Although the ease of doing business has improved in the last two years of the NDA Government, more work needs to be done especially in the real estate sector that has ‘complicated’ approval process, according to leading industrialist Adi Godrej. The $4.1-billion Godrej Group has a large presence in the real estate sector through its firm Godrej Properties, besides in a variety of other sectors, including FMCG, consumer durables and agri-products.
“Real estate permissions have become very complicated in our country. (As permissions are) given by the State Governments, the Centre should work on improving the ease of starting in new real estate projects,” Godrej told PTI in an interview.
As per CREDAI, it takes at least 18 months to get various approvals for starting a real estate project. While commending the Government for taking up a slew of measures to improve ease of doing business, he, however, said: “They have said that they would not levy retrospective taxes. One of the things on which they may have to do is ease of doing business in real estate permissions.”