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CREDAI WEST BENGAL HOSTS THE GOVERNING COUNCIL MEETING OF CREDAI National – the apex body of real estate in India – IN KOLKATA
Discussions on current trends, challenges and outlook for 2023
Kolkata: 21st January 2023 – CREDAI WEST BENGAL, The apex body of the state comprising Credai Bengal, CREDAI Howrah- Hooghly, and CREDAI, has played host to the 3rd meeting of the Executive Committee of the governing council of CREDAI National today at Taj Bengal.
CREDAI (Confederation of Real Estate Developers’ Associations of India) the apex body of private Real Estate developers in India holds its governing council’s meeting across India. This year its 3rd ECGC (executive committee – governing council) meeting for 2022-23 was held in Kolkata.
Mr. Debashis Sen, MD, WBHIDCO graced the occasion as an honorable guest. Mr. Satish Magar, Chairman, CREDAI National, Mr. Boman Irani, President-Elect, CREDAI National, Mr. Harsh Patodia, President, CREDAI NATIONAL, Mr. Sushil Mohta, President, CREDAI West Bengal were present at the meeting. The meeting was also attended by CREDAI National office bearers and functionaries from various parts of the country along with leading developers of Kolkata & West Bengal.
Shri Sushil Mohta, President, of CREDAI West Bengal and a founder member of West Bengal and national level of CREDAI said, ” Kolkata, the cultural capital of India with rich legacy has also proven to be a hub of the affordable residential market as well as a major real estate destination. I feel proud that Credai West Bengal has hosted the national executive meeting in the city this year. A clutch of corporates from across the nation has participated in the executive meeting. This meeting was a crucial one as various issues like recommendations for the ensuing union budget that is in the making have been discussed. Credai has been working to bring good practices into the real estate industry championing the cause for the customers at large and the industry. We hope it would help the real estate sector move northward significantly”.
The CREDAI Executive Committee and Governing Council (EC GC) meetings are held once every quarter to discuss various issues pertaining to the real estate sector, and update members on the various activities/work done in the previous quarter, key developments, and future plans. The CREDAI EC GC consists of National office bearers including Chairman, President, President–Elect, and Vice President. The Presidents of all CREDAI State federations, Chairmen of various CREDAI National Committees, Executive committee members, and Convenors of the youth wing & women’s wing attend these meetings.
Speaking on the occasion, Mr. Harsh Vardhan Patodia, President of, CREDAI said that “The Real Estate sector is expected to perform well in 2023 too and with housing loan interest rates increasing there may be a short-term impact on demand across various categories”
“We have invited Shri Debashis Sen, Managing Director of WBHIDCO as a special guest to the meeting. He has presented a slew of opportunities for the real estate players like availability of land parcels for private developers for their projects as well as land parcels for projects like data centre, Institutions, schools in the state.”, said Siddharth Pansari, President, of CREDAI Bengal.
“There have been discussions on current affairs pertaining to real estate industries such as – Banking, interest rates, Govt Initiatives, Affordable Housing, and direct and indirect taxes. The forum has also discussed issues related to environment clearance, civil aviation, labour laws, – skill development, new initiatives such as csr and MSME. Credai is also building an E Library which will also have current legislations , information for the benefit of its members “, said Nandu Belani, immediate Past President, CREDAI Bengal ,
The discussions revolved around the current real estate sector of India, challenges that need to be addressed and the market outlook for 2023.
Some of the key points discussed today are :
· Restrictions on availing input tax credit for real estate projects
· Increasing tax exemption on interest for homebuyers
· Exempting rental income up to Rs. 20 lakhs per year to encourage homeowners
· ‘Housing for All’ supplemented by the ‘Affordable Housing Policy’ & ‘Pradhan Mantri Awaas Yojana’ and how they have fulfilled the dreams of owning a house for many underprivileged families
Besides internal issues, Sector’s expectations from the budget, outlook for 2023, delay in Environmental Clearances & denial of ITC for RE projects, new technologies in construction had been also be discussed in the meeting of the governing council tomorrow.
About CREDAI
The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body of private Real Estate developers in India, established in 1999, with a vision of transforming the landscape of the Indian Real Estate industry and a mandate to pursue the cause of Housing and Habitat. Today, CREDAI represents 13000+ Developers across 221 city chapters in 21 states and plays an important role in policy formulation by representing the views of its members to various Ministries at regular intervals.
