The newly elected core team of CREDAI met in New Delhi today to discuss the issues faced by the realty sector in the country and chart the way forward to address these issues.
Addressing the forum were Mr. Pradeep Jain (Chairman), Mr. Lalit Kumar Jain (President), Mr. C. Shekar Reddy (Vice President), Mr. Dharmesh Jain (Vice President), Mr. Getamber Anand (Vice President), Mr. Jaxay Shah (Vice President), Mr. Jaspal Oberoi (Vice President), and Mr. T. Chitty Babu (Hon. Secretary). Speaking at the forum, Mr. Pradeep Jain, Chairman, CREDAI - National said, “We at CREDAI believe that by spelling out our core agenda at the onset will help all stakeholders involved to create a meaningful dialogue, explore synergies and evolve a strategy to make transparency a reality for the realty sector. Radical policy issues are required to be taken that will provide developers with new directions to grow and also help the sector realise its true potential.”
On tour of the country to consolidate and educate developers’ fraternity, Mr. Lalit Kumar Jain President, CREDAI - NATIONAL described that ‘MISSION TRANSPARENCY’ is the prime focus.
Mr. Lalit Kumar Jain, President, CREDAI - National further commented, "To ensure transparency, compliance and development standards, it is imperative that he government energises the process of approvals that currently constrains the system. Normally going through various departments of central (environment, airport authority etc), state governments (revenue, fire, highrise, environment etc) and corporation (water, sewage, traffic etc) and such forty odd departments take away time, energy and money. Therefore, the need of the hour is to set up a 'Single Window Clearance’ for approvals throughout the country that will set the tone for a structured road map for real estate that will meet the needs of accelerated growth in the sector.”
‘MISSION TRANSPARENCY’ that the executive committee of CREDAI had stated to be a priority for the coming year. This has a contribution of 10 to 25% in sale price of a tenement. If taken seriously, the mission can achieve three fold objectives - Remove major practice of corruption in Real Estate, Reduce administrative cost of government and Reduce sale price of a tenement. Further elaborating on the issue the President of CREDAI said that we talk of affordable housing but there is very little scope in reduction of input cost of material and labor. What remains is, land cost, cost of approval (10 to25%) and taxation (30 to 36%).
‘MISSION TRANSPARENCY’ has two arms. Simplifying process of approval by creating comprehensive checklist, which shall include issues to be verified by each department for building approval and on submission itself all issues are complied with. This will ensure sanction by one authority and will save time cost and energy of government agency as well as architects and developers. Today approval process takes any where between two to three years, whereas through this mechanism approval can be granted within 3 weeks.
It was unanimously decided that the real estate developers will be able to play their part effectively only if the entire chain of players—policy makers, financiers and real estate developers—work together to achieve the core agenda of ‘MISSION TRANSPARENCY’, as no single stakeholder can function without the other. With this, an initiative to bring to focus the power of collective action by all the stakeholders in the sector to address and redress the pressing issues that needs solutions was also set as part of the agenda. Also discussed were the road map, guidelines and key tasks for all the charter members.
Another important decision at the forum revolved around making the CREDAI Code of Conduct mandatory for all CREDAI members and any member who was found not adhering to the code of conduct would be expelled from the body. The code of conduct states that any member advertising their projects in the media should clearly mention about their affiliation with the apex body. The developer’s should also clearly mention the carpet area in their project brochures.CREDAI President is also stressing need to establish Consumer Redressal Forums by all CREDAI units. In few states its doing wonderful work in resolving consumer complaints.
CREDAI has also made its submission to Honorable Prime Minister of India, Dr. Manmohan Singh, for time to make presentation on solution to issues of Transparency in Real Estate Sector.
At the forum, the stage was also set for CREDAI’s much sought after industry event, the 11th NATCON, scheduled to be held in Singapore later this month. The executive committee requested all members to participate in the upcoming NATCON that showcases the theme “IGNITING CHANGE IN INDIAN REALTY.”
The focus area for the 11 th edition of NATCON will be on how technology, innovation, finance, funds, joint ventures, collaborations etc. bring in quality international knowledge, experiences and know-how into the real estate sector in India. With access to appropriate cutting edge technology, innovations in finance and a broader range of funding mechanisms, the real estate developers will have the capability to deliver projects that match world standards. The take-way will be concrete lessons that developers from cities—big and small—across India can use while they conceive of new projects in the future. NATCON 2011 will bring together developers, real estate professionals, policy makers, financial institutions, and investors on a sinlge platform to debate, discuss and evolve new directions for real estate in India.
About CREDAI: the Voice of India’s Real Estate Industry
The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body for private real estate developers in India. CREDAI represents developers of 75 cities through 20 state/city level member associations across the country. Its numerous initiatives and activities help developers come together and work towards better practices, improved customer service and a stronger realty industry.
Addressing the forum were Mr. Pradeep Jain (Chairman), Mr. Lalit Kumar Jain (President), Mr. C. Shekar Reddy (Vice President), Mr. Dharmesh Jain (Vice President), Mr. Getamber Anand (Vice President), Mr. Jaxay Shah (Vice President), Mr. Jaspal Oberoi (Vice President), and Mr. T. Chitty Babu (Hon. Secretary). Speaking at the forum, Mr. Pradeep Jain, Chairman, CREDAI - National said, “We at CREDAI believe that by spelling out our core agenda at the onset will help all stakeholders involved to create a meaningful dialogue, explore synergies and evolve a strategy to make transparency a reality for the realty sector. Radical policy issues are required to be taken that will provide developers with new directions to grow and also help the sector realise its true potential.”
On tour of the country to consolidate and educate developers’ fraternity, Mr. Lalit Kumar Jain President, CREDAI - NATIONAL described that ‘MISSION TRANSPARENCY’ is the prime focus.
Mr. Lalit Kumar Jain, President, CREDAI - National further commented, "To ensure transparency, compliance and development standards, it is imperative that he government energises the process of approvals that currently constrains the system. Normally going through various departments of central (environment, airport authority etc), state governments (revenue, fire, highrise, environment etc) and corporation (water, sewage, traffic etc) and such forty odd departments take away time, energy and money. Therefore, the need of the hour is to set up a 'Single Window Clearance’ for approvals throughout the country that will set the tone for a structured road map for real estate that will meet the needs of accelerated growth in the sector.”
‘MISSION TRANSPARENCY’ that the executive committee of CREDAI had stated to be a priority for the coming year. This has a contribution of 10 to 25% in sale price of a tenement. If taken seriously, the mission can achieve three fold objectives - Remove major practice of corruption in Real Estate, Reduce administrative cost of government and Reduce sale price of a tenement. Further elaborating on the issue the President of CREDAI said that we talk of affordable housing but there is very little scope in reduction of input cost of material and labor. What remains is, land cost, cost of approval (10 to25%) and taxation (30 to 36%).
‘MISSION TRANSPARENCY’ has two arms. Simplifying process of approval by creating comprehensive checklist, which shall include issues to be verified by each department for building approval and on submission itself all issues are complied with. This will ensure sanction by one authority and will save time cost and energy of government agency as well as architects and developers. Today approval process takes any where between two to three years, whereas through this mechanism approval can be granted within 3 weeks.
It was unanimously decided that the real estate developers will be able to play their part effectively only if the entire chain of players—policy makers, financiers and real estate developers—work together to achieve the core agenda of ‘MISSION TRANSPARENCY’, as no single stakeholder can function without the other. With this, an initiative to bring to focus the power of collective action by all the stakeholders in the sector to address and redress the pressing issues that needs solutions was also set as part of the agenda. Also discussed were the road map, guidelines and key tasks for all the charter members.
Another important decision at the forum revolved around making the CREDAI Code of Conduct mandatory for all CREDAI members and any member who was found not adhering to the code of conduct would be expelled from the body. The code of conduct states that any member advertising their projects in the media should clearly mention about their affiliation with the apex body. The developer’s should also clearly mention the carpet area in their project brochures.CREDAI President is also stressing need to establish Consumer Redressal Forums by all CREDAI units. In few states its doing wonderful work in resolving consumer complaints.
CREDAI has also made its submission to Honorable Prime Minister of India, Dr. Manmohan Singh, for time to make presentation on solution to issues of Transparency in Real Estate Sector.
At the forum, the stage was also set for CREDAI’s much sought after industry event, the 11th NATCON, scheduled to be held in Singapore later this month. The executive committee requested all members to participate in the upcoming NATCON that showcases the theme “IGNITING CHANGE IN INDIAN REALTY.”
The focus area for the 11 th edition of NATCON will be on how technology, innovation, finance, funds, joint ventures, collaborations etc. bring in quality international knowledge, experiences and know-how into the real estate sector in India. With access to appropriate cutting edge technology, innovations in finance and a broader range of funding mechanisms, the real estate developers will have the capability to deliver projects that match world standards. The take-way will be concrete lessons that developers from cities—big and small—across India can use while they conceive of new projects in the future. NATCON 2011 will bring together developers, real estate professionals, policy makers, financial institutions, and investors on a sinlge platform to debate, discuss and evolve new directions for real estate in India.
About CREDAI: the Voice of India’s Real Estate Industry
The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body for private real estate developers in India. CREDAI represents developers of 75 cities through 20 state/city level member associations across the country. Its numerous initiatives and activities help developers come together and work towards better practices, improved customer service and a stronger realty industry.
