At a recently concluded conclave of Confederation of Real Estate Developers’ Associations of India (CREDAI) in New Delhi, Manohar Lal Khattar, Chief Minister of Haryana approved of considering the real estate sectors demand for keeping ongoing projects in the State out of the purview of the proposed Real Estate Regulatory Authority of India (RERA). He agreed to look into the demand for providing a single window clearance for upcoming projects across the state in line with his government’s commitment to being industry-friendly. This is a major development for the Real Estate sector in the NCR region and closely follows the decision of Anandiben Patel, Chief Minister of Gujarat who had also agreed to look into CREDAI’s submission to keep ongoing projects out of RERA’s purview in her state.
With the central theme of ‘Clean India-Skilled India-Strong India’, the CREDAI Conclave 2015 also saw the release of the CREDAI – Jones Lang LaSalle (JLL) white paper on Smart Cities. The white paper spoke about the opportunity to transform Indian cities into global destinations. It showcased how real estate sector will play a major role in smart city development & Housing for All by 2022.The paper shares brief comprehensions on strategy for smart city development, section & funding of smart cities, implementation by PPP, Foreign countries interest in development of smart cities in India & real estate development.
The Conclave also saw discussions on the proposed Goods & Services Tax (GST) & its impact on the real estate sector. A report by KPMG on the multi-fold impact of the proposed GST regime on the real estate sector and property buyers and the need for corrective steps was presented during the Conclave.