CREDAI Conclave closes with some breakthroughs for the real estate sector

Haryana government has agreed to consider the real estate sector’s demand for keeping ongoing projects in the state out of the purview of the proposed Real Estate Regulatory Authority of India (RERA), announced Haryana Chief Minister Manohar Lal Khattar during the concluding ceremony of the CREDAI Conclave, held in Delhi.

The Haryana CM has also agreed to look into the demand for providing a single window clearance for upcoming projects across the state in line with his government’s commitment to being industry-friendly.

Khattar mentioned that Haryana has a lot of scope for real estate development considering the location advantage which the state enjoys. The Haryana Government has proposed the construction of an international airport between Kurukshetra and Karnal in order to boost industry in the state. He also agreed to look into the request for not applying RERA to new projects in the state, which was welcomed by CREDAI. The Haryana govt. has also launched a New Integrated Licensing Policy (NILP) 2015 for development of Hyper and High Potential Urban Complexes (HHPUC).  These HHPUC will be created in Gurgaon-Manesar, Faridabad-Ballabhgarh, Sohna, Sonepat-Kundli, Panipat and Panchkula-Kalka-Pinjore.

The announcements followed the decision of Gujarat Chief Minister Anandiben Patel who had agreed to look into CREDAI’s submission to keep ongoing projects out of RERA’s purview in her state. In another significant development, Uttar Pradesh Chief Minister Akhilesh Yadav stated his government’s intent to develop international airports in Jewar, Greater Noida and Hiran village, Firozabad to promote tourism in Agra and has written to the Prime Minister requesting for faster clearance of the projects. Establishing new airports in the state will provide a major opportunity to the real estate sector and open new growth avenues.

Getamber Anand, President, CREDAI National said, “A single window clearance system is required to reduce the time and cost involved in navigating the complex web of permissions between various departments. This accounts for 25% of the cost paid by the buyers. Duplication of taxes levied through ESI and BOCW should also be removed. We request both the Central & State governments to ensure that judgments by any High Court should be considered valid across the country. This will not only save time and effort for the developers but will also benefit the end consumer.”

18