Agencies
Singapore: The Indian real estate industry, whose image has suffered after a series of corruption scandals, pledged to maintain transparency and quality towards all its stakeholders at a convention organised here.
Hundreds of developers, who gathered here for the 11th annual convention of the Confederation of Real Estate Developers' Association of India (CREDAI), also promised to become more sensitive to the interests of their stakeholders.
CREDAI, the apex body representing private real estate developers in the country, also presented a revolutionary document under "mission transparency" to remove corruption from approval system and thereby making housing cheaper.
Urban Development Minister Kamal Nath, who inaugurated the conference, said, "this demonstrates a huge change" which is commendable.
"The fact that the conference is being hosted in Singapore -- an excellent example of well planned and executed urban development and housing -- will serve as an inspiring example for the Indian development community present here in large numbers," the minister said.
He also said that the real estate sector "has image deficit", but the reforms "you have made yourselves" is going to change the perception.
Highlighting the problems of real estate sector, CREDAI president Latit Jain said, "Delays in approvals, which take two to three years, is costing the developers immensely and in turn passing onto the customers.
"We are actually burdening the middle class by adopting harsher policies," Jain said, and called for adopting a single-window clearance system.
The developers body also presented a comprehensive check list to Nath. It claimed that if their suggestions are implemented, it will increase housing stock by 100 per cent and create 100 per cent more jobs.
"It will also generate more than 100 per cent more revenue for all government authorities concerned ... service tax, VAT, development charges and stamp duty," Jain said.
Nath said the government would consider the suggestions and take appropriate action to ensure sustainable growth.
Source: Financial Express
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