Single Window Clearance on top priority for realtors
The real estate body of Noida has proposed to Narendra Modi, after his sweeping election victory, that a single window clearance system be introduced for clearing new projects.
The real estate sector has been an under-performer for long, and the time taken for clearing new projects has been a significant reason behind this. Mithas, managing director, Unnati Fortune Group says a developer takes at least a year to secure all clearances in UP. Now, Mithas is optimistic about Modi’s victory and believes the designated prime minister will certainly address these issues.
Mithas, also a CREDAI member, says the proposal to Modi highlights the fact that the presence of a large number of authorities not only increases production cost but also becomes the major cause of delays in project clearance.
Developers say the production cost increases by 40% with the current multi-agency approval process. Additionally, they attribute the delay in project clearance to the lack of correspondence between the state and central governments.
A revamp of the real estate sector will benefit both the homebuyers and the industry. Assocham member and managing director of Orris Infrastructure, Amit Gupta says the sector employs lakhs of people directly or indirectly and that the demands of these people cannot be ignored. Prices will drop by up to 25% and the sales will double if a smooth and efficient system is introduced, he adds.
P Sahel, vice chairman of Lotus Greens, concurs with Gupta and also points to two other beneficiaries, the home buyers and the government. On implementation of an efficient scheme, home buyers will have access to affordable projects and the government’s revenue and GDP will rise by 100% and 1.5% respectively, says Sahel.
Source: The Times of India
clearing new projects, Infrastructure, multi-agency approval process, Noida, Noida Investors, Noida property, real estate body of Noida, Real Estate Sector, Realtors Seek, Residents of Noida, single window clearance, Transparency in Clearing New Projects
