Credai to rope in consultancy firm for AP mkt

Long-pending single-window clearance mechanism under active consideration of Ministry of Urban Development

The Confederation of Real Estate Developers Association of India (Credai), Andhra Pradesh chapter, will rope in a real estate consultancy services firm, to study the various ongoing projects and also the demand and supply position in Hyderabad and Tier II cities of the state.

“We will be shortlisting the company, including from Jones Lang LaSalle (JLL), US-based CBRE and Housing Development and Finance Corporation (HDFC). , as early as next week to complete the study, to be submitted in 30-40 days,” said S Ram Reddy, president, Credai, Andhra Pradesh.

He also indicated that the long-pending single-window clearance mechanism proposed by it was under active consideration of the Ministry of Urban Development and would be considered ahead of passage of Real Estate Regulatory Bill. “The ministry headed by Girija Vyas has assured us on the mechanism and various other headwinds faced by the realty sector,” he said.

If worked out, the single-window mechanism would fast track regulatory approvals from the existing 6-12 months to less than 30 days. “We expect around 20 per cent direct cost savings on construction expenses, which we are ready to pass on to the buyers,” said Reddy on the sidelines of SMR Holdings' project launch here.

SMR Holdings, having operations in Hyderabad and Bangalore, on Thursday launched its Phase-I 'SMR Vinay Harmony County', a gated residential project at Rajendranagar in the city. Developed with an investment of Rs 150 crore, it expects to complete it in the next 24 months. It plans to develop the project across four phases with Phase-I funding support from ICICI Bank and through internal accruals.