Delay in permissions to project hits builder, buyers hard: MCHI-CREDAI

The undue delay in grant of permissions by various agencies has affected construction activities in the district, thus affecting the home buyers, builders and developers, according to Maharashtra Chamber of Housing Industry-Confederation of Real Estate Developers of India (MCHI-CREDAI), Thane.

It has been observed that once a builder goes in for the project and finance, and starts the process of seeking permissions, it takes around two years to get all nods, MCHI-CREDAI, Thane, President Ajay Ashar told reporters here yesterday.

During this period, the interest paid by a builder is very heavy which could be very well avoided by reducing the time period (of granting permissions) to some months, he said.

As a result of the delay in the issuance of permissions, both the builder and the home buyers suffer, he said while announcing the MCHI-CREDAI Thane Expo 2016, which will be held in the city between January 15 and 18.

The theme of this year's exhibition is 'Act before it is too late', he said.

Ashar also welcomed the decision of the Maharashtra government to reduce the required permissions from 119 to 58.

Replying to questions, he said the MCHI wants to put Thane city on the world map and all efforts are on in this direction.

This year, the MCHI expects sale of around 2,000 flats as compared to 1,200 last year, he said.

"We are concentrating on the serious home buyers," he added.