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

Residents of Malibu Towne protest, seek Haryana CM's help over ban on registry

Residents of Malibu Towne in Gurgaon, India, have taken to the streets to protest a blanket ban on the registration of properties in the township. The ban was imposed in December 2022 by the Haryana State Pollution Control Board (HSPCB), following a complaint by an RTI activist and resident of the colony, Raman Sharma. The HSPCB issued a closure notice to the developer, alleging that environmental norms were violated during the construction of the township.Read more

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Supreme Court orders Mantri Serenity flats to be handed over by 13 March 2023

Earlier this month, in a huge victory for over 1,000 homeowners, the Supreme Court ordered Bengaluru-based developer Mantri Castles Pt Ltd to deliver the apartments of the Mantri Serenity project, which has been delayed for five years, by 13 March 2023. The Mantri Serenity project's apartments were seized by the Enforcement Directorate (ED) following complaints that the developer had allegedly misappropriated funds. According to the SC order, the flat buyers who have paid 100 percent of their outstanding dues in accordance with the buyer’s agreements will be eligible to receive possession of their flats before the next date of listing.Read more

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Noida authority seeks consent from 17 institutes for building audits

The Noida Authority has released a new structural audit policy that appears to be a fitting response to the alarming number of buildings with substandard structural integrity in the city. The policy will make it mandatory for developers of multi-storey buildings to obtain a structural audit report from an empanelled institute to obtain an occupancy certificate. The policy also requires existing buildings to undergo structural audits if defects are reported by at least 25% of homebuyers within five years of obtaining an occupancy certificate. Noida Authority has asked 17 technical institutions such as IIT-Kanpur, MNIT Prayagraj, BITS Pilani, NIT Jaipur, and CBRI-Roorkee to become empanelled members of the audit team.Read more

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New bill that is likely to replace MOFA under review

The state of Maharashtra in India is reviewing a draft bill called the Maharashtra Transfer of Title in Real Estate Project Bill, which is expected to replace the existing Maharashtra Ownership of Flats Act (MOFA), 1963. The new bill is aimed at dealing with conveyance deeds of housing societies not covered under the Real Estate (Regulation and Development) Act (RERA). The proposed bill emphasizes the execution of conveyance deeds by developers within three months, and it includes a mandatory occupancy certificate (OC) for carrying out conveyance deeds.Read more

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Centre approves modifications, relaxations in norms linked to housing regulations

The Delhi Development Authority (DDA) has announced that people owning a flat or plot of land measuring less than 67 square metres in Delhi are now eligible to apply for newly constructed flats offered by the urban body. This move comes after the Union Ministry of Housing and Urban Affairs approved modifications and relaxations proposed by the DDA in the Housing Regulations of 1968, which were issued under section 57 of the DDA Act of 1957.Read more

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MahaRERA permits developers to deregister their project subject to T&C

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued an order officially permitting developers to proceed and deregister a real estate project subject to conditions laid down by the authorities. The MahaRERA has cited several grounds for developers to deregister a real estate project, including a lack of cash, economically unviable projects, lawsuits filed, disputes/family issues, and changes in planning government/planning authority announcements. If there are homebuyers, deregistration will only be taken into consideration if the developer has resolved all their rights and claims.Read more

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Chandigarh Housing Board withdraws the allocation of 22 small apartments

The Chandigarh Housing Board (CHB) has begun acting against allottees who have broken the terms and conditions of allocation in the Rehabilitation Programme, Small Flat Scheme, and Affordable Rental Housing Scheme. Through two rigorous surveys conducted CHB found that of the 18,138 apartments allotted only 15,995 were occupied by the original allottees. The rest were either locked or not occupied by the original allottees. The CHB had advised all allottees to surrender their apartments if they decide they no longer wish to live in them, but they may not sell, sublet, transfer, or transfer them to other people.Read more

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Maha RERA seeks help of developers' bodies to revive 624 lapsed projects

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is taking a proactive approach in reviving lapsed housing projects in the state. The authority has reached out to six developers' organizations seeking suggestions and assistance in bringing 624 lapsed projects back to life. These include 309 from Mumbai, 220 from Pune, 20 from Nagpur, 29 from Aurangabad and 41 from Nagpur. The six developers' organizations are the National Real Estate Development Council (NAREDCO), CREDAI-MCHI, CREDAI Maharashtra, the Builders Association of India, the Marathi Bandhkaam Vyavasik Association, and the BrihanMumbai Developers' Association.Read more

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NCLT allows MHADA plea over its Patra Chawl land

The National Company Law Tribunal (NCLT) has granted a significant relief to the Maharashtra Housing and Area Development Board (MHADA) in the Patra Chawl redevelopment case. The NCLT allowed MHADA's plea to exclude its entire 47-acre property known as 'Siddharth Nagar' from the liquidation estate of Guruashish Construction. Under a Joint Development Agreement (JDA), Guruashish was supposed to construct permanent rehabilitation homes for 672 tenement holders and in lieu could build and sell free-sale component at its own risk. MHADA terminated the JDA in January 2018 due to the builder's default in completing construction within its stipulated timeline.Read more

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Affordable plotted housing scheme suspended in Haryana

The Haryana state government has suspended the Deen Dayal Jan Awas Yojna (DDJAY) scheme, which aimed to provide affordable plotted housing to low- and middle-income families in Gurgaon and Faridabad, due to high land costs and lack of benefit for the target demographic. Prime Minister Narendra Modi launched the DDJAY scheme in Haryana in November 2016 to address the problem of unauthorised colonies while offering affordable housing options to low- and middle-income families.Read more

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