NIT lowers building sanction fees by 50%

31 Mar 2023 CW Team

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

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..