Enable ease of doing business with single window clearance: CREDAI

Two day conclave is likely to brainstorm on ways to further strengthen the real estate sector and set the roadmap for the future

NT Correspondent

Bengaluru: With its main theme of ‘Reality in a 5 Trillion Economy’, the Karnataka chapter of CREDAI was inaugurated by the Revenue Minister, R Ashok, here on Monday.

The theme of the twoday conference is in consonance with India’s goal of becoming a USD 5 trillion economy. The participants in the event include pioneering industry members in the real estate sector, policymakers, stakeholders, besides speakers with expertise in their specific fields.

Speaking on the occasion, Revenue Minister R Ashok said, ''Due to the removal of Act 79 A and B, the industry is going to flourish. Waving off of Act 109 will help to unlock land parcels in Karnataka. It has also brought down the land conversion time down to seven days.”

President of CREDAI, Bengaluru, Nagendrappa underlined the need for ensuring ease of doing business. ”In order to make the changes, the policymakers need to enable ease of doing business which should be inclusive of a single window for clearance during a limited sanctioning process,” he said.

The CREDAI has taken steps for the creation of a single window to ease transactions between the builder and end consumer. Both customers and builders also want a reduction in Stamp Duty and registration fee from the current 6.6 percent to 3 percent as per the World Bank Policy.

They have also urged the government to create awareness about the ‘Pradhan Mantri Awas Yojana’ and sought facilitation for the involvement of private developers in the construction of affordable housing.