Nishant Construction

By incorporating small changes, as prescribed under the ancient study of architecture, Vastu, our homes could be turned into a more positive territory. Here is today’s Vastu tip.

The basic difference between a construction loan and usual home loan is the fact that construction loan is a short-term loan used to pay for the cost of building a home and banks impose strict qualifying requirements before they sanction it.

Construction of a home involves a lot of effort and time and, therefore, it is important that all the necessary markers are kept in mind to avoid last-minute cash crunch and delays in receiving funds from the bank. Here are the six major aspects which you must take into account if you are applying for a home loan for construction purpose.

Following a fire in Deonar dumping ground in 2016, the Mumbai High Court had banned new constructions and asked the Brihanmumbai Municipal Corporation (BMC) to devise a debris management plan. The BMC has now asked the developers to submit a debris dumping plan before the authority for seeking No-Objection Certificate (NOC) for construction. The developers will be required to identify a dumping site before starting the construction which will be inspected by the BMC and mentioned in the Intimation of Disapproval Certificate (IOD). Builders who generate small quantities of debris are exempted from this new rule.

To monitor illegal construction, the Brihanmumbai Municipal Corporation (BMC) is now making use of technology. After its failure to curb rising illegal construction in India's financial capital, the municipal corporation is now using Light Detection and Ranging technology to video-record each property with a 360° view. While sizing up the property, the technology will also enable the BMC to measure the road on which a building is standing - this will help it make sure no encroachment of public land takes place.