Getting approvals for any new business in India is not a hassle free task. It takes a lot of patience, time and money to get your business approved. Same is the case with real estate projects, where taking permission to commence any new project becomes a critical task as the process is very complicated and time taking.
Adi Godrej, India’s leading industrialist expressed that the process of establishing any business have improved in past two years but at the same time more tasks are to be performed in the real estate sector projects so as to simplify the “complicated” approval process.
Godrej is a renowned name which not only has its firm in real estate sector but at the same time their mark their presence in various others sectors like fast-moving consumer goods, consumer durables and agri-products.
According to the Confederation of Real Estate Developers’ Associations of India, realtors’ apex body, it takes a minimum of 18 months to get a number of approvals to start any real estate project.
Godrej also said: “They have said that they would not levy retrospective taxes, clarified many things in many ministries. One of the things on which they may have to do is ease of doing business in real estate permissions.”
Godrej added: “The only thing which remains to be delivered on the major reforms is GST (goods and services tax)”. He also rated the performance of the Modi government as “by and large good” and hopes that GST shall soon be passed in the monsoon session and could be implemented across the nation by 1st April, 2017.
Verdict: Modi Government is continuously working hard to give a proper shape and structure to the India’s economy. Not only that, they’ve been working on simplifying the process making it hassle-free so that lesser time and money is consumed to start any new project. Talking about the real estate, new process structure shall help realty owners to begin their project on time and provide the same to the consumers as per the commitment when it comes to possession.
Author: Mrs. Viveka Verma Nagar