Credai exploring options to
boost Construction Industry
 The
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.
 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 mumbaibest.com, 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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