- Realtors’ body to lead the charge for the growth of the segment in the State
- Announcement made at CREDAI’s EC-GC meeting held in Visakhapatnam amidst the presence of leading Government dignitaries and industry stakeholders
- CREDAI Visakhapatnam addressed a number of industry issues to usher a renewed era of economic growth and development in the region
5th October, Visakhapatnam: CREDAI (Confederation of Real Estate Developers' Associations of India), the apex body of private Real Estate developers representing over 12,000 members across India, today pledged the development of 14500 Affordable Housing Units across regions such as Vijayawada, Kurnool and Visakhapatnam in Andhra Pradesh.
CREDAI through this pledge reiterates its commitment to help achieve Government of India’s mission of “Housing for All by 2022”. The pledge was made at its Executive Committee - Governing Council meeting held at Vishakhapatnam amidst the presence of key Government dignitaries of the State and industry stakeholders.
At the EC-GC meeting, CREDAI held an interactive workshop on ‘Affordable Housing’, conducted by Mr. Shantilal Kataria, Chairman, RERA legal and Affordable Housing Committee, CREDAI. He addressed the queries and shared industry insights with the CREDAI developers.
CREDAI Visakhapatnam also highlighted some of the key issues to streamline industry processes and recommended changes in crucial policies to bring about a wave of unceasing industry growth in the city and state.
Some of the most pertinent industry concerns that have been brought up by CREDAI are as follows –
1) To encourage developers to build more houses under the affordable housing segment, the registration fee and other charges should be exempted for flats with a carpet area of 60 square meters and below.
2) Under RERA, title insurance should not be made mandatory for registration whereas the RERA complaint fee should be increased to Rs 25000 to avoid frivolous complaints against developers. Another significant issue that needs to be addressed is the defect liability of 5 years that should be restricted to structural stability and not on the fixtures provided.
3) Developers in Visakhapatnam face a unique problem in respect of procuring sand since the city has no river beds and has to depend on neighbouring districts like Srikakulam, Vizianagaram and East Godavari (Rajahmundry). Vested interests create artificial shortage, resulting in exorbitant increase of sand price. To overcome this problem, CREDAI Visakhapatnam suggests steps to encourage the manufacture of sand industry by way of subsidies and concessions in the form of subsidized power, concession in fees and other charges for mines etc so that individuals/ companies are encouraged to manufacture sand units. This would ensure availability of manufactured sand at competitive rates with natural sand for real estate developers.
CREDAI National President, Mr. Jaxay Shah, commented: “CREDAI’s commitment towards building a new India has taken another step forward at EC-GC Visakhapatnam. I would like to congratulate CREDAI Vishakhapatnam for its major contribution of building over 5500 houses under the affordable housing segment and add to CREDAI’s commitment to help achieve Government of India’s mission of ‘Housing for All by 2022’. This EC-GC has also been met with great response and appreciation from various CREDAI delegates which also maintains our attention and focus towards the development of tier II and III cities of India. We now look forward to weave the next chapter of sustainable growth and development for the Indian Real Estate sector after a period which was met with sheer resilience by industry stakeholders.”
CREDAI National, President-Elect, Mr. Satish Magar said, : “CREDAI, through its thought leadership platforms such as EC-GC meetings, NATCON, New India Summit etc. has led the industry through the transitory phase of the past one and a half years. It has been relentlessly working towards the development of Indian real estate sector and these initiatives have been instrumental in setting a strong foundation for ushering dynamic growth in the industry. We continue surging ahead with recommendations and partner with the government to facilitate effective implementation of the policy reforms. “
CREDAI Andhra Pradesh President, Mr. ARE Siva Reddy, said, “We are honoured to host such distinguished dignitaries representing the Government and the real estate industry at the EC-GC Meeting in Visakhapatnam. This 2 day summit gave us the opportunity to showcase CREDAI’s objectives and intentions of providing the real estate industry the push and support that it deserves. With a clear and dedicated focus towards transforming the sector into a highly conducive environment for all stakeholders, we intend on building on this foundation to lead the growth of the state’s economy.”
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 203 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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