The Confederation of Real Estate Developers Association of India (CREDAI) alleged that the act of the govt. in delaying the clearances for buildings is hurting the real estate sector badly. Mr. Lalit Kumar Jain, the national president of CREDAI addressing a conference said that it takes an average time of 18-36 months for ‘building proposals’ to get the required clearances from the govt. whereas according to the established norms it shall ordinarily take 3-4 weeks.
This delay by the government is creating great delays in the final constructions by which the end consumers are aggrieved and ultimately all this is hurting the real estate agents badly. The conclave took place at Pune for the first time and was aimed at finding solutions to revive the real estate sector which contributes 6.5 % to the Gross Domestic Product (GDP). Presidents of state chapters from 19 states and 112 cities were present at the conclave to find solutions to the issues affecting the sector.
While the conclave was about the end on Thursday, the CREDAI members accepted that the real estate sector has come to a virtual standstill in some states including Maharashtra due to the delays caused by the govt. officials and the increasing input costs.
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