The Confederation of Real Estate Developers’ Association of India (CREDAI) demands the proposed law to regulate the development of India’s real estate sector must be comprehensive to address the interests and responsibilities of all stakeholders.
General consensus on these lines was reached by the CREDAI at its 11th national convention in Singapore on Friday. The two-day meeting, inaugurated by Union Urban Development Minister Kamal Nath on Thursday, was presided over by CREDAI Chairman Pradeep Jain and President Lalit Kumar Jain.
In a briefing after the convention, CREDAI Secretary T Chitty Babu said the draft bill, as initiated by the Centre, was now focussed primarily on the responsibilities of the real estate developers. The proposed law should, instead, be “comprehensive in scope,” covering all stakeholders, he emphasised.
Besides the various governments and local authorities with the power to grant approvals for constructions, the other stakeholders were the real estate developers and the buyers of homes and offices plus the agencies in the business of funding projects and purchases. So, it was essential that all these stakeholders must be held accountable under any legislation for the proper administration of the real estate sector, said Chitty Babu.
The CREDAI conference discussed various aspects such as speed and efficiency as also innovation and technology for the modernisation of Indian realty. The construction of the Indira Gandhi International Airport in Delhi as a case study and the making of iconic buildings in other parts of the world also received attention.
Awards were presented by Mr. Kamal Nath to various real estate developers in a number of categories.
