March 3, 2017 10:26 AM
Mr. Amit Wadhwani, Director, Sai Estate Consultants
For any building to be constructed a developer needs to have approvals as well as sanctions from the concerned authorities. Many a times the process of getting approvals is delayed which leads to delays in starting the construction. Once the building plan is approved, the builder should commence construction work within two years and there should be no deviation from the sanctioned plan. At times, the delays in sanctioning the plan leads to further delays in the construction with loses to be borne by developers.
In addition the consumers who have booked their properties at the initial stage have to wait for the possession for longer than assumed and promised. This even creates a lull in the credibility of the developers. Buyers are willing to pay a premium in return for Peace of mind that all approvals are in place and they are steadily ready to invest in properties having a reputed builder known for his quality construction. For genuine developers who are interested in completing the projects on time and restoring credibility with each project, the policy will help save both time and money. They would be able to provide possessions to their clients on time, earlier which would have been difficult due to the number of approvals needed. However, we will always have few bad eggs in each basket. Once these bad eggs are removed the business environment will be supported and business will be flourishing once again in the sector as such developers will be eradicating from practice and creating a bad image for other players who are genuine.
Manju Yagnik, Vice Chairperson of Nahar Group
“With the expectation of online housing applications in Delhi and Mumbai being approved within 60 days is definitely a blessing for the entire sector as it will regularize the construction procedure. We believe that this process needs to spread to the rest of the country as well. Multiple permission process increase the gestation period a project and with such positive directives being introduced the life cycle would result in trimming off the excessive costs borne by the home buyers.”
Mr Dhaval Ajmera, Director Ajmera Realty
“This move by central government will give huge relief to developers and provide a force to do a business in a better way. 60 days construction approval process will reduced considerable amount of time and money and will speed up construction process. Cost of the project tend to increase gradually due to delay in approvals and making them out of reach for home buyers as price of the project increases. This problem will be solved now. This will help in a great way to boost project sales and start of projects”
Rohit Poddar, Managing Director, Poddar Housing and development Ltd.
The lack of a time bound approval process has been the bane of the real estate and affordable housing sector for several years . In order to really facilitate the creation of supply in the affordable housing space, this is a very important, game changing, policy It should be enacted and gazette ASAP” by Rohit Poddar, Managing Director, Poddar Housing and development Ltd
Article Source: Magic Bricks