Updated | May 7, 2017 19:18 IST
The RERA, Real Estate Regulation Act, which has been effective from 1st May onwards will benefit buyers as well as the developers. It brings transparency in transactions and it gives scope to complete the project on time, which automatically reduces the worries of buyers about their money.
It also boosts the real estate sector and encourages the investments. The Urban Development Minister, M Venkaiah Naidu suggests a single window clearance system for real estate projects. The Minister who was in Bangalore city for the review of Union government-sponsored schemes has suggested.
The Union Minister wanted the state to publish the rules enabling RERA within 15 days and also wanted to bring the projects under RERA which launched before 1st May if there is any scope. He also suggested reforms in credit rating systems as well as land title issuing processes for towns and cities in the state to help with private funding for projects.
Coming to Single Window Clearance system for real estate projects, it was a long-standing demand from the developers. Regularly, the developers have to approach at least eight departments ranging from local town planning authority to the revenue department.
When it comes to larger apartments, they have to approach area planning authorities, pollution control, fire safety, electrical inspectorates, labour and many other departments, which was a time-consuming process for the developers. That’s why developers demanding Single Window Clearance system from a long time.
Secretary of the Builders’ Group, CREDAI, Suresh Hari stressed the need of Single window clearance system for the real estate projects if the RERA is implemented by the Central Government. If not, it is difficult to complete projects on time due to spending more time for the approvals. It takes a year for normal and moderate projects to get approvals whereas it takes another year for the larger projects if central environment ministry permission is needed. Mr. Suresh Hari said these bodies too, need accountability. The CREDAI and other developers expressing the implementation of Single Window Clearance system will benefit them mainly in saving more time.
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