Limited ministries could fast track projects: Realty

Hyderabad: Real estate developers feel that a limited number of ministries in the new BJP led Central government could fast track project clearances. “Getting no objection certificates has always been a tough task for the builders in setting up the projects. But the procedures could be fast tracked as the number of ministries in the Central government have been cut,” said R. Chalapathu Rao, the vice-president of National Real Estate Development Council (NAREDCO).

Mr Rao was speaking at a meeting organised to announce the 12th National Convention and Real Estate Awards on September 12 and 13, to contemplate on the issues associated with delivering affordable housing to all by 2022.

According to a KPMG report, India needs up to nine crore houses for its population and requires an investment of $2 trillion to suffice the gap to achieve Mr Modi’s aim of Housing for All by 2022. As per the same report in the 12th Five year plan, India lacks Rs 1.87 crore houses in urban areas and Rs 4.3 crore units in rural areas while investments worth $1.5 trillion was needed to suffice this gap.