The share of housing sector to the overall GDP (gross domestic product) is likely to rise by one per cent to 6 per cent on increased investment.
“There are 34 procedures and the average time taken is 227 days,” it said.
Citing examples of Municipal Corporations of Delhi and Indore, which have introduced online sanction for building plans and issuing completion certificates, the survey said other development authorities should also take similar measures.
The report listed out some of the challenges being faced by the realty sector such as hardening of interest rates, land acquisition, high stamp duty, costs related to registration and mutation, the Urban Land Ceiling Regulations Act (ULCRA) and the existing lower floor area ratio in cities, and absence of single window clearance.