Profile: All about CREDAI- The Confederation of Real Estate Developers’ Associations of India

The Confederation of Real Estate Developers’ Associations of India (CREDAI) is an apex regulatory body for private real estate developers in India. The organization was established in 1999, focusing to transform the domestic realty landscape. CREDAI plays a significant role in making public policies for its members by representing their views to various ministries. The organization works with 13,000 developers in 217 cities across 21 states.

The body focuses on the benefits for the developers as well as construction workers by developing rules. CREDAI helps developers in case of any challenges encountered between them and government bodies and organizes skill development programs to encourage the construction workers and its members for adopting eco-friendly construction practices.

What is Credai?

It approaches to make the Indian real estate industry progressive and organized by cordially working with all stakeholders, including government representatives,  finance companies, consumers, investors, policymakers, and real estate professionals.

CREDAI is a recognized partner of the government created under relevant laws and represented on various committees of policymaking. The organization engages in policy advocacy with the government, including the Ministry of Housing and Urban Affairs, the Ministry of Finance, the Ministry of Labour & Employment, the Ministry of Environment, Forests and Climate Change, the Ministry of Skill Development & Entrepreneurship and the Ministry of Civil Aviation. 

Additionally, it engages with agencies such as the Bureau of Indian Standards (BIS), NITI Ayog, and the Bureau of Energy Efficiency (BEE), among others.

Process of obtaining CREDAI membership

CREDAI membership can be obtained by downloading the application form from its official website and submitting it to the state body with all details. applying to the state body.

Following is the list of details that are required to be filled in the CREDAI membership application form:

• Applicant’s detailed introduction
• Applicant’s name
• E-mail ID
• Mobile number
• PAN card
• Contact information
• Details related to the completed and ongoing projects
• Principal promoters
• Employee details
• Details of pending allegations
• CIN/Registration number
• Communication address
• Local office address
• Company’s seal
• Applicant’s signature

The application form has to be sent via E-mail to the official address ([email protected]) once it has been filled duly with all the details correctly.

Advantages of CREDAI membership:

Following are the benefits that one can enjoy after getting the CREDAI membership:

• A real estate company can easily participate in the workshops, and debates occasionally conducted by CREDAI
• It allows its members to network and interact among the different entities of the real estate industry
• CREDAI membership enables a real estate entity to put forth their opinion against any malpractice

Fees for CREDAI membership

Following is the membership fee payable by different associations:

Roles assigned to CREDAI –

Facilitate– CREDAI organizes workshops, seminars, round tables, and a large annual real estate conference, NATCON to bring all the private developers on a common platform and provide expert advice from real estate analysts on the builder’s concerns through this platform. It also commissions studies when it is required.

Serve- CREDAI raises concerns of developers and builders in government forums and acts as a SPOC (single point of contact) for the latest development in the realty sector in addition to suggesting modifications in policies too.CREDAI  helps its members gain expert advice on various matters. Its services include making representations, raising relevant issues, and uniting the developers. 

Prosper- CREDAI focuses to make the real estate industry sustainable and prospering. It ensures incessant demands for residential spaces,  retail facilities, commercial spaces, and other infrastructure development. CREDAI encourages its members in gaining recognition as professional organizations. Members should adhere to CREDAI’s Code of Conduct providing clear guidelines for developers to serve customers with transparency and in an ethical manner, giving the community credibility and professionalism.

Promote- CREDAI promotes professionalism guiding its members in establishing a better professional relationship to serve their customers. It promotes a good picture of real estate through events, workshops, and grievance redressal cells before the customer, media, and the government.

Build- CREDAI is engaged in developing a good relationship between builders and the government through debate representations and active participation in all meetings conducted by the government to take opinions and feedback from the industry. Besides, it encourages a healthy relationship with international organizations. CREDAI has strengthened its relationship with the government through interactions with the Ministry of Urban Development, the Ministry of Housing and Poverty Alleviation, the Planning Commission, and the Ministry of Environment and Forests, among others, and is eager to form partnerships.  It works cordially with the government on areas of mutual concern and offers an integrated industry perspective on matters like policy and regulation.

Considerations of CREDAI: 

1. It should firmly declare the Carpet area, Super area, and Build-up area
2. Builders should not impose charges on parking as it is illegal to do so 
3. Advertisements must comprise all the details regarding licenses
4. It should impose high penalties on builders who violate the norms, such as hiding any legal information.
5. CREDAI should share EDC and IDC calculations with buyers as well as the amount paid to regulatory authorities. 

CREDAI formulates certain rules that must be followed to retain integrity and transparency in the realty sector. CREDAI is responsible to represent any proactive policies of the real estate industry before the government and other concerned authorities in India. 

CREDAI comprises certain responsibilities apart from these which include the introduction of improved and newer techniques for the construction and promotion of workers’ interests, the dissemination of statistical information, etc. it is closely associated with many housing finance institutions and banks, as it also provides easy financing. 

Including several conferences at state or regional levels, a national convention is held each year by CREDAI. It also organizes exhibitions in major Indian cities like Bangalore, Mumbai, Delhi, and Kolkata along with major world trade centers like the USA, Dubai (UAE), London, Kuwait, Saudi Arabia, and other places. 

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