Credai suggests committee to clear big-ticket projects

The Confederation of Real Estate Developers' Associations of India (Credai) has urged the Union government to appoint a high power real estate committee to clear high-ticket real estate projects costing between Rs 2 billion and Rs 10 billion.

Credai CMD Lalit Kumar Jain brought to the government's notice of the inordinate delays being caused to the real estate projects. He also cited the difficulties in obtaining government approvals for the projects. Projects with investments above Rs 10 billion have been facing inordinate delay in securing approvals due to government's mandatory stipulation of environment clearance.

He suggested that the government could appoint a high level committee for realty sector on the lines of the steering committee for infrastructure projects worth over Rs 10 billion.

He pointed out that the delay in obtaining environment clearance for big ticket real estate projects has become a major deterrent for real estate developers.