CREDAI wants Prime Minister’s intervention to reform regulatory bill
The Confederation of Real Estate Developers Association of India (CREDAI) appealed to the Prime Minister to intervene in the real estate regulatory bill, so that the regulation will be able to prevent the inflow of black money into the realty sector.
According to the president of CREDAI, 20 years back Manmohan Singh, as the Finance Minister, initiated the economic reforms which made an end to the License Raj. But the real estate sector is still governed by controls and increased controls.
CREDAI also demanded the quick approvals of projects in India through single-window clearance system which has received poor response from authorities like the Environment Ministry.
CREDAI has been pointing out that there are over 40 clearances that a developer is supposed to get which leads to human interaction with over 150 officials at various stages.
Any delay happened in the course of the clearance, leads to the escalation of project cost.
Hence CREDAI wants the PM to intervene to reform the regulatory bill, so that the sector will see a smooth operating platform.
Real estate needs industry status
Source: ZEE News
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