Home Urban Infrastructure News Realty News GujaratRERA has approved 4,691 projects since May 2017: Amarjit Singh, Chairman

    GujaratRERA has approved 4,691 projects since May 2017: Amarjit Singh, Chairman

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    RERA

    These approvals constitute 85% of the projects that have reached the GRERA office, according to RERA chairman Amarjit Singh. He added that 75% of projects are on track.

    Singh was speaking at a seminar on ‘Mobility-led Urban Development’ at the Vibrant Gujarat summit in Gandhinagar.

    Nearly 50% of GRERA approved projects, which is 2,326 projects, are residential, while 1,542 are in the affordable housing category. The affordable sector will add 2.12 lakh housing units, worth Rs 30,966 crore, in the state, according to Singh.

    “In India, 34,000 projects have been approved by various state RERA authorities and Gujarat contributes a large number to this list of approved projects. In the last few months we have streamlined the approval process and typically we are able to give the developer the go-ahead within 30 days,” said Singh. Most of these real estate projects are worth less than Rs 50 crore worth.“The objectives of RERA are very clear. It makes the real estate sector, which is largest employer after agriculture, a regulated sector, and makes its functioning more transparent and will help in its consolidation. Since real estate is now regulated, more FDI is expected in the coming years,” said Singh.

    The president and acting director of Cept University, Bimal Patel, who was speaking at the seminar on development control regulations (DCR) emphasized that since Gujarat has a RERA authority, the latter is empowered to suggest to policy makers in the government periodic reforms to the DCR, so that these regulations do not stagnate and allow planned and orderly growth of a city. “DCR for any city is its DNA,” Patel said.

    Info- https://realty.economictimes.

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