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National: Committee to plan faster approvals for real estate projects

A committee led by Dharendra Kumar, the former Competition Commissioner of India is trying to get a procedure in place to speed up the process of getting the requisite approvals for real estate projects. The committee will assist in structuring policy guidelines which will be followed by all states.

 

Should the government set up fast track approvals for real estate projects, it would be possible to check whether a realty project got the necessary approvals online. This would benefit investors, home buyers and developers alike.

 

Faster approval for developer equals to faster sales as developers will be able to sell off their projects as there will be an option for price correction. Lalit Kumar Jain, the National President of CREDAI and the Managing Director, Kumar Urban Development opines that ‘Due to faster approval property rates might come down by nearly 40%.’

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