NIT lowers building sanction fees by 50%
31 Mar 2023
2 Min Read
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鈥�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鈥�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
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