Property experts

NEW DELHI: The Govt of India will soon appoint real estate experts to prepare affordable housing policy and updating the rules for approving real estate projects in 15 states in the country.

The Govt is coming out with a policy where it will involve large number of real estate experts to each state and direct them to study various rules and regulations regarding building plan approvals. In the first phase The Centre will identify 15 major states for simplification.

Realtors regulator body CREDAI has been demanding a single window clearance for realty projects, because the cost of construction goes up by 40-45 pc due to delay in the nod.

The Government is hoping to complete the process of appointing experts in next two months. The experts’ job will be to help the states in developing affordable housing under all the laws and regulations.

The Govt is also planning to develop software that will help the states in accelerating the approval process.

The Govt is thinking to bring down the minimum built-area to 20,000 sq mt from the existing 50,000 sq mt for the FDI investors in the realty sector. The FDI of 100 pc investment is allowed in real estate by the Cabinet.

The Centre has sanctioned two schemes which will mobilize money by the government and institutional sectors to develop 2 million houses in next four years and with assigned investment of Rs 40,000 crore.

To indulge the private sector in the affordable housing unit the Govt has reframed the partnership scheme in which it would give 15 pc rebates in construction and make it avail for the poor section.