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

Maharashtra government approves conversion of CIDCO residential plots to freehold

The Maharashtra government has approved converting CIDCO residential plots from leasehold to freehold, providing greater ownership rights to property owners in Navi Mumbai and other CIDCO-developed areas. This decision marks a policy shift for CIDCO. CIDCO has formed a committee to manage applications. Plot owners must apply and pay fees, including unearned income recovery if applicable. Freehold status eliminates future transfer charges, simplifies registration and inheritance, and offers more flexibility for redevelopment or resale.Read more

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Telangana RERA fines agent INR 6.17 lakh for promoting unregistered project in Hyderabad

The Telangana Real Estate Regulatory Authority (TG RERA) has fined real estate agent Jakkepalli Sri Lakshmi INR 6.17 lakh for promoting an unregistered project and impersonating the builder in transactions. The case involved a buyer couple who transferred over INR 1.2 crore for two flats, but only INR 44.9 lakh reached developer Aaditri Housing. RERA found fabricated receipts and directed Aaditri Housing to complete and register the flats, warning of further penalties for delays. This action underscores RERA's crackdown on fraudulent real estate practices.Read more

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Madras High Court penalizes GCC commissioner over unauthorized construction inaction

The Madras High Court has fined J Kumaragurubaran, Commissioner of the Greater Chennai Corporation (GCC), INR 1 lakh for inaction against unauthorized construction in the Royapuram zone. This follows a contempt petition alleging the corporation's failure to comply with a 2022 court order. The court criticized GCC for insufficient efforts, noting a discrepancy between over 6,000 notices issued and only 242 buildings sealed since 2022. The fine, to be deducted from the Commissioner's salary and sent to Adyar Cancer Institute, underscores the court's stance on enforcing regulations and holding officials accountable for inaction.Read more

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Ludhiana's UID number plate project faces new challenges amid drone disputes

Ludhiana's project to assign Unique Identification (UID) number plates to households faces new challenges, leading to a third relaunch. The initiative, aimed at digitizing property records, stalled as the contractor refused drone surveys due to cost disputes, prompting the Municipal Corporation (MC) to scrap the contract. This follows two previous failures. The current World Bank-supported project, initially budgeted at INR 5.75 crore, will now require new tenders. Concerns about the contractor's repeated involvement have been raised, highlighting ongoing struggles with project execution and accountability in implementing the long-delayed UID system.Read more

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Actor Mahesh Babu faces legal trouble over alleged fraudulent real estate scheme

Actor Mahesh Babu has been served a notice by a consumer court over alleged fraud in a real estate scheme he endorsed. A city-based doctor claims she was defrauded of INR 34.8 lakh after buying a non-existent plot, influenced by his endorsement. The Rangareddy District Consumer Disputes Redressal Commission has directed all respondents, including Sai Surya Developers and its owner, to appear on August 7. Previous reports suggest the actor received INR 5.9 crore for promoting the firm, which allegedly sold plots in unauthorized layouts and made multiple sales.Read more

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Karnataka to set up recovery cell to enforce RERA compensation orders

The Karnataka government plans to establish a special 'Recovery Cell' to address over INR 724 crore in dues from 1,500+ builders defying RERA orders, with INR 710 crore in Bengaluru alone. Led by a special deputy commissioner, the cell will implement RERA orders, treating dues as land revenue arrears and taking coercive actions like attaching properties. This initiative aims to provide relief to homebuyers who have not received property ownership or compensation despite RERA directives. It seeks to strengthen enforcement and ensure justice in the state's real estate sector.Read more

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Maharashtra to legalize subdivided land parcels formed before January 1, 2025

The Maharashtra government has approved legalizing subdivided land parcels formed up to January 1, 2025, by relaxing its land fragmentation law. This decision aims to benefit over 50 lakh families. Plots up to one guntha (1,089 sq ft) will gain official property rights. A detailed Standard Operating Procedure (SOP) will be finalized within 15 days by a four-member committee to clarify approvals and ensure planned growth. This move seeks to resolve legal hurdles in property registration and construction permissions across various urban and peri-urban areas.Read more

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Gautam Buddh Nagar steps up safety checks near Jewar airport amid flight risk concerns

Authorities in Gautam Buddh Nagar have initiated a comprehensive safety protocol around the under-construction Noida International Airport, aiming to address threats from illegal buildings, waste mismanagement, and wildlife presence within a 10-km radius. The Airport Environment Management Committee (AEMC), led by District Magistrate Manish Kumar Verma, has mandated regular inspections, drainage improvements, and prohibition of unauthorised drone and laser activity. These interventions are deemed critical to ensure safe operations at the greenfield airport project in Jewar, which is nearing the start of its first phase after missing its earlier timeline.Read more

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Davanagere becomes first Karnataka district to digitise all land records

Davanagere district leads Karnataka in digital land records distribution, having issued 2.5 lakh records of rights (RTCs) and resolved 1.25 lakh sub-division cases. This makes it a model for transparency, with 100% distribution of property ownership records. The initiative aims to reduce disputes and streamline transactions across the state, where other districts lag in progress.Read more

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NMMC demolishes illegal construction in Airoli after owner defies notice

The Navi Mumbai Municipal Corporation (NMMC) carried out a demolition drive against an unauthorised structure in Airoli under the directives of Municipal Commissioner Dr Kailas Shinde. Despite having received a legal notice under the MRTP Act, the property owner, Vasant Sathe, failed to remove the unauthorised construction, prompting officials to partially demolish it. The operation, supervised by Assistant Commissioner Sunil Kathole, also targeted illegal stalls encroaching on the footpath at Diva Gaon Circle. The NMMC has confirmed that such anti-encroachment actions will intensify in the coming period.Read more

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