Waiting For Project Approvals? Check Online

Bangalore: Developers face many challenges to get project approvals which lead to project delays, resulting in home buyers receiving late possession. To minimize this issue, the government is planning to set up fast track approvals for real estate projects where they would post all the approved projects online. This means, consumers can check online whether a project they are planning to fix got approval and based on that developers can bring down property prices as well, reports Ravi Teja Sharma, of Economic Times.  

A committee headed by Dhanendra Kumar, former Competition Commission of India chairman is working on these approval procedures for realty projects. The committee will structure the policy guideline which will be followed by all states, said a government official.

"These guidelines would be one of the conditions precedents for states to access central government funding from the housing ministry," said an inside source, reports ET.

Moreover, the online project approval check will make it easier for home buyers who so far have to depend on developer’s word and get entangled into a project that is still stuck due to pending approvals. Besides, faster approvals will help developers to sell off their projects as there will be an option for price correction.

"Home prices can become cheaper by up to 40 percent if approvals come faster," said Lalit Kumar Jain, the National President of CREDAI and the Managing Director of Pune-based developer Kumar Urban Development, reports ET.

In Mumbai, housing project with 100-150 apartments take around three and a half years to get all clearances from authorities, added Jain. Whereas, in cities like Gurgaon, Chennai and Bangalore, it takes around two to three years, which is a bit better than the financial capital.