CREDAI wants reforms in real estate regulations
The Confederation of Real Estate Developers’ Association of India (CREDAI) said that there is a need for comprehensive reforms to check black money and corruption in the realty sector.
CREDAI has been advocating for single window system for project clearances to cut down time and chance for corruption.
CREDAI has recommended reforms in four key areas including administration, land, taxation and banking, which impact the real estate.
Real estate is a highly capital intensive industry and any delay would only add to the interest burden for developer who scrupulously tries to avoid it since the increased costs would lead to cut in is margins and rise in the cost for the customer.
There are more than 40 clearances that a developer is supposed to get before starting any project in India and any delay at any stage raises the cost of construction.
Real estate needs industry status
Source: IBN Live
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