+
Haryana Amends Licensing Rules For Projects To Improve Transparency
Real Estate

Haryana Amends Licensing Rules For Projects To Improve Transparency

In a bid to facilitate the colonisers and also ensure safety of home buyers, the Haryana's town and country planning department has changed the conditions for granting the licence for a project. 

As per the old rules, the department first assessed the financial capacity of the builder at the time of issuing the letter of intent (LoI). The financial strength of the builder was examined once again before the issuance of the licence. 

These rules came into existence in 2012, and later in 2018, the department made some changes to the norms. The existing rules were further amended on Jan 13, and supersede the previous guidelines, according to an internal communication of the department. 

Department officials said earlier, the builder had to go through the same exercise twice and there were instances where the title of the land changed between the period of issuing the LoI and the licence. This impacted the credibility, they said. 

Now, the builder will be asked to furnish the details regarding financial capacity only ahead of getting the licence. The company or builder must prove that its financial capacity was more than the cost of the entire project. In the case of shareholding, the company's financial capacity should match its paid-up capital.

In a bid to facilitate the colonisers and also ensure safety of home buyers, the Haryana's town and country planning department has changed the conditions for granting the licence for a project. As per the old rules, the department first assessed the financial capacity of the builder at the time of issuing the letter of intent (LoI). The financial strength of the builder was examined once again before the issuance of the licence. These rules came into existence in 2012, and later in 2018, the department made some changes to the norms. The existing rules were further amended on Jan 13, and supersede the previous guidelines, according to an internal communication of the department. Department officials said earlier, the builder had to go through the same exercise twice and there were instances where the title of the land changed between the period of issuing the LoI and the licence. This impacted the credibility, they said. Now, the builder will be asked to furnish the details regarding financial capacity only ahead of getting the licence. The company or builder must prove that its financial capacity was more than the cost of the entire project. In the case of shareholding, the company's financial capacity should match its paid-up capital.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code