real-estate

Updated: Oct 20, 2019 17:08 IST

In a relief to real estate sector, Madhya Pradesh government on Tuesday approved a proposal to reduce the number of documents needed to get government permission for projects from 27 to five and allowed real estate companies to have one licence for the entire state.

This was decided at the state cabinet meeting held under the chairmanship of chief minister Kamal Nath, according to the state government spokesperson.

As per the decision, colonisers have also been given relaxation from the rule of economic weaker section (EWS) construction which is currently mandatory under the real estate projects.

To deal with the problem of illegal colonies, the real estate developers may have projects on land which is less than 2 hectare.

Under real estate policy 2019, people can get permission for small houses immediately. The investors in real estate will have the incentive like free FAR (floor area ratio) at the periphery of planning area and coupled with other incentives.

Minister for Urban Development and Administration, Jaivardhan Singh, claimed that the provisions approved by the state cabinet on Tuesday in respect with real estate would benefit all- buyers, real estate developers and investors and that it would also cut down red-tap given the fact the number of documents required for permission for a project was considerably reduced to just five from 27.

As per the state government spokesperson, the state cabinet approved Madhya Pradesh Electric Vehicle Policy, 2019 whereby there would be cent percent concession on motor vehicle tax and registration tax on purchase of electric vehicle.

The state cabinet also approved Madhya Pradesh MSME Development Policy, 2019 whereby there will be a special package of subsidy for selected sectors like pharmaceuticals, textiles and power loom.

As per Madhya Pradesh Startup Policy, 2019 approved by the cabinet on Tuesday which will be effective from April 2020, several facilities will be given to entrepreneurs.

The cabinet also endorsed Bed and Breakfast Establishment Scheme, 2019 in a bid to woo tourists from various parts of the country and abroad.