#RealtyNewsRoundup: Developers Seeks PM, RBI Intervention On Fund Unavailability

Real estate developers' body Confederation of Real Estate Developers' Associations of India (CREDAI) has sought Prime Minister Narendra Modi and the Reserve Bank of India's intervention in the matter of banks not providing finance to projects not registered with state real estate regulatory authorities concerned. The CREDAI has pointed out that a large number of states have yet to appoint a regulator, while some appointed the same only recently. The developers' body claimed that this did not allow developers enough time in registering their projects with the authority.

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The Maharashtra Coastal Zone Management Authority (MCZMA) has ordered to stop the ongoing construction of a shopping mall, a commercial complex and a hotel at the Bandra-Kurla Complex (BKC) as the entire construction is allegedly in violation of the Coastal Regulation Zone (CRZ) norms. A large part of the 20-acre plot falls in the CRZ-III area, where no construction is allowed.

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The CIDCO has slapped eviction notices on 490 illegal structures that have cropped up on its land in the Navi Mumbai area. The town planning body has been carrying out a survey to update its data on illegal constructions. The CIDCO said action would soon be initiated against the remaining constructions.

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Veda Nilayam, the sprawling bungalow located at the upscale Poes Garden area in Chennai where late Tamil Nadu chief minister J Jayalalithaa stayed for over three decades, is set to become a memorial.

Source: Media reports