MHADA reverses steep fee hike on NOC Revalidation

02 Nov 2023 CW Team

In a significant win for the city's developers, the Maharashtra Housing Area Development Authority (MHADA) has reversed its decision to impose an annual fee of Rs 10 lakh for revalidating its no objection certificate. Earlier this year, MHADA CEO and vice-president Sanjeev Jaiswal had increased the fee from Rs 20,000 to Rs 10 lakh in an attempt to discourage builders from obstructing the redevelopment of old and deteriorating buildings.

Instead, MHADA has introduced an amnesty scheme for the first six months, allowing the revalidation of all pending NOCs for a flat fee of Rs 1 lakh, regardless of the plot area. After the amnesty period, any pending NOC can be revalidated by paying Rs 5 lakh per year.

Subsequently, for valid NOCs requiring revalidation, the fee will be calculated based on the plot area, ranging from a minimum of Rs 50,000 for a 500-square-meter plot to a maximum of Rs 6 lakh for an 8,000-square-meter plot. The steep increase in fees had been challenged by Credai-MCHI, a representative body of the real estate industry, which brought the issue to the attention of the state housing department.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..