Housing sales in 2021 likely to reach 2019 figures – CREDAI, If level of pandemic remains under control

Mumbai, April 7, 2021 (GNI): Today’s conference themed : CREDAI Version 2: “Reboot and Restrategize” addressed by Mr. Harsh Vardhan Patodia, President; Mr. Satish Magar, Chaiman, Mr. Boman Irani, President Elect; Mr. Pankaj Goel, Secretary, discussed  key aspects  that are required to transform the Indian Real Estate Landscape in the coming year.

The real estate industry could witness surge in sales in 2021 which could reach the 2019 sales figure or exceed it. While the sector continues to face few challenges as we are witnessing the second major wave of the COVID-19 pandemic, overall the real estate industry has seen a good revival in terms of sales in both residential and commercial segment.

Mr. Harsh Vardhan Patodia mentioned that housing sales that fell 40-50 per cent across 7-8 major cities last year due to the pandemic could bounce back to 2019-level this year, if there is no complete lockdown to curb the second wave of COVID-19 and more so the importance of owning a home has also been propelled by the uncertainty COIVD has brought in people’s lives. He also added that amid the COVID-19 pandemic, the real estate industry needs to innovate and scout for new opportunities.

CREDAI as an apex body will continue to reiterate its pending demands with the government including stamp duty concessions in all states, infrastructure status for the realty sector, GST input tax credit for both housing and commercial segments, faster environment clearance and easier credit availability.

Mr. Harsh Vardhan Patodia, President CREDAI shared his vision and execution plan of the key initiatives:-

Free COVID-19 Vaccination Drive for Construction Workforce

·         CREDAI is writing to Minister of Health & Family Welfare and Minister of Labour & Employment urging them to issue advisories to State Governments on the CREDAI vaccination drive for construction workers

·         State Presidents will meet Health Ministers of their respective states

·         State / City chapters will collaborate with Government / Private hospitals administering COVID 19 Vaccination in their respective cities / states

·         CREDAI will identity construction workers who meet the eligibility criteria and create a database of such workers

·         In consultation with Government / Private hospitals and local administration (DM, Collector etc.), CREDAI will mark a day every week for vaccination of construction workers for the next 6 months

·         Database will be collected on monthly basis

CREDAI to set up its own Data Assimilation Centre

·         CREDAI Committee on statistics may develop formats including data points that must be recorded on a monthly basis by all city chapters

·         State Presidents will be encouraged to tie up with agencies like CRISIL or any other agency to undertake data collation on a quarterly basis

·         Data will be submitted to the Committee with 15 days of quarter end

·         Extracts from the data will be shared across

Launch of Incubation & Acceleration Center to support start-ups in real estate sector

·         CREDAI Start-up Angel Network and Incubation & Acceleration Centre will be set up  a fund  to support tech startups in the real estate space which will help the sectors growth

·         CREDAI will make membership network available to the start-ups for a strong industry collaboration and business development, stated in the press release.

About CREDAIE: stablished in 1999, The Confederation of Real Estate Developers’ Association of India, is the apex body for private real estate developers in India, representing over 13,000 developers through 21 states and 217 city chapters across the country. CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policymakers, investors. CREDAI works towards the improvement of ethical standards & business practices in real estate. CREDAI is well-recognized by the Central and State Governments in all its endeavours.