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To boost Indian realtysector Government cuts down forms and formalities

Posted by BrickAcres on February 17, 2016
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India’s real estate sector is hoping for a fresh boom with the
government deciding to prune a long list of conditions developers
have to meet before laying the first brick. The plan seeks to
replicate Hong Kong’s success of issuing each construction permit
within 60 days.Experts say quicker approvals & fewer formalities
would reduce project costs for developers and reduce prices for
home buyers.

At the Centre From authorities Builders spend up to three years
running around for over 50 approval.State and municipal bodies
with the industry complaining that convoluted green regulations
were choking off growth.

The environment ministry last week decided to reduce the
number of conditions that developers have to meet from 30 to
about six-eight, depending on the project size. These norms
are related to water conservation, natural drainage,solid-waste
management, energy, air quality, noise and green cover.

For Example, a project coming up on a 50,000 to 150,000 sqm area
will need to fulfill eight prescribed norms while smaller ones
will have to meet just six conditions. Sanjay Dutt, executive
managing director (South Asia) of real estate brokerage firm
Cushman & Wakefield said With clearance coming quickly, cost
will come down. It will also cut down delays.

The civil aviation ministry has already come up with
colour-coded zoning maps for major airports across India, which
would point out areas where construction projects would have to
adhere to height restrictions. The maps would be uploaded on
websites enabling municipalities to accord approvals without
applicants going to the ministry.

Similarly, the culture ministry has launched a cellphone
app that would facilitate online approval for construction in
the vicinity of monuments within 72 hours. The time taken now
is 90 days.

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