Approval hiccups hit schedule, profits of MMR and Bengaluru realty majors

The approvals were earlier handled by the state government authorities. MMR is said to be the most affected market by this decision

Challenges of environmental clearance in Mumbai region and an evolving e-Khata portal in Bengaluru coupled with lengthy approval processes -- that of land use, building plan and layout, fire safety etc. -- have been hitting real estate developers’ launch schedule, project viability, and balance sheets.

 

“Land acquisition complexities, delayed environmental clearances, and slower municipal approval processes continued to cause project delays and added execution risk. While regulatory reforms like Rera have improved sectoral transparency, procedural hurdles remain particularly acute for new developments and smaller players,” a recent report by Savills noted.

 

Pending environmental approvals

 

According to an order issued by