+
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

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code