The recent decision of the Haryana government to revise the licensing norms by extending the license period from two to five years, will come as a shot in the arm of those developers whose projects are incomplete/stalled and their licenses expired. Currently, large number of housing projects are incomplete/stalled .  Under the old licensing  policy with two year validity of license, developers found that their license would expire when the project was still mid way as the standard time to complete a group housing project is about 4 years.And since developers needed to complete various formalities like securing building plan sanctions and occupation certificates to get their license renewed,   their projects would get stalled for want of these compliances.

Says Pradeep Aggarwal, Chairman, Signature Global, ” Earlier licensing norms for group housing projects were not practical as the license duration was too short compared to the gestation period of the project. The extended license term of five years will come handy to developers as their projects will not get stalled due to licensing formalities.The developers will get further benefited due to cut in license fee for projects that have taken part completion. All this would aid project completions and help home buyers”.