New Delhi, Feb 28, 2015:
“The finance minister announcement to set up an expert committee for legislation on making a pre-existing regulation to expedite approvals is a welcome move as it is a step towards single-window clearance system. The real estate industry is constantly demanding an efficient approval system for real estate projects and also incentives states to follow suit. Due to delay in approval process most of the projects are currently facing construction delays of time up to 3 years sometime. The construction delays result not only results in huge cost overruns but also impact the investor sentiments. The industry is in dire need of a single window clearance mechanism which has a potential to reduce the construction delays. Internationally, the time taken for getting approvals is three to nine months however, in India the time lag from conception to beginning of construction is anything from two to three years. Backed by a technology platform the single window clearance system will enable the industry to get approval quickly and save themselves from cost overruns due to delays.”
