By Accommodation Times News Service
The government now plans to fast track approvals for real estate projects and put the status online in a move that will help consumers/buyers check if a project is approved before booking a house. A committee on streamlining approval procedures for real estate projects will submit its report to the ministry of housing and urban poverty alleviation and from the basis of that policy guidelines that all states need to follow. One of the official said, these guidelines would be one of the conditions precedent for states to access central government funding from the housing ministry.
The committee is suggesting bringing all the state and central clearances on separate electronics platforms so that builders can get faster clearances. Fast approval will also help builders bring down home prices significantly because sometimes approval takes a lot of time. The national president of CREDAI said home prices can become cheaper by up to 40% if approval comes faster.
Developers say large housing projects need lot of approval from various authorities. This will definitely save time and push up the sale.