New NOC Rules have been framed to reduce bureaucratic delays. There is now a 30-day deadline for numerous departments to grant NOCs.
New NOC Norms to Streamline Real Estate Approvals in Chennai:
One of the biggest problems in the housing market is the long and annoying process of getting a project approved.
To get the necessary approvals, people have to go to many different offices.
So, according the new NOC rules, the Chennai Metropolitan Development Authority (CMDA) has given 11 departments dates to issue the no-objection certificates (NOCs).
This is to speed up the building clearance process.
Thirteen of the eleven departments will have 15 days to give NOC, while the other nine will have to do it within 30 days.
Not sending a NOC by the due date would mean that the NOC is considered to have been given.
Accelerated Approvals: A Boon for Chennai’s Real Estate Sector
Experts in the field think that this move will be good for the private sector.
There are also hopes that the quick approval process will bring investments to Tamil Nadu from other states.
“Since transparent and efficient regulations are indispensable for fostering a stable real estate market. This directive will set clear deadlines, make sure accountability and efficiency, bring in more investment, and better meet the growing need for housing,” says Anshuman Magazine, chairman and CEO of CBRE in India, South-East Asia, the Middle East, and Africa.
This move could start a chain reaction that will help people buy homes in the long run. Taking too long to get multiple approvals slows down the start of the project, which raises the overall cost for the building. This extra cost is finally passed on to the owners, who now have to pay more for a home. “A shorter turn-around time can save money for both the builder and the buyer,” says Sanjay Chugh, city head of Anarock Group in Chennai.
Usually, you need permission from a lot of different departments.
These include the departments of water resources, geology and mining.
CMRL (if the project is near a metro line), the Tamil Nadu Housing Board, the fire department, the Airports Authority of India (for buildings taller than 30.5 meters or 10 floors), and more.
CMDA opened an online platform in May 2022 to speed up the approval process.
CMDA says that it has been granting approval for about 70 plans a month on an average.
Check out our Realty-Guide for more stories on Real Estate!