Real estate projects in New Delhi soon to get fast track approvals
New Delhi: Government is planning to approve all the real estate projects in a fast track basis and also to put them online so that the consumers can have a clear idea before booking a house and can bring down home prices.
A government committee headed by former commissioner of India chairman Dhanendra Kumar is formed to take care of the approval procedures for real estate projects.
A report will be submitted to the Ministry of Housing and Urban Poverty Alleviation this week based on the policy guidelines, developers in all states will have to follow them.
It is also decided by the committee to bring all state and central clearances on two separate electronic platforms to have a better and faster clearances without going to multiple authorities for individual approvals.
All the approvals should be uploaded on the internet which will be great relief for the investors and buyers. Now the consumers should no longer depend on the developers words regarding the approvals of the projects and floor plans. They only need to investigate on situations if it gets stuck after paying significant sums due to the lack of some approvals, etc.
Due to delay in approvals, home prices escalate by up to 40 percent. Home prices can be brought down with fast track approval system.
In metropolitan cities like Mumbai, Delhi, Bangalore and Chennai, real estate projects need to get approved by 50 various authorities in the central, state governments and local authorities including the environment ministry and also National Monuments Authority, aviation ministry, and several departments such as forest, water, pollution, fire, revenue and town planning.
Housing projects of 100-150 apartments in metros like Mumbai takes to three and a half years for getting all clearances. Although situations are better in Bangalore, Chennai, Gurgaon, even though they take two to three years for approval.
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