New Delhi: While the housing ministry is still struggling to get a single window approval system for real estate developments to save time and money Value & Budget Housing Corporation (VBHC) has come up with a new way of going round the entire cumbersome process. The Value & Budget Housing Corporation will now be developing housing projects smaller than 5 acres and shorter than 15 meters. This will save the company months that are wasted in trying to receive approvals from environment ministry and the airport authority of India.VHBC is a company that has learnt from bitter experience how hard it is to get housing projects completed in time. They started their first project in Bangalore. It comprised of an area of 30 acres. Any project with an area of more than 2, 00,000 sq ft requires clearance from the environment ministry. The VHBC executives Jaithirth (Jerry) Rao and PS Jayakumar talk about their delays and losses they had to face in the past trying to develop bigger projects. “You are buying a land and sitting on it for two years and we are not allowed to borrow money for land. We have to use our most expensive capital and equity to buy land. In the meantime, we incur overhead costs. So you are talking about a 100% increase in the cost of your land in two years,” says Rao. It is the loss that occurs during this period that forces developers to hike property prices. This is the factor that pushing housing out of the affordability range of the middle-classes.The executives are also dissatisfied with the system of requiring NOCs for any construction. According to them no other country has the system which requires builders to collect NOCs from each and every bureaucratic organization. This not only delays the project, it also increases the cost of the project.The VBHC had a target of completing 15 projects within the price range of 8-22 lakhs by the end of 2013. But due to delays in receiving approvals and clearances they have been able to complete only 6 projects. With their new building resolution they will complete 10 projects by the end of 2013 but it will be June 2014 till all the 15 projects are complete. Thus a total delay of one and a half years has been caused only due to the lengthy process of collecting clearances.займ на карту без отказов круглосуточновзять кредит онлайн