In a recent developer interview on the official Capcom website, Senior Manager of Technology Management, Masaru Ijuin revealed that development times for the next-gen console games takes around eight to ten times longer with their new "Panta Rhei" engine which is used for the development of PS4 and Xbox One games.
"The amount of work involved in making games for next-gen consoles is eight to ten times greater than what is required for the current generation of consoles." Ijuin said when comparing Panta Rhei to their current "MT Framework" which is used to develop games for current generation consoles and the Wii U.
Ijuin goes on to say "Looking ahead to the development of games for next-gen consoles, we felt we needed to completely overhaul the development environment to better cope with the increasingly complex hardware. That's pretty much why we started developing this new engine."
Capcom will be using Panta Rhei for all PS4 and Xbox One games, they will still use the "MT Framework" for developing games for the Wii U, PS3, Xbox 360 and PC. You can find a link to the full interview here.