According to the Economic Survey 2013 finding, delay in building clearances is one of the main factors which cause property prices to shoot up.
As per the findings of the Economic Survey 2013, property prices are shot up due to the undesirable delay in building clearances. The Economic Survey 2013 requested the government to consider the matter and to do whatever is required.
Attain clearance certificate is never an easy task in India. But the government seemed least worried about the problems of the builders. However with the findings of Economic Survey 2013, the matter would be brought in front of the government that the delay in clearances affects the common people as well.
Sky reaching property prices always remained one of the major hindrances for a home buyer who wishes to own a home. However, with the ES Report, it is made clear that the property prices are rocketing due to the undue delay in the building clearances.
In India a developer has to attain almost 34 such clearances for construction of any building. The average time taken for attaining all clearances is over 180 days or six months. With this prolonged period of delay, India stands 182nd in the world in the most time taken for building clearances.
Property prices are shot up by 40%, added the Economic Survey 2013. The affordability can be brought to the Indian real estate only if the government clears the applications immediately and without any delay.
During the six months’ time, the land prices increase highly. Additionally the construction charges, the maintenance charges, etc. also are increased. All these affect the final property prices which are determined on the basis of all these.
In short the properties can be made more affordable by speeding up the building approvals and clearances. Once the government speeds up the clearance procedure, the people can expect more affordable homes.
