Realty project clearance will be quicker in Maharashtra
There is good news for those real estate companies in Mumbai whose projects have been stuck due to regulatory approvals. The Maharashtra government is now looking to fast track the clearances of the project in Mumbai.
Real estate in Mumbai has witnessed low launches in 2011. This was happened due to slow project approval process in Mumbai.
While Godrej Properties and Bombay Dyeing launched one project each. Lodha Developers could only launch its Wadala project which is outside the jurisdiction of the BMC or the Brihanmumbai Municipal Corporation others, such as Oberoi Realty, Indiabulls and Orbit Corporation did not even have a single launch.
The cause of the low launch is slow project approval by the government and developers have to rework projects due to the new DCR guidelines.
As an effect of the new guideline, Indiabulls and Oberoi Realty both have to change the fine print of projects launched almost 20 months back and are now looking at a re-launch of the same project.
As the first step to make the clearance process faster, the government is looking to fast track environmental clearances by setting up more committees.
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Brihanmumbai Municipal Corporation, environmental clearances, Godrej Properties, Project clearence, Project clearence in mumbai, Projects in Mumbai, Properties in Mumbai
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