NAVEEN SHUKLA

TO, DR. MRINALI TIKARE

INTRODUCTIONReal estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this (also) an item of real property; (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing.

Growth and leverage to higher India growth

The real estate sector is developing rapidly in India. The demand side has robust and sustainable macro drivers across all segments.ResidentialCommercialRetailHospitality

Approval Process for Real EstateProjects

1.Ownership Certificate/Extract• Time required- 15 Days• Cost for obtaining approval: Rs. 50 per CTS No. / Property Registration Card• Grant of Permission by Revenue Department 2.Building Layout Approval• Time required – 1 month• Cost for obtaining approval: Application fee of Rs 28 per square meter of plot/built up area•whichever is larger for residential projects or Rs 56 per square meter for commercial projects)• Grant of Permission by Development Authority/Municipality

3.Receive site inspection from the Building Proposal Office of the BMC (Municipal) A sub-engineer from the Building Proposal Office will conduct a site inspection within 3 to 4 days of receiving thefile from the survey office. The date and time of the site inspection are arranged by the company’s architect. The building company must be on-site when the inspection takes place. The sub-engineer scrutinizes the potential of the plot including the provision of civic infrastructure.4.Obtain "intimation of disapproval" (building permit) from the Building Proposal Office Time to complete – 30 - 45days

There are about 40 IOD conditions to be met by the builder to be eligible for applying for commencementcertificate (CC). Major NOCs/IOD conditions are listed below:a) Non-Agriculture (NA) permissionb) Tree Authorityc) Storm Water and Drain Departmentd) Sewerage Departmente) Hydraulic Departmentf) Environmental Department (concerned with debris management)g) Consent to Establish & Operateh) Ancient Monument Approvali) Airports Authority of Indiaj) Traffic and Coordination Departmentk) CFO (fire clearance)l) Structural Plan Approval

4. Submit structural plans approved by a structural engineer to the BMC (Municipal).5. Non-Agriculture Permission.6. Obtain "no-objection certificate" NOC from the Tree Authority (Municipal).7. Obtain NOC from the Storm Water and Drain Department (Municipal).8. Obtain NOC from the Sewerage Department (Municipal).9. Obtain NOC from the Electric Department (Municipal).

10. Obtain a "no-objection certificate" NOC from the Traffic and Coordination Department.11. Obtain a "no-objection certificate" NOC from the Chief Fire Officer (Municipal).12. Environment Clearance.13. Ancient Monument Approval.14. Consent to Establishment & Operate.15. NOC from Airport Authority of India.16. Obtain commencement certificate from the Building Proposal Office and pay development charges (Municipal).

Agency•Agency is that branch of the real estate business which engages the attention of the greatest number of persons who are concerned with the business, and in that respect it is of prime importance. It is divided into two parts...1.Broker.2.Management.