Cheaper homes, faster clearances: Real estate experts lay out reforms for growth

Experts say a single-window approval system could reduce delays for developers by bringing multiple clearances under one process. Digitised land records could also make transactions more transparent and reduce disputes.NEW DELHI: India’s real estate sector needs faster approvals, digitised land records and a dedicated affordable housing policy to tackle rising home prices and improve ease of doing business, industry experts said at an ASSOCHAM conference on Tuesday.Speaking at the National Conference on Real Estate for Viksit Bharat: Enabling Growth, Investment & Ease of Doing Business, industry representatives said regulatory and policy reforms were needed to make housing more affordable and support the sector’s future growth.The experts identified rising land prices, lengthy approval processes and outdated land records as key hurdles facing the sector. They called for greater use of technology and a single-window system to simplify project approvals.Affordable housing policy neededAshwinder R Singh, Chairman of the CII Real Estate Committee, Northern Region, said rising land prices were making affordable housing increasingly difficult.“Affordable housing is a complex issue. Land prices have gone up. There are certain policy interventions required,” Singh said.He said the government and private sector were already working on the issue, but a more focused policy was needed.“There’s a lot of work happening both in the private sector and the public sector, and the government is involved. But this is a big headwind that needs to be resolved quickly, and we need to come out with an affordable housing policy that kind of addresses this,” he added.Singh said the urgency had increased as home prices continued to move beyond the reach of many ordinary buyers.“Because the current home prices are going out of bounds for the common man, which is a fact. We have to address this. If we don't talk about it, there will never be a solution around it,” he said.Faster approvals, digitised land recordsPradeep Aggarwal, Chairman of the National Council on Real Estate, Housing, Urban Development, said improving ease of doing business should be another priority.“There are challenges around approvals, especially the long-standing demand for single-window clearance. Land records need to be digitised, approvals need to become faster, and technology adoption needs to improve,” Aggarwal said.A single-window approval system could reduce delays for developers by bringing multiple clearances under one process. Digitised land records could also make transactions more transparent and reduce disputes.Aggarwal said reforms should also focus on how buildings are designed and operated. The industry, he said, was moving beyond simply adding more structures towards smarter and more sustainable development.“The focus is not just on building structures, but on making buildings smarter and more sustainable,” he said.Developers are increasingly adopting green building practices and other technology-led solutions, Aggarwal added, with their impact expected to become more visible in the coming years.The industry’s demands therefore centre on three broad areas: making land and housing more affordable, cutting approval delays and using technology to make real estate development more transparent and efficient.