The Confederation of Real Estate Developers Association of India (CREDAI) will work closely with the Central and State Governments to address issues relating to infrastructure development and procedural issues to bring down costs, according to its President Mr Santosh Rungta.
Addressing a press conference in Chennai, he said infrastructure development should precede real estate development for viable land costs and organised urbanisation. Supply of land for development can be increased only through infrastructure that will help improve access and reach. This would help bring down land costs and benefit the end-buyers. Another issue is the time taken for project approvals. The delay is an issue across the country, he said.
Credai has a membership of over 5,500 developers across the country and its strength is growing continuously. This is of benefit not just to the developers but also the customers. Credai focuses on streamlined development and insists on clear-cut code of conduct and fair business practices on the part of its members.
Mr T. Chitty Babu, President, Credai – Tamil Nadu, said its membership in the State has more than tripled to over 300 covering developers across major urban centres. Earlier it was focussed on Chennai but now developers from Coimbatore, Madurai and Tiruchi have come under the Credai fold.
The significance is that it is a self-regulatory body that ensures that the developers follow a code of conduct relating to development of properties with clear titles, sticking to development control rules and avoiding deviations in their projects, transparency in transaction processes and sticking to delivery schedules. Issues that Credai addresses with the authorities will benefit not just the developers' community but also the buyers, he said.
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