Government Plans to Appoint Real Estate Experts for Policy Revisions
NEW DELHI: The Govt of India is set to appoint real estate experts to draft an affordable housing policy and update regulations for approving real estate projects across 15 states.
Overview of the Initiative
The Government will involve a large number of real estate experts in each state to study various rules and regulations related to building plan approvals. In the first phase, The Centre will identify 15 major states for simplification.
Demand for Simplified Clearance
Realtors regulator body CREDAI has long advocated for a single-window clearance for realty projects, noting that construction costs often increase by 40-45 percent due to delays in approvals.
Appointment of Experts
The Government aims to complete the process of appointing experts within the next two months. Their role will be to assist states in developing affordable housing under existing laws and regulations.
Technological Advancements
The Government is also planning to develop software that will expedite the approval process.
FDI Policy Adjustments
The Government is considering reducing the minimum built-area requirement for FDI investors in the realty sector from the current 50,000 sq mt to 20,000 sq mt. The Cabinet has already approved 100 percent FDI in real estate.
Housing Development Schemes
The Centre has sanctioned two schemes to mobilize funds from the government and institutional sectors. These schemes aim to develop 2 million houses in the next four years with an assigned investment of Rs 40,000 crore.
Involvement of Private Sector
To involve the private sector in affordable housing, the Government has reframed the partnership scheme, offering a 15 percent rebate in construction and making it more accessible for the poor section of society.
Property experts