CELEBRATING 25 YEARS OF CREDAI: A LEGACY OF DEVELOPMENT, EMPOWERMENT, AND INNOVATION
February 2024
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In an extraordinary journey spanning 25
years since its formaon in 1999, CREDAI
(Confederaon of Real Estate Developers’
Associaon of India) has evolved into a
formidable force, making indelible strides in
the real estate sec tor. Boasng a
membership of over 13,000 developers
across 230 city chapters in 21 states, CREDAI
has truly become a beacon of collaboraon,
commitment, and posive change in the
sector.
Real estate sector constutes 7-8% of
India’s GDP and employs 50 million people,
playing a crucial role in both economic
contribuon and job creaon.
CREDAI has played a pivotal role in shaping
key policies that have significantly impacted
the real estate sector in India. One of its
important contribuons is in the formaon
of the Real Estate (Regulaon and
Development) Act, commonly known as
RERA, which was enacted to enhance
transparency and accountability in the real
estate industry. We acvely engaged with
stakeholders and policymakers to ensure
the implementaon of RERA, there by safe
guarding the interests of both developers
and home buyers. Addionally, CREDAI has
been instrumental in advocang for and
contribung to the formulaon of the
Goods and Services Tax (GST) in the real
estate sector, streamlining taxaon processes and fostering a more unified and
transparent economic environment.
Furthermore, CREDAI has been a driving
force behind the promoon of affordable
housing iniaves, collaborang with the
government to address the housing needs
of the burgeoning populaon. In the realm
of rental housing, CREDAI has acvely
parcipated in the formulaon of policies
to encourage and facilitate affordable and
quality rental housing opons, addressing
the diverse housing requirements of the
populaon.
Recognizing the imperave of grooming the
next generaon of real estate developers,
CREDAI introduced the Youth Wing (CYW) in
2013. Since its incepon, CYW has
experienced significant growth ,
establishing an extensive network of 151
chapters with around 3000 members
naonwide. This visionary iniave seeks
to foster a knowledge-based environment,
insl robust values, and provide a dynamic
plaorm for young developers to thrive in
the ever-evolving industry landscape.
At the forefront of promong gender
inclusivity in the real estate industry is the
CREDAI Women’s Wing (CWW), established
in 2017. With 65 chapters across India and a
total of1400+ women members, CWW has
become a dynamic force in encouraging
meaningful parcipaon of women in the
sector. Through iniaves like networking
opportunies and incubaon programs,
the Women’s Wing is acvely fostering
diversity and inclusion in a tradionally
male-dominated field.
Founded in 2015, the CREDAI CSR
Foundaon stands as a pillar of social
responsibility within the real estate sector.
Under its umbrella, the foundaon has
undertaken a myriad of acvies aimed at
posively impacng various facets of
society-One of its primary focuses has been
on the welfare of construcon workers,
emphasizing skill development iniaves
that empower individuals within this sector.
By providing training and support, the
foundaon has enabled over 2 lakh workers
and youth to enhance their skills and
improve their livelihoods. This commitment
to skill development is complemented by
welfare programs designed to address the
holisc needs of the workforce.
Addionally, the CREDAI CSR Foundaon
has extended its outreach to the educaon
sector through the CREDAI Educaonal
Scholarship Fund (CESF). Members of
CREDAI voluntarily contribute to this fund,
which support economically disadvantaged
students pursuing courses in Civil and
Electrical Engineering, as well as other
degrees relevant to the real estate industry.
Beyond skill development and educaon,
the Foundaon has been acvely involved
in community development projects. This
includes the Clean City Movement,
& quot; which has played a crucial role in
transforming urban landscapes for the
beer. The foundaon & visionary
approach has successfully reached one
million households across 30 cies, making
substanal strides in enhancing overall
cleanliness and aesthec appeal in urban
spaces.
Addionally, during the challenging mes
of the Covid-19 pandemic, CREDAI through
its members across the country contributed
over 150 crores towards relief efforts,
encompassing cash donaons, groceries,
medicines, oxygen cylinders, PPE kits, and
even donated flats.
The CREDAI leadership, with a focus on
policy advocacy, has spearheaded
transformave iniaves in the Indian real
estate sector. Their unwaverin g
commitment to substanal policy changes,
including noteworthy contribuons to the
formulaon and implementaon of RERA,
establishes a robust foundaon for
transparency and accountability in the
industry. Simultaneously, the leadership
acvely supported sustainable pracces
through a pioneering collaboraon with
IGBC, contribung to the development of
environmentally conscious projects.
Addionally, CREDAI was the first to join the
Global Housing Technology Challenge in
India, aiming to use advanced construcon
methods to meet the housing needs of a
growing global populaon, showcasing our
commitment to innovaon and
sustainability. Further more , in
collaboraon with the Ministry of Housing
and Urban Affairs (MOHUA), we played a
key role in promong the widespread
adopon of new and emerging building
materials, contribung to advancements in
the construcon sector across India. This
approach under scores CREDAI’s leadership
in fostering innovaon, sustainability, and
transparency within the real estate
landscape.
In a commendable move towards
transparency, CREDAI Consumer Redressal
Forum(CRF) stands as a pioneering iniave
in the real estate sector. This forum
provides a swi and fair resoluon of issues,
inslling confidence in home buyers and
reinforcing CREDAI’s commitment to ethical
business practices.
As CREDAI proudly marks its 25th year, the
organizaon stands tall as a pillar of
strength for the real estate sector,
embodying principles of development,
empowerment, and innovaon. The rich
history of accomplishments and a forwardlooking approach posion CREDAI as a
stalwart poised to connue shaping the
future of real estate in India. In a strategic
move geared towards leaving a lasng and
impacul imprint on both the Indian real
estate landscape and society at large,
CREDAI has unveiled five s calable
iniaves, bui lding upon its past
milestones. With a vision to empower the
construcon workforce, CREDAI, in
collaboraon with the Naonal Skill
Development Corporaon (NSDC) and the
Government of India, aims to up skill an
impressive construcon worker over the
next two years.
Demo n stran g a commitme nt to
sustainability, CREDAI has pledged, through
its members, to advocate for the
construcon of green-cerfied homes and
commercial spaces. As an effort towards
environmental sustainability and reducing
carbon footprints, CREDAI has commied
to planng 1 million saplings in the country.
In addion to this, promong the skilling of
construcon workers and infrastructure
development in government schools
marked its silver jubilee celebraon.
CREDAI believes in strengthening real
estate sector through transparency, quality
construcon, grievance redressal with an
objecve of Housing for All.
Boman Irani is President, CREDAI
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