Tag: CREDAI MCHI

News

CREDAI-MCHI to Unveil India’s First Quick Real Estate Mall

Dec 30, 2024 by Mansi Praharaj 0 Comments #CREDAI MCHI, #Mr. Dominic Romell

Mumbai, December 30, 2024 : CREDAI-MCHI, the apex body representing real estate developers in the Mumbai Metropolitan Region (MMR), is set to redefine home buying with the launch of India’s first-ever Quick Real Estate Mall at the upcoming 32nd CREDAI-MCHI Property and Home Finance Expo. Scheduled from January 17 to 19, 2025, at the Jio World Convention Centre, the event will introduce a groundbreaking approach to home buying, tailored to empower women and streamline the purchasing process.

This year’s expo will place a strong emphasis on Pink Sunday, a dedicated initiative focused on empowering women homebuyers through the MCHI STREE Awas Yojana. This program underscores CREDAI-MCHI’s commitment to making homeownership more inclusive and accessible for women, aligning with its vision of fostering transparency, trust, and empowerment in the real estate sector. By addressing the unique needs of women in the home-buying journey, the initiative ensures a supportive and welcoming environment for aspiring homeowners.

Speaking about this transformative initiative, Mr. Dominic Romell, President of CREDAI-MCHI, emphasized, “The Quick Real Estate Mall is a reflection of our vision to transform the real estate sector with innovation and customer-centric solutions. By streamlining the home-buying process and introducing unique features, we are making homeownership more accessible, especially for first-time buyers. This is not just an event; it is the beginning of a new era in Indian real estate.”

He added, “This expo is designed to provide an unparalleled experience to buyers. From the Friday Ambassadors Connect, which will see the participation of over 5,000 channel partners, to the Super Saturday Sale offering exclusive deals, we have planned engaging initiatives to benefit everyone involved.”

Nikunj Sanghvi, Chairperson of the Expo and Treasurer of CREDAI-MCHI, remarked, “We are thrilled to present this groundbreaking initiative to redefine how people experience real estate. With dedicated efforts like Pink Sunday and the Quick Real Estate Mall, we aim to address the evolving demands of homebuyers while empowering women to take confident steps towards homeownership. This expo will set a new benchmark in creating an accessible and inclusive home-buying ecosystem.”

The Quick Real Estate Mall is poised to revolutionize the home-buying experience by enabling prospective buyers to book their dream homes and secure loan approvals within just ten minutes. This innovative concept addresses the growing demand for convenience and efficiency, streamlining the entire process and setting a new standard in the industry. With this initiative, CREDAI-MCHI aims to enhance accessibility for first-time buyers and create a seamless experience for all participants.

The three-day event will also host prestigious awards ceremonies, including the Golden Pillars Awards and Spaciux Awards for Architects, celebrating excellence and innovation in the real estate sector. These initiatives aim to create an engaging platform for developers, financial institutions, and homebuyers to connect, collaborate, and explore new opportunities.

News

Modi 3.0 begins with major housing initiative: Assistance for 3 crore new homes under PMAY

Jun 11, 2024 by Mansi Praharaj 0 Comments #CREDAI MCHI, #Mr. Pritam Chivukula, #PMAY, #Prime Minister Modi

In a decisive move hours after taking office for a historic third consecutive term on June 10, Prime Minister Narendra Modi’s new Union Cabinet announced its first major policy decision: to provide assistance for the construction of an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This ambitious project aims to further the government’s mission of ‘Housing for All.’

Mr. Prashant Sharma - President, NAREDCO Maharashtra

Mr. Prashant Sharma, President of NAREDCO Maharashtra, expressed strong support for this initiative. He stated, “We welcome the Cabinet’s decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This initiative is a significant step towards achieving the vision of ‘Housing for All’ and will undoubtedly bolster the real estate sector, particularly in the affordable housing segment. The increased focus on rural and urban housing will not only improve the living standards of millions but also create substantial employment opportunities, thereby contributing to the overall economic growth. We at NAREDCO Maharashtra are committed to supporting this endeavor and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.”

Echoing this sentiment, Mr. Pritam Chivukula, Vice President of CREDAI-MCHI and Co-Founder & Director of Tridhaatu Realty, remarked, “The Union Cabinet’s first decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY) is a progressive step that aligns with our commitment to addressing the housing needs of our nation and bolstering infrastructure development. The emphasis on both rural and urban housing is particularly commendable, ensuring that the benefits of this initiative are widespread and inclusive. This decision will not only enhance the quality of life for countless families but also stimulate economic growth by fostering related industries. We at CREDAI-MCHI are eager to collaborate with the government to achieve these ambitious targets and contribute to the successful implementation of PMAY.”

Since 2015-16, under Prime Minister Modi’s leadership, the Pradhan Mantri Awas Yojana has been instrumental in providing assistance to eligible rural and urban households for the construction of houses with basic amenities. According to the Government, over the past decade, approximately 4.21 crore houses have been completed under this scheme, demonstrating the government’s commitment to improving housing infrastructure and living standards across the country.

As the Modi 3.0 administration embarks on this renewed journey, the focus on ‘Housing for All’ underscores a continued dedication to inclusive growth and development, aiming to make a tangible difference in the lives of millions of Indians.

News

CREDAI-MCHI Partners with Phoenix Foundation for Environmental Preservation

Jun 6, 2024 by Sujata Muguda 0 Comments #CREDAI, #CREDAI MCHI, #CREDAI-MCHI Partners, #Environmental Preservation, #Mr. Boman Irani, #Mumbai, #Mumbai Metropolitan Region, #Phoenix Foundation, #Shri. Uday Samant

Mumbai, June 6, 2024 — CREDAI-MCHI, the leading real estate body in the Mumbai Metropolitan Region (MMR), marked World Environment Day with an Environmental Exhibition at the Yashwantrao Chavan Centre in Mumbai. This significant event, organized in collaboration with The Phoenix Foundation, also saw the release of the book “Kalpavriksha Bamboo“.

WhatsApp Image 2024-06-05 at 20.22.01 (1)

The exhibition was graced by the presence of eminent personalities like Shri. Uday Samant, Minister of Industries of Maharashtra; Boman Irani, President, CREDAI; Mr. Pasha Patel, President, Agriculture Price Commission; Domnic Romell, President, CREDAI-MCHI; Padmashri awardee Bhushan Tyagi; Dr. Rati Nadir Godrej from the Godrej Industries Group; Mr. Sandeep Bajoria, Chairman, All India Cottonseed Crushers’ Association; Mrs. Feroza Dadan, first cycling mayor of Mumbai and promoter of Smart Commute Foundation, Mrs. Neha Gupta and Mr. Vineet of international fashion business exchange council.

Maharashtra has been a leader in environmental initiatives, with significant efforts like planting bamboo on ten lakh hectares of land, forming India’s first Environmental Task Force, and launching campaigns such as “Green Maharashtra,” “Jalyukt Maharashtra,” and “My Earth.” These initiatives reflect the state’s commitment to sustainability.

Shri. Uday Samant, Minister of Industries for Maharashtra, stated, “Our Hon’ble Chief Minister Eknath Shinde ji asked me to meet with Mr. Pasha Patel to discuss the cultivation and industrial use of bamboo. This initiative will not only benefit the industry by promoting sustainable products and reducing the carbon footprint but also support our farmers. We will explore this opportunity and make the necessary decisions for the betterment of all.”

Recent extreme temperature spikes, such as 50 degrees Celsius in Churu, Rajasthan, and 52.9 degrees Celsius in Delhi, highlight the urgent need for substantial environmental efforts. Predictions of temperatures reaching up to 60 degrees Celsius stress the critical importance of immediate action in environmental preservation.

Mr. Boman Irani, President, CREDAI mentioned, “The rising temperatures and water scarcity in multiple states across India are major concerns that demand immediate action. We recognize the importance of integrating sustainable materials options like steel, wood, bamboo, and bamboo wood. By adopting sustainable solutions, we aim to build resilient communities that can withstand and adapt to the growing environmental challenges we face today. This event is a step towards achieving the target of net zero or carbon neutrality by 2047″

Mr. Domnic Romell, President of CREDAI-MCHI, emphasized the organization’s dedication to sustainable development, stating, “CREDAI-MCHI is committed to fostering a healthier environment through sustainable practices. Our Environmental Exhibition on World Environment Day demonstrates this commitment. We are actively promoting the use of bamboo in construction and green building to create a greener, more sustainable future for the MMR and beyond.”

Mr. Pasha Patel, President, Agriculture Price Commission stated, “To ensure a healthy future for our next generations, we must act now to save the environment. Nature is already showing the side effects of global warming. We need to adopt eco-friendly energy sources and plant more trees. Bamboo, being a fast-growing plant and great energy source, can significantly benefit the environment when integrated into our daily lives.”

A key feature of the event was the seminar “Kalpavriksha Bamboo,” hosted by the Sustainable Environment Council 2024. The seminar explored the traditional uses and ecological benefits of bamboo, urging developers to adopt sustainable materials and practices in construction.

CREDAI-MCHI called on developers to incorporate bamboo products in their projects, highlighting bamboo as a renewable and sustainable alternative to conventional building materials. Additionally, the organization encouraged the pursuit of LEED certification to promote energy-efficient, green building standards.

The event aimed to address escalating environmental challenges and foster collective efforts towards sustainable development, inviting environmental enthusiasts to join the “Action Plan” to combat climate change and ensure a sustainable future for all.

Business

RBI Monetary Policy February – Reaction from Real Estate Industry Leaders

Feb 8, 2024 by Sujata Muguda 0 Comments #CREDAI MCHI, #Keval Valambhia, #Nikunj Sanghavi, #Sachin Marani, #Square Feet Group, #Veena Developers, #Vihang Group, #Vihang Sarnaik

Keval Valambhia COO CREDAI MCHI

Keval Valambhia COO CREDAI MCHI

Ensuring stability in interest rates holds profound implications for both the residential and commercial real estate domains. Keeping the Repo rates low will foster an environment of financial accessibility through consistently low borrowing costs. Stable interest rates serve as a pivotal catalyst for driving heightened interest and investment in properties across both sectors. This, in effect, generates a ripple effect of increased demand, thereby injecting vitality into the real estate industry and also to economy at large. Amidst the intricacies of economic fluctuations and market uncertainties, the imperative of prioritizing affordable housing cannot be overstated.”

Sachin Marani, Director - Square Feet Group, Secretary - CREDAI MCHI - Thane

Sachin Marani, Director – Square Feet Group, Secretary – CREDAI MCHI – Thane

“We are pleased that the RBI has decided to maintain the REPO rates unchanged, considering that inflation remains above the 4 per cent target. The market had anticipated that the RBI would maintain the status quo on its policy stance in this monetary policy. The current GDP projection for FY24 is 7.0%, indicating a robust Indian economy. The repo rate has been held at 6.5% for five consecutive meetings, and there is speculation that policy rate cuts may commence from June or August onwards.

The interim budget focused on maintaining fiscal discipline with no major new spending announcements, suggesting less pressure on the RBI to hike rates to control inflation. This decision will be a relief for homebuyers, especially in the affordable segment where the market is getting stabilized after a period of instability. There is a growing demand for real estate amongst millennials especially in emerging markets like Thane, Navi Mumbai, and Panvel where the real estate prices are still rational and reachable.

The millennials are looking more than carpet and structure, they want a lifestyle, facilities, plug-and-play solutions in housing and they want to buy properties from reputable developers. The only thing that is stopping or perhaps delaying their home buying decisions is the anticipation that interest rates will come down in the next few months. As a developer, we are also optimistic that the RBI will consider reducing the REPO rates in the upcoming monetary policy, which will greatly relieve homebuyers and particularly bring more young home buyers into the real estate fold.

Vihang Sarnaik, Director, Vihang Group low res

Vihang Sarnaik, Director, Vihang Group

We’re pleased with the RBI’s decision to maintain the status quo on REPO, especially given the ongoing inflation above the 4 per cent target. It aligns with market expectations, indicating a sense of stability in the current monetary policy. As a leading developer catering the middle-class housing aspirations, this will keep the housing demand intact.

The decision to keep the repo rate intact will help developers like us who catering the middle-class aspiration of owning a home. It will help to continue the current momentum in real estate sales as even a 0.25 BPS increase would have impacted the home-buying sentiments in this segment.

We have anticipated that there won’t be a major change in the repo rates so we have secured a monumental approval for a staggering 3 million square feet commencement certificate from TMC to deliver quality housing in the price bracket of Rs60 to Rs 90 Lakhs to cater to this aspirational middle class.

Looking ahead, we’re optimistic that the RBI will consider reducing the REPO rates in the upcoming monetary policy, providing much-needed relief to the working and salaried class in owning a home.

Nikunj Sanghvi, Managing Director - Veena Group, Treasurer- CREDAI-MCHI

Nikunj Sanghavi, Managing Director – Veena Developers, Treasurer – CREDAI MCHI

“The decision to uphold the current repo rate is a welcome move in the face of a challenging economic environment world wide, showcasing a judicious approach to balancing diverse sectoral needs, including real estate. Recognizing the intricate dynamics in transmitting repo rate adjustments to lending rates, this decision provides a glimmer of positivity that holds the potential to invigorate buyer sentiments. Nevertheless, as an industry, we maintain vigilance, considering the cumulative impact of recent rate hikes on demand, especially in the affordable and middle-income segments. Emphasizing the broader economic interest and the housing industry’s well-being, we advocate for a future reduction in the repo rate by the RBI.

Business World

Realtors plan precautionary measures at construction sites

Apr 6, 2021 by Neel Achary 0 Comments #Chief Operating Officer, #Co-founder & Director, #CREDAI MCHI, #Director, #Mr Ashok Mohanani, #Mr. Abhishek Jain, #Mr. Anuj Khetan, #Mr. Pritam Chivukula, #NAREDCO Maharashtra, #President, #Satellite Developers Pvt Ltd, #Tridhaatu Realty  Hon. Secretary, #Vijay Khetan Group
With daily surge in Covid-19 cases in Maharashtra, the State Government has imposed new guidelines with regards to the continuation of construction activity. Here are the guidelines:

a) Construction to be allowed only for sites where labourer’s are living on site. Movement to and fro from outside must be avoided, except for the purpose of material movements.

b) Every one engaged in the activity to get vaccinated at the earliest, as per criteria of GOI and till get vaccinated must carry a negative RT-PCR test result certificate, which will be valid for 15 days. This rule will come into effect from 10th April, 2021

c) Defaults will lead to a fine of 10000/- for the developer of the construction site and repeated defaults may lead to closure of the site till existence of notification of COVID 19 epidemic.

d) lf a worker is found positive he or she would be allowed medical leave and cannot be discontinued during this absence for this reason. He or she will be entitled for full wages that he or she might have earned had he or she not contacted corona.

Soon after the announcement, the real estate industry quickly rushed into the action mode and ensured that they took necessary precautionary measures to battle out the pandemic crisis. Taking the experience from the last year, some of them have already implemented these measures for the safety of the labourers much before the State Government imposed the guidelines.
Ashok Mohanani, President -NAREDCO Maharashtra
Ashok Mohanani, President -NAREDCO Maharashtra
Mr. Ashok Mohanani, President, NAREDCO Maharashtra
”We are working closely with all the NAREDCO members and following all the necessary Government guidelines. Infact, all our members have been doing this much before from the time Covid-19 crisis disrupted the real estate sector last year. Labourers are the most vital and the integral part of the real estate industry and taking utmost care of them is our paramount responsibility. We are ensuring that regular sanitization of the construction sites are done and proper accommodation is provided to the labourers at the sites. We are also conducting regular health check-ups and vaccination awareness programs for the workers. We have made the RT-PCR test mandatory for all the migrant workers who are coming back from their hometown as per the Government guidelines. We are ensuring that they complete their tests before joining the construction sites.”
 
Pritam Chivukula
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI-MCHI
Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty 
Hon. Secretary, CREDAI MCHI
“Unlike the last year lockdown, we are relieved that atleast construction activities can go on where labourers are already present at the site. The Government has mentioned that the labourers need to get vaccinated at the earliest and till their vaccination they need to get their RT PCR test done. This won’t affect the large and medium-sized developers as they are already taking the necessary precautions at the sites. Although this will affect the small developers and also the redevelopment projects as they do not have enough space for labour camps.
 
There is no stringent lockdown like last time as essential services and other basic requirements are easily available. We at MCHI-CREDAI are getting the health check-ups done for the labourers along with the vaccination awareness program. We will comply with the Government guidelines and get the RT PCR test done for most of the labourers till 10th April. We are in talks with local urban bodies for conducting free tests for the labourers. For project sites in the outskirts of the city, we are planning to tie-up with private organizations to conduct the Covid tests. Most of the labourers are in the age groups from 20-40 and as per the GOI directive, the vaccination below the age of 45 has not been initiated yet. Hence we are writing to the Government to grant permission to conduct the vaccination for these labourers on priority and if feasible to conduct the vaccination drive on the construction site itself.”
Mr. Abhishek Jain, COO - Satellite Developers Private Limited
Mr. Abhishek Jain, COO – Satellite Developers Private Limited
 
Mr. Abhishek Jain, Chief Operating Officer, Satellite Developers Pvt Ltd
“Proper health and hygiene for all our workers have always remained a top priority and all necessary initiatives are taken from our end. We have provided shelter to the workers in labour camps and have also provided resources for their daily food along with masks and sanitizers. Also, as per the government guidelines, we are getting their RT PCR test done before the said timeline.”
Anuj Khetan - Director, Vijay Khetan Group
Anuj Khetan – Director, Vijay Khetan Group
Mr. Anuj Khetan, Director, Vijay Khetan Group

”We at Vijay Khetan Group have always prioritized the health and safety of our workers at all our different construction sites. We have arranged for hygienic boarding and lodging on site for our workers along with distribution of face masks and sanitizers. The Covid 19 pandemic, while draws the world’s attention on the importance of vaccines, we have ensured to give paid leave to all the eligible workers for vaccination. Also, for the workers, we are getting RT PCR tests done as per the government guidelines. We are maintaining thorough sanitization at all our sites for the safety of our workers and stakeholders.”