Online Approval System: A Boon For Indian Real Estate

The internet being one of the greatest inventions of mankind has recently come to the rescue of real estate developers in India. With the introduction of the online approval system, builders and developers are breathing a sigh of relief as it would reduce their effort in getting approvals in a time-bound manner.

Online approval system is a scheme under the e-Governance drive to clear approvals and proposals under one window, thereby helping builders in getting quick approvals of building plans. Moreover, industry experts believe that this will also help curtail corruption in the real estate sector. Many state governments like Andhra Pradesh, Karnataka, Maharashtra and Delhi have already taken the initiative of developing an online procedure for getting approvals of building and floor plans. Confederation of Real Estate Developers’ Association (CREDAI) has appreciated the efforts of these state governments to foster the idea of a single window online approval plan and is hoping that other states will soon follow the trend.

This single window approval system is expected to help both builders and buyers in the following ways:

• Builders and developers would not be required to go from one office to another in order to get approvals for building plans, which will considerably reduce their efforts and the time taken in getting prompt approvals. This also creates a transparent window for the buyers as they can check all the approvals for a project online. A recent report has indicated that multiple window system for clearances raise the value of houses by 40%. So, online approval system will cut down the prices of real estate projects, thus helping potential home buyers to afford their dream home.
   
• Online approval system will also bring down the average approval time which would mean lesser chances of delays in projects. This will be beneficial for both the developers and the buyers as project delays is a matter of woe for all and sundry.

Real estate developers are eager about this new development and have expressed their gratitude for this initiative. Online approval system will also aid smooth functionality in the real estate sector.

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