Housing Approval status to be Made Available Online..!
The central government plans to fast track approvals for real estate projects and put up all approval status online in a move that will help consumers check if a project is approved before booking a house and bring down home prices,
"These guidelines would be one of the conditions precedent for states to access central government funding from the housing ministry," the person said on condition of anonymity.
The committee is likely to suggest bringing all state & central clearances on 2 separate electronic platforms so that builders / promoters can get faster clearances without having to go to multiple authorities for individual approvals.
Faster Approvals..!
Uploading approval status on the Internet will be a great relief to house buyers who till now have had to go by the developer's word that all approvals have been taken before the launch of a project, only to see it gets stuck after paying significant sums due to the lack of some approval or / the other.
Faster approvals will also help builders bring down home prices significantly because approval delays, which sometimes run into years, result in costs escalating by up to 40%.
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