Check project approvals online now
Real estate developers face many challenges to get approvals from the authority which in turn lead to delay in construction work and possession. The government is planning to set up fast track approvals for real estate projects where they will post all the approved projects online to minimize delay in possession.
It will be easy for consumers also to check if the projects got necessary approvals from the authority which they are planning to buy and based on that developers can bring down property prices as well.
A committee headed by Dhanendra Kumar, former Competition Commission of India (CCI) chairman, is working on these approval procedures for realty projects. They will form some policy guideline which will be followed by all states, said a government official.
In order to access central government funding from the housing ministry, all the states have to abide by these guidelines. This process will make easier for home buyers to check project approvals online.
Property prices will also become cheaper by up to 40 percent if approvals come faster as said by an official of CREDAI. In Mumbai, housing projects with 100-150 apartments take around three and a half years to get all clearances from authorities, whereas, in cities like Gurgaon, Chennai and Bangalore, it takes around two to three years, which is better than in the financial capital. If government actually comes up with this step, then it will help both developers as well as home buyers.
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