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.
The much awaited verdict of the Competition Commission of India (CCI) on real estate developers’ complaint against cartelisation among cement companies is expected next week.
In addition to professionalism, enacting laws to enforce high standards of disclosure, transparency and corporate governance within the realty sector are also needed in order to minimize investor risk. Specifically with consumer interests in mind, there must be a redressal or complaint handling mechanism that provides much needed recourse against customer grievances.
With the real estate industry reeling under an unprecedented crisis, top developers from across the country will meet in Pune for a two-day CREDAI conclave starting Wednesday to brainstorm and find solutions to revive the sector that contributes 6.5% to the GDP.
It’s not just the residential real estate market in Mumbai that is going through a slump, the commercial office segment, too, is reeling under a slowdown.