The 11th National Convention NATCON of CREDAI inaugurated at Singapore

Singapore, Apri, 2011: The 11th National Convention (NATCON) of the Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body representing private Real Estate developers in the country, was inaugurated by Mr. Kamal Nath Hon. Union Minister for Urban Development, Government of India, at the exotic MARINA BAY SANDS property in Singapore. CREDAI presented two documents under a revolutionary concept “Mission transparency” – “The comprehensive check list for one window clearance” and “Best Practices in approval systems.” Presenting the documents Mr. Lalit Kumar Jain, President, CREDAI said, “If implemented, it will reduce housing prices by 10 to 25%, increase housing stock by 100%, create 100% more jobs, and will increase revenue by more than 100% for all concerned government authorities including service tax, VAT, development charges and stamp duty. It will at least double the production in more than 250 types of industries. And it will add 1.5% to GDP.”
Mr. Kamal Nath led the list of luminaries present on the occasion, which included CREDAI’s newly elected core team –Mr. Pradeep Jain (Chairman), Mr. Lalit Jain (President), Mr. Jaxay Shah (Vice President & Chairman, Convention Committee), Mr. C. Shekar Reddy (Vice President), Mr. Dharmesh Jain (Vice President), Mr. Getamber Anand (Vice President), Mr. Jaspal Oberoi (Vice President), and Mr. T. Chitty Babu (Hon. Secretary).
The theme, ‘Igniting Change in Indian Realty’ reiterates CREDAI’s commitment towards achieving the goals of Mission Transparency. The other focuses of the convention apart from learning from each other to address challenges; would be the thrust for better governance and removal of blockages in the approval process for projects.
Responding to the concept of “Mission Transparency,” Mr. Kamal Nath assured developers of committed action. Speaking on the occasion, he said, “The fact that the conference is being hosted in the city of Singapore – an excellent example of well planned and executed urban development and housing – will serve as an inspiring example for the Indian development community present here in large numbers.“
While addressing the audience, Mr. Pradeep Jain stated, “The projections for the future and the ambitious aim of Government of India to have slum free India in the next five years have placed on the developers a sense of urgency to jointly resolve hurdles that inhibit the real estate sector – whether these are of policy, financing, or technology – and move towards penning down a roadmap for India’s future.” He further added that the 2-day convention will throw light on the various aspects of speed to market, operational efficiency and latest technology – all of which will help fellow developers in the years to come.
Mr. Lalit Jain requested the government to indulge into consultative process with all concerned departments of central and state governments, municipal corporations to further refine it. Once completed this be adopted by each planning authority and amend the development control rules\building approval laws, whereby all requirements are incorporated in it. It needs to be ensured post this action that no central or state government will add at any stage, requirement of NOC without incorporating the same in development rules.
The mission Transparency has following aspects:
1. Collect best practices under implementation from all states, which results in rapid approval process and prevail on states to adopt “best practices already in force in some state” as it’s a no brainer.
2. Finalize the comprehensive check list following the same procedure within time bound fashion.
3. To achieve transparency each developer shall individually sign CREDAI’s code of conduct. This will make them accountable towards consumers and other stake holders.
4. Each developer must mention carpet area in all sale material and agreements.
5. Each city unit will establish a consumer redressal forum. This is very successful in many states. The peer pressure coupled with business understanding works to resolve most issues, saving cost and time of both parties and re-establishing the goodwill between them.
6. Upon achieving “One Window Clearance’, each developer will be required to mention complete cost in each sale.