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 Home > City Resources > Real Estate > CREDAI

 Credai exploring options to boost Construction Industry

Urban Development Minister JagmohanThe Confederation of Real Estate Developers Association of India (CREDAI), the apex body of real estate developers, construction professionals and others related to the real estate industry, aims to explore options of finance mobilisation with international venture capitalists and also identify reforms required in the real estate development sector to boost national growth. Full fledged efforts are being made by CREDAI to prevail upon the union government to accord industry status in all facets of the construction world.

Law and Judiciary Minister Arun Jaitley CREDAI has joined hands with Housing and Urban Development Corporation Limited (HUDCO) and National Housing Bank (NHB). CREDAI has also acknowledged the tremendous impact of the Information Technology (IT) industry on the construction and real estate sector. CREDAI has been interacting with union Finance Minister Yashwant Sinha, Information Technology Minister Pramod Mahajan, Law and Judiciary Minister Arun Jaitley and Urban Development Minister Jagmohan, getting them to speak at various forums organised by CREDAI, and thereby also highlighting their demand to accord an industry status to the real estate sector.

Non-banking financial institution heads like Deepak Parekh of HDFC, Lalita Gupte of ICICI, P P Vora of NHB and V Suresh of HUDCO, design and accordingly plan their strategies based on the feedback of the real estate market trends and demands, provided by CREDAI, says G L Raheja, CREDAI Chairman. CREDAI is keeping abreast with global trends through a two-way traffic mode. International experts and leading players in the global real estate industry, especially from the US and the Far East, use forums to regularly exchange ideas and contacts with CREDAI, on housing and IT infotech parks development.

Raheja, while in conversation with, said that CREDAI has been stressing on devising strategies for excellence in real estate development on the basis of scientific applied techniques for market forecasting of future trends and practices.

``At various forums, we have been encouraging discussions on conceptualising real estate development projects, reforms in real estate, generating financial resources and changing trends in real estate development and low cost mass housing in the country. CREDAI is a platform to exchange concrete information on Indian and global trade practices and the current trends in the construction industry. Besides, CREDAI has played a vital role in ushering in reforms in the housing sector. These have been manifested in the form of various policy decisions taken by the union government. Some of these decisions include the repealing of the Urban Land Ceiling Act (ULCA), lowering housing loan interest rates along with Information Technology (IT) deductions, enactment of speedy Foreclosure Legislation Secondary Mortgaging Laws,'' said Raheja.

Raheja reiterates that CREDAI has been concentrating on exploring channels for mobilising budgetary and financial support for the housing construction industry. He claims that CREDAI has been partly sucessful since 1998 in bringing about amendments in the legislation and impressing upon the government to consider CREDAI's proposal to recognise the real estate sector as an industry.

``CREDAI being an all India body comprising of members from 13 states, it is rather difficult to formulate a common code of conduct for its fellow members. Nevertheless, we are discussing this issue with the associations affiliated to CREDAI, in order to achieve a consensus on formulating and following a standard code of conduct,'' said Raheja.

By: Mani D'mello


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