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%

Top Stories

Ghaziabad residents alert police as Mahagun Millennia builder excavates mall's basement

Residents near the Mahagun Millennia project in Crossings Republik have lodged a police complaint against the developer due to concerns over a deep pit on the construction site. The pit, filled with water from recent rains, is causing seepage and endangering nearby buildings' foundations and boundary walls. Sections of the service road and the mall's under-construction wall have already collapsed. The complaint also accuses the developer of constructing a mall without necessary approvals and violating regulations. A committee has been formed to investigate the case, and the Ghaziabad Development Authority has requested the filing of a First Information Report (FIR) against the developer and Crossings Infrastructure Pvt Ltd (CIPL) for illegal construction activities.Read more

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Rise in Mumbai office space demand amid Q2 2023, technology and BFSI sectors emerge as key players

Office leasing in Mumbai reached 1.3 million square feet in Q2 2023, as per CBRE South Asia Pvt. Ltd's latest report. The uptake was largely driven by the BFSI, technology, and engineering & manufacturing sectors. Notably, mid-sized transactions dominated the leasing scene. Nationwide, leasing activity grew by 12% Q-o-Q. Domestically, flexible space operators, technology firms, and BFSI led the absorption. Despite a slight downturn in H1 2023, the resilient demand underscores the positive trajectory for India's commercial real estate sector.Read more

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Pune civic body saves five lakh litres of water daily through action against realtors

The Pune Municipal Corporation (PMC) has successfully saved approximately 5 lakh litres of potable water per day by cracking down on realtors who failed to utilize treated sewage water for construction purposes. The PMC took action against around 200 construction sites that were not adhering to the directive of using water from sewage treatment plants (STPs). As a result of these actions, including halting construction work, there has been a noticeable increase in the usage of treated water. This initiative aims to conserve precious freshwater resources in Pune.Read more

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Cracks develop in Taliye landslide rehabilitation houses, raising safety concerns

The under-construction houses being built by MHADA for the Taliye village landslide-hit families in Mahad have experienced foundation collapse and cracks, causing distress among locals. The landslide in July 2021 claimed 87 lives, leaving 41 survivors. The victims, currently residing in container homes, have faced delays in receiving the promised houses. MHADA-Konkan division is responsible for constructing the 271 houses, and so far, only 40 have been completed. Additional infrastructure works are also underway. Concerns have been raised regarding the poor quality of construction and the need for rectification by MHADA.Read more

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Residents rally against Pune Developer's land encroachment in Kharadi

A Pune developer has encroached upon land owned by the Pune Municipal Corporation in Kharadi, which was meant for exhibition and recreation purposes. Despite residents' complaints, no action has been taken. The land has been fenced off and restricted from public access. The local association, recognizing the importance of open spaces, plans to stage an agitation to halt further construction and reclaim the land for community use. They aim to protect the land intended for amenities and preserve it for the benefit of the residents.Read more

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Bhubaneswar civic body to e-auction 112 commercial spaces

The Bhubaneswar Municipal Corporation (BMC) has decided to e-auction its shops in one of the city's oldest market complexes in Unit IV. The complex, developed through a public-private partnership, faced significant delays and challenges. The BMC will rent out the shops for three years instead of selling them outright. The auction includes 112 shop rooms across multiple floors. The decision aims to revitalize the market space, attract new businesses, and maximize the potential of the project. The move presents an opportunity for interested parties to secure a space in the historic market complex.Read more

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Maharashtra IGR to check all documents from 2020-22 for rule breach

The Inspector General of Registration and Controller of Stamps in Maharashtra is conducting a comprehensive review of property registrations from 2020 to 2022. The aim is to address complaints regarding violations of real estate laws. Committees have been formed to examine property documents across the state, focusing on adherence to the Real Estate (Regulation and Development) Act and the Maharashtra Prevention of Fragmentation and Consolidation of Holdings Act. The review will cover millions of documents, and officials who illegally registered documents are under scrutiny.Read more

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Balancing Growth and Infrastructure: Mumbai's vertical development dilemma

Mumbai is experiencing a trend of vertical growth, with developers taking advantage of high floor space index (FSI) in certain rehabilitation housing schemes to construct taller buildings. A prime example is the construction of India's tallest residential twin towers, Aaradhya Avaan, under cluster redevelopment regulations. Concerns are raised about Mumbai's infrastructure capacity to handle these massive constructions. Experts highlight potential negative consequences such as abuse of building materials, increased costs, concretization of open spaces, and dense living conditions. While proponents argue that Mumbai's infrastructure can handle the increased load, critics point out the lack of proper zoning laws and haphazard development.Read more

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Chennai authorities prepare to dismantle 400 unlawful settlements along Adyar River

Approximately 400 unauthorised dwellings along the Adyar River are due for demolition after the inhabitants refused to participate in a biometric verification process. The Chennai Corporation, the Tamil Nadu Urban Habitat Development Board (TNUHDB), and Revenue Authorities issued a one-week eviction notice, and plan to relocate residents to newly built TNUHD residences. The move, taken to safeguard the health of the Adyar River, signals the authorities' stern stance against illegal encroachments.Read more

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GLADA's inaction leaves residents in limbo as illegal colonies remain unaddressed

The Greater Ludhiana Area Development Authority (GLADA) has come under scrutiny for its failure to take action against developers who have not regularized their illegal colonies, causing distress among residents. Despite the identification of a large number of illegal colonies within GLADA's jurisdiction prior to the implementation of a regularization policy in 2018, little has changed for the inhabitants. However, sources indicate that developers who previously applied under the policy may soon have a final opportunity to rectify their documentation shortcomings and obtain a No Objection Certificate (NOC) for their colonies.Read more

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