Thursday, December 25, 2008

Real Estate Developers want Ease in systems in Housing Sector

Common laws across the country, single-window approval system and reduction in indirect costs are among the various suggestions made by the Confederation of Real Estate Developers' Association of India (CREDAI) to facilitate affordable housing for end-users.

These suggestions come even as the Government, the Reserve Bank of India and commercial banks of both public and private genres have come out with a serious of fiscal and monetary measures to boost the housing sector.

T. Chitty Babu, Secretary of the Tamil Nadu unit of CREDAI, said common laws across the country would make the system transparent and encourage regional players to go national. ``Uniform development charges, infrastructure and impact fee and rationalization of stamp duty will accelerate development,'' he added. This would go a long way to encourage people to invest in any part of the country.

In an interaction with this correspondent, Mr. Babu said ``the need of the hour is for the Government to introduce the concept of a single-window system on the lines created for the IT (information technology) sector so that the approvals for the projects can be obtained within a maximum time frame of a month as against the current scenario of a year. This could easily ensure a saving of at least Rs.300 per square feet,'' he pointed out.


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