g.r.o.w.t.h
1 Ushering a New Era of
3 TABLE OF CONTENTS ABOUT CREDAI-MCHI VISION MISSION MESSAGE FROM THE PRESIDENT - MR. DOMIC ROMELL MESSAGE FROM THE SECRETARY - MR. DHAVAL AJMERA MESSAGE FROM THE IMM. PRESIDENT - MR. BOMAN IRANI MESSAGE FROM THE PRESIDENT - ELECT - MR. AJAY ASHAR MESSAGE FROM THE COO - MR. KEVAL VALAMBHIA PAST PRESIDENTS CREDAI-MCHI MANAGING COMMITTEE 2023-25 CREDAI-MCHI WOMEN’S WING COMMITTEE 2023-25 CREDAI-MCHI YOUTH WING COMMITTEE 2023-25 CREDAI-MCHI PROCUREMENT WING 2023-25 LIST OF TASK OWNERS OF CREDAI-MCHI MINUTES OF THE 40TH AGM CHANGE OF GUARD REPORT AT GLANCE • EDUCATION • RESEARCH REPORTS • CREDAI-MCHI EYES GROWTH FOR MMR • CREDAI-MCHI KNOWLEDGE SERIES • MEETINGS HELD DURING THE YEAR • CREDAI-MCHI IMPACT • REPRESENTATION 30TH EDITION OF CREDAI-MCHI’S GRAND PROPERTY EXPO 20TH NATIONAL CONVENTION OF CREDAI HOSTED BY CREDAI-MCHI CREDAI-MCHI AND SPACIUX DESIGN HONOURS ARCHITECT WITH WE-CONNECT 2.0 MCHI PREMIER LEUGE (MPL) - 9 CREDAI-MCHI SIGN MOU WITH L&T-SUFIN INTERNATIONAL BIZNET 2.0 - DUBAI: A GRAND SUCCESS! GULF NEWS PRESENTS INDIA PROPERTY SHOW IN ASSOCIATION WITH CREDAI-MCHI CREDAI-MCHI PROCUREMENT X-CLUSIVE 3.0 YOUTH WING INITIATIVE LEGAL UPDATES CSR ACTIVITY WOMEN’SWING: COMMITTED TO CSR MANAGING COMMITTEE MEMBER’S ATTENDANCE CREDAI-MCHI MEMBERSHIP STRENGTH AUDITOR’S REPORT 2022 – 23 CREDAI-MCHI TEAM CREDAI-MCHI IN THE NEWS 5 4 5 6 7 8 9 10 11 12 16 17 18 19 20 23 24 25 28 29 31 40 41 46 48 50 51 55 56 58 59 61 64 65 66 71 72 73 89 97
4 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, KalyanDombivli, 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-recognised body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry’s organisation 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, organised and progressive real estate sector in the MMR. ANNUAL REPORT 2023
5 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 our members and supporting the Government on policy advocacy, and assisting those they serve through the ever-evolving real estate fraternity. VISION MISSION
6 ANNUAL REPORT 2023 Esteemed Members and Collaborators, As we stand at the precipice of a new era for CREDAI-MCHI, I am privileged to highlight the monumental strides we have taken to revive and reshape the Mumbai Metropolitan Region (MMR). Our association’s relentless dedication to industry development has been coupled with strategic networking and impactful engagements with key stakeholders and the Government officials. Our journey towards revival has entailed forging meaningful connections with Chief Minister Shri. Eknath Shinde, Shri. Anil Diggikar (I.A.S.), V.P. & C.E.O. of MHADA, Environment Secretary Shri. Pravin Darade, and Commissioner of Police, I.P.S. Shri. Deven Bharti, among others. At the national level, our delegation engaged with the Finance Minister to invigorate the real estate industry through crucial GST-related discussions. In the pursuit of our vision, we engaged in fruitful discussions with Shri. Sanjeev Jaiswal, V.P. and C.E.O. of MHADA, to deliberate on the new MHADA Policy. We also held productive deliberations with A.C.S. Housing, Smt. Valsa Nair, to help shape a new housing policy that aligns with our aspirations. Our efforts extended to addressing pressing industry concerns, such as the levy of 1% metro cess on Stamp Duty for two years, the instalment scheme for MHADA redevelopment, the repeal of M.O.F.A., and the time-consuming process of obtaining environmental clearances for projects in the MMR region. Additionally, we brought to the fore the issue of delay in the issuance of MahaRERA registration numbers. The collective strength of CREDAI-MCHI has enabled us to advocate for these crucial matters at both State and Central Government levels. Our engagements underscore our commitment to shaping a conducive environment for the real estate sector to thrive and contribute to the growth of our region. Guided by our overarching theme of ‘Ushering a New Era of G.R.O.W.T.H.,’ I pledge to carry forward this legacy of proactive engagement and constructive dialogue. Together, we will continue to champion the cause of the real estate industry, surmount challenges, and seize opportunities. The journey ahead is steeped in promise, and I am confident that with our collective efforts, we will shape a brighter future for Mumbai’s real estate landscape. Thank you for your unwavering support and collaborative spirit. Let us continue to work together to foster growth, innovation, and sustainable progress. With determination and purpose, Mr. Domnic Romell President, CREDAI-MCHI MESSAGE To the Development of the Industry
7 Dear Stakeholders, It gives me immense pleasure to present the Annual Report of CREDAIMCHI, a year that has exemplified our collective commitment to shape the real estate landscape with vision and purpose. In the sphere of real estate, knowledge is power, and in this report, we empower you with insights into our year’s journey. Our Training & Research Team’s diverse programmes have equipped members with the latest industry trends and regulations. In a dynamic sector like ours, staying informed is staying ahead, and we have ensured that our members lead the way. Initiating a transformative journey, CREDAI-MCHI introduces the visionary policy initiative ‘Modernise, Maximise, Revolutionise (M.M.R.)’. Designed to elevate Mumbai and the Mumbai Metropolitan Region (MMR) to global standards of sustainability and cosmopolitan excellence by 2040. This initiative emphasises public-private partnerships, climate consciousness and futuristic trends like digitisation and sustainable construction. Through collaboration, expert committees and innovative strategies, CREDAI-MCHI is set to redefine the trajectory of growth and development in the region. One of our proudest achievements has been our proactive engagement with MahaRERA. Through extensive meetings and workshops, we have addressed critical issues like lapsed projects, delays in registration, and project conciliation. Our involvement extends beyond rhetoric; it is about tangible solutions and progress for our members. Our Youth Wing’s vibrancy and dynamism have been evident through a series of impactful events, bringing together industry stalwarts, politicians and experts. These gatherings serve as more than social occasions; they are platforms for the exchange of ideas and the forging of bonds that shape our industry’s future. As the Secretary of CREDAI-MCHI, I have had the privilege of witnessing the incredible dedication and dynamism of our Youth Wing. This year, it organised a series of engaging sessions that brought together young minds from across the industry. From thought-provoking dialogues with industry stalwarts to tech talks exploring the convergence of BIM and AI, our youth wing has been at the forefront of innovation and knowledge sharing. Furthermore, the Youth Wing’s ‘Corridors of Power’ initiative has provided an invaluable opportunity for our members to gain insights into the Government operations. By visiting the Mantralaya, the heart of governance, our members have deepened their understanding of the intricate power dynamics that shape our industry. This Annual Report encapsulates a year of dedicated service, relentless pursuit of justice, and unwavering commitment to progress. Thank you for your trust and continued support. Together, we will continue to shape a vibrant and ethical real estate landscape. Warm Regards, Mr. Dhaval Ajmera Secretary, CREDAI-MCHI MESSAGE Forging Ahead with Purpose and Vision
8 ANNUAL REPORT 2023 Esteemed Members and Colleagues, With a deep sense of accomplishment and anticipation, I passed the baton of leadership to Mr. Dominic Romell, ushering in a new chapter in the illustrious journey of CREDAI-MCHI. As industry leaders, it is our collective responsibility to steer the course of progress and redefine the horizons of Mumbai’s real estate landscape. The past year’s transformative journey has exemplified our association’s unwavering commitment to excellence. Our strides have been propelled by the unyielding dedication of our team and the resolute support of our esteemed members. I extend my heartfelt appreciation to everyone who contributed to our accomplishments, for the combined spirit of collaboration and determination defines CREDAIMCHI. Under the astute leadership of Mr. Dominic Romell, I am confident that CREDAI-MCHI will continue to rise, setting benchmarks and forging new paths. Our chosen direction, guided by the visionary mantra of ‘Maximise, Modernise, Revolutionise (M.M.R.)’, promises a future that radiates prosperity and innovation for the Mumbai Metropolitan Region. Our theme for this year, “Ushering a New Era of G.R.O.W.T.H.,” is not just a mere phrase; it is a commitment to action. G.R.O.W.T.H. signifies Green Construction, Reform, Opportunity creation, Women Empowerment, Transparency, and Housing for All. These pillars epitomise our resolve to reshape the real estate sector into a bastion of strength and inclusivity. The relentless endeavours of CREDAI-MCHI’s Women’s and Youth Wing exemplify the industry’s dynamism and vision. Their initiatives reverberate with empowerment and progress, reflecting our collective dedication to holistic advancement. As I step into the role of Immediate Past President, my commitment to CREDAI-MCHI remains unwavering. The path ahead is filled with opportunities to shape Mumbai’s growth trajectory and elevate the real estate sector to greater heights. Together, we shall continue to build structures, dreams, communities, and a brighter future. I am immensely grateful to the entire CREDAI-MCHI fraternity, the dedicated team, and our esteemed members for their steadfast support and relentless pursuit of excellence. With this strong foundation, we stand poised to script a narrative of prosperity and sustainability that resonates across our industry. Wishing Mr. Dominic Romell and the new leadership success as they embark on this transformative journey aligned with the spirit of G.R.O.W.T.H. With Warm Regards, Mr. Boman Irani Immediate Past President, CREDAI-MCHI MESSAGE
9 Dear Esteemed Stakeholders, I am honoured to address you as the President-Elect of CREDAIMCHI, representing an association that has consistently championed excellence and integrity in the real estate sector. In this Annual Report, we shine a spotlight on our legal pursuits and our larger vision for CREDAI-MCHI. The legal battles we have undertaken reflect our unwavering commitment to upholding justice and fairness. From successfully challenging the restrictions around the Sanjay Gandhi National Park to questioning the Ready Reckoner Rates, we have demonstrated our resolve to protect the interests of our members. In a landmark legal triumph, CREDAI-MCHI secured a favourable verdict from the Hon’ble Supreme Court, bringing the much-needed clarity to the boundaries surrounding the Eco Sensitive Zones (ESZ) of the Sanjay Gandhi National Park (SGNP) and Thane Flamingo Sanctuary (TFS). The Supreme Court’s initial order imposed a 1km restriction on new developments within these zones. However, our proactive measures and diligent efforts led to a clarifying judgment by the Supreme Court, which stated that the 1km restriction would not apply to SGNP and TFS. This legal victory, spearheaded by Mr. President Boman Irani and Legal Task Owner Mr. Nainesh Shah, has provided clarity and relief for stakeholders in the real estate industry. In a complex legal matter involving factors and categories of users of buildings or land and the fixation of Capital Value Rules (CVR), CREDAI-MCHI has taken a proactive stance. Our support for CMDWA in challenging these rules in the Bombay High Court and subsequently in the Supreme Court led to a significant judgment. The Supreme Court ruled that certain rules were contrary to the law and acted as deterrents to redevelopment projects under DCR 33(7). This legal battle exemplifies CREDAI-MCHI’s commitment to upholding the interests of its members and ensuring fairness within the industry. Our vision for CREDAI-MCHI extends beyond the immediate horizon. We are dedicated to fostering a holistic and sustainable real estate ecosystem. This vision encompasses ethical practices, transparency and a commitment to delivering value to our members and society at large. As we navigate the complexities of the real estate industry, we recognise the importance of legal soundness and a larger mission. This Annual Report encapsulates these twin pillars of our work. I extend my gratitude to all our stakeholders for their continued support and trust. Together, we will continue to build a real estate landscape that reflects our values and aspirations. Warm regards, Mr. Ajay Ashar President-Elect, CREDAI-MCHI MESSAGE
Dear Members and Stakeholders, I am honoured to address you in this year’s Annual Report, reflecting on a year marked by significant achievements and impactful interactions with key Government officials. Our relentless pursuit of progress and advocacy for the real estate sector has led to several critical meetings with the Government authorities at both the State and Central levels. These interactions have been instrumental in shaping policies that directly affect our Industry. Our dialogue with the Finance Minister aimed to stimulate growth in the real estate sector by streamlining regulatory processes, ensuring access to affordable financing, and creating an environment conducive to investment. The Finance Minister’s positive response underscores our commitment to driving positive changes within the industry. Meetings with Shri. Nitin Gadkari, Chief Minister Shri. Eknath Shinde, and the Environment Secretary Shri. Pravin Darade provided platforms to discuss vital issues such as infrastructure projects, regulatory reforms, and environmental concerns. These dialogues reflect our dedication to fostering a supportive environment for the real estate sector. The Meeting with the Commissioner of Police, IPS Shri. Deven Bharti, marked a pivotal stride towards collaboration. It addressed critical issues, including arbitrary actions against promoter developers and unwarranted extortion under the guise of the Mathadis. Shri. Bharti affirmed his commitment to addressing these challenges through meticulous investigation. In February, this year, we proactively engaged with Shri. Mahesh Patil, Assessor & Collector (I/C), to address property tax imposition on land under construction. Joint Treasurer Gurvinder Singh played a pivotal role in conveying industry insights and concerns, reinforcing CREDAI-MCHI’s dedication to championing the welfare of its members and the entire real estate domain. Our high-profile symposium orchestrated under the guidance of Shri. Shri.kar Pardeshi (IAS), Secretary to the Deputy Chief Minister, resonated with the echoes of change. Industry luminaries converged to address challenges posed by certain tenets of GST upon the real estate realm, promising a clearer trajectory and harmonising the intricate dance between GST and real estate. A marathon conclave at the GST Office in Mazgaon, featuring a delegation from CREDAI - Maharashtra and industry stalwarts, addressed pressing concerns stemming from specific GST provisions. Commissioner Sales Tax/GST, Shri. Rajeev Kumar Mittal, reassured his commitment to addressing industry quandaries. In conclusion, our interactions with key Government officials have been instrumental in advocating for our industry’s growth and well-being. I extend my gratitude to all our members, stakeholders, and partners for their unwavering support, which has been integral to our achievements. Together, we will continue our journey towards a brighter future for the real estate sector. Thank you for your trust and partnership. Sincerely, Mr. Keval Valambhia COO, CREDAI-MCHI MESSAGE ANNUAL REPORT 2023 Navigating Challenges with Resilience 10
Late Babubhai Majethia (1982-1993) Niranjan Hiranandani (2002-2004) Sunil Mantri (2010-2011) Mayur Shah (2017-2018) Late Lalit Gandhi (1993- 1996) Mofatraj Munot (2004-2006) Paras Gundecha (2011- 2013) Nayan Shah (2018-2020) Late G.L. Raheja (1996-1999) Mohan Deshmukh (2006-2008) Vyomesh Shah (2013-2015) Deepak Goradia (2020-2022) Rajnikant S Ajmera (1999-2002) Pravin Doshi (2008-2010) Dharmesh Jain (2015-2017) PAST PRESIDENT 11
12 ANNUAL REPORT 2023 PRESIDENT IMMEDIATE PAST PRESIDENT PRESIDENT- ELECT Domnic Romell Romell Group Man Infraconstruction Ltd. Ajmera Realty & Infra India Ltd. Puranik Builders Ltd. Tridhaatu Realty & Infra Pvt. Ltd. S D Corporation Pvt. Ltd. Adani Estates Pvt. Ltd. Shree Naman Group Nahar Group K Raheja Realty Pvt. Ltd. Kanakia Spaces Realty Pvt. Ltd. Rustomjee Group Lodha Group Ashar Realtors Boman Irani Ajay Ashar SR. VICE PRESIDENT Parag Shah Bandish Ajmera Jayesh Shah Shailesh Puranik Sukhraj Nahar Pritam Chivukula Sandeep Raheja Amit Thacker Rasesh Kanakia Jackbastian Nazareth VICE PRESIDENT STRATEGIC ADVISOR Abhishek Lodha MANAGING COMMITTEE 2023-25
13 MANAGING COMMITTEE 2023-25 Gurminder Singh Seera Tejas Vyas Sunny Bijlani Pratik Patel Rushi Mehta JOINT SECRETARIES JOINT TREASURER Hon. SECRETARY Dhaval Ajmera TREASURER Nikunj Sanghavi Ajmera Realty & Infra India Ltd. Neelyog Group Oyster Living LLP Veena Developers Rajesh Lifespaces Platinum Corp Housing Development & Infrastructure LLP Supreme Universal
Ayushi Ashar Ricardo Romell COMMITTEE MEMBERS 14 ANNUAL REPORT 2023 Ashar Realtors Romell Group Shahid Balwa Subodh Runwal Parag Munot Nainesh Shah Mukesh Patel Jayvardhan Goenka Umang Kuwadia Samyag Shah Raajesh Prajapati Shailesh Sanghvi Binitha Dalal Parth Mehta Prashant Khandelwal Munish Doshi Harmohan Sahni DB Realty Ltd. Acme Housing Raymond Ltd. – Realty Division Dynamix Group Happy Home Group Of Agami Spaces Pvt. Ltd Marathon Group Rustomjee Group Companies Prajapati Constructions Ltd. Sanghvi S3 Group Paradigm Realty India Runwal Apartments Pvt. Ltd. Kalpataru Ltd Terraform Realty Neelkanth Mansions & Infrastructure Pvt. Ltd. SPECIAL ADVISORS STATISTICS & RESEARCH Ar. Hafeez Contractor Adv. Parimal Shroff Anuj Puri Dr. Adv. Harshul Savla Architect Hafeez Contractor Parimal K. Shroff & Co ANAROCK Group Suvidha Lifespaces MANAGING COMMITTEE 2023-25
15 WOMEN’S WING CHAIRPERSON PROCUREMENT CONVENER YOUTHWING CONVENER Rushi Ajmera INVITEE MEMBERS Naman Shah Nimish Ajmera Sejal Goradia Shree Naman Group Rahul Sagar Harsh Hiranandani Ajay Nahar Sudhanshu Agarwal Jayesh Chauhan Ramkrishna Raheja Sahil Parikh Azim F. Tapia Nishant Agarwal Cherag Ramakrishnan Shraddha Goradia Vijay Lakhani Aditya Shah Hussain Lalani Aditya Mirchandani Nirlon Limited Nahar Builders Ltd. Solidago Group Lalani Group S. Raheja Realty Pvt. Ltd. Clover infrastructure Mayfair Housing Pvt Ltd AUM Developers Avighna Group Ceear Realty Dosti Realty Ltd Mircon Infrastructure LLP Hiranandani Properties Pvt. Ltd. Lakhani Builders Pvt. Ltd. Raghav Raj Builders & Developers LLP Ajmera Realty & Infra India Ltd. Ajmera Realty & Infra India Ltd. Dosti Realty Ltd MANAGING COMMITTEE 2023-25
16 ANNUAL REPORT 2023 Sejal Goradia Jesal Shah Alka Doshi Falguni Shah Richa Shah Sonal Shah Mona Ajmera Anuradha Shah HON. CHAIRPERSON HON. TREASURER HON. VICE CHAIRPERSON CORE COMMITTEE MEMBER HON. SECRETARY CORE COMMITTEE MEMBER CORE COMMITTEE MEMBER CORE COMMITTEE MEMBER WOMEN’S WING 2023-25
17 YOUTH WING 2023-25 Naman Shah Aditya Shah Jay Vora Rushi Mehta Aditya Mirchandani Jayesh Chauhan Ricardo Romell Hiten Chhadva Shradhha Goradia Samyag Shah Ruchit Mehta Rikhav Shah CONVENER MENTOR MENTOR JOINT SECRETARY JOINT SECRETARY HON. TREASURER JOINT TREASURER STUDY TOUR/ SITE VISIT RED EXHIBITION MEDIA/ PR/ MKTG SPECIAL PROJECT
PROCUREMENT WING 2023-25 Akshay Agarwal Arihant Superstructure Nimish Ajmera Ajmera Realty & Infra Ltd Bhavin Khant, Dosti Group Bhavin Shah, Acme Housing Chandresh Mehta, Rustomjee Group D R Jalan, Sunteck Realty D.S Rao, Reliance Industries Ltd. Ashish Joshi, Piramal Realty Deepak Vibhute, Hiranandani Communities Dhimant Choksi, Ajmera Realty & Infra Ltd Hari Easwaran, Smart World Developers Pvt. Ltd Hetal Joshi Brookef ield Realty, M. S. Darukesh, S DCorp Mohann S Upaddhye, Vastav Group Mukesh Jaitley, Kolte-Patil Developers Neerav Parmar, Shapoorji Pallonji Real Estate Nihar Gandhi, Oberoi Realty Nozer Sadri, Shapoorji Pallonji Construction Prashant Mewada Punam Ingle, Godrej Properties Vikas Swant, Runwal Group Sandip Shah, Ajmera Realty & Infra India Ltd Sanjay Sanghvi, Kanakia Spaces Pvt. Ltd Seema Jobanputra, Ashar Group Shabbir H Kanchwala Tikam Jain, Lodha Group Urvesh Mehta, Marathon Realtys Vivekanand Kundle, Kalpataru Constructions Yogesh Hate, RMZ Corp G. S. Balaji Nilesh Puranik Puranik Builders Pvt. Ltd CONVENER CO CONVENER ADVISORY MEMBERS ANNUAL REPORT 2023 18 Sandeep Mehta - Paradigm Realty Tulsidas Naik - Adani Realty
19 LIST OF TASK OWNERS 1 SRA Parth Mehta Gurminder Singh, Tejas Vyas, Rushi Mehta, Ricardo Romell 2 33(7) & 33(9) Sahil Parekh Azim Tapia, Adhitya Shah, Hussain Lalani 3 MHADA Amit Thacker Gurminder Singh, Rushi Mehta, Prashant Khandelwal 4 Society Redevelopment Sunny Bijlani Sahil Parikh, Ricardo Romell, Vijay Lakhani 5 MCGM Shahid Balwa Hussain Lalani, Sunny Bijlani, Sandeep Raheja, Naman Shah, Samyag Shah 6 Banking & Finance Pritam Chivukula Harmohan Sahni, Binitha Dalal, Rushi Mehta 7 UDD Shahid Balwa Jayvardhan Goenka, Prashant Khandelwal, Umang Kuwadia, Jayesh Chauhan 8 PR Raajesh Prajapati Ayushi Ashar, Dilawar Mehtar, Ar. Keval Valambhia 9 Legal Nainesh Shah Cherag Ramakrishnan, Aditya Mirchandani 10 Revenue Shailesh Puranik Rahul Sagar, Samyag Shah 11 Research & Analysis, Skill Development Dr. Adv. Harshul Savla Kunal Kataria, Ar. Keval Valambhia 12 Environment Bandish Ajmera Jayesh Chauhan, Tejas Vyas, Abhishek Sharma 13 GST Rushi Mehta Munish Doshi, Umang Kuwadia, Sunny Bijlani 14 Unit Formation & Development Shailesh Puranik Jayesh Chauhan, Nimit Mehta, Tejas Vyas 15 MahaRERA Pritam Chivukula Raajesh Prajapati, Naman Shah, Jay Vora 16 Civil Aviation/ Defence Shahid Balwa Kunal Chedda, Anuj Goradia 17 CSR Activity Sukhraj Nahar Shraddha Goradia, Khushrangi Chheda 18 Evolving MMR Parag Shah Rikhav Shah, Ar. Keval Valambhia 19 Membership Sukhraj Nahar Tejas Vyas, Adv. Dr. Harshul Savla, Shailesh Sanghvi 20 MCHI Premier League (MPL) Shailesh Sanghvi Vicky Kandhari, Ruchit Mehta 21 CIDCO Raajesh Prajapati Priya Gurnani, Omprakash Chhajer, Hitesh Jain, Abhishek Sharma, Deep Rajpal 22 Event /IP Nikunj Sanghavi Jigar Ajmera, TD Joseph Sr. No. Task Name Convener Team Members
MINUTES OF 40TH ANNUAL GENERAL MEETING Name of the Meeting 40th Annual General Meeting Meeting Chaired by Mr. Boman Irani, President, CREDAI-MCHI Meeting Conducted by Mr. Dhaval Ajmera, Hon. Secretary, CREDAI-MCHI Date of the Meeting Wednesday, September 21, 2022 at 5:00 pm Venue of the Meeting Hotel Sofitel, Hriday Marquee, Lobby level, BKC, Bandra (E), Mumbai – 400 051 Mr. Dhaval Ajmera, Hon. Secretary, welcomed the Members and started proceedings of the AGM. 1. (i) To read and confirm the minutes of 39th Annual General Meeting held on Tuesday, October 5, 2021, at 6:00 pm Mr. Dhaval Ajmera, Hon. Secretary, reported that the Minutes of the 39th Annual General Meeting were circulated to all members, no suggestions received and minutes were unanimously accepted as read and confirmed. Proposed by : Mr. Nayan Shah Seconded by : Mr. Bandish Ajmera (ii) To receive and adopt: The Auditors Report and Audited Statements of Accounts for the year ended as of 31st March 2022. The Auditors’ Report & Audited Statement of Accounts for the year ended 31st March, 2022 had been circulated to members. Thereupon, Hon. Secretary, Mr. Dhaval Ajmera confirmed the Auditor’s Report and Audited Statement of Accounts for the year ended 31st March, 2022. Proposed by : Mr. Paras Gundecha Seconded by : Mr. Mayur Shah 2. (i) To consider and Adopt the CREDAIMCHI Report for the year 2021-22. Proposed by : Mr. Sukhraj Nahar Seconded by : Mr. Harish Patel (ii) To appoint Auditor for the year 2022- 23 and fix remuneration Proposed by : Mr. Mukesh Patel Seconded by : Mr. Deepak Goradia Resolved that M/s. J. H. & Co, Chartered Accountants, be and are hereby appointed as Auditors for the year 2022-23 and his remuneration was fixed at Rs. 75,000/-+Tax. 3. To declare the results of the Managing Committee Elections for the term 2022-23, 2023-24 & 2024-25. Mr. Deepak Goradia, Past President, announced the result to the Managing Committee Election for the term 2022-23; 2023-24; 2024-25. There were 9 nominations received against 9 vacancies in the Managing Committee. The names of the nominees were: The names of nominees were: Sr. Name of Nominee No. 1 Mr. Harish Patel 2 Mr. Mukesh Patel 3 Mr. Bandish Ajmera 4 Mr. Parag Munot 5 Mr. Shri.kant Joshi 6 Mr. Parag Shah 7 Mr. Parth Mehta 8 Mr. Gurminder Singh 9 Mr. Sunny Bijlani Proposed by : Mr. Rajnikant Ajmera Seconded by : Mr. Domnic Romell Therefore, above 9 Members were declared and elected unopposed for the term 2022-23; 2023-24; 2024-25. Members of CREDAI-MCHI welcomed the elected Managing Committee Members. ANNUAL REPORT 2023 20
4. Presentation by CREDAI-MCHI Women’s Wing by Ms. Mona Ajmera, Hon. Chairperson Ms. Mona Ajmera, Hon. Chairperson, expressed her gratitude to CREDAI-MCHI and President Mr. Boman Irani for giving unflinching support to the Women’s Wing from time to time and it was a phenomenal journey. Ms. Mona Ajmera mentioned that there are 3 objectives of the Women’s Wing, which they wanted to take forward: (1) Education for students (2) Labourers Welfare and (3) Events for Members. - During this year 28 new students were granted scholarships for the academic year 2022-23. A total 214 students had been granted Education Scholarship till date amounting to INR 73,48,961/-. - Interactive sessions were held for the students to boost their confidence, like session by Mr. Kaizad Hateria of Rustomjee Developers. - The new initiative Ujjwal Bhavishya was taken up by the Women’s Wing, under which practical knowledge sessions, site visits, study tours for students had been conducted. - Ms. Mona Ajmera updated that the health of labourers is important and hence 37 health camps were conducted during the year and more than 6,300+ labourers were encouraged to give up toxic habits like tobacco, drinking, etc. The Women’s Wing is thankful to Smt Jayalakshmi Krishnan from Vasantha Memorial Trust and Dr Gunjan Thaker and Team from The Dental Studio for conducting the health camps. - The Labour Registration campaign was conducted by the CREDAI-MCHI’s Women’s Wing in association with the Maharashtra Building and Other Construction Workers Welfare Board, Mumbai. The access key card of 32 monetary benefits was handed over to labourers. Through this financial support for children education, health camps, marriage expenses, maternity expenses, etc. are to be provided to workers/ labourers at construction sites. - Another initiative of opening of Jan Dhan Bank Account for labourers was taken up by the Women’s Wing. The Account with the Bank of Baroda of 74 labourers at Dosti North Project and the SBI Bank of 12 labourers at Hubtown Prabhadevi project were initiated. - There were Member’s Engagement events being conducted by the Women’s Wing like sessions with Ms. Swaroop Sampat-Rawal, Ms. Ruma Biswas, and CPR Session with Mr. Ramesh Lad. Ms. Mona Ajmera, Chairperson, further updated that the builder’s fraternity is concerned about the safety and security of their labourers at construction sites which was commendable and the CREDAI-MCHI Women’s Wing is looking forward to generous and kind support of the members of the CREDAI-MCHI.
5. Presentation by CREDAI-MCHI Units The Presidents of CREDAI-MCHI Thane Unit, CREDAI-MCHI Kalyan-Dombivli Unit, CREDAIMCHI Navi Mumbai Unit, CREDAI-MCHI PalgharBoisar Unit, CREDAI-MCHI Bhiwandi Unit, CREDAIMCHI Shahapur- Murbad Unit and CREDAI-MCHI Uran- Dronagiri Unit updated the members about the activities carried out by their respective Units during the year. The Units’ representatives expressed their gratitude and welcomed the support extended by CREDAI-MCHI main chapter for formation of new Units as per geographical locations and the help provided for setting up the Units, its registration processes, etc. They also thanked the President and Secretary of the Main Chapter for the guidance and support provided to take up their respective issues faced by the Units, arranging meetings for the Unit’s committee members with Ministers, IAS officers and other Government officers from time to time. 6. Presentation of Grand Property Fest by Mr. Nikunj Sanghvi, Convener, Property Exhibition Mr. Nikunj Sanghvi, Convener, Property Exhibition, informed the members about the Grand Property Fest which has been scheduled from 13th to 16th October 2022, first time designed by Arch. Hafeez Contractor. This Expo after the long gap due to Covid had come up with many new innovative ideas, massive marketing plans, etc. He mentioned that this exhibition is being designed by the industry for developers. There are training/master classes programs being organised during this property exhibition for the benefit of developer members. CREDAI-MCHI has collaborated with knowledge partners, bankers, ancillary industries, etc. and panel discussions would be conducted. Mr. Nikunj Sanghvi further mentioned that 97 percent stalls have already been sold out and very few are left, the same will be sold very soon and looking forward to a successful Expo. 7. Address by Mr. Boman Irani, President of CREDAI-MCHI. Activities carried by CREDAI-MCHI during the year 2021-22. Mr. Boman Irani, President, presented AV showing the activities carried out by the Chamber during the year. The Association has represented many issues to the concerned Government authorities during the year and many milestones have been achieved. Mr. Boman Irani appreciated the work and support extended by the Committee Members viz, Mr. Ajay Ashar, Mr. Shri.kant Joshi, Mr. Domnic Romell, Mr. Jayesh Shah, Mr. Sukhraj Nahar, Mr. Shailesh Puranik, Mr. Parag Shah and many other members, the Youth Wing members and the Women’s Wing members. The President also appreciated the Team Secretariat for the excellent work carried out from time to time. Mr. Boman Irani invited members for the upcoming Grand Property Fest and requested their full support and participation for the same. 8. Vote of Thanks by Mr. Dhaval Ajmera, Hon. Secretary Mr. Dhaval Ajmera, Hon. Secretary of CREDAIMCHI, presented a Vote of Thanks to the Members and invited all to join the next event of the evening, to unveil ‘Maximize, Modernize, Revolutionize (M.M.R.)’ a policy guideline initiative by CREDAIMCHI. ANNUAL REPORT 2023 22
23 CREDAI-MCHI EMBRACES THE DAWN OF A NEW ERA In a dazzling display of unity, vision, and purpose, CREDAI-MCHI commemorated two historic events that have ignited an electrifying wave of change. Set against the stunning backdrop of Mumbai’s iconic Taj Mahal Palace, the dual celebrations the Investiture Ceremony of CREDAI and the Change of Guard of CREDAI-MCHI unfolded on April 15th, 2023, leaving an indelible mark on the real estate landscape. Radiating with grandeur, the event was an assembly of brilliance, with esteemed dignitaries and over 500 luminaries converging to witness history in the making. The pinnacle of the Investiture Ceremony was the passing of the baton from the visionary Mr. Harsh Vardhan Patodia to the eminent Mr. Boman Irani, signifying the dawn of an invigorating era for CREDAI concurrently. CREDAIMCHI celebrated its own milestone as Mr. Domnic Romell assumed leadership, succeeding the exceptional Mr.Boman Irani. At the heart of this transformative journey lies the resounding vision of ‘Ushering a New Era of G.R.O.W.T.H.’ a beacon of progress for the entire sector. Seamlessly unifying CREDAI National and its chapters under a singular mission, G.R.O.W.T.H. encapsulates the aspirations that will propel us forward: G: GREEN Construction R: REFORM O: OPPORTUNITY to build a new India W:WOMEN Empowerment T: TRANSPARENCY H: HOUSING for All, The national G.R.O.W.T.H. vision symbolises our unwavering dedication to cultivating a vibrant, accountable real estate ecosystem. This is not just a narrative; it is a clarion call to be part of a narrative that’s rewriting the destiny of real estate. We extend a heartfelt invitation to join us on this exhilarating voyage and become a part of history in the making. As we embark on this new trajectory, let us stand united, driven by our collective vision of a brighter, more sustainable future.
EDUCATION In a bold move to reshape the real estate industry’s educational landscape, CREDAI-MCHI has initiated three transformative collaborations. These groundbreaking partnerships with esteemed institutions aim to empower, educate and elevate the real estate community. Together, they mark a significant step towards a brighter and more informed future for the industry. Nurturing Brilliance: The CREDAI-MCHI and PP Savani University Partnership In a groundbreaking move, CREDAI-MCHI teamed up with PP Savani University to launch the Certificate Course in Real Estate Management in 2022. This visionary programme witnessed the participation of 11 aspiring individuals, delving into the intricacies of the real estate world. Seven of these participants successfully emerged as certified real estate professionals, equipped with coveted credentials. The course, designed as a comprehensive compass, guides students through the multifaceted realm of real estate. It covers everything from legal intricacies to financial nuances and technical expertise, woven together in a diverse curriculum. The ultimate aim is to mold astute professionals capable of thriving in the ever-evolving landscape of real estate. Powerhouse Collaboration: CREDAI-MCHI Joins Forces with IIMA In a transformative alliance that signals a new era of empowerment, CREDAI-MCHI and the prestigious Indian Institute of Management Ahmedabad (IIMA) have converged to elevate the real estate industry. Solidifying this partnership on January 9, 2023, through a landmark Memorandum of Understanding (MoU), the two entities are set to reshape the real estate landscape with cutting-edge expertise. IIMA, renowned for its academic prowess, is poised to craft tailor-made programmes exclusively for real estate management professionals. These programmes, ranging in duration, will be curated by IIMA’s finest minds, providing executive education and training interventions. This collaboration is not only a strategic synergy but also a commitment to enriching the community with relevant skill sets. Empowering Excellence: CREDAI-MCHI and Rustomjee Academy’s Bold Step A partnership has been forged between CREDAI-MCHI and Rustomjee Academy of Global Careers, aimed at revolutionising the training of real estate agents across Maharashtra. With a focus on empowering agents with the intricate knowledge and skills mandated by the Real Estate (Regulation and Development) Act, 2016 (RERA), this alliance ushers in a new era of proficiency and compliance. The signing of the MoU, graced by distinguished figures including Mr. Shailesh Puranik, Dr. Adv Harshul Savla, and Mr. Keval Valambhia from CREDAI-MCHI, exemplifies an unwavering commitment to this cause. Rustomjee Academy, known for its educational excellence, will take charge of the training, covering compliance, consumer protection and dispute resolution intricacies. In this symphony of knowledge exchange, CREDAI-MCHI members will share their wisdom with eager minds. An Advisory Committee, symbolising collaborative spirit, will oversee the program’s evolution, ensuring alignment with the industry’s dynamic pulse. These three alliances collectively underscore CREDAI-MCHI’s resolute dedication to empowering stakeholders and fostering a culture of excellence. Through these educational ventures, the organisation redefines industry standards and illuminates a path towards a more informed and promising real estate landscape. Elevating Real Estate Education: CREDAI-MCHI’s Three Trailblasing Alliances ANNUAL REPORT 2023 24
25 CREDAI-MCHI Report Highlights Urgent Economic Concern: Soaring Premiums Impact Mumbai’s Growth In a significant revelation, the CREDAI-MCHI report has shed light on the significant impact of soaring real estate premiums on Mumbai’s economic progress over the past 23 years. This report underlines a pressing economic concern, emphasising the connection between high premiums and the city’s stagnant economic growth. Economic Growth: Contrasting Mumbai with Other Cities The report begins by comparing Mumbai’s economic growth to that of other major cities in India. Over 23 years (2000-2023), Mumbai’s GDP has increased tenfold, a stark contrast to the remarkable growth witnessed by cities like Hyderabad, Delhi, and Bengaluru, which saw their GDPs surge by 36- fold, 29-fold, and 27-fold, respectively. The Premium Puzzle: A Burgeoning Challenge At the core of the economic challenge lies the issue of exorbitant premiums imposed on real estate development in Mumbai. The report reveals that Mumbai developers bear an average of INR 54,221 per square meter in approval costs through various premiums. In contrast, cities like Delhi NCR, Chennai, Bengaluru, and Hyderabad impose significantly lower costs, making real estate development in Mumbai financially challenging. Economic Implications The excessive premium rates have far-reaching effects on Mumbai’s economy: A Way Forward: Urgent Recommendations The report strongly recommends reducing premiums by 50% to reinvigorate Mumbai’s economy and real estate sector. According to the report, a 50% reduction in premiums would kickstart numerous development projects, reviving Mumbai’s real estate sector. The reduction would attract more businesses and residents, increasing revenue. A high-level delegation from CREDAI-MCHI presented the report to the Honourable Minister of Revenue of Maharashtra, Radhakrishna Vikhe Patil, emphasising the immediate need to address the premium issue. They advocated for a 50% reduction, highlighting its potential to revive the real estate sector, increase housing accessibility, boost Government revenue, and strengthen Mumbai’s status as a financial hub. RESEARCH REPORT
As the Indian economy strives to recover post-pandemic, the Union Budget for 2023-24 emerges as a beacon of hope. The budget, projecting a robust 7% G.D.P. growth for FY24, primarily driven by domestic demand and increased capital investment, sets the course for resilience and revival. While direct incentives for the real estate sector might be absent, the budget focuses on green growth, urban infrastructure enhancement, and inclusive development. These elements and a substantial emphasis on ease of doing business foster an environment conducive to investor confidence, creating a favourable aura for domestic and international stakeholders. CREDAI-MCHI and Colliers join forces in this evolving landscape to decipher the budget’s impact on the real estate domain. With unwavering commitment, they stride forward, poised to harness the latent potential within the budget, steering the real estate sector toward a brighter horizon of growth and prosperity. Budget 2023-24: Shaping Real Estate Landscape - CREDAI-MCHI Colliers Analysis 1 01 February 2023 Budget 2023-24: Impact Analysis ANNUAL REPORT 2023 26 CREDAI-MCHI – Cre Matrix Report Mumbai’s Real Estate market sees resilient growth in Q2 Cy’23 MMR’s real estate landscape is a dynamic canvas, continuously evolving and reshaping itself. A recent report published by CREDAI-MCHI in collaboration with CRE Matrix paints a vivid picture of the city’s diverse housing trends, highlighting the ever-shifting dynamics across different localities. The report, a collaborative effort between CREDAI-MCHI and CRE Matrix, sheds light on the performance of the MMR housing sector during the second quarter of CY’23, highlighting both remarkable achievements and noteworthy challenges. It also highlighted the interplay between sales, launches, inventory, and pricing – a combination that reflects the market’s ability to navigate change with determination. In a remarkable turn of events, the MMR real estate market achieved a 6 per cent growth in sales during Q2 CY’23 compared to the same period last year. This growth showcases the sector’s resilience in the face of shifting market dynamics, especially in a time of rising interest rates and inflation. The data is further enriched by the remarkable 9 per cent increase in housing prices during Q1 CY’23 as opposed to Q1 CY’22. This upswing in prices reflects the market’s ability to maintain a steady course even as challenges such as rising interest rates and inflation loom large. As the world grapples with inflationary pressures and central banks respond with interest rate hikes, the MMR real estate sector continues to show remarkable adaptability. What’s more noteworthy is that these trends are unfolding without the cushion of any Government subsidies in the form of stamp duty waivers or GST waivers, which were instrumental in the market’s revival earlier. The report’s other key findings underscore the equilibrium between demand and supply, resulting in a relatively moderate 9 per cent increase in unsold inventories during Q2 CY’23 compared to the same period in the previous year, Q2 CY’22. This harmonious balance reflects the industry’s adaptability and strategic response to market dynamics. The spotlight also falls on the remarkable growth in unsold inventories, which surged by an impressive 23 per cent in Navi Mumbai and Bhiwandi during the same time frame. This surge underlines the potential transformation of these regions and their burgeoning significance in the broader real estate narrative.
27 Unveiling Homebuyer Sentiments: The HPSI Revolution by CREDAI-MCHI & TruBoard Partners Q4 F.Y. 23: Illuminating Residential Real Estate Dynamics In a pioneering collaboration, CREDAI-MCHI and TruBoard Partners have embarked on a groundbreaking journey to capture the pulse of prospective homebuyers through the revolutionary House Purchase Sentiment Index (HPSI). This quarterly masterpiece of real-time research is meticulously designed to unveil the intricate perspectives of those aspiring to own a piece of the real estate realm. Unlike any other index, the HPSI is an ingenious creation, drawing its essence from real-time evaluations of consumers. Every nuance, every sentiment, every aspiration is meticulously distilled from consumer responses, providing an unfiltered lens into the housing market’s pulse. The index resonates with questions that delve into the core of home purchase decisions, spanning from the opportune time to buy or sell to anticipations about home prices and loan interest rates. This unprecedented tool serves as a beacon of insight, illuminating the path for investors, real estate developers, and policymakers. In a realm often shaped by historical data, the HPSI stands as a beacon of real-time revelation, offering an unparalleled perspective on demand forecasting and buyer sentiments. A treasure trove of revelations unfolds within the HPSI, painting a vivid picture of confidence levels across various micro-markets of MMR The canvas speaks of nuances, from business owners’ optimism to salaried individuals’ aspirations, from the dreams of female prospective buyers to the high probability buyers in key micro markets like Andheri, B.K.C., Matunga, and Powai. This index is not just data; it’s a narrative of anticipation, a compass for developers, a compass for policymakers, and a guiding light for the banking fraternity. As we decipher the sentiment tapestry, CREDAI-MCHI and TruBoard Partners stand united in their commitment to shaping a future driven by insight, understanding, and prosperity. The HPSI is not just an index; it is a testament to our unwavering dedication to illuminating the journey of every aspiring homeowner and reshaping the landscape of real estate, one sentiment at a time. CREDAI-MCHI and TruBoard Partners unveiled the House Purchase Sentiment Index (HPSI) for Q4 F.Y. 23, providing valuable insights into the residential real estate market within the Mumbai Metropolitan Region (MMR). This report paints a vivid picture of current market sentiment through meticulous surveys conducted at various developers’ offices in MMR Statistical analyses, including data comparisons with the preceding quarter, and a deep dive into crucial variables such as price expectations and interest rates, empower industry stakeholders with a valuable compass for making informed decisions. The HPSI report is a powerful toolkit that empowers developers and industry stakeholders to chart their course in alignment with ever-evolving market sentiment. It is not just a document; it is a narrative of foresight, a compass for strategic decisions, and a catalyst for shaping the future of residential real estate in MMR.
MODERNISE, MAXIMISE, REVOLUTIONISE (M.M.R.): A CARBON NEUTRAL VISION FOR MUMBAI A new dawn of progress emerges as CREDAI-MCHI, the pioneering real estate industry association, unfurls its visionary policy initiative ‘Modernise, Maximise, Revolutionise (M.M.R.)’ With unwavering determination, this initiative is set to carve a path of economic growth and development across the Mumbai Metropolitan Region (MMR) and beyond. The stage was set at the grand 40th A.G.M. held at Sofitel, Mumbai, where luminaries like Shri. Bhushan Gagrani (I.A.S.), Shri. S.V.R Shrinivas (I.A.S.), Arch. Hafeez Contractor, and other notable personalities converged. The Vision Document, ‘Maximise, Modernise, Revolutionise (M.M.R.)’, charts a transformative journey to elevate Mumbai and MMR into global sustainability benchmarks and cosmopolitan excellence by 2040. The policy blueprint leverages public-private partnerships and community-driven development in sync with climate change and carbon neutrality imperatives. A symphony of ingenious proposals takes center stage, including the Integrated Urban Water Authority, River Buddies program, mangrove parks, and skill trucks. Futuristic trends like digitisation, electric vehicles, and sustainable construction are embraced, while the initiative aligns with the State Government’s endeavors. This is a rallying call for a brighter future, driven by joint efforts and shared aspirations. A committee of subject experts, bridging public and private sectors, will weave these recommendations into reality, ushering in an era where progress and sustainability dance hand in hand. CREDAI-MCHI’s ‘Modernise, Maximise, Revolutionise (M.M.R.).’ As we reflect on a year of dedicated research and insightful reports, CREDAI-MCHI’s commitment to knowledge-sharing and industry growth shines brighter than ever. Through these meticulously crafted research endeavours, we have dissected market dynamics, deciphered budget implications, and captured the pulse of homebuyers. Armed with these invaluable insights, we stride forward, leveraging knowledge to reshape the real estate landscape, foster sustainable growth, and lead Mumbai’s property sector into an era of progress and prosperity. ANNUAL REPORT 2023 28
CREDAI-MCHI KNOWLEDGE SERIES: ‘FSI OPTIONS IN DCPR 2034 : ENHANCING REDEVELOPMENT’ In an enriching endeavor, CREDAI-MCHI orchestrated a compelling Knowledge Series focused on “FSI Options in DCPR 2034: Enhancing Redevelopment.” The session, under the visionary guidance of Dr. Harshul Savla, delved into pivotal aspects of urban development and redevelopment, attracting substantial attention from members and stakeholders across the sector. The series encompassed a diverse spectrum of topics, spotlighting various FSI provisions within DCPR 2034, each carrying significant implications for urban transformation. These topics included: 33(7)22 - Floating FSI, 33(9) - Cluster Schemes, 33(12) - PAP Structures, 33(11) - PTC Structures, 33(20)b - Affordable Housing Units. The event’s vibrancy was amplified through the captivating presentations delivered by distinguished speakers, Ar. Milind Changani and Er. Yomesh Rao, both representing CY Corp. Their insights illuminated the intricate dynamics of FSI options and their potential to catalyse redevelopment initiatives, fostering sustainable growth. The event’s dual format, catering to both in-person and virtual audiences, ensured wide accessibility, promoting a diverse range of perspectives and participation. This Knowledge Series is emblematic of CREDAI-MCHI’s commitment to fostering knowledge-sharing platforms that empower stakeholders with cutting-edge insights, amplifying their ability to contribute to the real estate landscape’s evolution. It stands as a beacon of collaborative learning, envisioning a future of informed urban progress. 29
CREDAI-MCHI conducted an E-Registration Training program at their office between 13th to 15th September 2023, where the staff of the Maharashtra Government provided training to CREDAI-MCHI members and personnel on the E-Registration process. The objective was to familiarise them with the new portal, which will be used to register a new sale agreement between a single builder and multiple buyers. The new system eliminates the role of the NIC and allows developers to become operational within seven days, as the entire approval of the new system comes from the JDR office. An enlightening E-Registration Awareness Event took place on August 04, 2023, at Naman Group BKC. The event was meticulously organised to disseminate valuable information and enhance public awareness regarding E-Registration processes. Distinguished individuals present included Mr. Raju Thote, Dig Registration Mumbai, Mr. Bharat Garud (JDR-1), Mr. Sanjay Mulay (JDR-2), Mr. Ashok Mohite, Joint Sub Register Andheri 2, Mr. Vitthal Bhosale, Joint Sub Register Andheri 4, and Mr.s. Vaijayanti Pawar, Sub Register Grade 1. Representing CREDAI-MCHI at this significant event were Youth Wing Convener Mr. Naman Shah, COO Mr. Keval Valambhai, Team CREDAI-MCHI Mr. Harish Gupta, Mr. Sanjay Phope, Mr. Prasad Watulkar, Mr. Sanjay Yedge, Mr. Nakul Garud. The event was designed to illuminate the public on the nuances of E-Registration, providing insights into its benefits and simplifying the overall process. With a collective vision to empower citizens through digital transformation, this gathering exemplifies a shared commitment to progress and efficiency. As E-Registration takes center stage in the real estate landscape, this event signifies a crucial step towards a more streamlined and digitally empowered future. E-REGISTRATION TRAINING PROGRAMME E-REGISTRATION AWARENESS EVENT EMPOWERS PUBLIC WITH DIGITAL REGISTRATION INSIGHTS ANNUAL REPORT 2023 30
31 GOVERNMENT MEETINGS CREDAI-MCHI Meets FM to Appeal for GST Reforms On May 29, 2023, a high-profile delegation from CREDAI-MCHI, under the visionary leadership of Mr. Boman Irani, CREDAI President, embarked on a pivotal encounter with the Hon’ble Finance Minister of India, Smt. Nirmala Sitharamanji. The mission was to navigate the intricate labyrinth of GST-related intricacies and chart a course for a radiant future of the real estate realm. The discourse was marked by nuanced discussions, addressing multifaceted issues affecting the real estate sector. The first thread pertained to a nuanced exemption of GST on the Rehab Component, while the second thread emphasised redefining affordable housing criteria, liberating it from a 45 lakh cap. The third thread explored options for developers via a one-time project-wise choice between the Assessment scheme and the Composition scheme. Smt. Sitharamanji, a receptive audience to these resonant voices, lent her ear to the symphony of aspirations. With a pledge to present these entreaties before the esteemed committee, she kindled hope and determination within the delegation. The echoes of her commitment reverberated through the corridors, stoking the flames of optimism and emboldening the CREDAI-MCHI contingent. This rendezvous, an embodiment of united resolve, materialised as a beacon illuminating the collaborative ethos driving the real estate realm. The convergence of intellects, each voice a harbinger of transformative change, pulsated with shared dreams, inscribing a chapter in the annals of the industry. As the pages of the future are turned, the imprint of this liaison between CREDAIMCHI and the Hon’ble Finance Minister shall stand testament to an unwavering pursuit of a thriving, radiant real estate domain. CREDAI-MCHI Join Forces with Government At CREDAI-MCHI, the potency of collaboration fuels transformative change. Throughout the year, our members engaged proactively with the State and Central Government officials, cementing a resilient partnership for progress. These pivotal encounters provided us a stage to present insights, voice opinions, and propose strategic solutions on matters sculpting the real estate arena. United in purpose, we amplify our collective voice, crafting policy, igniting action and steering the realm of real estate towards a promising horizon of growth and innovation. Together, we script a future of collective triumph.
ANNUAL REPORT 2023 32 Shaping Tomorrow‘s Infra with Shri. Nitin Gadkari On June 23, 2023, a remarkable confluence of visionary minds unfolded, celebrating nine transformative years of the Modi Government. The distinguished Guest of Honour was none other than Shri. Nitin Gadkari, the Hon’ble Central Cabinet Minister for Roads Transport & Highways. The symposium witnessed the presence of CREDAI-MCHI stalwarts, including President Mr. Domnic Romell, Vice President Mr. Pritam Chivukula, and Past Presidents Mr. Boman Irani and Mr. Mayur Shah, among others. The dialogue revolved around infrastructure, roads and highways but delved deeper into the challenges and opportunities shaping the real estate domain. The confluence resonated with a shared vision, representing the nexus between Governmental prowess and real estate acumen, promising untold vistas of growth. The crescendo of the dialogue culminated with a commitment to a tomorrow of boundless possibilities, sculpted by collaborative resolve and united purpose. The realm of tomorrow beckons, where sustainable urban evolution, seamless transportation, and robust infrastructure blossom in harmonious unison. As these visionary minds dispersed, a chorus lingered – a clarion call to a tomorrow of boundless possibilities, sculpted by collaborative resolve and united purpose. Summit on Soaring RMC Prices with CM Shri. Eknath Shinde An authoritative symposium, in response to alarming Ready Mix Concrete (RMC) price increases, took centre stage on May 4, 2023, under the dynamic stewardship of Hon’ble Chief Minister Shri. Eknath Shinde. The objective was to dissect the underlying triggers behind the unexpected surge. Standing at the forefront were industry leaders from CREDAI-MCHI and Naredco, including President Mr. Domnic Romell, Past Presidents Mr. Boman Irani and Mr. Deepak Goradia, and several other luminaries. The deliberations resonated with Hon’ble CM Shri. Shindeji’s heartfelt apprehension regarding the spiraling RMC costs, acknowledging its potential impact on construction expenses and housing affordability.The meeting’s resounding echoes bear testament to a collective determination to abate the effects of the RMC price surge, ensuring the sanctity of affordable housing for the masses. The deliberations underscored the pivotal role of CREDAI-MCHI and Naredco in advocating for industry-wide solutions and collaboration with the Government authorities to address pressing issues. CREDAI-MCHI Spearheads Real Estate Revolution through Collaborative Dialogues with MHADA CREDAI-MCHI embarked on a series of strategic dialogues with MHADA (the Maharashtra Housing and Area Development Authority), a testament to its unwavering commitment to fostering positive change in the real estate landscape. These pivotal meetings showcased CREDAI-MCHI’s role as a proactive advocate for policy changes that benefit the real estate industry, ultimately contributing to its growth and sustainability. The genesis of this transformative effort dates back to October 17, 2022, when CREDAI-MCHI initiated a groundbreaking meeting with Shri. Anil Diggikar, Vice President & CEO of MHADA. At the core of this meeting was the resolve to address pressing issues within the real estate sector. The dialogue was marked by an atmosphere of open receptivity, with Shri. Diggikar readily acknowledging the concerns and aspirations articulated by CREDAI-MCHI. Notably, one outcome of this collaborative exchange was Shri. Diggikar’s commitment to explore the extension of instalment schemes, aligning them with a BMC circular. Such an initiative is designed to provide real estate developers with more flexible payment options, thereby fostering growth in the sector. Discussions also delved into the potential for concessions, generating genuine enthusiasm among stakeholders. Fast forward to January 16, 2023, CREDAI-MCHI’s unwavering advocacy for the industry continued with another strategic dialogue with Shri. Anil Diggikar, Vice President of MHADA. This session zeroed in on the issue of Development Charges, advocating for their collection only after the issuance of Occupation Certificates (OCs), without incurring additional interest costs. In a significant win for
33 the industry, CREDAI-MCHI secured Shri. Diggikar’s agreement to defer penalties or interest until the Honourable Supreme Court deliberates on a Special Leave Petition (SLP) case connected to this matter. This ongoing engagement underscores CREDAI-MCHI’s steadfast commitment to addressing critical policy concerns and advocating for a regulatory environment that is both equitable and supportive of real estate development. The future of the real estate sector in Maharashtra appears promising, with CREDAI-MCHI’s proactive approach in forging collaborative partnerships with MHADA. These strategic dialogues have become the driving force behind substantive policy changes that not only address industry concerns but also promise sustainable growth. With continued collaboration between industry stakeholders and regulatory authorities, the real estate sector in Maharashtra is poised for a brighter and more prosperous future. CREDAI-MCHI’s Transformative Dialogues with Principal Environment Secretary Shri. Pravin Darade CREDAI-MCHI has demonstrated an unwavering commitment to advancing the real estate sector through a series of transformative dialogues with Principal Environment Secretary Shri. Pravin Darade. These engagements, led by dedicated delegations and visionary leaders, have spotlighted critical concerns and potential solutions, shaping the industry’s future. President Mr. Boman Irani led a resolute CREDAI-MCHI delegation in a dynamic exchange with Principal Environment Secretary Shri. Pravin Darade. in the first dialogueThe discussions primarily revaddressede delayed Consent to Operate (CTO) issuance. Shri. Darade expressed a resounding commitment to expedite pending cases, ensuring a more streamlined path forward for the industry. In a spirit of cooperation, CREDAI-MCHI advocated for a self-assessment-based issuance of CTO before Occupancy Certificate (OC), with appraisal within 90 days. This proposal received a favourable response, underlining the shared dedication to efficiency. Further discussions explored extending CTO validity up to a decade, highlighting a commitment to pragmatic solutions. The meeting also considered establishing an additional office in Mumbai for the Integrated Regional office, currently based in Nagpur, among other crucial matters.
CREDAI-MCHI’s Collaborative Dialogues with Airport Authority of India (AAI) ANNUAL REPORT 2023 CREDAI-MCHI, in its unwavering commitment to shaping the real estate landscape, initiated two pivotal dialogues with the Airport Authority of India (AAI). These meetings, marked by constructive engagement, addressed critical concerns and fostered collaboration for industry progress. CREDAI-MCHI led a landmark meeting with the Airport Authority of India’s Western Region on this significant date. The discussion illuminated unresolved concerns related to aerodrome safeguarding policies, regulations, and urban growth near airports. Shri. J. T. Radha Krishna and Shri. Gopakumar R. S. from AAI’s Western Region extended their receptive ears, promising to advocate for CREDAI-MCHI’s proposals at the AAI Head Office in Delhi. Guided by COO Keval Valambhia and Kunal Chheda, the CREDAI-MCHI contingent epitomised a strategic alliance that fuels industry growth. This exchange reflects CREDAI-MCHI’s dedication to bridging industry aspirations with regulatory frameworks, shaping a promising future where collaboration charts progress. CREDAI-MCHI convened an extraordinary meeting with Shri. Sambath R, Joint General Manager (Air Traffic Management) of the Airport Authority of India (AAI). This symposium, led by Past President Vyomesh Shah, addressed pressing issues concerning the real estate sector’s interaction with AAI, particularly regarding approvals and NOCs. The meeting provided a platform for constructive dialogue and exchanging ideas to streamline the approval process, ensuring timely clearances and a symbiotic relationship between the real estate industry and AAI. This collaborative endeavour between CREDAI-MCHI and AAI heralds a promising future, transcending obstacles and navigating the skies of progress for the real estate sector. In another pivotal engagement orchestrated by CREDAI-MCHI, Shri. Pravin Darade, Principal Environment Secretary, led discussions on a spectrum of critical subjects poised to reshape the real estate landscape. Topics ranged from Certified Compliance Reports (CCR) and Consent to Establish (CTE) validity extension to the impact of NGT Special Bench rulings and empowering ongoing projects. The dialogue also delved into the comprehensive Survey and Mapping of the Dronagiri Node and the complexities of Consent to Operate (CTO) validity for transferred buildings to societies. Ensuring regulatory flexibility, enhancing accountability through balance sheets, and clarifying Bank Guarantee provisions were crucial facets of this dynamic exchange. 34
CREDAI-MCHI’s Meeting with Shri. Deven Bharti On January 30, 2023, CREDAI-MCHI embarked on a pivotal meeting with Commissioner of Police, IPS Shri. Deven Bharti, marking a significant stride towards collaboration. The discussions addressed issues of arbitrary actions against promoter developers following site mishaps, with a commitment from Shri. Bharti to ensure meticulous investigation precedes any coercive action. The chamber of dialogue further spotlighted the pressing issue of unwarranted extortion under the guise of the Mathadis. Shri. Bharti affirmed awareness of the challenges faced by developers, offering a commitment to redress the issue. This inaugural meeting stood as a testament to CREDAI-MCHI's proactive role in advocating for industry growth and streamlining challenges, underscoring a future where shared efforts pave the way for a thriving real estate landscape. 35 CREDAI-MCHI’s Advocacy on Property Tax: Milestone Meetings CREDAI-MCHI, committed to advocating for the real estate sector, engaged in three pivotal meetings addressing concerns related to property tax imposition. These meetings, marked by proactive engagement and collaboration, exemplify the association’s dedication to industry welfare. A significant meeting occurred on February 3, 2023, with Shri. Mahesh Patil, the Assessor & Collector (I/C) of the Assessment & Collection Department. The primary focus was the pressing concern of property tax imposition on land under construction. Led by Joint Treasurer Gurvinder Singh, the CREDAI-MCHI delegation conveyed industry insights and apprehensions regarding property tax on developing land. Shri. Mahesh Patil’s involvement illuminated the issue’s nuances, paving the way for constructive dialogue. This proactive interaction reinforced CREDAI-MCHI’s dedication to championing the welfare of its members and the entire real estate domain. On May 25, 2023, a momentous symposium materialised, bringing together Shri. Mahesh Patil (Assessor and collector) and Shri. Suryakant Gawli (Deputy Assessor and collector), accompanied by their dedicated ensemble. This assembly deciphered the intricate tapestry woven by the Supreme Court’s decree.The envisaged policy, enShri.ning the Supreme Court’s doctrine, undergoes meticulous scrutiny by the State Government’s law and judiciary review, subsequently charting its course to a rule committee. The complexity of charging, transcending base FSI or 3-4 FSI, has intensified. Empowering the prospect of retroactively amending regulations for comprehensive FSI charging echoes plausibility. This epochal assembly forms a cornerstone in deciphering the intricate tapestry woven by the Supreme Court’s dictate, seeking a harmonious orchestration that harmonises the symphony of stakeholders’ aspirations. These meetings underscore CREDAI-MCHI’s proactive approach to addressing industry concerns and its commitment to working collaboratively with Government authorities to create a conducive regulatory enviroment for real estate development and growth. Stakeholders Converse on GST Impact on RE A pivotal chapter unfurled on February 14, 2023, as luminaries from the real estate realm converged in a high-profile assembly. The symposium resonated with the echoes of change, orchestrated under the guidance of Shri. Shri.kar Pardeshi (IAS), Secretary to the Deputy Chief Minister. The eminent CREDAI-MCHI delegation unveiled a spirited discourse, addressing labyrinthine challenges posed by certain tenets of GST upon the realm of real estate. The symphony of insights exchanged promised to forge a clearer trajectory, harmonising the intricate dance between GST and the real estate tapestry.
GST Commissioner, CREDAI-MCHI Address GST Concerns In a momentous stride towards fortifying the real estate sector, a marathon conclave materialised on February 24, 2023, at the GST Office in Mazgoan. This symposium orchestrated the convergence of a delegation from CREDAI, Maharashtra, alongside eminent industry stalwarts. The summit encompassed an incisive parley on pressing concerns within the real estate realm stemming from specific GST provisions. Commissioner Sales Tax/GST, Shri. Rajeev Kumar Mittal, administered a reassuring balm, affirming a resolute commitment to championing industry quandaries. This rendezvous etches an indelible mark in resolving GST-linked conundrums, heralding potential reformatory waves influencing the sector’s trajectory. ANNUAL REPORT 2023 CREDAI-MCHI Bridges Gaps with Dy Chief Engineer, BP City A transformative chapter unfolded on February 24, 2023, as CREDAI-MCHI orchestrated a pivotal discourse at the office of Shri. Avinash Tambewagh, Deputy Chief Engineer, BP-City. The symposium became the crucible for resolving poignant concerns residing within the building proposal domain. In a candid exchange, CREDAI-MCHI’s luminaries conveyed their reservations, illuminating bottlenecks overshadowing the building proposal process. Shri. Avinash Tambewagh resonated with the industry’s concerns, accentuating his dedication to collaborative synergy. This rendezvous between CREDAIMCHI and Shri. Avinash Tambewagh now becomes an emblematic stride towards ironing out the creases within the building proposal realm, poised to flourish and thrive. 36 MHADA’s Joint CEO Prompts to Settle Lease Matters On March 02, 2023, a pivotal meeting of great significance transpired between CREDAI-MCHI and Smt. Neelam Dhaigude, Joint CEO of the Maharashtra Housing and Area Development Authority (MHADA). The focus of this momentous assembly was the intricate and longstanding lease conundrum that had cast shadows over MHADA's redevelopment initiatives. The CREDAI-MCHI delegation, comprising seasoned experts Mr. Amit Thacker, Mr. Gurminder Singh, and Mr. Keval Valambhia, effectively conveyed the intricate challenges and anxieties that had enshrouded these lease affairs in a puzzling impasse. This forum also had the honour of the august presence of Engineer-in-Chief, Shri. Sanap, whose technical acumen further enriched the discourse. The symphony of dialogue resonated with the clarion call for streamlined procedures, fortified efficiency, and the fostering of harmonious interactions between real estate dynamics and regulatory mechanisms within MHADA's expansive redevelopment landscape.
37 This pivotal assembly transcends its temporal confines, etching a narrative of unwavering dedication to breaching the barriers that had withheld the expeditious resolution of lease intricacies. The tapestry woven by the symphony of MHADA's vanguard and the CREDAI-MCHI emissaries paints a vivid tableau of unwavering commitment, an embodiment of the collective ethos aimed at triumphing over adversities. This collaborative endeavour engenders an overarching transformation of the real estate panorama, promising unfettered progress and streamlined functionality within MHADA's redevelopment schemes. CREDAI-MCHI Govt to Address Stamp Duty Issues On the 8th of March, 2023, a significant chapter unfolded as leaders from the realm of real estate converged with the Government dignitaries. This harmonious gathering, orchestrated by the visionary President Boman Irani, the stalwart Vice President Mr. Domnic Romell, the illustrious Honorary Secretary Mr. Dhaval Ajmera, and esteemed luminaries from both CREDAI-MCHI and Naredco, resonated with a clear purpose: to discuss the pivotal matter of the Ready Reckoner Rate for the upcoming fiscal year, 2023-24. The resonating ambiance bore witness to the august presence of Shri. Shravan Hardikar (IAS), IGR (Inspector General of Registration), a paragon of administrative acumen. Accompanying him were Smt. Jayashreerani Surve, Deputy Director of Town Planning & Valuation, Shri. Balasaheb Kakad, the venerable Town Planner, and Shri. Sahebrao Dutonde, a vital facet of the IGR’s esteemed team. This confluence of minds burgeoned into an intellectual conclave, underpinning a symphony of dialogues, each note attuned to the shared goal of propelling the real estate fraternity towards progress. A myriad of significant topics took centre stage, casting a discerning spotlight on matters of paramount significance. The discussions encompassed a wide range of topics, including the rationale behind recalibrating the Annual Statement of Rates (ASR), the perspective on stamp duty charges for the upliftment of slum inhabitants (set at Rs. 100), the deductibility of developer expenses from the Market Value of society redevelopment projects, the recalibration of IT/ITeS Ready Reckoner Rates at 25 percent of residential rates, the call for stamp duty exemption for developer-retained units in Development Agreements (DAs), and various other compelling subjects. The atmosphere resonated with appreciation, as the Honorable IGR commended CREDAI-MCHI’s proactive efforts and lauded the association’s instrumental role in refurbishing two Sub-registrar offices. In an unequivocal gesture, the IGR extended an invitation to the delegation to expound upon the discussed salient points, beckoning them to create a comprehensive representation for further contemplation and transformative action. This rendezvous epitomises an alliance fortified by a shared vision and collaboration between the real estate echelon and the corridors of Government. The confluence of cogitation does not merely conclude in a chamber of discourse; rather, it forges a path that could pave the way for monumental reforms, ushering transformative waves that stand to sculpt the contours of the real estate expanse. A narrative unfolds, a saga of constructive conversations sowing the seeds of change, reinvigorating the panorama with a promise of evolution and expansion. Mumbai’s Urban Greening Initiatives Take Root Mumbai, on March 8, 2023, saw the unfolding of a landmark symposium at the iconic Penguin Building in Byculla, where CREDAI-MCHI played a central role in bringing together the Government officials, the horticultural experts, architects, and other stakeholders. This symposium was a concerted effort to augment the city’s urban greening initiatives, affirming the commitment of both CREDAI-MCHI and the Government stakeholders to breathe new life into Mumbai’s bustling metropolis. The symposium addressed pivotal themes such as the formulation of Micro-Greening Guidelines, a revamp of greening practices in the city, and the innovative concept of ‘Adoption of Trees.’ This confluence of ideas signifies a brighter, greener future for Mumbai, where concrete jungles find harmony with nature’s verdant palette.
Shaping Urban Landscape with Shri. Sunil Rathod A tapestry of urban development took shape through a series of pivotal discussions helmed by Shri. Sunil Rathod, Chief Engineer DP, MCGM. These back-to-back meetings served as compass points guiding the trajectory of Mumbai’s growth. The first gathering, a nexus of intellects, pivoted around the proposed modification in regulation 33(20) (B) of DCPR 2034 under section 37 (1) of the Mr.TP Act 1996. This modification, published on March 16, 2023, assumed new dimensions with inputs from CREDAI-MCHI through their poignant missive dated April 10, 2023. At the heart of this discourse stood a robust CREDAI-MCHI contingent, weaving perspectives to unravel the implications and latent advantages of the proposed alteration. The symphony resonated with the voices of Joint Secretaries Mr. Sunny Bijlani, Committee Members Mr. Munish Doshi, Mr. Ricardo Romell, Mr. Hussain Lalani, Mr. Aditya Patil, Mr. Manan Joshi and Mr. Manan Mehta, among others. The meetings continued, each a brushstroke on the canvas of Mumbai’s destiny. They underlined CREDAI-MCHI’s commitment to shaping a progressive urban landscape in partnership with the Government authorities, crafting a harmonious blend of vision and realism for Mumbai’s vibrant future. ANNUAL REPORT 2023 38 CREDAI-MCHI Welcome Shri. H. S. Sonawane on His New Role On June 7, 2023, the esteemed members of CREDAI-MCHI gathered to extend their heartfelt congratulations to Shri. H. S. Sonawane (I.A.S) on his well-deserved promotion to the distinguished position of Inspector General of Registration and Controller of Stamps for the Government of Maharashtra. This momentous occasion saw luminaries from both CREDAI-MCHI and the Government, including Joint IGR Shri. Nandkumar Katkar and Legal Officer Shri. Kale, coming together to celebrate this milestone. Past President Mr. Boman Irani, Hon. Secretary Mr. Dhaval Ajmera, Vice President Mr. Shailesh Puranik, Chairman of CREDAI-MCHI Navi Mumbai Mr. Vijay Lakhani, Member Mr. Abhishek Sharma, and COO Mr. Keval Valambhia represented CREDAI-MCHI at this significant gathering. Their presence symbolised unity and mutual support as Shri. H. S. Sonawane embarked on his noteworthy journey. This meeting showcased the spirit of collaboration and shared growth that defines CREDAI-MCHI, reinforcing the organisation’s commitment to fostering positive partnerships for a harmonious urban landscape. The participants, including Government dignitaries, botanic virtuosos, architectural luminaries, and ecological experts, congregated to shape a path toward seamless integration of green paradigms into Mumbai’s homes, shared spaces, and petite city plots. The collaboration unfolded as a beacon of innovation and convergence, etching a narrative of transformation in the city’s landscape. This symposium promises a greener, harmoniously nurtured urban legacy, with stakeholders uniting to paint Mumbai’s future in hues of verdant vitality.
39 CREDAI-MCHI Charts Future of Housing with ACS Housing On June 13, 2023, CREDAI-MCHI convened a pivotal meeting with Smt. Valsa Nair, Additional Chief Secretary of the Housing Department. Led by visionary President Mr. Domnic Romell, this symposium highlighted CREDAI-MCHI’s proactive role in shaping a dynamic new Housing Policy to address the multifaceted challenges in contemporary housing development. Vice President Mr. Shailesh Puranik, Hon. Joint Secretary Mr. Rushi Mehta, Navi Mumbai President Mr. Madan Jain, Chairman Mr. Vijay Lakhani, and eminent members Mr. Ricardo Romell and Mr. Hussain Lalani joined the vanguard of CREDAI-MCHI’s mission. Together, they explored subjects such as sustainability, affordability, infrastructure, student housing, and senior citizen living within the new Housing Policy. CREDAI-MCHI was entrusted with the task of architecting a comprehensive policy suggestions document, underlining its role as an advocate for innovation and insight in shaping the housing landscape. This meeting marked a significant step towards a transformative future in housing development. Developers, MahaRERA Meet on Real Estate Issues June 23, 2023, witnessed a landmark assembly of minds as Shri. Ajoy Mehta, Chairman of MahaRERA, and Shri. Mahesh Pathak (I.A.S.), engaged in a pivotal meeting with a consortium of developers and promoters. The meeting focused on addressing challenges gripping the real estate industry under MahaRERA’s purview.The discourse explored key issues such as regulatory processes, grant of approvals, and compliance standards. Shri. Ajoy Mehta and Shri. Mahesh Pathak demonstrated their commitment to responsive governance, emphasising the importance of dialogue, transparency and collaboration for a thriving real estate sector. This epochal meeting showcased the commitment of both developers and MahaRERA leadership to nurture a collaborative spirit for the holistic evolution of the real estate industry. CREDAI-MCHI, Mumbai Fire Brigade Team up on EV Charging August 4, 2023, marked a transformative chapter as CREDAIMCHI engaged in a crucial meeting with Chief Fire Officer Shri. Ravindra Ambulgekar and his adept team from the Mumbai Fire Brigade. The focus was on facilitating Electric Vehicle (EV) charging points within residential projects. CREDAI-MCHI championed adaptability, advocating for EV charging points across all parking levels while addressing concerns about lithium-ion battery-generated heat. This collaborative approach with the Mumbai Fire Brigade emphasised the importance of safety and compliance with aviation regulations. This meeting showcased CREDAI-MCHI’s dedication to dialogue that breeds progress and collaborations that pave the way for a sustainable real estate landscape. CREDAI-MCHI Joins Hands with Govt on Housing Progress On August 12, 2023, CREDAI-MCHI orchestrated a transformative assembly with Shri. Manoj Joshi, the esteemed Housing Secretary of the Government of India, and distinguished officials from the Delhi Development Authority. The mission was to sculpt the contours of housing evolution through collaborative discourse. Discussions covered topics like the Transfer of Development Rights (TDR) model, rehabilitation building maintenance, and the launch of PMAY-II. CREDAI-MCHI presented an array of transformative suggestions, highlighting the organisation’s commitment to shaping an inclusive, accessible and sustainable housing landscape. This historic assembly symbolises the synergy between industry leaders and Government officials, setting forth on a trajectory of collaborative evolution for the real estate sector.
ANNUAL REPORT 2023 40 Ready Reckoner Rates Unchanged for FY 2023-24 The Ready Reckoner Rates for FY 2023-24 will remain unchanged, as per a circular issued by the Revenue Department of the Government of Maharashtra on 31st March 2023. This decision comes after persistent efforts made by CREDAI-MCHI, and will provide relief to developers, homebuyers, and stakeholders in the real estate industry. We thank the Government for their support and cooperation. CREDAI-MCHI Successfully Secures 3-Year Extension in Premium Instalment Facility In a significant breakthrough, CREDAI-MCHI’s persistent representation and follow-up have yielded remarkable results. The Urban Development Department (UDD) has responded positively by issuing a circular granting a three-year extension to the instalment facility for premiums payable to the State Government. Heartfelt gratitude goes to Shri. Bhushan Gagrani, the Additional Chief Secretary of UDD, for his support and acceptance of our request. This decision is anticipated to bring much-needed relief to our industry. CREDAI-MCHI IMPACT
41 REPRESENTATION STATE Government No. or representations Departments/Authorities submitted Chief Minister 6 Dy. Chief Minister 7 Chief Secretary 2 MCGM 24 Urban Development Dept. 13 Revenue & Forest Dept. 4 Housing Dept. 6 SRA 10 Environment 9 Industries 1 MahaRERA 3 CIDCO 5 MHADA 7 Other Municipal Corporations 1 GST/Sales Tax 3 IGR 3 MLAs, MPs 3 Chief Fire Officer 1 Other Govt. Officials 2 Total 110 CENTRAL Government No. or representations Departments/Authorities submitted Finance 6 MoEF & CC 4 CBDT 1 Civil Aviation 1 Airport Authority of India 4 Total 16 State Government 110 Central Government 16 Total Representations 126
ANNUAL REPORT 2023 42 MahaRERA : 2023-24 MahaRERA Self-Regulatory Organisation (SRO) Meetings held at MahaRERA Bandra Office. 4 January 2023 CREDAI-MCHI had a detailed meeting with Shri. Ajoy Mehta, Chairman MahaRERA, Member-1, Shri. Mahesh Pathak (I.A.S.). CREDAI-MCHI was represented by Mr. Harish Gupta. • Discussion on Lapsed Projects • Delay in getting the MahaRERA registration number. 10 January 2023 Shri. Sanjay Deshmukh (Retd. IAS) gave details of Lapsed Projects, their cumulative value and possible reasons of falling in the lapsed project category. There are 5756 Projects, where MahaRERA registration has lapsed. MahaRERA has requested SROs to nominate 2 Super Senior Representatives (Senior Members) of the association for supervision of the initial assessment and to guide associations to connect with members whose projects are lapsed. 5 macro Brackets of lapsed projects were presented for the perusal of SROs and the brackets are as follows: - Bracket 1. Projects whose revival will not affect any rights of the Allottees. - Bracket 2. Projects where conciliation is needed between Promoters and Allottees. - Bracket 3. Projects where promoter requires intervention against competent authority/banks etc. - Bracket 4. Projects where the promoter is absconding/non-co-operative and allottees are ready to take on with the change of promoter. - Bracket 5. Projects where no solution is possible. CREDAI - Maharashtra suggested sharing the draft circulars with SROs for any suggestions to provide before publishing the Circular. 21 February 2023 MahaRERA had identified projects that are more than 70% complete in terms of physical progress but were lapsed as the time limit of such projects was over and the promoters have not applied for extension. SROs had offered a helping hand to take up the matter with the concerned promoter to find out viable solutions to complete such projects. Special conciliation benches were also created for this purpose by the SROs. MahaRERA had conducted a workshop on 21 Feb 2023 at Rang Sharda, Bandra to discuss various aspects that may come up for taking forward this initiative. Chairperson MahaRERA and Member 1 addressed the workshop and interacted with the participants. 16 May 2023 SRO Meeting under the Chairmanship of Shri. Sanjay Deshmukh. Discussion was on : 1. Project Rating 2. Display of QR Code in Promotions/Advertisements
43 9 Aug 2023 • SRO meeting with Shri. Arun Nandgaodaur • New rules of open house Meeting: a) Open house link will be open only on Tuesday for 24 hours. Only those members will be allowed to share their query who have filled the Google Form on Tuesday. b) Wednesday, all the SRO’s will study those applications and give it to the concerned departments where the scrutiny is pending. c) From 1st Aug 2023 the resubmissions shall be counted, if the application is resubmitted thrice, then they will be called in Open house meeting and will be guided about their query, even after that the application is resubmitted by the Promoter without proper compliance then he will be charged Penalty according to Order No. 32 of MahaRERA. MahaRERA Conciliation Meetings held at MahaRERA Bandra Office 15 December 2022 A meeting was held with Shri. Sanjay Deshmukh (Retd. IAS) & Adv. Mohun Rao, CREDAI-MCHI, CREDAIMaharashtra, NAREDCO & Mumbai Grahak Panchayat (MGP). CREDAI-MCHI were represented by Mr. Pritam Chivukula - Secretary, Mr. Keval Valambhia, Mr. Harish Gupta, Ms. Rajvi Choksi Shri. Sanjay Deshmukh (Retd. IAS) discussed on Lapsed Projects. Total value of housing of lapsed projects is Rs. 88,000 Crores. The total numbers of Lapsed Projects are 3049 out of which 1500 projects are with zero percent bookings. CREDAI-MCHI requested RERA if they can provide a reason of lapsed projects to effectively communicate with all the members. There are total 1800 projects in which mandatory forms are not uploaded by the Developers on RERA site. Notices on registered address with RERA and public notices in newspapers has been issued for lapsed projects and Valuers are appointed for on-site investigation which shall began on January 2023 if there is no revert of any notices issued by RERA. 6 Special Conciliation Bench to be formed amongst 3 SRO’s for lapsed projects. Conciliation hearings to be physical or virtual depending on the Conciliators. MGP suggest to distribute normal/regular conciliation cases equally in all benches. MahaRERA OPEN HOUSE Meetings: MahaRERA had initiated Open House Meetings through online session on Webex which is being held every Thursday at 3:00 pm. Every applicant who have their queries with regard to the pending registration & other issues have to fill in the Google Form with their application number and query to CREDAI-MCHI every Thursday. The query would be answered by MahaRERA technical person on all Fridays in the Open House Discussion.
ANNUAL REPORT 2023 44 Compliances: MahaRERA had provided a list of compliances - lapsed projects (123 projects), 2nd Show Cause Notice (1522 projects), Quarterly Progress report (QPR) (78 projects) to CREDAI-MCHI, the same was immediately complied by coordinating with our members through emails/calling them and informing to comply the same at the earliest and to update RERA accordingly with the Non-Compliance Project Proponents to upload Form 4, Form 5, Form 2A, Commencement Certificate (CC), Projects Expired, etc. Referred & Regular Conciliation held in 2023-24 1587 Settled 40% TOTAL NO OF CASES/HEARING’S HELD : Below are the CREDAI-MCHI conciliators who have settled maximum cases in this year Sr. No. Counciliators Name Settled Mr. Paras Gundecha Mr. Ashit Shah Mr. Rajnikant Ajmera Mr. Mohan Deshmukh Mr. Vijay Lakhani Mr. Bharat Chheda 32 27 23 23 22 19 1 2 3 4 5 (Mumbai Bench 6) (Palghar Bench 1) (Mumbai Bench 1) (Mumbai Bench 4) (Mumbai Bench 4) (Kalyan Dombivali Bench 2) MahaRERA Conciliation Forum
45 A FEW GLIMPSE OF MAHARERA VIRTUAL CONCILIATIONS
ANNUAL REPORT 2023 46 · Unprecedented success in terms of spot bookings, visitor turnout and policy deliberations · Over 60 thousand home buyers visited · 100 developers sold over half a million RERA carpet area India’s most trusted and exclusive property show in the MMR concluded its 30th edition after four successful days at MMRDA GROUND - BKC, Mumbai. The 2022 event witnessed record sales from exhibitors and an unprecedented number of visitors making the expo the most successful edition to date. Held under the patronage of CREDAI-MCHI – the apex body of MMR real estate, the expo grew, spanning 1 lakh square feet of exhibition halls, featuring over 100 real estate developers, and welcoming more than 60,000 participants looking for real estate investment opportunities across MMR The expo also witnessed many Government officials, bureaucrats and ministers, thousands of channel partners, real estate enthusiasts, developers, and bankers representing some of the biggest industry names welcomed at the four-day property show. The CREDAI-MCHI exhibition opening ceremony was inaugurated by Maharashtra’s CM Shri. Eknath Shinde. The event’s last day also witnessed many key dignitaries, including the Hon’ble Governor of Maharashtra and the Hon’ble Deputy Chief Minister of Maharashtra, visiting the exhibition. The 30th edition saw, for the first time, many international participants from Europe, America, and the Middle East. The Expo setup included the CSR Stall by CREDAI-MCHI Women’s Wing, which displayed the entire CSR activities undertaken by the Women’s Wing. CREDAI-MCHI Women’s Wing invited Vasantha Memorial Trust, Society for the Vocational Rehabilitation of the Retarded (S.V.R.R) , and Vallabhdas Dagara Indian Society (VDIS) for Mentally Challenged to participate in the Women’s Wings CSR stalls where they displayed hand made bags, Diya, purses, Toran, Sarees, Dresses the other articles made by the cancer survivor patients and Mentally Challenged Adults. CREDAI-MCHI Property Exhibition had an Exclusive press conference to introduce the ‘E-Registration System’ by the Government of Maharashtra was promoted for the Grand Property Expo. CREDAI-MCHI’S EXPO BRINGS FOCUS BACK TO STAMP DUTY AND PREMIUM REDUCTION
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ANNUAL REPORT 2023 CREDAI-MCHI HOSTS GRAND RETURN OF 20TH NATCON IN ABU DHABI In a triumphant comeback, the Confederation of Real Estate Developers’ Associations of India (CREDAI) hosted the 20th edition of its National Convention (NATCON) from November 11th to 13th, 2022, at Yas Island, Abu Dhabi. After a three-year hiatus, this illustrious event, India’s largest annual convention, attracted over 1200 delegates, marking a momentous occasion for the real estate industry. The inaugural session was graced by distinguished guests, including members of the UAE Royal Family, H.E. Sunjay Sudhir, Indian Ambassador to the UAE, and H.E. Swami Brahmavihari, Senior Priest of BAPS Swaminarayan Sanstha, lending unparalleled prestige to the event. The 20th NATCON featured prominent corporate leaders who shared their valuable insights. Notable speakers included Mr. Yusuff Ali, Chairman and Managing Director of Lulu Group, and Mr. PNC Menon, Founder and Chairman of Sobha Ltd. The convention also saw luminaries from diverse fields, such as former Indian cricket captain Mr. Sourav Ganguly and Bollywood star Mr. Farhan Akhtar, gracing the occasion. The event welcomed a diverse representation, with participants hailing from banking institutions, ancillary industries, and various media houses. Their active involvement underscored the convention’s pivotal role as a platform for knowledge exchange, collaboration, and exploring innovative ideas within the real estate industry. 48
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The prestigious CREDAI-MCHI and Spaciux Design Awards celebrated architectural brilliance and creativity during a grand event held at Sofitel BKC in Mumbai. This collaboration recognised the outstanding achievements of architects and designers, showcasing their excellence on January 24, 2023. The event attracted 112 architects from 12 different states across India, along with 19 eminent architects from the industry. Together, they celebrated the achievements of 35 winners across 11 diverse categories. WE-CONNECT, now established as a cutting-edge platform, facilitated connections between top innovators and esteemed architects. The gathering included Mumbai’s leading developers, architects, and industry players who engaged in discussions on a wide array of exclusive products and services with developer members. The ceremonial lamp was lit by esteemed figures, including Mr. Boman Irani, President Dhaval Ajmera, Secretary, Vice Presidents Mr. Domnic Romell and Mr. Sukhraj Nahar, Convener Procurement Wing Mr. Nimish Ajmera, Co-convener Mr. Nilesh Puranik, CREDAI-MCHI, Mr. Agnelorajesh Athaide, Chairman of SAVV Global, Mr. TD Joseph, Business Head, Mr. Keval Valambhia, COO, CREDAI-MCHI. The event witnessed the participation of renowned brands, including Title Partner Ozone Overseas Pvt Ltd, Powered by Partner Shreeji Woodcraft Pvt. Ltd., Godrej Locks & Architectural Fittings and Systems, Deceuninck Profiles India Private Limited, and Hindalco Industries Ltd. Associate Partners included CERA Sanitaryware Limited, JSW STEEL LTD, Sleek by Asian Paints Ltd., HYBEC, Exxaro Tiles Ltd, Dorset Industries Pvt Ltd, Fujitec India Pvt Ltd, Knest Manufacturers, Eco Ventures Private Limited, and Broker Network (4B Networks Private Limited). The CREDAI-MCHI and Spaciux Design Awards, now in their second edition, continue to be a beacon for recognising architectural excellence and fostering connections within the industry. This event highlights the dedication and innovation of architects while serving as a platform for collaboration and networking among industry professionals. CREDAI-MCHI AND SPACIUX DESIGN AWARDS HONOUR EXCEPTIONAL ARCHITECTS WITH WE-CONNECT 2.0 ANNUAL REPORT 2023 50