CREDAI-NCR moots single-window clearance system in 2014

The NCR chapter of Confederation of Real Estate Developers Association of India (CREDAI-NCR) has mooted a proposal to intensify its efforts for a single window clearance for projects.

In a meeting to take stock of 2013, Anil Kumar Sharma, president, CREDAI-NCR & CMD, Amrapali Group and the members of the body were of the view that unnecessary and sometimes motivated delays in clearances of projects and subsequently in issuing the NOC for possession purposes are not only affecting the buyers but also negatively impacting the developers. In the view of experience faced during 2013, the members supported a proposal for concerted and sustained efforts for making the single-window clearance system a reality in 2014.

Sharma said, “We expect 2014 to be a year of boost for the real estate sector in India. There is couple of related Bills which will benefit both the buyers and developers upon their notifications as acts. The bold decision by the RBI at the fag-end of the year is the beginning of stable and lower interest rate regime in the near future.”

The NCR body also took stock of market and discussed issues such as status quo on policy rates by the RBI, lower sales in 2013, the Real Estate Regulatory Bill, slowdown in economy, impact of RBI’s advisory on subvention scheme, Land Acquisition Act, NGT order in different issues etc. The meeting praised RBI’s bold move to hold policy rates.

“The uncertainty prevailing over rupee’s value is over and the policy environment is all set to be clear after the formation of next government at centre. Overall, 2014 is going to be much better as compared to previous year for the real estate sector. While entering the New Year with optimism, we expect the central government to make the single window clearance system a reality this year,” Sharma added.

On the outlook for 2014, the members were utterly optimistic. They cited the reasons such as formation of stable government at the centre, RBI’s support to growth and the Finance Ministry’s efforts to push overall economic growth among others for that. They expect the Real Estate Regulatory Bill to become harbinger for credibility and complete transparency for the sector. It is expected that the housing may be imparted as infrastructure status.