#RealtyNewsRoundup: Architects, Engineers Liable For Structural Defects In Building, Orders Maha Govt
The Maharashtra government has ruled that those involved in the construction of buildings will be held liable for any structural flaws or defects that occur within 10 years after construction. Now, architects, licence surveyors, structural engineers, site supervisors, construction companies, contractors, sub-contractors and consultants would be held responsible for any flaws in their work for the said time period.
India Mortgage Guarantee Corporation (IMGC), the first of its kind in the country, has launched a guarantee scheme for the Pradhan Mantri Awas Yojana (PMAY) to broaden the cover of home loans. The product will allow home buyers to extend the loan term up to 30 years, and also allow a seven-year term extension beyond the retirement age.
The Gautam Budh Nagar district administration held a meeting with officials of Noida and Greater Noida authorities, officers of the stamps and registry department and developers to get homebuyers to complete the registration process of properties. According to district administration officials, there are about 15,000 properties in Noida and 15,400 residential units in Greater Noida that need to be registered.
Real estate major Mahindra Lifespace Developers has received capital markets regulator Securities and Exchange Board of India's approval to raise up to Rs 300 crore through rights issue. In a rights issue, shares are issued to existing shareholders according to their holding at a pre-determined price and ratio.