Apart from bringing in more transparency and checking corruption, will the proposed legislation on the lines of TS-iPASS act as catalyst in giving momentum to the dormant real estate sector in Hyderabad?
Typically in Hyderabad and elsewhere in Telangana State, a developer spends anywhere between eight months and a year to get building permission for a non-multi-storeyed (under five floors) structure. For permission to take up construction of multi-storeyed structures (more than five floors), which includes getting no objection certificates from a host of departments and building permission from GHMC, it takes more than a year.
Can the legislation mooted by the State government exclusively for real estate sector provide building permissions for builders within a span of two weeks? Apart from the promise of introducing more transparency and checking corruption in the sector, will the proposed legislation act as a tool that will be a catalyst to give momentum to the dormant sector in Hyderabad?
The recent decision of the Chief Minister to have legislation on the lines of Telangana State Industrial Project Approval and Self Certification System (TS-iPASS), has managed to raise hopes for the sector. The sector experts point out that such a legislation for real estate would encourage investment, transparency and moreover, the benefits of lower time in acquiring permissions for real estate projects would ultimately be passed on to the consumer. “In our talks, we have urged the municipal authorities and even the Chief Minister that there was a need to come out with solutions by thinking out of the box. Drastically reducing time to get permissions by introducing innovative measures like making the whole process online is important. It’s possible to reduce time for permission to only two weeks,” feels former president of Confederation of Real Estate Developers Association (CREDAI) C. Sekhar Reddy.
More .... The Hindu
No comments:
Post a Comment