What’s causing the delay in single-window clearances?
If the new government actually provides hassle-free approvals to housing projects, residential prices can come down by 30% to 35%
to make housing affordable to all, but it is difficult to see how this can happen when the currently employed multi-agency approach to project approvals adds as much as 40% to the cost of constructing projects.
If the new government indeed provides single-window approval to housing projects, residential prices can come down by 30% to 35% as a result, says a real estate expert.
The introduction of a single-window housing project approval system would make it possible for residential developers to increase the supply of housing, which would not only help in addressing the country’s massive requirement for housing but also increase the government’s revenue collections from increased stamp duty and registrations.
Also, increased housing supply will mean healthier competition among developers, which will result in more rational and uniform pricing. Greater competition will also boost innovation in project designs.
These considerations combine to make a very compelling case for the government to finally make single- window approvals for housing a reality.