Realtors for single-window clearance of projects

Tribune News Service

Chandigarh, December 8

Single-window approval system and due diligence by property buyers were projected as solutions to most of the problems plaguing the real estate sector by Jagjit Singh Majha, president, Punjab Confederation of Real Estate Developers Association of India (CREDAI), here yesterday.

The state chapter of the realtors body will host Destination Punjab — Realty Expo in Chandigarh from December 13 to 15. Hinting at the revival of the beleaguered sector, Majha said positive winds were blowing in the sector and the recent reforms had put the real estate sector on a firm ground where customers’ trust was being re-established again.

Addressing the media, Majha said the real estate market had no space for speculative gains. “The phase of massive appreciations in a short time is now a thing of the past and anyone putting in money in the realty sector now should not expect unrealistic appreciation — as in the 2004 to 2008 period. That bubble of realty sector has already burst and things are much different now.”

The spokespersons stressed on the need for single-window clearance of approvals for projects. “This will not only expedite the completion of projects, but also reduce the cost burden on consumers,” he said.

Dwelling on the vision of CREDAI Punjab, the president of the state chapter said the realtors’ body would be working to reduce the gap between customers and developers and to be proactive in resolving customers’ complaints. “We have requested RERA Punjab to make CREDAI membership mandatory for the grant of RERA registration to a developer,” he added. The body will launch CREDAI Punjab Grievance Redressal Forum at the expo.