CHANDIGARH: The maiden meeting of the recently constituted Sector-Specific Committee for the Real Estate sector, aimed at bringing positive transformation, was held at PUDA Bhawan, SAS Nagar.
Addressing the committee members, Punjab Housing and Urban Development Minister S. Hardeep Singh Mundian said that Chief Minister S. Bhagwant Singh Mann led government recognises the significant contribution of the real estate sector to the state’s development as its progress directly strengthens the state’s economy. He expressed confidence that the Sector-Specific Committee would extend valuable suggestions to the government to set new benchmarks for the real estate sector.
During the meeting, Punjab CREDAI President Mr. Jagjit Singh Majha appreciated the state government’s proactive step in forming this committee to streamline policy formulation for the real estate sector. Committee Chairman Mr. Deepak Garg (Director, Marbella Group) thanked the Punjab Government for this initiative and assured that the committee would fulfil its assigned responsibilities with complete diligence. It was agreed that in the coming days, meetings would be organised in Jalandhar and Ludhiana between builders and respective development authorities to outline strategies for encouraging more investments in the real estate sector in these cities.
To make the real estate sector more investment-friendly and growth-oriented, the committee members unanimously agreed on the need for immediate measures to expedite the issuance of CLU, LoI, licences and other approvals, to simplify the process for partial and final completion certificates and to make the system for plot hypothecation and de-hypothecation more efficient.