51 MPL 9 Concludes with B.Kandhari’s Hattrick Win and a Charitable Touch Mumbai, February 5 - The much-awaited CREDAI MCHI’s MPL 9 cricket event reached its thrilling conclusion with B.Kandhari clinching a remarkable hattrick win by defeating Ajmera by eight runs in a nail-biting finale. Special guest Suman Rao graced the closing ceremony, Femina Miss India 2019 & Miss World Asia 2019, among other dignitaries, including Jayashreerani Surve, Dy. Director of Town Planning & Valuation, and Shreegopal Kabra, Managing Director of RR Kabel. In a philanthropic gesture, CREDAI-MCHI donated a generous sum of Rs.2,01,000/- to the NGO Mumbai Mobile Crèche to support underprivileged children of construction labourers. The event included exhibition matches with Times group, CREDAI-MCHI Youth wing Vs. NAREDCO Nextgen, and CREDAI-MCHI Committee Vs. Advocates team, adding excitement to the festivities. The MPL 9, powered by RR KABEL and co-sponsored by Fairplay, KNEST Manufacturers LLP & Eco Ventures Pvt Ltd, was a sporting spectacle. Mumbai’s real estate fraternity gathered for cricket to strengthen relationships, showcase their sporting prowess, and contribute to charitable causes. MPL 9 GRAND CELEBRATION ON THE FINAL DAY OF MCHI PREMIERE LEAGUE PARTICIPATING TEAMS: WINNER MPL 9 TROPHY RUNNER UP Man of the match final match Man Of the Series Best Batsman Best Bowler KANDHARI KINGS AJMERA CRICKET CHAMP ARJUN DERANIA ADARSH AJMERA VIKRAM PAPAL MOSES BANDELA
ANNUAL REPORT 2023 PARTNERS Media Partner Powered By Holiday Partner Co-sponsor Fantasy Partner CSR Partner Health Partner Times Property Fairplay Vision 11 Mobile Creches Nanavati Max Super Specialty Hospital RR Kabel KNEST MANUFACTURES LLP Club Mahindra ECO Ventures Pvt. Ltd. 52
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55 CREDAI-MCHI AND L&T-SUFIN FORGE ALLIANCE TO REVOLUTIONIZE MUMBAI’S REAL ESTATE PROCUREMENT A transformative partnership has emerged as L&T-SuFin, the integrated platform for industrial product and service trade supported by Larsen & Toubro (L&T), signed a momentous Memorandum of Understanding (MoU) with the Confederation of Real Estate Developers’ Associations of India (CREDAI) - Maharashtra Chamber of Housing Industry (MCHI). The collaboration, announced on March 22, 2023, aims to establish a comprehensive digital marketplace for procurement within the Mumbai and Mumbai Metropolitan Region (MMR) real estate sector. Under this innovative alliance, CREDAI-MCHI members will gain seamless access to a wide spectrum of building and construction materials and associated services via the L&T-SuFin platform. This digital transformation promises convenience, cost-effectiveness, and unparalleled efficiency in the real estate procurement landscape. This groundbreaking partnership signals a remarkable leap towards a technologically advanced and streamlined future for Mumbai’s real estate industry. 55
INTERNATIONAL BIZNET 2.0: A RESOUNDING SUCCESS IN DUBAI The highly anticipated INTERNATIONAL BIZNET 2.0 event in Dubai surpassed all expectations, marking a triumphant three-day affair that brought together over 40 procurement members and 13 esteemed partners. The event commenced with an enriching visit to the RR Kabel Global Experience Centre, where cutting-edge innovations in the cable industry left participants thoroughly impressed and inspired. This unique experience set the tone for the subsequent networking and knowledge exchange days. Day one featured valuable one-on-one networking sessions, allowing attendees to forge a meaningful connections within the real estate industry. It was a day of collaboration and exploration, setting the stage for what would come—the second day commenced with a site visit to Sobha Heartland, offering the participants a firsthand glimpse into the meticulous planning and execution of this remarkable project. Insights into the real estate development process were gained, providing invaluable knowledge. Jaquar World was the next stop, showcasing a vast range of top-notch bathroom and lighting solutions. The visit reaffirmed Jaquar’s position as a leading brand in the industry. The day concluded with a splendid party hosted by the Dorset Industries Pvt Ltd, allowing the participants to unwind and celebrate in a spirit of camaraderie. INTERNATIONAL BIZNET 2.0 served as an outstanding platform for knowledge exchange, networking, and exploration of the latest innovations in the real estate industry. Attendees departed with enriched insights and valuable connections, eagerly anticipating the next edition of this prestigious event. The event’s resounding success was made possible through the unwavering support and participation of esteemed partners: Title Partner: Jaquar Group Powered by Partners: KNEST Aluform & Dorset Industries Pvt Ltd Associate Partners: Deceuninck, Everest, EVPL, Ishan Vastu, Johnson, Kalpataru, Life Fitness, Magpie, RR Kabel, RR Parkon 56 ANNUAL REPORT 2023
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GULF NEWS’ INDIA PROPERTY SHOW IN PARTNERSHIP WITH CREDAI-MCHI: A DUBAI TRIUMPH The highly anticipated India Property Show, presented by Gulf News in association with CREDAI MCHI, took centre stage at the Dubai World Trade Centre, captivating property enthusiasts and investors alike. This remarkable event showcased a diverse range of real estate offerings from India’s top developers, presenting attendees with exclusive opportunities to explore and invest in the thriving Indian property market. Over two days, the show attracted a substantial audience of Indian expatriates in Dubai and international investors eager to explore India’s real estate prospects. With the unwavering support of CREDAI MCHI, the event featured a wide array of residential and commercial projects catering to various budget preferences and investment objectives. Renowned developers offered special deals, discounts, and attractive payment plans, enhancing the event’s overall appeal. The India Property Show, in partnership with CREDAI-MCHI, undoubtedly emerged as a grand success, reaffirming the enduring allure of India’s real estate sector on the global stage. 58 ANNUAL REPORT 2023
CREDAI-MCHI PROCUREMENT X-CLUSIVE 3.0: A TRIUMPH IN FOSTERING COLLABORATION Title Partner: Asian Paints Limited Powered by Partners: Saint-Gobain India Pvt. Ltd. KALPATARU DOORS & PLYWOOD Associate Partners: EVEREST INDUSTRIES LTD PRINCE PIPES AND FITTINGS LIMITED ICARE Lift System, Life Fitness India, RR Kabel Global MYK ARMENT PRIVATE LIMITED, Vignaharta Technologies Pvt Ltd The highly anticipated CREDAI-MCHI Procurement Wing X-Clusive 3.0 event unfolded on July 12th, 2023, at the prestigious Sofitel Hotel in BKC, Mumbai. Drawing an impressive gathering of approximately 150 attendees, including Procurement, MEP and contract professionals, and developers, this event was a resounding success. The event commenced with esteemed dignitaries’ ceremonial lighting of the lamp, setting a tone of significance and collaboration. Attendees, including developers, contractors, suppliers, and stakeholders, engaged in one-on-one networking sessions, creating valuable connections and exploring mutually beneficial opportunities. The event’s highlight was the RED (Real Estate Dialogue) series, featuring a captivating session led by Shri. Tikam Jain, the esteemed CEO of the Lodha Group (Pune). Shri. Jain’s insights and industry trends shared during the interactive session garnered appreciation from attendees. X-Clusive 3.0 emerged as a remarkable success, igniting the spirit of collaboration within the real estate industry. Attendees praised the networking opportunities and the chance to engage with innovative partners, recognising future growth and collaboration potential. The event’s triumph paves the way for more impactful initiatives by the CREDAI-MCHI Procurement Wing, highlighting the industry’s commitment to embracing collaboration as a key driver of procurement success. CREDAI-MCHI Procurement Wing X-Clusive 3.0 has impacted the real estate industry, showcasing the potential for collaboration and networking. Its success in fostering connections and knowledge-sharing sets the stage for exciting opportunities in the realm of procurement and beyond. This achievement would not have been possible without the steadfast support and participation of esteemed partners: 59
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YOUTH WING INITIATIVE CREDAI-MCHI RED (Real Estate Dialogue) The CREDAI-MCHI Youth Wing conducted an engaging session with Shri. Milind Deora, former Minister of Information and Broadcasting. This event, held on November 8, 2022, at Hotel Sofitel in Bandra, witnessed an impressive turnout of over 50 Youth Wing members. Shri. Deora shared valuable insights on a range of topics, including Indian and international politics, Government ministries and forthcoming elections. The session was not only informative but also interactive, concluding on a delightful note with Shri. Deora strumming his guitar, creating a memorable experience for the Youth Wing members. The CREDAI-MCHI Youth Wing continued its impactful Red (Real Estate Dialogue) series with an event featuring Mr. Nibhrant and Mr. Dhimaan Shah, the entrepreneurial siblings behind Isprava and Lohono Stays. Held on January 16, 2022, at Hotel Sofitel in BKC, this session offered profound insights into their journey in the niche market of luxury living. The Shah brothers’ ventures, Isprava and Lohono Stays, have become synonymous with bespoke luxury living and hassle-free holiday home experiences. The discussion provided youth members with a focused and enlightening perspective on client interactions and landowner relations, offering a glimpse into the brand’s internal development. The CREDAI-MCHI Youth Wing celebrated the successful six-year journey of MahaRERA with a dynamic Red (Real Estate Dialogue) session. The event, held on May 9, 2023, at Hotel Sofitel in BKC, featured Shri. Ajoy Mehta, the esteemed Chairman of MahaRERA, for an interactive discussion. The event received an overwhelming response, with enthusiastic participants eager to engage with Shri. Ajoy Mehta and gain valuable insights into MahaRERA’s rules and regulations. The interactive format allowed attendees to directly interact with the Chairman, fostering a deeper understanding of the regulatory framework that governs the real estate industry. In a remarkable event held on June 20, 2023, at Hotel Sofitel, the Youth Wing had the privilege of hosting Dr. Niranjan Hiranandani, an illustrious titan in the real estate sector with over 45 years of industry expertise. His presence and wisdom elevated the session to new heights. Dr. Hiranandani’s captivating speech left a profound impact on the audience, where he shared his vision for urban development and communities. His dynamic leadership and insights were truly enlightening, earning heartfelt gratitude from the Youth Wing for his invaluable contributions. 61
Corridors of Power On September 9, 2022, the CREDAI-MCHI Youth Wing launched an educational programme titled ‘Corridors of Power’. The initiative aimed to provide insights into the functioning of Government departments. In its first phase, 20 dedicated members were selected to visit the Mantralaya, the centre of industry power. During the visit, members gained valuable knowledge about entry processes, organisational hierarchies, file approval procedures, and internal departmental operations within the Mantralaya. This immersive experience deepened their understanding of the dynamics shaping decision-making processes. The Youth Wing embarked on an enlightening visit to the MahaRERA office at BKC on May 11, 2023. The visit aimed to provide members with a comprehensive understanding of MahaRERA’s operational processes, particularly project registrations and complaint management systems. The members engaged with MahaRERA officials, gaining firsthand knowledge of the regulatory framework and procedural aspects governing the real estate industry. The visit emphasised the significance of compliance and transparency in ensuring a fair and trustworthy ecosystem for homebuyers. E&Y Team Up with CREDAI-MCHI for Youth Wing Ernst & Young (EY) joined hands with CREDAI-MCHI to present an impactful event, ‘The Master Class for Youth Wing’, held on March 16, 2023, at The Ruby, Dadar. Esteemed speakers Mr. Chaitanya Seth and Mr. Shashank Jain, possessing extensive experience in the real estate sector, shared insightful case studies and practical insights. The Master Class delved into critical topics such as reimagining cost strategies, process re-engineering, scientific scheduling, and real-world benchmarks for costeffective and timely project delivery. The collaboration between E&Y and CREDAI-MCHI underscores a shared commitment to equip the Youth Wing of the real estate industry with essential knowledge and skills, bridging theory and practice to drive future excellence. 62 ANNUAL REPORT 2023
63 ‘BIM Meets AI’ Talk Explores Innovation in Design The Youth Wing organised an inspiring event, ‘BIM Meets AI’, on August 10, 2023, held at Naman Chambers, BKC. This event marked a significant milestone in the realm of Design Technology, bringing together experts and enthusiasts to explore the intersection of Building Information Modeling (BIM) and Artificial Intelligence (AI). Distinguished speakers, including Mr. Chirag Dedhia and Ar. Raj Vaswani, illuminated the audience with their expertise. The event garnered an overwhelming response, showcasing the industry’s eagerness for knowledge and innovation. The convergence of BIM and AI served as a platform for exploring transformative possibilities in design technology. Youth Wing’s Social Gathering Promotes Camaraderie The Youth Wing organised an exhilarating social gathering on August 3, 2023, at Smaaash Bowling. This event provided a vibrant platform for youth members to come together, fostering camaraderie, relaxation, and meaningful connections. Amidst the lively bowling alleys, youth members shared laughter, engaged in friendly competition, and built bonds beyond the workplace. The gathering exemplified the Youth Wing’s commitment to holistic experiences and community-building, shaping the future of the real estate and the construction industry.
64 CREDAI-MCHI’s Legal Pursuits in Real Estate CREDAI-MCHI, the vanguard of the Mumbai Metropolitan Region’s real estate industry, has consistently demonstrated its commitment to safeguarding the interests of its members and fostering an environment of legality, fairness and transparency. This section delves into CREDAI-MCHI’s legal endeavours, showcasing its relentless pursuit of justice, clarity and integrity within the real estate landscape. Victory for CREDAI-MCHI in Flamingo, SGNP ESZ Case In a significant legal triumph, CREDAI-MCHI secured a favourable verdict from the Hon’ble Supreme Court, bringing 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 order, dated June 3, 2022, initially imposed a 1 km restriction on new developments within these zones. Taking proactive measures, CREDAI-MCHI, under the leadership of its President Boman Irani, filed an Intervention Application seeking clarification and confirmation of the notifications defining the ESZ boundaries. On September 23, 2022, the Supreme Court, led by Justice Gavai, issued a clarifying judgment. It stated that the 1 km restriction would not apply to SGNP and TFS, as final notifications for these ESZs had already been issued on December 5, 2016, and October 14, 2021, respectively. CREDAI-MCHI’s Legal Battle Continues In the realm of legal challenges, CREDAI-MCHI has initiated a legal battle against the Ready Reckoner Rates (RR Rates) for the period spanning September 12, 2020, to March 31, 2021 (RR Rates for 20- 21). The association filed Writ Petition 8691 of 2021 in the Hon’ble High Court, contesting the land rates depicted in the Annual Statement of Rates (ASR), commonly known as RR Rates. CREDAI-MCHI’s petition argues that these rates have been calculated in a manner that contravenes the law, alleging arbitrariness, illegality, vagueness, unreasonableness, unfairness and actions against the public interest. The legal team has diligently completed the necessary pleadings. Furthermore, CREDAI-MCHI has also challenged the RR Rates for 23-24, citing unscientific and arbitrary calculations that defy the stipulations of the Stamp Act. The legal team, with Senior Advocate Mr. Girish Godbole, is prepared for the legal proceedings related to both petitions. Land Use Change: Collaborative Legal Endeavour 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. CMDWA, supported by CREDAI-MCHI, filed an Intervention/Implement Application in favour of the High Court’s findings, reinforcing the unconstitutionality of Rules 20, 21, and 22. The legal team, consisting of prominent Counsel Mr. Darius Khambata, Mr. Kunal Vajani, and Mr. Chirag Shroff, represented CMDWA effectively. Senior Counsel Mr. Darius Khambata argued CMDWA’s case in the Hon’ble Supreme Court, which culminated in a judgment on November 7, 2022. The Supreme Court ruled that Rules 20, 21, and 22 were contrary to the law and acted as deterrents to redevelopment projects under DCR 33(7). Consequently, these rules were struck down, and MCGM was directed to re-fix the capital value. Responding to this judgment, MCGM filed a Review Petition, which was subsequently dismissed on March 14, 2023, by Chief Justice C. J. Chandrachud bench of the Supreme Court. This legal battle exemplifies CREDAI-MCHI’s commitment to upholding the interests of its members and ensuring fairness within the industry. LEGAL UPDATES ANNUAL REPORT 2023
65 CSR ACTIVITY Promoting Homebuyer Experience: CSR Initiatives by CREDAI-MCHI In a commendable display of corporate social responsibility, CREDAI-MCHI and its member groups have undertaken initiatives to revamp Sub Registrar offices, with a shared goal of enhancing the homebuyer experience. These efforts reflect a commitment to providing a pleasant and stress-free environment for customers as they embark on their journey to own their dream homes. CREDAI-MCHI has a longstanding commitment to improving the society by enhancing facilities, infrastructure, and ambiance for homebuyers and upgrading Government resources. To achieve this objective, developer members of CREDAI-MCHI, including Mr. Boman Irani, CMD, Rustomjee Group, Mr. Rajnikant Ajmera, MD & Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra Pvt Ltd., Mr. Deepak Goradia, CMD, Dosti Realty Ltd, Mr. Cyrus Mody, Promoter & Managing Partner Viceroy Properties, among others, have successfully completed and initiated the establishment of upgraded offices in various micro-markets across Mumbai. This initiative was proposed by the current CREDAI President and immediate Past President of CREDAI-MCHI, Mr. Boman Irani. He offered this initiative to the then Inspector General of Registration, Shri. Shravan Hardikar, who accepted and approved the idea. Prabhadevi Sub Registrar Office Transformation by Rustomjee and CREDAI-MCHI The Prabhadevi Sub Registrar office in Mumbai has been revitalised through a collaborative effort between Rustomjee and CREDAI-MCHI. The Ajmera Group has joined hands with CREDAI-MCHI to redesign and renovate the Sub Registrar office in Chembur. So far, we have initiated and completed upgrades for five sub-registrar offices in locations including Prabhadevi, Chembur, Thane, Bhivandi, Maga Thane, and Borivali. Our plan is to continue upgrading sub-registrar offices within the MMR Region to better support homebuyers. The initiative aims to provide improved facilities for homebuyers and sub-registrar office employees within the MMR On average, we have spent approximately 30 to 35 Lakhs Rupees on each office upgrade. These CSR initiatives serve as exemplary instances of businesses assuming social responsibility and making a positive impact on society. By prioritising the homebuyer experience and contributing to the well-being of their communities, CREDAI-MCHI and its partnering groups set a noteworthy standard for corporate engagement.
Scholarship Cheques Gifted to Students Under the benevolent umbrella of CSR activities, the CREDAI-MCHI Women’s Wing extended a helping hand to deserving students pursuing higher education. On September 14, 2022, a heartwarming ceremony was held at the CREDAI-MCHI office where Education Scholarship Cheques were presented to bright students from various esteemed institutions. A total sum of INR 5,95,000 was disbursed, benefitting 28 promising scholars from institutions such as Anjuman I Islam Kalsekar Technical College, CTES College, Thakur College of Engineering, M.H. Saboo Siddik College of Engineering, Pravin Patil College of Diploma Engineering and Technology, Datta Meghe College of Engineering, Shree L R Tiwari College of Engineering, and A. P. Shah Institute of Technology. This gesture not only acknowledges their dedication to academic excellence but also paves the way for their brighter futures. UJJWAL “Brighter Tomorrow” Program Uplifts Student Dreams Mumbai, April 8, 2023 - The CREDAIMCHI Women’s Wing, renowned for its commitment to nurturing talent and empowering youth, embarked on the third leg of the UJJWAL “Brighter Tomorrow” programme. This unique initiative is dedicated to providing students with educational opportunities and real-world experiences beyond the confines of the classroom. On November 5, 2022, the program extended a valuable learning experience to Civil Engineering and Architecture students. These scholars, who had received scholarships for the academic year, were invited to embark on an enlightening site tour at Marathon Nexzone, Panvel. The tour was an eyeopener, allowing these aspiring engineers and architects to witness first-hand the intricacies of real-world construction practices. The experience broadened their horizons and ignited their passion, inspiring them to pursue their dreams with renewed enthusiasm. WOMEN’S WING: COMMITTED TO CSR 66 ANNUAL REPORT 2023
Health Camp CREDAI-MCHI Women’s Wing Empowers Labourers with Health and Awareness Initiatives In a heartfelt display of community dedication, the CREDAI-MCHI Women’s Wing has taken significant strides to support the often-overlooked heroes of the construction industry - the labourers. Through a series of impactful Health Camps conducted in collaboration with the Vasantha Memorial Trust, the Women’s Wing has provided essential health services and ignited awareness on critical issues such as cancer prevention, dental hygiene, and overall well-being. The journey of these Health Camps began with a sense of optimism and hope, symbolising a commitment to those who build our cities. Labourers gathered to receive essential care and knowledge, transcending boundaries and fostering a spirit of unity and support. In these acts of compassion, the Women’s Wing extended its hand to the labourers, emphasising their well-being as a top priority. These events transcended clinical examinations; they became symbols of warmth and care, encapsulated by the distribution of Solapuri chaddars. Each camp held its unique significance. In Dombivali, the focus shifted to cancer awareness, with laborers engaging in thought-provoking discussions led by Dr. Jayalaxmi Krishnan. Her motivational talks left a lasting impact, inspiring workers to quit tobacco. Once again, Solapuri chaddars became a symbol of comfort and support. In a subsequent endeavour, the CREDAI-MCHI Women’s Wing continued its mission to guide and support students on their educational journeys through the UJJWAL “Brighter Tomorrow” program. On April 8, 2023, the Women’s Wing organised an engaging site tour for Civil Engineering and Architecture students, this time at Dosti West County in Thane. Led by Ms Sejal Goradia, Vice Chairperson of the Women’s Wing, the students were warmly welcomed and taken on an insightful tour by Senior Civil Engineer Mr. Amit Pathak and his dedicated team. This interactive experience allowed the students to gain practical insights into real-world construction practices. The tour concluded with an engaging Q&A session, allowing students to seek clarity and deepen their understanding. The CREDAI-MCHI Women’s Wing is a beacon of hope and support for these young minds, guiding them towards a “Brighter Tomorrow” filled with opportunities and boundless possibilities. 67
The calendar continued to mark significant moments. Panvel witnessed over 450 construction labourers enthusiastically participating in a Health Camp encompassing medical check-ups and motivational talks. This demonstrated the Women’s Wing’s unwavering commitment to labourer’s well-being. National Safety Day was celebrated, emphasizing the importance of health and safety through a short film on cancer awareness. This commitment to safety resonated with the laborers, reinforcing the significance of these initiatives. A holistic approach was adopted in Goregaon, combining a Cancer Awareness Health Camp with a rejuvenating yoga session. Over 150 construction laborers benefited from medical check-ups and a transformative yoga experience, underscoring the importance of holistic health. In Malad, a comprehensive Routine Medical check-up camp offered a wide range of health services, attended by more than 200 labourers. It was a resounding success, highlighting the impact of such initiatives. Chembur witnessed an Oral Dental check-up camp, Deaddiction Talk, and Yoga Session, emphasising holistic health for laborers. Over 60 construction labourers participated, reflecting the enduring commitment to their well-being. International Yoga Day was celebrated at Trilogy Developers - Vishwa Sangam site in Ghatkopar. The event included an Oral Dental Check-Up Camp and a yoga session, with approximately 50 labourers prioritising their health and well-being. The Women’s Wing’s unwavering commitment persisted, with a Health Camp in Chembur seeing enthusiastic participation from over 75 construction labourers. Through these Health Camps, the CREDAI-MCHI Women’s Wing has become a beacon of hope and support for labourers who tirelessly contribute to building our cities. It’s a story of empathy, empowerment, and fostering awareness - a narrative that reflects the enduring commitment of the Women’s Wing to the well-being of the community. 68 ANNUAL REPORT 2023
World No Tobacco Day Marked in Byculla On May 31, 2023, the CREDAI-MCHI Women’s Wing marked World No Tobacco Day with a remarkable event at the Monte South site in Byculla. This initiative saw an impressive turnout of 400 labourers who actively participated. The event was a poignant reminder of the harmful and deadly consequences of tobacco use. It served as an educational platform to raise awareness about the perils of tobacco and encourage a tobaccofree lifestyle. A Heart-warming Get-Together with Labourer Kids The Women’s Wing of CREDAI-MCHI created heart-warming memories at the Ajmera Group site in Wadala on July 26, 2023. A special get-together was organised with children from the Wadala Day Care Centre, bringing joy and learning in their lives. The event featured a delightful programme with a puppet show, rhymes, songs, and fun activities. Thirty-one children participated, and the members distributed teaching aids, gifts and snacks, and awarded prizes. The children actively engaged with the members and expressed their gratitude through beautiful Thank You cards. ‘Organize with Ease’ Workshop for Members On September 6, 2022, the Women’s Wing organised a workshop titled “Organise with Ease” for its members at Monte South. The workshop was conducted by Ms. Rohini Rajagopalan, a certified professional organiser. It aimed to impart valuable organisational skills, helping members streamline their lives and spaces for greater efficiency and harmony. 69
Navratri Celebration with Garba Maestros The CREDAI-MCHI Women’s Wing celebrated the vibrancy of Navratri on September 23, 2022, with renowned Garba maestros, Jigar Soni and Suhrad Soni, at NSCI, Worli. The colourful evening was filled with song, music and dance, bringing joy to the hearts of all attendees, including the Managing Committee members and Youth Wing members. International Women’s Day Celebration On March 10, 2023, the Women’s Wing extended a warm welcome to the female staff of CREDAIMCHI, celebrating International Women’s Day with enthusiasm. The event featured engaging game sessions led by Ms. Anuradha Shah and Ms. Sonal Shah, followed by a delightful Chaat session and surprise gifts. This heart-warming celebration highlighted the Women’s Wing’s commitment to empowering and recognising the vital role of women in the organisation. These diverse activities showcase the CREDAI-MCHI Women’s Wing’s dedication to fostering a healthy, happy, and empowered community. Each event represents a unique facet of their commitment to social welfare, education, and well-being. 70 ANNUAL REPORT 2023
MANAGING COMMITTEE MEMBER’S ATTENDANCE Mr. Boman R. Irani 9 Mr. Deepak Goradia 9 Mr. Ajay Ashar 1 Mr. Domnic Romell 9 Mr. Shri.kant Joshi 0 Mr. Jayesh Shah 6 Mr. Shailesh Puranik 7 Mr. Parag Shah 0 Mr. Sukhraj Nahar 7 Mr. Dhaval Ajmera 9 Mr. Pritam Chivukula 9 Mr. Shahid Balwa 0 Mr. Parag Munot 0 Mr. Raajesh Prajapati 8 Dr. Adv. Harshul Savla 7 Mr. Parth Mehta 7 Mr. Pratik Patel 3 Mr. Tejas Vyas 7 Mr. Mukesh Patel 5 Mr. Harish Patel 4 Mr. Nainesh Shah 8 Mr. Bandish Ajmera 3 Mr. Sandeep Raheja 0 Mr. Subodh Runwal 0 Mr. Rasesh Kanakia 0 Mr. Deepak Gundecha 4 Mr. Gurminder Singh Seera 8 Mr. Sunny Bijlani 6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 During the year April 2022 to March 2023 9 Managing Committee Meetings have taken place. Sr. No. Name No of Meetings Attended 71
CREDAI-MCHI MEMBERSHIP STRENGTH Corporate Members 54 Patron Members 150 Life Members 110 Ordinary Members 1 Enterprise Member 40 Associate Members 77 RERA Membership 1738 Institutional Membership 8 Professional Membership 7 Total Members 2185 Membership April 2021 to March 2022 CREDAI-MCHI Units 840 Members Patron Membership (Life Time) Corporate Membership (Valid for 10 years) Enterprise Membership (Valid for 3 years) Associate Membership (Validity corresponds to its Main Category Membership) Institutional Membership (Banks, NBFCs, HFCs, etc. & its validity is for 7 years) Professional Membership (Architects & Interior Designers & its validity is for 3 years) 72 ANNUAL REPORT 2023
AUDITOR’S REPORT 2022-2023 73
AUDITOR’S REPORT REPORT OF AN AUDITOR RELATING TO ACCOUNTS AUDITED UNDER SUBSECTION (2) OF SECTION 33 & 34 AND RULE 19 OF THE BOMBAY PUBLIC TRUSTS ACT. -------------------------------------------------------------------------------------------------------------- Registration No. : F-8096 (Mumbai) Name of the Public Trust : Maharashtra Chamber of Housing Industry For the year ending : 31st March, 2023 (a) Whether accounts are maintained regularly and in accordance with the provisions of the Act and the rules; Yes (b) Whether receipts and disbursements are properly and correctly shown in the accounts ; Yes (c) Whether the cash balance and vouchers in the custody of the manager or trustee on the date of audit were in agreement with the accounts ; Yes (d) Whether all books, deeds, accounts, vouchers or other documents or records required by the auditor were produced before him ; Yes (e) Whether a register of movable and immovable properties is properly maintained, the changes therein are communicated from time to time to the regional office, and the defects and inaccuracies mentioned in the previous audit report have been duly complied with ; No (f) Whether the manager or trustee or any other person required by the auditor to appear before him did so and furnished the necessary information required by him ; Yes (g) Whether any property or funds of the Trust were applied for any object or purpose other than the object or purpose of the Trust ; No (h) The amounts of outstanding for more than one year and the amounts written off, if any ; Rs. 5,819/- (Written Off ) 74 ANNUAL REPORT 2023
(i) Whether tenders were invited for repairs or construction involving expenditure exceeding Rs. 5,000/- ; N.A. (j) Whether any money of the public trust has been invested contrary to the provisions of Section 35 ; No (k) Alienations, if any, of the immovable property contrary to the provisions of Section 36 which have come to the notice of the auditor ; No (l) All cases of irregular, illegal or improper expenditure, or failure or omission to recover monies or other property belonging to the public trust or of loss or waste of money or other property thereof, and whether such expenditure, failure, omission, loss or waste was caused in consequence of breach of trust or misapplication or any other misconduct on the part of the trustees or any other person while in the management of the trust ; No (m) Whether the budget has been filed in the form provided by rule 16A ; Yes (n) Whether the maximum and minimum number of the trustees is maintained ; Yes (o) Whether the meetings are held regularly as provided in such instrument ; Yes (p) Whether the minute books of the proceedings of the meeting is maintained; Yes (q) Whether any of the trustees has any interest in the investment of the trust ; No (r) Whether any of the trustees is a debtor or creditor of the trust ; No (s) Whether the irregularities pointed out by the auditors in the accounts of the previous year have been duly complied with by the trustees during the period of audit ; Yes 75
76 (t) Any special matter which the auditor may think fit or necessary to bring to the notice of the Deputy or Assistant Charity Commissioner ; Refer Notes to Accounts For J. H & Co. Chartered Accountants FRN NO.: 115320W Sd/- (JATIN L. SHAH) Partner M. No. : 046320 Place : Mumbai Date : 18th September 2023 ANNUAL REPORT 2023
Name of the Public Trust : MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Balance Sheet as on : 31st March, 2023 31.03.2022 (Rs.) FUNDS & LIABILITIES 31.03.2023 (Rs.) 31.03.2023 (Rs.) 31.03.2022 (Rs.) PROPERTY AND ASSETS 31.03.2023 (Rs.) 31.03.2023 (Rs.) 148,531,762 Corpus Fund 148,531,762 Fixed Assets : - Add: Transfer from Income and Exp. A/c - 148,531,762 12,655,125 Balance as per last Balance Sheet 12,087,764 148,531,762 953,857 Add : Addition during the year 201,239 1,822 Less: Deduction during the year - 13,607,160 12,289,003 90,159,152 Earmarked Fund (Schedule - I) 105,478,156 1,519,396 Less : Depreciation (Schedule- V) 1,399,355 10,889,648 12,087,764 Investments : Current Liabilities Fixed Deposits with HDFC Ltd. 972,137 Deposits & Advances Received (As per Schedule- II) 1,098,040 201,588,208 Opening Balance 223,715,313 174,140 Sundry Creditors (As per Schedule- III) 20,363 22,127,106 Add: Additions / Interest during the year 28,705,686 892,911 Other Current liabilities (As per Schedule - IV) 833,496 1,951,899 - Less: Deductions during the year - 2,039,188 223,715,313 252,420,999 Income & Expenditure Account : Current Assets, Loans & Advances 23,004,558 Balance as per last Balance Sheet 35,538,477 1,917,669 a) Sundry Debtors (As per Schedule - VI) 1,783,220 12,533,920 Add:Surplus as per Income & Exp. A/c 13,388,659 22,282,672 b) Loans, Advances & Deposits (As per Schedule VII) 16,846,047 - Less: Deficit as per Income & Exp. A/c - 6,012,881 c) Other current assets (As per Schedule - VIII) 8,060,105 35,538,477 48,927,137 10,252,281 d) Cash & Bank Balances (As per Schedule IX) 14,888,935 276,268,580 T O T A L 304,888,954 276,268,580 T O T A L 304,888,954 As per our report of even date For J. H & Co. For Maharashtra Chamber of Housing Industry Chartered Accountants FRN No. 115320W Shri. Jatin L. Shah Sd/- Sd/- Sd/- Partner President Hon.Secretary Treasurer M No. 046320 Place : Mumbai Place : Mumbai Date: 18th September 2023 Date : 18th September, 2023 The Bombay Public Trusts Act, 1950 Registration No.F-8096 (Mumbai) 77
31.03.2022 (Rs.) E X P E N D I T U R E 31.03.2023 (Rs.) 31.03.2022 (Rs.) I N C O M E 31.03.2023 (Rs.) To Establishment Expenses : 25,524,904 By Membership Income (Schedule- X) 30,374,644 14,301,821 Salary 18,366,018 (378,877) Surplus / (Deficit) from Events & Other Activities (Schedule- XI) 686,338 27,050 Advertisement & Promotional Expenses 3,398,100 - Surplus / (Deficit) from Real Estate Certification Courses (Schedule- XII) 394,000 2,493,286 Retainer Fees (PR agency) 2,064,200 - Other Contributions by members 1,000,000 2,476,590 Professional Fees 1,729,000 376,250 Income from membership share (Other CREDAI units) 235,250 1,519,396 Depreciation (Schedule- V) 1,399,355 12,153,020 Interest on Fixed Deposit 13,385,947 720,400 Membership Fees 686,650 188,430 Interest on Income Tax Refund 768,843 674,466 Society Maintenance 657,020 213 Miscellaneous Income 4,026 447,700 Electricity Charges 651,090 233,698 Reimbursement of Expenses - 160,000 Support charges 640,000 205,930 Travelling & Conveyance 560,562 400,217 Annual Maintenance Charges 520,642 120,000 Creative Design Charges 445,500 128,547 Printing & Stationery 258,277 92,561 Office Cleaning Expenses 190,639 208,122 Software Expenses 154,919 248,826 Gifts & Articles 148,459 348,000 Website Maintenance charges - 74,827 Catering & Food Charges 200,150 66,765 Staff Welfare Expenses 124,405 75,360 General Office Expenses 104,745 - Trademark Expenses 81,000 170,001 Video and Tele Conferencing Expenses 77,700 50,000 Audit Fees 75,000 75,131 Meeting / Conferences 73,130 31,461 Translation & Transcription Charges 71,869 41,088 Festival Expenses 63,266 55,208 Telephone Charges 60,276 The Bombay Public Trusts Act, 1950 Registration No.F-8096(Mumbai) Name of the Public Trust : MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Income and Expenditure Account for the year ending 31st March, 2023 78 ANNUAL REPORT 2023
31.03.2022 (Rs.) E X P E N D I T U R E 31.03.2023 (Rs.) 31.03.2022 (Rs.) I N C O M E 31.03.2023 (Rs.) The Bombay Public Trusts Act, 1950 Registration No.F-8096(Mumbai) Name of the Public Trust : MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Income and Expenditure Account for the year ending 31st March, 2023 161,550 Repairs & Maintenance - 28,364 Statutory Payments (Schedule- XIII) 422,472 161,051 Other office expenses (Schedule- XIV) 235,946 12,533,920 Net Surplus over to Balance Sheet 13,388,659 38,097,638 T O T A L 46,849,048 38,097,638 T O T A L 46,849,048 As per our report of even date For J. H & Co. For Maharashtra Chamber of Housing Industry Chartered Accountants FRN No. 115320W Shri. Jatin L. Shah Sd/- Sd/- Sd/- Partner President Hon.Secretary Treasurer M No. 046320 Place : Mumbai Place : Mumbai Date: 18th September 2023 Date : 18th September, 2023 79
Maharashtra Chamber of Housing Industry Schedule forming part of Balance Sheet as on 31st March 2023 Sr. No 31.03.2022 (Rs.) Particulars 31.03.2023 (Rs.) 31.03.2023 (Rs.) I. Building and Research Fund 72,300,000 Balance as per Last Balancesheet 72,300,000 - (+) Addition during the year - - (-) Utilization during the year - 72,300,000 Closing balance 72,300,000 II. MCHI Legal Fund Acccount 10,820,839 Balance as per Last Balancesheet 16,008,214 19,538,644 (+) Collections during the year 25,879,629 14,351,269 (-) Utilization during the year 10,854,690 16,008,214 Closing balance 31,033,153 III. Covid-19 Relief Fund 709,288 Balance as per Last Balancesheet 709,738 516,350 (+) Collections during the year - 515,900 (-) Utilization during the year - 709,738 Closing balance 709,738 IV. MCHI Labour (Site Workers) Welfare Fund Account 12,000 Balance as per Last Balancesheet 96,000 84,000 (+) Collections during the year 150,000 - (-) Utilization during the year 173,190 96,000 Closing balance 72,810 V. Education Scholarship Fund 500,000 Balance as per Last Balancesheet 187,000 417,000 (+) Collections during the year 818,860 730,000 (-) Utilization during the year 595,000 187,000 Closing balance 410,860 VI. MCHI Other Earmarked Fund 550,000 Balance as per Last Balancesheet 550,000 100,000 (+) Collections during the year - 100,000 (-) Utilization during the year - 550,000 Closing balance 550,000 VII. MCHI Health Care Fund - Balance as per Last Balancesheet - 317,414 (+) Collections during the year - 317,414 (-) Utilization during the year - - Closing balance - VIII. Children Education, Health & Recreation Fund - Balance as per Last Balancesheet 308,200 325,000 (+) Collections during the year 525,000 16,800 (-) Utilization during the year 431,605 308,200 Closing balance 401,595 IX. 75th Independence Day - Har Ghar Tiranga Campaign - Balance as per Last Balancesheet - - (+) Collections during the year 1,925,000 - (-) Utilization during the year 1,925,000 - Closing balance - X. 90,159,152 Total Earmarked Fund closing balance ( I + II + III + IV + V + VI + VII + VIII + IX ) 105,478,156 Schedule - I Earmarked Fund 80 ANNUAL REPORT 2023
Sr. No Name Amount (Rs.) A. Deposits : 1 Chandralalchand Karani 400,000 2 Damayanti L. Karani 400,000 3 Larsen & Toubro Limited -Realty Division PMC 51 4,237 4 Hubtown Ltd [ PM - C- 3] 2,500 5 Others 12,902 Sub total (A) 819,639 B. Advances : 1 Advances received for MahaRERA project registration 278,401 Sub total (B) 278,401 Total ( A + B ) 1,098,040 Sr. No Name Sub Total 1 Vodafone Idea Limited 20,363 Total 20,363 Sr. No Name Sub Total 1 TDS 444,943 2 GST 373,953 3 Employees Contribution of PF Payable 14,400 4 Profession Tax 200 Total 833,496 Maharashtra Chamber of Housing Industry Deposits & Advances Received as on 31st March, 2023 Other Current Liabilities as on 31st March, 2023 Schedule - III Sundry Creditors as on 31st March, 2023 Schedule - IV Schedule - II Schedules forming part of Balance Sheet as on 31st March 2023 81
Op. Balance Sale during WDV NO. Dep. (%) as on 01.04.22 Upto 02.10.22 After 02.10.22 the year as on 31.03.2023 Full Year Half Year Total as on 31.03.23 1 Furniture & Fixtures 10% 425,539 - - - 425,539 42,554 - 42,554 382,985 2 Office Premises 10% 10,248,308 - - - 10,248,308 1,024,831 - 1,024,831 9,223,477 Sub Total 10% 10,673,847 - - - 10,673,847 1,067,385 - 1,067,385 9,606,462 3 Air conditioner 15% 419,020 - 419,020 62,853 - 62,853 356,167 4 Fire Extinguisher 15% 4,871 - - - 4,871 731 - 731 4,140 5 Attendance System 15% 3,982 - - - 3,982 597 - 597 3,385 6 Office Equipments 15% 125,812 - - - 125,812 18,872 - 18,872 106,940 7 Telephone 15% 4,069 - - - 4,069 610 - 610 3,459 8 EPABX Telephone 15% 70,548 - - - 70,548 10,582 - 10,582 59,966 9 Fire Fighting System 15% 38,281 - - - 38,281 5,742 - 5,742 32,539 10 Sound System 15% 113,539 - - - 113,539 17,032 - 17,032 96,507 11 UPS-Battery Back up Machine 15% 5,287 - - - 5,287 793 - 793 4,494 12 LG LED 4K HDR Television 15% 36,272 - - - 36,272 5,441 - 5,441 30,831 13 CCTV Camera 15% 39,215 - - - 39,215 5,882 - 5,882 33,333 14 USB Camera 15% 104,062 - - 104,062 15,609 - 15,609 88,453 15 Wireless Mic Set 15% 18,962 - - 18,962 2,844 - 2,844 16,118 16 Samsung TAB S8 Plus 128 GB 15% 0 73,729 - 73,729 11,059 - 11,059 62,670 Sub Total 15% 983,920 73,729 - - 1,057,649 158,647 - 158,647 899,002 SR Name of the Asset Rate of Depreciation** Maharashtra Chamber of Housing Industry (Accounting year 2022-2023) FIXED ASSETS SCHEDULE FOR THE YEAR 31.03.2023 Schedule "V" ( Amounts in Rs. ) GROSS BLOCK Balance Additions Schedule forming part of Balance Sheet as on 31st March 2023 82 ANNUAL REPORT 2023
Op. Balance Sale during WDV NO. Dep. (%) as on 01.04.22 Upto 02.10.22 After 02.10.22 the year as on 31.03.2023 Full Year Half Year Total as on 31.03.23 SR Name of the Asset Rate of Depreciation** Maharashtra Chamber of Housing Industry (Accounting year 2022-2023) FIXED ASSETS SCHEDULE FOR THE YEAR 31.03.2023 Schedule "V" ( Amounts in Rs. ) GROSS BLOCK Balance Additions Schedule forming part of Balance Sheet as on 31st March 2023 17 Computers 40% 66,039 40,660 69,100 - 175,799 42,680 13,820 56,500 119,299 18 Computer Accessories 40% 365 - - - 365 146 - 146 219 19 Software of Smart Card Reader 40% 389 - - - 389 156 - 156 233 20 Printers 40% 17,347 - - - 17,347 6,939 - 6,939 10,408 21 Softwares 40% 106,788 17,750 - - 124,538 49,815 - 49,815 74,723 Sub Total 40% 190,928 58,410 69,100 - 318,438 99,736 13,820 113,556 204,882 22 Website Development 25% 29,069 - - - 29,069 7,267 - 7,267 21,802 23 Mobile and CMS Application 25% 210,000 - - - 210,000 52,500 - 52,500 157,500 Sub Total 25% 239,069 - - - 239,069 59,767 - 59,767 179,302 TOTAL 12,087,764 132,139 69,100 - 12,289,003 1,385,535 13,820 1,399,355 10,889,648 Notes :- ** For more than 180 days Full year For less than 180 days Half year Depreciation for Purchase of New Asset : 83
Schedule -VI Sr. No. Party's Name Amount (Rs.) 1 Sai Estate Consultants Chembur Pvt. Ltd. 1,305,000 2 Nirmal Lifestyle Limited 236,000 3 Nirmal Lifestyle Limited PM- 10 212,250 4 IT Aakash Strategic Software Private Limited 8,800 5 Mr. Dharmesh Jain [PM 10] 4,500 6 Nirmal Developers (LM-C 107) 4,500 7 Nirmal Lifestyle (Kalyan) Pvt. Ltd (LM-C 109 ) 4,500 8 Nirmal Lifestyle Limited LM- C - 108 4,500 9 Godavri Paints Private Limited 1,000 10 Mr. Rikhav Shah PM I 15 680 11 Mr. Bhupesh J Govani (LM 161) 590 12 Noviya Infra Private Limited RPM/MCHI/520000/RAG/1736 900 Total Rs. 1,783,220 Schedule - VII Sr. No PARTICULARS AMOUNT (RS.) A. Advances to Employees 122,223 Sub- Total (A) 122,223 B. Loans, Advances and Deposits (Other than employees) 1 Balance with revenue authotities TDS credit prior to F.Y. 2022-23 2,371,262 TDS Credit - F.Y. 2022-23 1,179,504 TDS Credit c/f to Next Years 1,237 GST Input Credit Receivable 67,263 GST input Reversal (To be Claimed) 20,884 2 Deposits with: BEST Undertaking 78,040 MTNL 29,072 Others 5,000 3 Loan and Advances: MCHI Trust 12,821,563 The White Lion 150,000 Sub- Total (B) 16,723,824 T o t a l ( A + B ) 16,846,047 MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Sundry Debtors as on 31st March, 2023 Loans, Advances and Deposits as on 31st March, 2023 Schedule forming part of Balance Sheet as on 31st March 2023 84 ANNUAL REPORT 2023
MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Schedule forming part of Balance Sheet as on 31st March 2023 Schedule - VIII Sr. No. PARTICULARS AMOUNT (RS.) A. TDS paid on behalf / recoverable from parties 1 Hitech Events 358,578 2 Jai ambaji management consultancy services 596 3 Sofitel Mumbai BKC Division of Shree Naman Hotels Pvt Ltd 46 Sub-Total (A) 359,220 B. Capital WIP 1 Office Renovation 295,267 2 Website Development 280,000 Sub-Total (B) 575,267 C. Accrued Interest on FD 7,125,618 Total ( A + B + C ) 8,060,105 Schedule - IX Sr. No PARTICULARS Sub Total 1 Indian Overseas Bank (A/c No.7223) 9,993,960 2 Indian Overseas Bank (A/c No.7789) 2,147,204 3 Indian Overseas Bank (A/c No.7222) 1,392,206 4 Indian Overseas Bank (A/c No.7219) 543,297 5 Indian Overseas Bank A/c no.7816 (MCHI Edu Tech Foundation) 425,632 6 Indian Overseas Bank (A/c No.7685) 304,244 7 HDFC Bank 50200056572719 (MCHI) 50,556 8 State Bank Of India 40035402533 18,085 9 Cash in Hand 13,750 T o t a l 14,888,935 Cash & Bank Balances Other Current Assets as on 31st March, 2023 85
Schedule X: Membership Income Particluars Amount (Rs.) Membership Renewal 10,720,000 Patron Membership Corporate 8,631,000 Enterprise Membership 3,524,000 MahaRera Membership 3,495,000 Corporate Membership 1,806,000 Associate Membership 1,180,000 Professional Membership 600,000 Transfer Fee 300,000 Womens Wing Membership Renewal 118,644 TOTAL 30,374,644 Schedule XI: Surplus / (Deficit) from Events & Other Activities PARTICULARS AMOUNT (RS.) INCOME Sponsorship Fees 2,500,000 Participation Charges 1,613,560 Business Support Service 500,000 Event Promotion Charges 275,000 Sub-Total (A) 4,888,560 EXPENDITURES Banquet Hall Booking & Catering Charges 2,307,645 Event Management & Setup Expenses 973,400 Printing & Stationery 209,450 Professional Fees 180,000 Advertisement & Promotional Expenses 164,000 Trophies Purchased 91,743 Creative Design Charges 48,600 Gifts & Articles 45,899 Ineligible GST 44,782 Photography and Video Shooting Expenses 42,500 Visiting Card Holder 26,000 Other Event Expenses 68,203 Sub-Total (B) 4,202,222 Surplus / (Deficit) from Event & other Activities (A-B) 686,338 MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Schedules forming part of Income & Expenditure account for the year ending 31st March, 2023 86 ANNUAL REPORT 2023
MAHARASHTRA CHAMBER OF HOUSING INDUSTRY Schedules forming part of Income & Expenditure account for the year ending 31st March, 2023 Schedule XII: Surplus / (Deficit) from Real Estate Certification Courses Particulars Amount (Rs.) INCOME Certificate course Fee of Real Estate Management 577,500 Sub-Total (A) 577,500 EXPENDITURES Printing & Stationery 83,500 Examination Fee 25,000 Honorarium Paid 75,000 Sub-Total (B) 183,500 Surplus / (Deficit) from Real Estate Certification Courses (A-B) 394,000 Schedule XIII: Statutory Charges (Taxation) Particulars Amount (Rs.) Ineligible GST 301,265 PF Dues 116,381 Interest on TDS 2,598 Interest on GST 2,228 Total 422,472 Schedule XIV: Other Office Expenses Particulars Amount (Rs.) Photography and Video Shooting Expenses 47,500 Event Management & Setup Expenses (Womens Wing) 36,000 Accomodation & Stay Charges 32,816 Books, Newspaper & Periodicals 20,439 Internet Subscription Charges 17,833 Hire Charges 16,500 Computer Expenses 15,470 Postage & Courier 12,157 Insurance Expenses 11,930 Bank charges 8,183 Payment Gateway Charges 6,000 Sundry Balance W/Off 5,819 Mobile Expenses 4,460 Other Expenses 839 Total 235,946 87
NOTES TO ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2023 (1) SIGNIFICANT ACCOUNTING POLICIES (a) Method of Accounting: Accounts are maintained on cash basis in respect of Membership and Event activities. In respect of Interest on fixed deposits, transactions are recorded on accrual basis. (b) Fixed Assets and Depreciation: (a) Fixed Assets are stated at Written down Value as per the provisions of the Income Tax Act, 1961. (b) Depreciation is provided on fixed assets on written down value method as per the rate prescribed in Income Tax Rules, 1962. (c) Investments: Investments in Fixed Deposits are stated at principal value of fixed deposits. (2) Membership Fees, Surplus from Event activities & Interest income (on Fixed Deposit & Income Tax Refund) are credited to Income & Expenditure Account. (3) Amount collected towards contribution to legal expenses are credited to Earmarked Fund under the head ‘MCHI Legal Fund A/c’. (4) Previous year’s figures have been regrouped wherever necessary. As per our Report of even date For J. H & Co. , Chartered Accountants FRN NO.: 115320W Jatin L. Shah Partner M. No. : 046320 For Maharashtra Chamber of Housing Industry Sd/- Sd/- Sd/- President Hon. Secretary Treasurer Place: Mumbai Date: 18th September 2023 88 ANNUAL REPORT 2023
TEAM CREDAI-MCHI SECRETARIAT Keval Valambhia Advocate Vahid Mirza Hrishchandra Gupta Lekha S. Nambiar Monali Rakvi Prasad Watulkar Jaya Sawlekar Sanjay Phope Rajvi C. Choksi Sanjay Yedge Ashish Kumar Maurya Ankita Adivarekar Nakul Garud Heena Viras Mamata Talekar Reena Noronha Chief Operations Officer Legal Adviser AGM (Secretariat) AGM (Accounts & Finance) Senior Manager (Secretariat) Manager - Membership Asst. Manager (Secretariat) Senior Executive (Liaison) Senior Executive (Accounts) Legal Executive Executive Liasion IT - Executive Legal Executive - RERA Liaison - Intern Front Desk Executive Manager (Secretariat) Manager (Women’s Wing) Nilam Parab 89
Ravindra Dhadve Raju Padelkar Vasant Kelambekar Sr. Office Assistant Office Assistant Office Assistant Royston Rana Ass. Manager Sales /Events TEAM CREDAI-MCHI EVENTS & IPS TD Joseph Navashish Singh Chhatwal Charmi Patel Sanjay Naik Charmi Parekh Chunkey Lakhisarani (Chirag) Bhagyashree A Khedkar Business Head Events & IPs Assistant General Manager Marketing & Sales Sr Manager Marketing & Sales Manager Operations & IT Manager Customer Relationship Manager Business Development Ass. Manager PR & Communications 90 ANNUAL REPORT 2023
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