No green nod needed for properties below 15 metre height
Value & Budget Housing Corporation is now thinking of adopting a policy of developing properties of smaller heights that do not require ministry of environment’s nod.
This strategy was finalised as they were facing various delays in the housing sector to get proper approvals.
Currently, it takes around 12-18 months to get clearance from the environment department. If passed, the corporation would be saved from this tenure.
Furthermore, the height of buildings have been planned to be 15 metres to fall into this category. With 15 metres height, the developers don’t have to seek the Airports Authority of India (AAI) clearance either.
The developments also would be on 5 acre land to develop faster.
The organisation’s first project in Bangalore was developed in over 30 acres of land. As per the norm, the real estate projects developed on over 200,000 square feet of built up space need environment clearance from state governments.
Also, any project in India developed over 15 metres of height also requires an AAI clearance from the state government.
Furthermore, the company acquires the overhead costs which has resulted in them increasing the cost of the land, probably in next two years.
VBHC was set up in 2009 and sells properties in the price range of Rs 8-22 lakh and has plans of building around 15 residential projects in India by 2013.
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AAI, Airports Authority of India, Mumbai, project in Bangalore, Real estate projects, Residential project in Bangalore, Residential projects in India, Value & Budget Housing Corporation
