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Real Estate Developers want Ease in systems in Housing Sector

8:00 AM
Common laws across the country, single-window approval system and reduction in indirect costs are among the various suggestions made by the Confederation of Real Estate Developers' Association of India (CREDAI) to facilitate affordable housing for end-users.

These suggestions come even as the Government, the Reserve Bank of India and commercial banks of both public and private genres have come out with a serious of fiscal and monetary measures to boost the housing sector.

T. Chitty Babu, Secretary of the Tamil Nadu unit of CREDAI, said common laws across the country would make the system transparent and encourage regional players to go national. ``Uniform development charges, infrastructure and impact fee and rationalization of stamp duty will accelerate development,'' he added. This would go a long way to encourage people to invest in any part of the country.

In an interaction with this correspondent, Mr. Babu said ``the need of the hour is for the Government to introduce the concept of a single-window system on the lines created for the IT (information technology) sector so that the approvals for the projects can be obtained within a maximum time frame of a month as against the current scenario of a year. This could easily ensure a saving of at least Rs.300 per square feet,'' he pointed out.

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RPL commissions Jamnagar Oil Refinery

7:56 AM
Reliance Petroleum on Thursday announced commissioning of its only-for-exports oil refinery in a Special Economic Zone at Jamnagar in GujaratThe commissioning of the 580,000 barrels per day (29 million tons a year) capacity refinery by RPL, a unit of Mukesh Ambani-run Reliance Industries, will make Jamnagar the biggest oil refining hub in the world.

"RPL commenced its crude processing (today). The secondary processing units are now under synchronization and commissioning," a company press statement said.

"The entire refinery complex is expected to attain full capacity shortly," it said but did not give a specific date.

The new unit has come up adjacent to Reliance's existing 660,000 bpd (33 million tons a year) mostly-for-exports refinery at Jamnagar.

"RPL refinery has been completed in 36 months from concept to commissioning, which is a new benchmark for building a grass-root refinery of this scale and complexity," the statement said.

Company's Chairman Mukesh Ambani said: "Commissioning this large and complex refinery in record time... yet again demonstrates the strength of our project management skills."

"We, at Reliance, continue to be committed to the long term potential of the refining sector. We will leverage our competitive advantages of scale, complexity and capability to process a wide range of crude oils and flexibility to produce high quality transportation fuels," he said.

RPL, in which the US energy major Chevron Corp hold five per cent stake, will produce petrol and diesel complaint to Euro-IV emission norms.

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