When it comes to real estate, government functions in such a way to profit the consumers. From easing the procedures to providing information online, it’s getting advanced day by day which is making the system more transparent and hence assisting the users and investors.
In a new move, the government has quickened the pace of giving nod to the projects. With that the approval information will be updated online to facilitate secured investing. Now a user can directly check online if a housing project got all the necessary approvals from the government and then invest/buy.The committee is likely to bring definite solutions to speed up the clearances without having to go to multiple authorities for individual approvals. Hence the cost that goes up due to approval delays will remain stable and lowering of price is also anticipated.”Home prices can become cheaper by up to 40% if approvals come faster,” said Lalit Kumar Jain, the national president of CREDAI.Overall 50 plus approvals are needed and that too from varying central, state and local bodies. The approvals also include nod from the environment ministry and departments of pollution and town planning. A housing project with 100-150 apartments in Mumbai could take up to three and a half years for getting all clearances whereas the situation in Bengaluru and Chennai is a little better.The idea of speeding up the process of approval will prove beneficiary for both the builders and customers. Also with the online approval notification system, safe and secured will be the user in his terms of buying the property.