Apr 01 2011 , Hyderabad
The ministry of urban development has agreed to set up a consultative committee involving representatives of various states to finalize a uniform checklist for real estate developers, said Lalit Kumar Jain, president of confederation of real estate developers association of India (Credai).
Talking to reporters in Hyderabad on Friday, the newly elected president of Credai, an apex body of real estate developers in India, said the urban development minister Kamal Nath has acknowledged the need to set up seamless and uniform guidelines applicable across the country.
Jain said Credai will submit a comprehensive checklist for good governance to the minister, who will be participating as the chief guest at Natcon 2011, a premier real estate development conference, in Singapore on April 28.
Highlighting a number of ‘system imposed’ hurdles in the process of obtaining over 40 approvals including environment, high rise, airport authority and police, Jain said some States such as Maharashtra were taking over couple of years for according all clearances. “The high rise committee in Maharashtra didn’t have its meeting for the last 18 months, badly affecting the project schedules of real estate developers,” he said.
Credai, which has over 6,000 real estate developers across 74 cities in 20 States as its members, sought significant policy initiatives such as ‘single window clearance’ for approvals, rationalization of taxes and uniform stamp duty across the country, said Jain.
Opposing the proposed Real Estate Regulation Bill that aims to hold the developers responsible for project delays to impose stringent penalties, Jain said the bill should bring into its fold the other two stakeholders – government bodies and financial institutions. While government departments delay the approvals, financial institutions were responsible for delayed and insufficient sanctions.
“Nearly 80 per cent of the institutional funding is going to just five per cent of the country’s developers, and larger portion of loans are concentrated in few hands,” said Jain.
Credai vice president C. Shekar Reddy said the confederation plans to set up consumer redressal cells in all States across the country to address the consumer disputes, with an objective of resolving the disputes amicably within 60 days. The confederation has already set up redressal cells in Karnataka, Tamil Nadu, Maharashtra and Kerala and the response was encouraging.
Talking to reporters in Hyderabad on Friday, the newly elected president of Credai, an apex body of real estate developers in India, said the urban development minister Kamal Nath has acknowledged the need to set up seamless and uniform guidelines applicable across the country.
Jain said Credai will submit a comprehensive checklist for good governance to the minister, who will be participating as the chief guest at Natcon 2011, a premier real estate development conference, in Singapore on April 28.
Highlighting a number of ‘system imposed’ hurdles in the process of obtaining over 40 approvals including environment, high rise, airport authority and police, Jain said some States such as Maharashtra were taking over couple of years for according all clearances. “The high rise committee in Maharashtra didn’t have its meeting for the last 18 months, badly affecting the project schedules of real estate developers,” he said.
Credai, which has over 6,000 real estate developers across 74 cities in 20 States as its members, sought significant policy initiatives such as ‘single window clearance’ for approvals, rationalization of taxes and uniform stamp duty across the country, said Jain.
Opposing the proposed Real Estate Regulation Bill that aims to hold the developers responsible for project delays to impose stringent penalties, Jain said the bill should bring into its fold the other two stakeholders – government bodies and financial institutions. While government departments delay the approvals, financial institutions were responsible for delayed and insufficient sanctions.
“Nearly 80 per cent of the institutional funding is going to just five per cent of the country’s developers, and larger portion of loans are concentrated in few hands,” said Jain.
Credai vice president C. Shekar Reddy said the confederation plans to set up consumer redressal cells in all States across the country to address the consumer disputes, with an objective of resolving the disputes amicably within 60 days. The confederation has already set up redressal cells in Karnataka, Tamil Nadu, Maharashtra and Kerala and the response was encouraging.
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