities. The move aims to enhance air quality in Delhi by enforcing strict dust control measures.Read more

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Unauthorized T Nagar commercial building sealed by Chennai Metropolitan Development Authority

The Chennai Metropolitan Development Authority (CMDA) sealed a commercial building on Usman Road, T Nagar, following its unauthorized construction. Located at old no. 94, new door no. 162, the building was previously flagged in the T Nagar survey by GCC and CMDA. Despite receiving prior notices and a failed regularization attempt in 1999, the owner did not comply with directives. Consequently, the CMDA took firm action last week by locking and sealing the premises to uphold urban planning regulations.Read more

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Ahmedabad Civic Body to cross-verify real estate project costs without RERA consultation

In a recent policy change, the Gujarat Real Estate Regulatory Authority (RERA) has exempted Ahmedabad Municipal Corporation (AMC) from seeking its counsel on real estate project cost assessments for construction cess calculations. This comes after concerns over developers understating costs, leading to revenue losses. The updated directive mandates officials to cross-check cost figures provided by developers in both building use (BU) and RERA applications. Officials are now also required to obtain a verified project cost from developers, eliminating the need for RERA consultations.Read more

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Visakhapatnam's VMRDA bulk land auctions fail to attract buyers

The urban development authority's plan to auction 14 bulk land parcels in Visakhapatnam on September 29 and 30 has encountered a disappointing lack of interest. Despite high hopes for robust bidding and revenue generation, potential buyers have shown little enthusiasm for these prime properties. The VMRDA's inability to attract participants raises concerns about the region's real estate market and economic prospects. The fate of these valuable land parcels now hangs in the balance as officials contemplate alternative strategies to spur interest and revitalize the auction process.Read more

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Andhra Pradesh's 'Navaratnalu Pedalandariki Illu' Scheme: A path to inclusive housing

The Andhra Pradesh State Housing Corporation Limited is launching the "Navaratnalu Pedalandariki Illu" Scheme, aimed at benefiting economically disadvantaged sections of the state. This initiative involves allocating 30.65 lakh housing plots spanning 71,811 acres with an investment of Rs. 56,102 crores. Ownership titles are granted to women beneficiaries, with a focus on backward classes, scheduled castes, scheduled tribes, and other castes. Additionally, 2.62 lakh houses are being constructed for urban poor across 163 locations. The government is providing energy-efficient infrastructure, including LED bulbs and fans, resulting in significant energy savings. This initiative reflects the state's commitment to improving living conditions and promoting equality.Read more

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Uttar Pradesh government introduces amendments to UP Urban Planning Act

The state government of Uttar Pradesh has introduced amendments to the UP Urban Planning and Development Act, making it mandatory for individuals and organizations to pay special amenity fees and urban use charges for land use within the state. These changes aim to drive urban development and provide additional revenue for improved facilities and services. Under the new regulations, authorities can collect charges for elevated land use and land use changes, with the funds deposited into the Special Amenities Development Fund of the respective authority. A committee has been established to calculate these fees and charges, marking a significant shift in land use regulations in Uttar Pradesh.Read more

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Himachal Pradesh HC demands thorough compliance in affidavits

The High Court of Himachal Pradesh has expressed dissatisfaction with the director of urban development for submitting inadequate compliance affidavits. The court has warned against accepting incomplete submissions and given the director three weeks to provide a comprehensive affidavit regarding the status of land transfer for construction waste dumping sites. Other respondents in the case must also submit their responses. The court found the previous affidavit to be lacking in details about land transfer progress and implementation of relevant laws. It emphasized the need for more informative and detailed affidavits in the future.Read more

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Gurugram Administration mandates structural safety audits for 23 high-rise buildings

The Gurugram district administration has issued directives to the builders of 23 high-rise buildings for structural safety audits. The builders have been instructed to submit their building plans to auditing agencies within a week. The administration has made it clear that if structural defects are found during the audit and repairs are needed, the cost will be shared equally between the Resident Welfare Association (RWA) and the builder. This initiative comes after visual inspections of 55 societies in Gurugram revealed 23 buildings with structural issues. The district administration is prioritizing the safety of residents in multi-story buildings and taking proactive steps to address potential risks.Read more

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CREDAI seeks Chief Minister's intervention to expedite high-rise approvals in Chennai

Bureaucratic hurdles have been causing delays in the approval process for high-rise construction projects in the city, leading the Confederation of Real Estate Developers Association of India (CREDAI) to request Chief Minister M K Stalin's intervention. CREDAI expressed concern over the increasing number of pending files in the housing department, despite certain files being cleared during a high-rise building panel meeting in May 2023. These delays have created financial setbacks for developers, impacted the real estate sector's growth, and eroded investor confidence. The real estate industry has urged the Chief Minister to direct the housing department to expedite approvals and establish a system to prevent future delays. The housing department has acknowledged the issue and promised to investigate and expedite the approval process.Read more

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Gujarat RERA to penalize builders for pre-registration sales

To protect homebuyers in Gujarat, the Gujarat Real Estate Regulatory Authority (RERA) will take action against builders conducting soft launches or marketing before obtaining RERA registration. This proactive measure seeks to prevent developers from selling units at discounted rates before securing RERA approval, ensuring buyers are not left vulnerable without legal protection. RERA officials are monitoring social media for such activities and imposing penalties for violations.Read more

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