NIT lowers building sanction fees by 50%
Real Estate

NIT lowers building sanction fees by 50%

The Nagpur Improvement Trust (NIT) board of trustees has decreased building plan sanction fees by 50%, providing assistance to inhabitants of gunthewari layouts who wanted to purchase a home or regularise their current one.

The board meeting included the budget approval for 2023–2024. Manoj Kumar Suryawanshi, Chairman, NIT, submitted his third budget in a row this time.

On January 13, 2021, the NMC did so retroactively to July 1, 2016, and a few months later, the NIT did the same. The fees have gone up from 2% of the land's ready reckoner value to 4% for residential projects and 4% to 8% for commercial structures.

The NMC general body did, however, pass a resolution on July 22, 2021, to put the walk on hold. Radhakrishnan B, Municipal commissioner, wished for the state government to overturn the resolution, but it permitted the fee cut. A dispute between several netas and developers will be resolved by the NIT creating a 90-acre park in Nara.

A 130-acre plot of land was set aside for the park, but it took 22 years for the NIT to find large chunks from private sellers. Individuals who owe roughly 40 acre of land won a judicial struggle to get a reservation removed from their land.

Also read:
Runwal Group invests Rs 45 billion in commercial real estate
NBCC inks MoU to help in cons. of 1 lakh housing units


The Nagpur Improvement Trust (NIT) board of trustees has decreased building plan sanction fees by 50%, providing assistance to inhabitants of gunthewari layouts who wanted to purchase a home or regularise their current one. The board meeting included the budget approval for 2023–2024. Manoj Kumar Suryawanshi, Chairman, NIT, submitted his third budget in a row this time. On January 13, 2021, the NMC did so retroactively to July 1, 2016, and a few months later, the NIT did the same. The fees have gone up from 2% of the land's ready reckoner value to 4% for residential projects and 4% to 8% for commercial structures. The NMC general body did, however, pass a resolution on July 22, 2021, to put the walk on hold. Radhakrishnan B, Municipal commissioner, wished for the state government to overturn the resolution, but it permitted the fee cut. A dispute between several netas and developers will be resolved by the NIT creating a 90-acre park in Nara. A 130-acre plot of land was set aside for the park, but it took 22 years for the NIT to find large chunks from private sellers. Individuals who owe roughly 40 acre of land won a judicial struggle to get a reservation removed from their land. Also read: Runwal Group invests Rs 45 billion in commercial real estate NBCC inks MoU to help in cons. of 1 lakh housing units

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code