#RealtyNewsRoundup: Builders May Face MCOCA For Illegal Constructions, Says Maharashtra CM
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
The Maharashtra government will hold civic and police officials responsible for illegal constructions and is considering slapping MCOCA against erring builders to curb the practice. This was stated by Chief Minister Devendra Fadnavis, who said the state government has adopted a new policy according to which a special officer will be appointed to keep a tab on illegal constructions. Offences registered under the Maharashtra Control of Organised Crime Act (MCOCA) are non-bailable. Read more
The UP Housing and Development Board has slashed its rate of interest for those buyers who make staggered payment. Accordingly, the interest rate on houses costing up to Rs 25 lakh has been cut by about 1 percentage point to make the offer on a par with most government banks providing home loans. Now, for houses worth up to Rs 10 lakh, the interest rate has been slashed from 10.3 per cent to 9.3 per cent and for the ones in the range of Rs 10 lakh-25 lakh, the new interest rate would be 10.3 per cent instead of 11.3 per cent. Read more
In a relief to Unitech, the Noida Authority has asked Life Insurance Corporation to stop the e-auction of the 348-acre plot allotted to the company in 2006, which the realty major mortgaged to the public sector insurer without permission. The civic body claims it has no record of any permission sought or granted for mortgaging the land to LIC and that it has the first charge on it, which is specified in the lease deed. Read more
Pune will be the first city among the first batch of 20 Smart Cities to hire a professional as the chief executive officer to execute the ambitious project. In almost all other cities, bureaucrats have been posted as CEOs. Sources in the urban development ministry said the city administration has informed them about the decision and they will select the candidate by inviting applications from professionals. Read more