New Delhi: If you had been wondering why property prices in India had been spinning out of control day by day then the recent economic survey may shed some light on your query. It has been found that property prices in India had just shot up by 40% due to the delay that occurs in starting a project while the developer has to go through 34 procedures to get all the clearances required to start the project.These clearances include clearance from Development Authority, PWD, Archaeological Survey of India, Ministry Of Environment And Forest, Fire Department, Central Ground Water Authority, AAI and Civil Aviation Department, State Pollution Control Board, State Electricity Distribution Authority etc. On a whole these procedures require an average time of over 6 months. The loss incurred during this time is invariably levied on the buyer who has to pay at least 40% over the actual sale value.”India’s housing and real estate sector faces many challenges. There are 34 procedures and the average time taken is 196 days, which increases the sale value by 40 per cent,” the Economic Survey for 2012-13, tabled in Parliament said.Lack of a long-term funding and lending market at fixed rates, increase in land prices, stipulated developer finance, lower floor area ratio in cities, the Urban Land Ceiling Regulations Act (in some states), difficulties in land acquisition and high stamp duties are also mentioned as other issues which need to be addressed.As urbanization in India has progressed, demand for urban housing has also increased. In its latest report the World Bank has listed India as one of the top countries that requires development of housing and workspace. But India ranks as low as 182nd when it comes to the time taken for construction permission procedure.The Task Force on Housing Requirements estimated that in urban areas in the 12th five year plan period (2012-2017) there would be shortage of 18.7 million housing units of which 18.5 million are meant for the lower income group.The economic survey suggests that the government should do something to address this issue especially because the real estate and housing sector contributes towards the Indian GDP, increasing it by 5.9% and this has grown to 7.2% in 2011-2012. The overall growth of the real estate and housing sector had also been steady with an average of over 25% since 2005. In 2011-2012 it has grown to 26.3%.займ на карту без отказов круглосуточновзять кредит онлайн