- Apex body expects that the move will lead to better implementation of Environmental laws and provide a boost to Affordable Housing
- CREDAI believes this will lessen the multiplicity of approvals that are needed to attain clearance
New Delhi, 19th November: CREDAI, the apex body of private real estate developers in India, today welcomed the Central Government’s decision to delegate the decision making power to the urban local bodies/ State Governments to ensure environmental compliance for building or construction projects with built up area ≥ 20,000 sq. meters. to 50,000 sq. meters. CREDAI believes that this move will lead to better implementation of environmental laws and reduce the gestation period by a minimum of 12 months, thereby making housing cheaper for homebuyers. This will also lessen the multiplicity of approvals that are usually needed to attain clearance and will lead to sustainable growth.
CREDAI has consistently voiced concerns and recommended amendments to critical industry policies in its continuous attempts to provide for a highly conducive environment to the stakeholders of the Indian Real Estate sector. The apex body acknowledges this move as a big relief and a step towards the right direction after going through an era of transition amidst the implementation of landmark reforms in the last 18 months.
With the Urban Local Bodies already being responsible for granting completion certificates to real estate projects, CREDAI states that this decision will further strengthen the onus on them to ensure environmental provisions while it also points to the fact that industrial sheds up to 1,50,000 sq. meters do not require any clearance when the waste generated by them is more harmful as compared to organic human waste.
CREDAI also believes that as a way forward Environmental Clearance of the entire city should be incorporated in its development plan itself at a macro level instead of plot based micro clearance as practiced today.
CREDAI President, Jaxay Shah, comments “We praise the Central Government and its efforts which will undoubtedly enhance the ease of doing business and sustainable development in the Indian Real Estate sector. The resultant reduction in time consumed in procuring approvals as well as reduction of costs will also give a boost to the entire housing sector, especially the Affordable Housing segment. As an apex body in Indian realty, CREDAI and its developers have always adhered to environmental laws and procedures and are particularly happy to note that there is no dilution in the same by the implementation of these guidelines.”
Established in 1999, The Confederation of Real Estate Developers’ Association of India, is the apex body for private real estate developers in India, representing over 12000 developers through 23 states and 204 city chapters across the country. CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policy makers, investors. CREDAI works towards improvement of ethical standards & business practices in real estate. CREDAI is well-recognized by the Central and State Governments in all its endeavours.
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