Mumbai: Chief minister Devendra Fadnavis recently decided that the state government and its authorised agencies will give approvals for residential projects within seven days of receiving the project proposals from builders. The chief minister made this announcement in the state assembly on Wednesday.
Paras Gundecha, the chairman of Gundecha Developers, welcomed the state government's decision. "If it really happens, then the property prices will come down by 15-20%. Even if they approve the plans within a month from the date of submission, that is also good for us. But it should happen. Earlier too, the same kinds of efforts were made but could not work on the ground," said Gundecha.
Sunil Mantri, president of NAREDCO, the developers' apex body, said that the state government has taken the right step. "We are happy because this new government has fulfilled our overdue demand. This will surely cut down the cost of the project and delivery will be faster now," said Mantri.
He said presently it is mandatory for the government to approve the project proposals within three months, but the government makes excuses for delaying the approval.