Single -Window Clearance for Real Estate Projects: Help Significantly Bring Down Home Prices..!


A single-window clearance for all real estate projects, being mooted by the government, is expected to significantly bring down costs of projects for developers.

Developers / promoters will be able to bring down cost with faster approvals, as well as assured and timely delivery of the projects. For buyers, there will be at least five to 15 per cent downward correction in property prices, depending upon the location and cost of the land. There will be safety of investments, as well as clarity on timelines,” Realistic Realtors, managing director, Harinder Singh, told Business Standard.

The minister for housing and urban poverty alleviation, Mr. Ajay Maken, recently said the government was in the process of formulating a single - window clearance for all real estate projects, bringing down average approval time from the current 200 to 45-60 days.

Supertech Chairman and Managing Director Mr. R K Arora said this would have a 5 to 10 % impact on property prices. Currently, there are too many approvals needed, raising cost and delays, he added.

The government’s Economic Survey for 2012-13 had said: “There are about 35 procedures and the average time taken is 196 days, which increases the sale value by 40 %. While India is among the top countries in terms of housing and workspace needs, it ranks 182 in construction permission processes, according to the World Bank’s Doing Business 2013 report.”

Mr. Maken’s ministry has also planned to bring the Real Estate (Regulation and Development) Bill before the cabinet soon. It envisages a regulator for the real estate sector, with tough provisions of penalty & even a jail term for defaulting developers.

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