Realty relief: Centre’s 60-day deadline to approve projects

UNDER CENTRE’S MODEL APPROVAL PROCESS ONLINE APPROVALS HAVE TO BE GIVEN TO A BUILDER IN 60 DAYS

MUMBAI: The Central government’s proposal to approve construction proposals within 60 days is set to give a huge relief to the real estate sector that has been battling a slowdown.

Currently, builders have to spend a considerable amount of time and money to get approvals, and it takes years to just start construction.

To speed up construction permissions, the Central government plans to introduce the Model Approval Process, in which online approvals will have days of filing an application.

If permissions are not given on time, the builder can file an affidavit and begin construction.

Dharmesh Jain, president of the Maharashtra Chambers of Housing Industry (MCHI) and chairman and managing director of Nirmal Lifestyle, said, “This will work wonders and provide an impetus to ease of doing busi approvals taking years is that the cost real estate projects tend to increase exponentially. This ulti mately affects the prices at which the house is sold, making them out of reach for many homebuy ers. Experts, however, pointed out that just making laws withou implementing them is a futile exercise. Real expert Ajay Chat urvedi said the problem is with implementation at the civic bod ies. “Execution at the ground level is a problem across Maha rashtra. The system is filled with corrupt officials who create hur dles. The builders are forced to take multiple permissions from government entities which is