NAREDCO welcomes new guidelines for 'High Rise Buildings' Issued by Union Ministry of Environment And Forests

NAREDCO welcomes new guidelines for 'High Rise Buildings'

Issued by Union Ministry of Environment And Forests

·      Move to help unlock projects worth Rs. 10,000 crores approximately which are stuck due to lack of clarity on the issue

·      Appreciates the role played by Maharashtra Chief Minister

L-R Khushroo Panthaky,Partner - Walker Chandiok Co & Mr Sunil Mantri, VP,NAREDCO during discussion on Tax and Accounting Development of India's Real Estate Sector

MUMBAI JUNE 12 2013: National Real Estate Development Council (NAREDCO) has welcomed the new guidelines issued by the Union Ministry of Environment and Forest in respect of High Rise Buildings. The guidelines would now allow greater flexibility for state governments and local bodies, to decide on high rise buildings, based on issues such as population density, pressure on land etc.  NAREDCO feels that the new guidelines will help in completion of stalled projects and also encourage slum rehabilitation projects.

The new guidelines are a result of suggestions taken by the Ministry from the various state governments and the industry. Also, MOEF had examined the representations and recommendations of the committee constituted under the chairmanship of Dr. K. Kasturirangan, Member of Planning Commission, before deciding on the issue.

Welcoming the development, Mr. Sunil Mantri, Vice President of NAREDCO, said, "We are glad that the anomalies within earlier guidelines have been removed. The new guidelines will help more than 100 projects to complete construction. Our estimate is that nearly Rs. 10,000 crores have been blocked in such projects. Road width versus building's height was the greatest challenge in congested cities like Mumbai where high rise apartments are the only option available, irrespective of the road width. Indeed, allowing  local Planning Authority and the State Government to follow the local Rules & Regulations is the most practical solution to the issue". 

Mr. Sunil Mantri also highlighted the key role played by Maharashtra's Chief Minister,      Mr. Prithviraj Chavan, in bringing about the change in guidelines and acknowledged that the industry will always remain thankful to him for his efforts.

About NAREDCO

National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Poverty Alleviation, Government of India. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector.

The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success. NAREDCO works to create and sustain an environment conducive to the growth of real estate industry in India, partnering industry and government alike through advisory and consultative processes.