Nowadays, we hear or read about delay in construction of real estate projects more often than ever and immediately start blaming the developer for the reason. What we fail to notice is that the builder himself is not solely responsible for the delay. A realty project requires several approvals before it hits the market and even in the process of its completion. But are these approvals readily available to the development companies? Unlike what we perceive, getting approvals from government authorities is subject to several setbacks and red-tapism.
In Maharashtra, the government has come up with a good news for the developers. It has asked the municipal authorities to cut down the number of approvals needed for a real estate project. For the purpose, a larger part of the approval process is going online. It includes the clearances required from local bodies, urban land ceiling and land records for a greater transparency in the transactions. The Municipal Corporation of Greater Mumbai (MCGM) will now be IT-enabled. Builders can register for a particular approval or NOC online and from the date, a time limit will start for the approval process to be completed. The planning authority will take the decision within 30 days and other timelines will be properly laid down. Also, an incomplete registration will not be considered valid. [Read more…]