Established in 1999, The Confederation of Real Estate Developers’ Associations of India better known as CREDAI is the apex body for private real estate developers in India, representing over 9,000 developers through 22 states and 150 city level member associations across the country. CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policy makers, investors, finance companies, consumers and real estate professionals.
Acting as the voice of India’s Real Estate industry, CREDAI has been the guiding force for the growing Real Estate sector in India bringing more transparency to rid the sector of its most potent virus, Corruption and Red-Tapism.
The major objectives of CREDAI are as–
- To perpetuate an ethical code of conduct, which is self – imposed & mandatory for all the member developers/ builders of CREDAI to maintain integrity & transparency in the profession of Real Estate Development?
- To represent the developers/builders across India by communicating & representing with the government authorities for the formulation of proactive policies for this profession.
- To encourage & support the developments/builders to increase their efficiency in the development /construction activities by introducing the latest technologies.
- To disseminate the data, statistics & other related information in this profession of real estate development.
- To promote the interest of construction workers & to educate them on the best practices.
- To encourage research in the profession of construction & real estate development
- To facilitate easy housing finance availability to the property purchases by working in close coordination with the leading house finance institutions & banks.
Being on board of prestigious committees of the sector’s reforms like on the panel of ‘Housing and Habitat Policy 2007’, ‘Steering Committee for Urban Developing’, the committee of ‘Housing and Poverty Alleviation for the 11th Five-Year Plan’ along with various committees of the Bureau of Indian Standards, Bureau of Energy Efficiency, Planning Commission and others have resulted in CREDAI’s initiative of abolition of urban land ceiling, rationalization of stamp duty, the modification of the environmental impact assessment rules, several amendments related to service tax, Land Acquisition Policy and much more. CREDAI also represents the Steering Committee on Construction for the 12th National Plan (2012-2017).
Linking private real estate developers to the government and customers through numerous initiatives and activities, CREDAI’s success in bringing the majority of organised private real estate developers under a single umbrella is a potent force that promises the rapid development of the realty sector, one that knows itself as a major driver of India’s economic growth. This sector which contributes more than US$ 40 billion to the Indian economy is one of the major pillars of the growing economic superpower of India. While the GDP of the country grows at an annual 7.5-8.5% rate (approx.), the Real Estate sector’s contribution to it is about 5-6%.