In response to the National Monument Authority (NMA)'s concerns over real estate construction around protected monuments, the Indian government has mandated stricter banking scrutiny for projects adjacent to heritage sites. Banks are now required to conduct rigorous due diligence before approving loans for such projects. Developers encroaching on lands near monuments will be blacklisted and reported as fraudulent, facilitating strict action by relevant authorities. This move coincides with the government’s plan to reintroduce a bill in Parliament that prohibits construction within 100 meters of protected monuments, signalling a robust commitment to preserving the country's rich cultural heritage amidst rapid urbanization.
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The government has heightened its protective measures for India's heritage sites by enforcing stricter banking scrutiny on real estate projects located near these national treasures. This move follows a formal letter from the National Monument Authority (NMA) to the government that expressed serious concerns, as revealed by two officials with knowledge of the matter.
In response to increasing grievances regarding real estate construction around protected monuments, the government has mandated banks to carry out rigorous due diligence before approving loans for projects situated adjacent to heritage sites.
As part of this directive, banks are required to blacklist developers that violate these restrictions, report them as fraudulent, and help initiate stern action against them by the pertinent authorities. An official, on condition of anonymity, noted, “Banks have been suitably advised to review all documentation meticulously and consult with local authorities and the NMA as necessary. The government is committed to imposing stringent actions against such misconduct under existing laws.”
This stricter stance is highlighted by the fact that earlier this year, the government disclosed to the Parliament that out of India’s 3,693 centrally-protected monuments, 50 have become untraceable. Urban expansion has overwhelmed 14 of these sites, while 12 have been submerged due to reservoir and dam construction, and 24 are missing without explanation.
To further solidify the preservation of these invaluable sites, the government is expected to reintroduce the Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill to Parliament. This bill, once passed, will prohibit construction within 100 meters of protected monuments. Initially passed by the Lok Sabha in 2017, it was later sent for review to a committee in the Rajya Sabha, which subsequently submitted its report in 2018.
Earlier this year, the Economic Advisory Council to the Prime Minister (EAC-PM) proposed revisiting the criteria used for designating monuments as being of national importance. It suggested delegating the care of locally significant sites to state governments. In addition, the panel called for an increase in funds allocated for monument maintenance. The government had previously set aside Rs 428 crore (approximately Rs 11 lakh per monument) for the conservation and protection of 3,695 sites.
In conclusion, in an era of rapid urban development, India is taking definitive steps to protect its rich cultural heritage. By imposing stricter banking regulations on real estate projects near these monuments, the government is signalling its resolve to safeguard these historical sites for future generations, despite the complex challenges this protection might entail.
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