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CREDAI-MCHI, the apex body of the real estate industry in the Mumbai Metropolitan Region (MMR), successfully organized an event “BuildVerse” focused on promoting understanding and adherence to the Real Estate (Regulation and Development) Act (RERA). The event, held at Sofitel BKC brought together figures and stakeholders from the industry for an evening of knowledge-sharing and insightful discussions. Boman Irani, President, CREDAI and ex-President, CREDAI-MCHI made a significant announcement during the event, pledging to achieve carbon neutrality by 2050. He urged all developers to incorporate green living in their projects. This commitment underscores the dedication to environmental sustainability and aligns with global efforts to mitigate climate change.
A key feature of the event was a workshop on RERA compliance conducted by Vinod Chithore, Director (REG), MahaRERA.Chithore's expertise and deep understanding of the regulatory landscape provided attendees with invaluable insights into navigating the complexities of RERA and ensuring compliance within the real estate sector.
Moreover, this event marked a milestone for CREDAI-MCHI as it commemorated one year under the leadership of President Dommic Romell and Boman Irani as President, CREDAI. Both presidents delivered inspiring speeches reflecting on their achievements and challenges during their tenure while outlining their vision for the future of CREDAI-MCHI. The event also witnessed the presence of past presidents Rajnikant S. Ajmera, Vimal Shah, Mayur Shah and Nayan Shah.
Focusing on growth, Boman Irani, President, CREDAI and ex-President, CREDAI-MCHI said, “In our quest for a sustainable future, envisioning carbon neutrality by 2050 is paramount. The recent turmoil caused by rain in Dubai underscores the urgency of environmental stewardship. Reflecting on our acronym 'GROWTH,' each letter holds profound significance. 'G' symbolizes the imperative of green construction, a call to arms for all developers. 'R' heralds the transformative power of reform, exemplified by the monumental changes ushered in by RERA. 'O' represents the boundless opportunities for sculpting a new India. 'W' advocates for women empowerment & inclusiveness, 'T' stands for transparency, and 'H' embodies the fundamental right to homes for all. Despite the shortfall of seven crore homes, our collective potential remains untapped. Let us harness the vigor of our youth, for they are the catalysts not only for real estate growth but also for fostering unity in diversity.”
While speaking about the agenda accomplished in 1 year, Domnic Romell, President of CREDAI-MCHI, underscored the importance of enhancing the ease of doing business, effective policy formulation, and close collaboration with the BMC and governmental bodies within the sector. He remarked, "The Women's Wing has been prioritizing healthcare and education for construction workers and their children. Remarkably, we've provided education opportunities to 139 children in architecture and civil engineering for the first time. What's even more surprising is that out of the six children I spoke to, all expressed their intent to apply for the UPSC exam. CREDAI-MCHI's primary focus revolves around partnering with governmental bodies to shape housing policies, securing a nomination for the new Navi Mumbai committee, and advocating for an Amnesty Scheme to address critical issues in the region. We actively collaborate with the Government of Maharashtra on pressing matters such as high ALP rates and infrastructure delays, resulting in securing concessions for cluster development projects.”
The evening got more insightful with a fireside chat featuring Vimal Shah, Past President of CREDAI-MCHI and Managing Director of Hubtown Limited, in conversation with Vinod Chithore. The candid discussion delved into key issues facing the industry, including regulatory challenges, market dynamics, and the future outlook for real estate in Mumbai and MMR.
The discussion highlighted key considerations for promoters when applying for registration under RERA. It emphasized the importance of accurately disclosing information such as approved areas, CTS numbers, and plotted development phases. The session also addressed concerns regarding composite buildings and emphasized the need for clear disclosure and informed consent from all stakeholders. Participants sought clarity on registration timelines and the impact of recent circulars from MahaRERA, with an overarching emphasis on transparency and simplicity in documentation to expedite the process. Domnic Romell, thanked the entire MahaRERA team under the leadership of Chithore.
ABOUT CREDAI-MCHI
CREDAI-MCHI is an apex body comprising members from the Real Estate Industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations such as Thane, Kalyan-Dombivli, Mira-Virar, Raigad, Navi Mumbai, Palghar-Boisar, Bhiwandi, Uran-Dronagiri, Shahapur-Murbad, and most recently in Alibag, Karjat-Khalapur-Khopoli, and Pen. Being the only Government-recognized body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry’s organization and progress.
As a part of CREDAI National, an apex body of 13000 developers across the nation, CREDAI-MCHI has emerged as a preferred platform for regional discussions on housing and habitat by establishing close and strong ties with the government. It is committed to breaking barriers to create a strong, organized, and progressive real estate sector in the MMR.The vision of CREDAI-MCHI is to empower the Real Estate fraternity of the Mumbai Metropolitan Region as it preserves, protects, and advances the right to housing for all. To continue being a trusted ally, guiding their members, supporting the Government on policy advocacy, and assisting those they serve through the ever-evolving real estate fraternity.
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