Tag: Lok Sabha

Latest StoriesResidential

PMAY-Gramin House Approvals Drop Sharply in Andhra Pradesh

VIJAYAWADA: New sanctions under the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) in Andhra Pradesh have seen a significant decline since 2022-23, with only 515 rural houses approved over the past three financial years. Construction of previously approved houses, however, has continued at a slow pace. Data presented in the Lok Sabha by the Ministry of Rural Development indicates that Andhra Pradesh received no new PMAY-G house sanctions in 2021-22. The state was assigned 1.78 lakh houses in 2022-23, but approvals plummeted to just 11 in 2023-24 and 504 in 2024-25, with no new sanctions at all in 2025-26. Despite this decline…

Latest StoriesRegulatory

Parliament amends IBC to speed up resolution and cut backlog

NEW DELHI: On Wednesday, Parliament passed amendments to the Insolvency and Bankruptcy Code (IBC), aimed at expediting resolutions, decreasing case backlog, and enhancing the financial ecosystem. The Rajya Sabha approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, through a voice vote, having received Lok Sabha approval on March 30. During a brief discussion in the Rajya Sabha, Finance Minister Nirmala Sitharaman remarked that the IBC has positively impacted the health of the Indian banking sector and facilitated asset recovery. Sitharaman, also the Minister of Corporate Affairs, stated that the government accepted all 11 recommendations proposed by a Lok Sabha…

IndustryLatest Stories

Lok Sabha Approves Insolvency Law Amendments to Boost Stakeholder Value

NEW DELHI: The Lok Sabha has passed a bill amending the insolvency law to introduce strict timelines, an out-of-court settlement option, and a framework for cross-border insolvency processes. Presenting the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman stated that the amendments to the Insolvency and Bankruptcy Code (IBC), which took effect in 2016, aim to maximize stakeholder value and enhance the governing process. The amendments are intended to bolster the existing insolvency framework while tackling practical challenges and integrating global best practices, which, according to the minister, have significantly improved the health of the banking sector. The Lower House…

IndustryLatest Stories

Centre to Eliminate One-Year Jail for Realty Norm Violations

NEW DELHI: In a significant development for homebuyers, the Centre has proposed the removal of the existing penalty of up to one year of imprisonment for allottees who do not comply with orders from the Real Estate Appellate Tribunal. The proposed amendment aims to revise Section 68 of the Real Estate (Regulation and Development) Act, 2016, stating that defaulters could face a financial penalty of up to ten percent of the property cost, which includes plots, apartments, or buildings. This change is part of the Jan Vishwas (Amendment of Provisions) Bill, 2026, recently introduced in the Lok Sabha by Minister…

InfrastructureLatest Stories

Housing Ministry: Plan to Launch 8 New Cities Unfeasible

NEW DELHI: The Union Ministry of Housing and Urban Affairs announced to the Lok Sabha on Thursday that the initiative to develop eight new cities will not move forward as the 15th Finance Commission’s period ends on March 31, this year. The Rs 8,000-crore grant allocated by the Commission has remained unutilized over the past five years. The proposal indicated that each city would receive Rs 1,000 crore for its development, with each state eligible for only one city under this initiative. In a written response, Union Minister of State for Housing and Urban Affairs Tokhan Sahu stated that during…