The building approval process in India is relatively slower and more expensive in comparison to several other countries as indicated by a recent World Bank assessment. The report highlights that an average 37 procedures over a period of 195 days are needed for obtaining construction permits in the country vis-à-vis 15 approvals over an average 157 days in the OECD region.
Acknowledging the developer community’s role in the economic growth of MMR in particular and Maharashtra in general, Chief Minister Prithviraj Chavan stressed that his government accords top priority to affordable housing.
Property consultants and real estate developers have demanded industry status to the realty sector in the forthcoming Budget.
The implementation of the revised DTC will have strong implications on SEZs. The industry requires clarity on the issues that may emerge, and how businesses would be promoted in Special Economic Zones.
In a further blow to the dampened Diwali spirit of the realty sector, the RBI raised interest rates on today but said it was likely to hold off on further increases as it expects high inflation to ease beginning in December.
The Maharashtra Chamber of Housing Industry (MCHI) has welcomed Chief Minister Prithviraj Chavan’s move to ensure sale of residential property by carpet area.
After farmers complaining about shortage of labour due to NREGA, now CREDAI says real estate projects are experiencing time and cost over runs due to shortage of labour.
The National Association of Realtors, India (NAR-India) on Saturday, July 23, signed a bilateral agreement with CREDAI to make property purchases more transparent for buyers across the country.
Delay in real estate projects is something that invites disapproval and criticism in the collective consciousness.
Real estate developers are trying to change perceptions. A new team of office bearers which took charge at the Confederation of Real Estate Developers’ Associations of India (CREDAI) has announced to work on a set of measures that will help builders deliver projects on time, redress customer grievances and improve governance to change image and perception of the sector.