Mumbai’s upcoming real estate transformation may boost India’s business ascent

The annual rankings for ease of doing business are due from the World Bank in the future. India is currently striving to ensure improvements as compared to last year’s rankings. The country had successfully entered the top 100 ranking for the very first time last year and the Union Finance Minister, Arun Jaitley, has reportedly stated that India can venture into the top 50 rankings this time around.

However, India’s ascent this time in these rankings is majorly dependent on the mega metros of Delhi and Mumbai. The rankings are based on information that is collected from these two cities. The rise of the country last year has been majorly attributed to the revamping of the building approval process in Mumbai as per reports. This year, the Indian Government is betting big on major real estate makeovers for Mumbai to rise ahead in the ease of doing business rankings.

There are reforms planned in terms of building permits in Mumbai for helping India go up in the rankings. There will be a meeting held between the Chief Minister, Maharashtra, Devendra Fadnavis and Vice Chairman, NITI Aayog, Rajiv Kumar in order to review these plans extensively. The BMC has already attempted to make tender permissions and approvals simpler. A single window clearance provision is now available and all permits can now be garnered under a single roof. Reports have stated that the average real estate permission cycle will be lowered to only 60 days. BMC has built the online application form based approval system and building permits will now be issued with digital signatures online. Architects and developers will not have to go to any office or department.

The new One MCGM GIS portal has already been introduced by the civic body and citizens can easily check the progress of infrastructure and road projects, taxes and so on. All utilities available in respective areas can be viewed from the online portal. Real estate developers who are commencing construction can also get all necessary information about current pipeline networks for steering clear of any possible damages.

The BMC is trying to ensure that NOCs and all remarks have parallel movement between several departments which usually requires 22 days. The remarks will also be totally automated once all data is available on a single portal. This will lower the approval times and will lead to a major makeover of Mumbai’s real estate sector.