Property prices in India shoot up by 40 per cent due to delays in starting of projects, which require 34 procedures to get clearance, taking an average of over six months time and the issue needs to be addressed, according to the Economic Survey. “India’s housing and real estate sector faces many challenges. There are 34 procedures and the average time taken is 196 days, which increases the sale value by 40 per cent,” the Economic Survey for 2012—13, tabled in Parliament, said.

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