According to reports emanating from various sources, real estate builders have welcomed the government initiatives including placing the realty project clearance mechanism on the fast track. In scores of cases, the realtors had to wait for as long as two years to get approvals for their projects, but in the changed scenario in the past couple of months, things have improved with clearances coming in sooner and this has pushed construction activities as also the supply of housing units. According to executive director, Acme Housing India, Rajesh Doshi, his company has recently launched a luxury project at Andheri East in Mumbai and plans to develop about 10 million square feet of residential and commercial real estate space in Mumbai and also in Gujarat in the immediate future. Mumbai will remain as a key area of focus where Acme Group has drawn up plans to be leader in quality affordable housing, society redevelopment, slum rehabilitation and green-field projects. Things have improved to a large extent in the last few months and that the body is in talks with the concerned government authorities to further speed up the entire process of project approvals, chairman of Mantri Realty and president of National Real Estate Development Council, Sunil Mantri, said.
Likewise, the Delhi-based Supertech in a recent development has also secured approval for one project in Gurgaon and is currently in the process of launching another five projects very shortly. For the Gurgaon project, approval had to wait for almost one-and-a-half years to two years. But things are expected to improve with the approval process speeding up in the future and that's why the builder has decided to launch these projects this year itself, director, Supertech, Mohit Arora, said. Echoing this viewpoint, another builder said that the approval process will improve supply of residential projects in the market while developers would gain as their capital cost would reduce on early project execution. It is true that in the last couple of months things have improved with fast approvals coming and many projects across the country were stuck due to lack of approvals and the supply side constraint will get cleared if approvals come on time. The government must work for giving the crucial 20 approvals at the earliest while the rest like electricity permission and other routine permissions can be given at a later stage.