CREDAI, the Confederation of Real Estate Developers Association of India recently i.e. on 16th December 2016 held its quarterly Executive Committee-Governing Council meeting in Gujarat. It is a meet of highest decision-making body of CRDAI to ensure that all efforts undertaken by its members are ‘focused on providing best delivery to the stakeholders.’
The hot topic of the meeting was recent policy announcements and its impact on real estate sector. Present at the meet were prominent faces from CREDAI and other important dignitaries including Irfan Razack (CREDAI National Chairman), Geetamber Anand (President CREDAI), Boman Irani (National Secretary), and MP Naveen Mehta (Chairman).
President Geetamber Anand fully supported Modi government’s move of demonetization and said it wouldn’t cause reduction in property rates. He said “the claims that prices of houses and apartments will drop following demonetization is only a myth. It may remain the same or increase with time.” Thus, putting an end to media spread remorse of a prospective slash in the housing prices. He also said that post-demonetization there are chances that banks will reduce the interest rate on home loans, leading to an increase in buying-selling activity in real estate sector. He showed concerned for laborers working in this sector and assured that their problems would hopefully end after 31st December.
Another significant discussion point of the meet was RERA, to which CREDAI expressed its full support. Addressing the media, CREDAI National Chairman said, “RERA only has a mention of the number of days involved to build a house, it should also include the period involved in facilitating basic amenities like water, sewage and electricity supply. We have sent a request to the central government to consider the changes required in the rule of RERA.”
Further MP Naveen Mehta ensured that CREDAI would try and detect more loopholes in RERA and appeal for required amendments.
