Cost of apartments in India can be reduced by timely approval
The government of India has planned to set up committee to evolve a workable strategy for reducing the time taken in approval of real estate projects in India.
According to builders association, faster approval process can reduce the cost of any project between the range of 20 to 40 percent.
The minister of housing and urban poverty alleviation has said that it is possible to reduce the time of granting approval to a period of six to eight weeks and it will definitely improve the present real estate scenario.
The builders association also said that nearly 70 different approvals are required before launching any real estate project and it takes almost three years to get all the approvals.
It is also reported that urban infrastructure is under tremendous pressure with rapid economic and industrial development across the country. To overcome the situation the government needs to take multiple steps to facilitate the development process.
Affordable housing projects will be much benefited after the implementation of the quicker approval process.
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Source: Orissadiary
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