NEW DELHI: The real estate industry, which is reeling under a severe recession in the country, has been given a big relief from Union Environment Minister Prakash Javadekar. He has announced that real estate projects will now be given environment clearances in less than 60 days. The Minister has clarified that there will be no compromise on environmental protection during this period. Prakash Javadekar was speaking at the 15th National Conference on 'Housing all by 2022' on Monday.
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He recalled the days before 2014, saying there were a lot of environmental clearances at that time. which have now been simplified. In 2014, the situation was that the environmental clearance of any project took 640 days. While our Government eased its rules after coming to power. It is now taking 108 days.
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Which we are making it even easier now. The Union Minister said that earlier projects costing more than 50,000 were under the jurisdiction of the Central Government, but now projects costing Rs 1.5 lakh and above are also under the purview of the States. The real estate industry is reeling under a cash crunch. The flats made are not getting buyers. Most of the projects are lying in limbo for want of environmental clearances.
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