SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Location : Nagpur

Challenges persist as Nagpur fails to meet extended deadline for flood damage assessment

10 Oct 2023

The assessment and compensation process for properties damaged in Nagpur's recent flash floods faced challenges as the extended deadline wasn't met, leaving several areas unexplored. Deputy Chief Minister Devendra Fadnavis had announced financial assistance for affected property owners, but concerns arose about the sufficiency of compensation amounts. Disparities in estimations and demands for including more affected areas highlighted the need for comprehensive assessments. Despite these challenges, the administration aimed to conclude the process efficiently to provide meaningful support to flood-affected residents and businesses. This situation underscores the importance of an effective response and preparedness for natural disasters.Read more

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Nagpur Municipal Corporation targets property tax defaulters, including hospitals and clubs

03 Oct 2023

The Nagpur Municipal Corporation (NMC) has identified 1,664 properties, including private hospitals, clubs, lawns, and theatres, with overdue property tax totalling Rs66.38 crore. Private hospitals lead the list with 722 of them owing Rs27.29 crore. Seven clubs owe Rs 28.68 lakh, 322 marriage halls and lawns owe Rs18.83 crore, and 19 theatres owe Rs2.95 crore. NMC plans coercive actions, including property attachment and auction, against these defaulters. Hanuman Nagar zone tops the list with 159 properties, including hospitals and hotels, owing Rs21.12 crore, followed by Dhantoli and Laxmi Nagar zones. NMC aims to ensure regular tax payments from commercial properties.Read more

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Godrej Properties procures a 109-acre land parcel in Nagpur

30 Sep 2023

Godrej Properties Ltd. has acquired a 109-acre land parcel in Nagpur, India, signalling its commitment to expanding its presence in the region. The strategically located land, near major transportation routes and MIHAN SEZ, will be developed primarily for residential plots, with an estimated saleable area of 2.2 million square feet. GPL has been actively acquiring land parcels in response to increased housing demand following the COVID-19 pandemic. In addition to its Nagpur expansion, the company targets significant sales growth and has reported strong financial performance. It recently sold around 670 flats worth over Rs 2,000 crore in Noida.Read more

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Nagpur residents struggle for 17 years as NIT fails to act on encroachments

12 Sep 2023

Residents of South Nagpur have been waiting for the construction of an internal road for 17 years, but the Nagpur Improvement Trust (NIT) has done nothing. Despite the NIT having approved the layout in 2006, encroachments and illegal buildings have impeded the completion of the road. Encroachments were earlier ordered to be removed by the Bombay High Court, but they have since returned. As this road is essential for their safety and convenience, residents are now requesting that the NIT solve the situation.Read more

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Private Constructions on Public Land: Challenges to Nagpur's Inner Ring Road Project

01 Sep 2023

Two government-owned plots of land in Nagpur have been encroached upon by private parties who built structures without proper permits. The Nagpur Improvement Trust issued demolition notices for these unauthorized constructions in the Dwarkapuri Cooperative Housing Society. The plots were originally designated for the Inner Ring Road. Although the private parties obtained a status quo order from the Minister of State for Urban Development, the removal of these encroachments is necessary for the construction of the Inner Ring Road. Society members have raised concerns about officials protecting illegal activities and have appealed for government intervention. A Public Interest Litigation has been filed to challenge regularization permits under the Gunthewari Act for these plots. The completion of the Inner Ring Road will greatly benefit citizens as part of the National Highway system.Read more

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Prominent builder in Nagpur encroaches upon a Playground and Road in Rajiv Nagar and Sita Nagar

19 Aug 2023

A builder's encroachment on a playground and internal road in Nagpur's Rajiv Nagar and Sita Nagar has disrupted sports, fitness, and recreational activities for residents. Despite a contempt order from the Nagpur bench of the Bombay High Court, Nagpur Municipal Corporation (NMC) officials are neglecting the situation. The builder, Praful Deshmukh and Co, breached the playground's compound wall to store construction materials, affecting children's play and senior citizens' fitness routines. The encroachment also damaged the playground's surface and internal roads. Despite regulations, the builder's actions reveal a disregard for community recreational spaces and rule provisions.Read more

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Sale of three plots earns Nagpur civic body Rs 207 crore

20 Jul 2023

The NMC has successfully sold Plot No. 2 of the Orange City Street Project, earning Rs 51.5 crore and bringing the total revenue from the project to Rs 207 crore. The buyer has already commenced work at the site, which was auctioned six months ago for Rs 13,166 per square foot. NMC has now floated an EoI for the sale of Plot No. 4, expecting to fetch Rs 48–50 crore. With 17 more plots yet to be auctioned, the project has become a highly profitable venture for the civic body. The NMC also plans to auction three additional plots in the near future.Read more

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Nagpur Municipal Body records 23 percent property tax collection within three months

11 Jul 2023

Property owners in Nagpur showcased commendable tax compliance by collectively paying Rs 69.29 crore within three months of the financial year 2023–24. Approximately 47,757 property owners benefited from a 5 percent discount by paying taxes online. The target revenue for the year is set at Rs 300 crore. The city offers rebates of 10 percent and 5 percent on property taxes for early payments. Laxmi Nagar zone recorded the highest tax collection, while Satranjipura zone had the lowest turnout. Property owners who missed the previous rebate deadlines can still avail themselves of a 5 percent rebate by paying before December 31.Read more

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Nagpur Municipal Corporation faces challenges with high-rise buildings and firefighting capabilities

27 Jun 2023

The Nagpur Municipal Corporation (NMC) has granted clearance to 46 high-rise buildings exceeding 40 meters in height, despite the firefighting team's maximum reach of 42 meters. This poses a challenge for the NMC's fire department, as they lack the necessary equipment for tall buildings. To address this, the NMC has proposed acquiring a 70-meter hydraulic platform, which has been approved in the upcoming budget. The NMC advises developers to prioritize firefighting systems in high-rise buildings and mandates regular drills for occupied structures. These measures aim to enhance safety in Nagpur's vertical growth trend.Read more

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Unsanctioned construction of commercial complex in Nagpur provokes legal action

23 Jun 2023

Bhagirath Realty Private Ltd has been served a cease-and-desist order by the Nagpur Municipal Corporation (NMC) for proceeding with construction of a commercial complex without appropriate permits. The unsanctioned construction on a disputed 40,000 sq ft plot, previously held by the Nag Vidarbha Chamber of Commerce, is currently under multiple investigations. The builder faces potential legal consequences for violation of the Maharashtra Regional and Town Planning Act, and possible implications from breach of environmental and mineral excavation norms.Read more

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Nagpur's Construction and Demolition Waste Management Struggles

22 Jun 2023

Nagpur Municipal Corporation (NMC) in India has been facing significant challenges in managing the collection, transportation, and recycling of construction and demolition (C&D) waste. Despite appointing operators and issuing guidelines, the NMC has experienced delays and operational issues. The accumulation of C&D waste on major roads and residential areas has become a pressing concern, prompting the introduction of fines for polluters. The NMC aims to improve waste management by establishing a helpline for waste collection and implementing charges for bulk waste generators. However, the delays in operationalizing recycling plants and lack of action against the operators have hindered effective waste management in Nagpur.Read more

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