AGM REPORT 2019-20

29TH CREDAI MCHI REAL ESTATE
& HOUSING FINANCE EXHIBITION

– A TURNING POINT OF THE MMR REAL ESTATE

The 29th CREDAI MCHI Property Expo took place on of Baroda, Shri. Anuj Puri, Chairman, Anarock Proper-
21st to 24th November 2019 was held at the MMRDA ty Consultants Pvt ltd and Shri. Rajesh Jhunjunwala,
Grounds, BKC, Bandra. The Theme of the Expo was Director, Shreeji Builders.
‘Ab Nahi Toh Kab’ and its intent was to understand Post the lamp lighting and the inauguration Guest of
people’s psyche with regards to postponing the plan Honours along with the Youth Wing and The Wom-
to buy homes. Since the last few years, the market en’s Wing Members paid a visit to each stall and met
was dwindling due to the high prices and high interest the sales teams and developers and wished them the
loans. This EXPO and initiative invited potential home best. The tour ended with a networking meet and the
buyers and gave them an opportunity to look at hous- expo was opened to the visitors.
es across budgets, sizes and locations from reputed
builders without any additional hassle. On Day 2 & 3 of Exhibition a lot of Police & Govt of-
ficials visited the exhibition as aspiring customers for
This edition of the expo was the first one to go on- Mumbai MMR Properties. We witnessed the advice
line with pre-registrations. The event was inaugurated given by a Sr. official to these young policemen &
with a lamp lighting ceremony presided upon by var- women to take a risk and buy their own home to avoid
ious MCHI Dignitaries. The Guest of Honor included the struggle that these Sr. officials have faced earlier
about 50 Managing Committee & Developer members of shortage of Quarters.
and Senior Bankers. The list of Bankers includes Shri.
Siddhart Mohanty, MD & CEO, LIC, Shri. Shreekant, The Expo saw a special visit of 50 RICS students who
CGM-Head Real Estate & Housing Business, State were also judges for the awards by Exhibitors. There
Bank of India, Shri. Rajiv Sabharwal, MD & CEO, Tata are Homebuyers out there looking for the Right Price
Capital Ltd, Shri. Jagdeep Mallareddy, President & and Right Location, and Industry gatherings like this
Head Retail Lending Assets, Axis, Shri. Jasminder Cha- Expo gives certainty by way of comparison and assur-
hal, HEAD - MORTGAGES, ICICI, Shri Navtej Singh, ance.
Head Business Operations Maharashtra & Goa, Bank

It was observed that Home loans worth 850 Cr. Were “We saw an amazing amount of loans given this year,
sanctioned by all banks, with State Bank of India be- which makes it clear that homebuyers are keen and
ing the major contributor. This was a sign of growth. enthusiastic about home buying, and also shows that
Apart from this, the Expo also saw various exciting Mumbai MMR still remains a very high demand mar-
offers and helped the buyers with making decisions. ket. Indeed, the confidence level is coming back be-
On spot pre-sanction of Home loans worth 850 Crore cause of the great initiatives taken by the government
were collectively approved by SBI, ICICI Bank, LIC to reduce interest rates and the MaharRERA initia-
HFL, HDFC, Kotak Bank, BoB, BoI, UBI, Aavas, Tata tive.”
Capital and Axis bank, in just 4 days of CREDAI-MCHI
Property & Housing Finance Exhibition at BKC, Ban- Shri TD Joseph, Business Head, CREDAI – MCHI
dra. This was also due to the push of exclusive dis- said, “We saw great participation by Developers and
counts on interest rates and waiver of processing fees homebuyers this year. More than the footfalls, the
by most of the banks & HFIs at the Expo. number of people who booked homes and site visits
were quite high and encouraging. Buyers and devel-
State Bank of India was the major contributor to the opers both benefitted a great deal with this Expo, now
on spot pre sanction home loan figure. This is a great we can look forward to better days for the industry in
pick up in the pace of buying in the Real Estate in- the coming months and years.”
dustry and shows how robust the industry is growing
again and the demand from homebuyers. The expo will go online for the first time where peo-
ple can check out the properties and offers online on
Shri Pratik Patel, Chairman, Exhibition Committee, www.mchihomes.com

COMING
JAN - FEB 2021

MCHI PREMIER LEAGUE – VII

TITLE OPTIONS: BOWLED OVER BY MCHI PREMIER LEAGUE

As the year rolls towards a promising start, the josh is Property, media partner; SL Raheja, health partner;
high as the real estate fraternity takes a breather with SMAAASH, gaming partner and Mumbai Mobile
the 7th edition of MPL – CREDAI-MCHI’s most popu- Crèches, CSR partner. The CSR co-sponsors are –
lar tournament. Currently underway, the tournament Gundecha Builders, Pride Group, Marathon Group,
kicked off at the pre-launch event held on Tuesday, Mehta Group, Ashar Group, Lalani Group, JVM Spac-
January 7, 2020, at SMAAASH, Lower Parel. The eve- es and Sai Life.
ning began with the ceremony of lighting the lamp.
Graced by stalwarts from the realty industry such as The mega final of this tournament was graced by chief
Vyomesh Shah, past president, CREDAI-MCHI; guest, Anukreethy Vas, Femina Miss India World 2018.
Richa Shah, president, CREDAI-MCHI Women’s Wing; The guests of honour present were Gopal Kabra, MD
Gopal Kabra, MD and group president, RR Kabel; and group president, RR Kabel; Sankalchand Sanghvi,
Shailesh Sanghvi, sports convener, CREDAI-MCHI; founder, Sanghvi Group; Shailesh Sanghvi, sports con-
among others, the venue was bustling with cricket vener and CREDAI-MCHI coordinator; Jitendra Jain,
ferver. Miss Diva Supranational 2018 Aditi Hundia MPL committee member; Basant Sethia, managing di-
was the chief guest at the pre-launch. “As a child, I rector, Sethia Infrastructure and Dr B Samal, director,
have always aspired to play cricket for India. As a die- IITL Nimbus Group.
hard cricket fan, it is nice to see the fraternity coming
together for MPL to strengthen the bond, foster team
building and have fun,” mentions Hundia.

The Real Estate Industry came together between 9-12
January 2020 for the 7th edition of MCHI Premier
League to foster a sense of unity, team building and
sportsmanship. The event was inaugurated with the
auspicious tradition of lighting the lamp at the Police
Gymkhana Ground , Marine Drive. This edition was
won by Kandhari Kings.

The sponsors of the event were – RR Kabel, lead
sponsor; Jaquar Group, co-partner; Deceuninck India,
MCHI team partner; Dorset India, strategic partner;
Nimbus Global India Ltd, nutrition partner; Times

On the same day as the mega finals, a CSR tourna- MAN OF THE MATCH FINAL MATCH
ment was organized for the kids of construction work- VIJAY BARAT (KANDHARI KINGS)
ers where CREDAI-MCHI donated Rs 2,01,000 to an
NGO – Mumbai Mobile Crèche. Sanghvi S3 Group MAN OF THE SERIES
donated school bags as well to the kids of the con- ARJUN DEDHIA (KANDHARI KINGS)
struction workers who had a gala time playing cricket.
also saw exhibition matches held with Times of India BEST BATSMAN
Group (media partner) and Jaquar Group (co-sponsor). SANTOSH MADHAV (SETHIA STRIKERS)
Shailesh Sanghvi, managing committee member and
sports convener, CREDAI-MCHI said, “The tourna- BEST BOWLER
ment was played in the right spirit and I am extremely AKSHAY GHARAT (SETHIA STRIKERS)
thrilled with the level of enthusiasm shown by each
and every team. However, MPL goes beyond the
boundaries of cricket as it is also a time where we get
to connect with not only our members from the fra-
ternity, but also our allied partners.”

VOTE GREATER MUMBAI
#EASEOFLIVING2019

CREDAI-MCHI ran a campaign to promote Ease of Liv- ported by Brihanmumbai Municipal Corporation (BMC).
ing with the objective to get maximum votes for Greater The Ease of Living Index survey revolved around ques-
Mumbai. The survey started on February 1 and went on tions that covered health, environment, safety, green
till the end of the month. This survey was conducted for cover, power supply, infrastructure, transportation,
Greater Mumbai on behalf of The Ministry of Housing drinking water and sanitation among other things.
and Urban Affair Citizens Perception. It was also sup-

CREDAI-MCHI WEBINAR

While the world came to a standstill,
CREDAI-MCHI made sure knowledge,
inspiration and creativity knew no bounds.
Amidst the pandemic, around 30 webinars
were conducted that covered interactive
topics like Finance, Real Estate, Digital
Marketing, Procurement, Learning in the
time of a Pandemic and even Spirituality.
Attended by developers, members,
non-Members and the allied industry, the
webinar had speakers from all walks of life.
Some prominent speakers included: Shri
Sadhguru – Yogi and author, Mr. Ratan Naval
Tata - Chairman Emeritus, TATA Sons, Shri
Balasaheb Thorat - Hon. Minister, Revenue
Govt. of Maharashtra, Padma Bhushan Harish
Salve - QC Senior Advocate, Supreme Court
Barrister, BlackStone Chambers, Mr Subbu
Narayanswamy - Senior Partner, McKinsey
& Company, Mumbai, Shri Aaditya Thackeray,
Shri Nitin Gadkari, Hon. Minister for Road
Transport & Highways, Mr Shrikant Joshi –
MD & CEO, L&T Realty, Mr Mohit Malhotra
– MD & CEO, Godrej Properties, Shri. Devendra
Fadnavis, Leader of Opposition and Former
Chief Minister of Maharashtra, Binny Bansal
- Co-founder, Flipkart, Vivek Talwar - Chairman
& Managing Director, Nitco Tiles, Dr. Kamlesh
Joshi - Chief Intensivist and Covid Incharge,
Shushrusha Hospital Vikhroli.

All the webinars are now available at

RESEARCH PAPER

Research Paper I - ‘Covid-19 Impact: Real Estate’

On 2nd April 2020, CREDAI-MCHI released a research report titled, ‘Covid-19 Impact: Real Estate’ that was conducted
with insights from over 100 Mumbai Metropolitan Region developer members as well as various real estate experts and
professionals. The study aimed to highlight and examine the effects and implication of the Coronavirus pandemic
on the Residential, Commercial and Industrial Real Estate Asset classes. While the pandemic has caused everything
to stop and the economy to slow down, this report exclusively studied the substantial and unprecedented impact it
has had on this sector at large and the possible changes that would be observed in the years to come.

Some key findings of the reports were:

In the Residential sector, it was observed that the bookings had fallen by 78% as compared to January 2020 with
a 80% drop in the total number of walk-ins in a span of 30 days. Earlier there were about 7,766 cancelled visits in
a span of 30 days which by the third week of the study saw a rise of about 200%. It was also observed that co-working
spaces could face long term impact.

The Industrial sector saw an adversity in operations of industries and immediate investments in the properties.
Although since the Indian Industrial Industry is still in its nascent stage, it will not suffer a lot and eventually the
recovery will be relatively faster than other real estate asset classes.

The Investments on the other hand will just suffer from short term hiccups and overall remain stable due to the
higher yields and stability in the Indian office market. With the embassy REIT giving almost 48% return until the
market crashed, the nation will witness an increase in investments.

Research Paper II

New Normal: Real Estate Strategies Post Lockdown in a recent research report published by CREDAI-MCHI
conducted amongst 500 members, it was concluded that about 60%developers saw their real estate business getting
back to normal in about 9-12 months after lockdown while only 30 % saw it becoming normal in 6 months. It was
also found that almost 83%members wished to continue the same business despite its various setbacks in the current
situation as well as demonetization, RERA and GST.

Nayan Shah, President CREDAI-MCHI stated “This is significant research taken at a time when the Real Estate
Industry is struggling just like many other industries in India. Given the right price, almost 50% of developers are
even willing to acquire new property and start projects as early as in 2021 in the residential sector. While design
changes considering WFH is bound to take place in future projects, some developers are also keen to try it out
in undergoing projects” Currently, the main focus of most developers is to try and complete the ongoing projects
despite various obstacles in the sight. While 95% of developers are looking at expanding their business in other
sectors, mostly the essential commodities. As strategy developers are trying to consolidate and partner with each
other for projects and also looking for suppliers and vendors who can enter into barter agreements with them.
Many financial, government-related, labour related, project completion and customer-related strategies have been
thrown up in this research report.

HOUSING FOR ALL

CREDAI-MCHI launched the ‘Housing For All’ logo to stand in
solidarity with the Pradhan Mantri Awas Yojana (PMAY) initiative by
the Government. During the Covid-19 crisis, we recognized the need
to strengthen the shared vision of providing affordable housing to the
urban poor with a target of building 20 million Affordable
Houses by 31st March 2022. CREDAI-MCHI, through its major
initiatives, became a key contributor to Vision 2022 and is trying to
make the dream of every Mumbaikar owning a house, come true.

#ReviveRealEstateReviveEconomy

On 30th May 2020, The MMR Action Committee of developers’ loans, an extension of project completion
developer’s body CREDAI-MCHI filed for an online timeline by RERA by a year, apart from GST reliefs. “We
petition to the Prime Minister pleading for efficient steps request for urgent intervention at the highest level in
to revive the real estate sector which can help 250 the government so that the industry is revived to
other industries and potentially provide around five rejuvenate the economy as a whole,” said Ajay Ashar,
crore jobs directly as well as indirectly. This petition is
called #ReviveRealEstate #ReviveEconomy and has Spokesperson of CREDAI Action Committee. The revival
already generated over 38,000 online signatures from of real estate will also kick-start many other industries
across the country. such as cement, steel, electric, paint, plumbing and
The petition talks about how the Real Estate Industry elevators and all these will help safeguard jobs. The
contributes about 8% to the GDP and hence needs real estate industry always stood up and supported the
immediate attention. This is significant because of the government, leading from the front. Even in this crisis
RBI forecast of negative economic growth for the country. of COVID-19, real estate has contributed to PM Relief
While the 20 lakh crore package announced by the Fund, provided accommodation for doctors and
government offers benefits to the crisis-ridden real paramedic and also provided space for creating temporary
estate industry, it seems very minuscule keeping the hospitals. The petition sought extension of the GST
massive impact of the current situation in mind. The Input Tax Credit for new projects as well, increasing the
petition also called for the reduction of home loan SWAHIM fund to Rs. One lakh crore, scrapping of the
interest to 5%, passing of the RBI repo rate cut benefit market-value basis for GST, speedy clearance of Indian
to the end consumer, one-time restructuring of Navy and aviation NOCs for want of which over 25,000
buyers are stuck.

MOBILE DISPENSARY SEVA VAN

CREDAI-MCHI, BJS (Bhartiya Jain Sanghatana), Desh Apnayen

Bhartiya Jain Sanghatana, Desh Apnayen & CRE- sion Zero’ started on 22nd June 2020 with 50 MDSV
DAI-MCHI have collectively in association with all to cover various hotspots of Mumbai to conduct ex-
MMR Corporations in Mumbai, Thane, Kalyan Dom- amination of patients and to do swab testing for sus-
bivli, Mira-Bhayender, and Navi Mumbai and the pected patients and quarantine them in the MCGM
support of Government of Maharashtra had taken quarantine centres. After successful implementation
an initiative to start Mobile Dispensary Seva Vans in of Mumbai’s Mission Zero, Thane, Navi Mumbai, Kaly-
Mumbai and MMR region. an – Dombivli started the 3rd Phase which comprised,
Prachar Rath and Antigen tests of the residents in the
The project was launched in three phases. The first respective cities. This initiative ensures increased
phase of initiative was kick started on 28th April testing with little hassle to residents. The number of
2020 with just 5 mobile seva vans, soon it grew to 60 current testing capacity is over 3,000 per day and this
MDSV to make sure every resident is checked thor- will further augment our capacity and reach.
oughly. The second phase of this initiative called ‘Mis-

SUPPORT TO FIGHT AGAINST COVID-19

A) MCMCR: Converted Unused space into Isolation /Quarantine Centre with 250 beds in 1 week

• Setting up of Infrastructure Facilities & Coordination with Vendors: Housekeeping, Catering, Plumbing, Safety
Nets, Fire Safety, CCTV Cameras, Beds, Side Tables, Essential Products, Medical Kits etc.
• Coordination and Identification of Donors to come forward to donate for MCMCR expenses.
• Provided CER Letters to the donors from the Assistant Commissioner of L Ward, Mumbai.

B) LABOUR MANAGEMENT

As directed by the Labour Commissioner, Government of Maharashtra, the following data had been collected
by CREDAI-MCHI
• Collected data of 70,000 Labourers, Coordinators/Supervisors of
Construction Sites for providing food and ration to labourers in Mumbai, Thane and Navi Mumbai
• Collected data of Construction Labourers through Google Form
• Provided 10,000 PPE Kits to MCGM, Mumbai Police, Thane Police and Hospitals
• Provided Shelter for Migrant workers and provided Quarantine Facility
Shri Mayur Shah – MARATHON GROUP - 1057 Migrants – Panvel.
Shri Vyomesh (Vimal) Shah – HUBTOWN GROUP - 500 Migrants – 2 Sites
Shri Narendra Bhatia - RAJA BUILDERS – 700 Migrants – Andheri.

Many more Under construction /yet to be occupied sites are offered by our members to provide Shelters to
Migrant Labourers

C) 1 Crore contributed to SMILE Foundation for testing KITS

D) CONTRIBUTION has been made by our Developer MEMBERS for RELIEF

• MAYFAIR HOUSING
• WADHWA GROUP
• OBEROI REALTY
• K. RAHEJA REALTY
• AJMERA REALTY
• ROMELL GROUP
• RUSTOMJEE
• NAMAN GROUP
• NAHAR GROUP
• MANE Developer – Anand Mane
• GUNDECHA GROUP
• HUBTOWN
• MODI REALTY
• NEELKANT DEVELOPERS

• RISHABRAJ AND VEENA DEVELOERS

IMPACT OF COVID-19

Every year CREDAI-MCHI hosts interactive on-ground events for the community.
Needless to say, this year due to the ongoing pandemic a lot of pre-planned events
had to be put on hold for the unforeseeable future. Some of these events included A

Study Tour, MGBF and International BIZNET.

WOMENS WING CSR ACTIVITIES

In the year 2019-20 CREDAI-MCHI Women’s Wing off in a grand fashion on 21st November 2019, at the

has effectively transformed the need of individuals MMRDA Grounds, BKC, Bandra. The Expo setup

through campaigns which has changed fate and face included the CSR Stall by CREDAI-MCHI Women’s Wing

of under-privilege ones in the society in the significant which displayed the entire CSR activities undertaken by

areas of Education, Health, and various events conducted Women’s Wing. The inauguration happened with the

under Womens Wing . It has given opportunities to lamp lighting ceremony presided upon by MCHI

many students which boosted their self confidence Dignitaries, members from the developer’s community

and career in a dignified way. and from the participating banks and by our Women’s

This year CREDAI-MCHI Womens Wing has played a Wi n g me m be rs .CRE DA I -MCHI

crucial role with active participation in roles pertaining Women’s Wing also invited Vasantha Memorial Trust,

to Students Scholarship, adding more health camp at Society for the Vocational Rehabilitation of the

various developer sites for the labourers , conducting Retarded (S.V.R.R) ,Mumbai Mobile Creches and Ms

Cancer awareness programme , Oral Dental Checkup Rakhee Mehta for Waste Management Demo to

and Tuberculosis camp and activities at the Property participate in the Women’s Wings CSR stalls where

Exhibition in order to achieve , organizational and they displayed handmade bags, candles , purses and

societal goals as a part of CSR activities. other articles made by the cancer survivor patients

The 29th CREDAI-MCHI Property Exhibition kicked and Mentally Challenged Adults .

CREEDAI-MCHI Women’s Wing played an influential role in fulfilling the aspiration of meritorious students
belonging to Economically Weaker Sections pursuing an education in the field of Civil Engineering, Architecture
and other skill development program across Mumbai & MMR colleges. This year 18 students were granted
Scholarship which immensely helped the students in fulfilling their dream of acquiring higher education

Women’s Wing organized Motivational & Interactive Session for the students who have been granted Scholarship
this year. The session was conducted by Ms Almas Virani, a very renowned motivational Speaker for many
Corporates and College events. The session was motivating, interactive & connecting with the students.
Women’s Wing members interacted with students and their parents and took updates on their progress in the
course. Students left truly motivated and recharged for their impending exams. Students and parents thanked
the CREDAI -MCHI Womens Wing members for showing their gratitude towards their children for supporting
them in a big way.

Eight Cancer Awareness Camps were organized in association with Vasantha Memorial Trust for 910 plus construction
workers on Member Developer sites. Participated construction workers were greatly benefited and influenced
by the motivational talk given by Mrs Jayalakshmi Krishnan of Vasantha Memorial Trust on health hazards of
smoking,drinking and tobacco chewing .They were also made to watch Audio-Visuals presentation by Vasantha
Memorial which conveyed the message .Along with that Oral Dental Checkup camp were also organized and
conducted by Dr Gunjan Mehta Thaker from ,The Dental Studio. Along with this Tuberculosis (TB) camp was
added under the guidance of Dr Pranita Tipre District Environmental Health Officer (DEHO-TB)

CREDAI-MCHI Women’s Wing invited all our Developer members for the Seminar on Rational Emotive Behaviour
Therapy at Sofitel, BKC, Bandra. Ms Richa Shah, Hon Chairperson extended a warm welcome to all our members
and gave a brief introduction on the Speaker Ms Pritha Saha, who is Counselor and Wellness Coach to take
over the Seminar .All our members participated in the seminar in full enthusiasm and had a great time by sharing
their query and view points in the seminar.

CREDAI - MCHI Women’s Wing members had invited all the members to attend the Workshop on Organic
Vegetable Gardening conducted by Mr Vivek Kate from Nature First at MCHI office. All our members
participated in the workshop in full enthusiasm. The topics covered in the session were Materials, Pots &
containers, Grow bags, Potting Mixture, Seeds, Seed sowing methods ,Seed Tray,Germinating Seeds, Life Cycle
of Plant, Garden tools & implements, Watering, Demonstration hands on practicals, Plant Protection and
Damage control. All the members had great time in the workshop .

LEGAL
UPDATE

FOR THE AGM

FY- 2019-20

Fiscal Writ matter : SLP No. (C) Diary No. 568 of 2020 ed all the issues faced by the real estate sector which
A Writ Petition was filed in the Hon’ble Supreme shall now be put forth to the Hon’ble Supreme Court.
Court against the charging of interest during the mor- This has been possible due to relentless efforts of var-
atorium, for extension of the period moratorium, for ious committee members and the valuable support of
seeking additional sources of finance, for passing off all the members who have pledged their participation
the benefit of reduction in the Repo Rate and also for and contribution. We had requested a contribution of
prohibition of change in the creating, valuation of se- Rs. 2.5 lakhs from the Committee members and Rs.
curity and classification of status of assets held by the 1.5 lakhs from members towards the legal fund for
borrowers. meeting the legal expenses so that this matter can be
pursued and sitive results can be yielded for the en-
Writ Petition filed by our Chambers is highly contest- tire real estate industry. The matter has now taken a
ed in the Hon’ble Supreme Court where legal eagles centre stage with many eyes awaiting a revival and a
are representing us. Due to rigorous efforts undertak- turn around from the outcome of this Writ Petition.
en by the Mr. Nayan Shah, Mr. Deepak Goradia, Mr.
Harish Patel and Mr. Nainesh Shah we have been able
to get a huge breakthrough. The Hon’ble Supreme
Court has taken a very considerate view and not only
granted an Interim Order on 3/9/2020 directing the
lenders to desist from downgrading the assets of
the borrowers as NPA’s but thereafter vide it’s order
dated 18/9/2020 further directed the Respondents
to file appropriate Affidavit. Subsequently CREDAI
MCHI has also made representations to the Commit-
tee formed by the Ministry of Finance and highlight-

MANAGING COMMITTEE MEMBERS
ATTENDANCE

MANAGING COMMITTEE MEMBERS ATTENDANCE
FROM APRIL 2019 TO MARCH 2020

No. Name Attendance of 7 Meetings

1 Shri Nayan A Shah 7
2 Shri Deepak Goradia 5
3 Shri Boman R. Irani 2
4 Shri Harish Patel 5
5 Shri Nainesh Shah 5
6 Shri Domnic Romell 5
7 Shri Sukhraj Nahar 0
8 Shri Bandish Ajmera 7
9 Shri Mukesh Patel 1
10 Shri Parag Munot 0
11 Shri Sandeep Raheja 0
12 Shri Jayesh Shah 0
13 Shri Sanjay Chhabria 0
14 Shri Rasesh Kanakia 0
15 Shri Navin Makhija 0
16 Shri Sandeep Runwal 0
17 Shri Shailesh G. Puranik 2
18 Shri Dhaval Ajmera 5
19 Shri Pratik Patel 3
20 Shri Nayan Bheda 0
21 Shri Munish Doshi 3
22 Shri Tejas Vyas 2
23 Shri Shailesh Sanghvi 0
24 Shri Pritam Chivukula 3
25 Shri Jagdish Ahuja 0
26 Shri Jitendra Jain 0
27 Shri Deepak Gundecha 1

CREDAI-MCHI MEMBERSHIP STRENGTH

Membership April 2019 to March 2020

Corporate Members 20
Patron Members-Corporate 96
Life Members-Corporate 78
Patron Members 15
Patron Members - Individual 15
Life Members 205
Ordinary Members 5
Ordinary Member - Corporate 17
Elementary Member - Corporate 9
Associate Members 177
RERA Members 411

Total Members 1048

CREDAI-MCHI UNITS = 678 MEMBERS

Patron Corporate
(Valid for 10 Years)

Elementary Ordinary Associate Membership
Corporate Corporate (Validity Correspondence
(Valid for 3 Years) (Valid for 1 Year)
to it’s main category

AUDITOR’S
REPORT

2019-20

REPORT OF AN AUDITOR RELATING TO ACCOUNTS
AUDITED UNDER SUB-SECTION (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, 2020

Whether accounts are maintained regularly and in accordance with the provisions Yes
(a) of the Act and the rules;

(b) Whether receipts and disbursements are properly and correctly shown in the Yes
accounts ;

(c) Whether the cash balance and vouchers in the custody of the manager or trustee Yes
on the date of audit were in agreement with the accounts ;

(d) Whether all books, deeds, accounts, vouchers or other documents or records Yes
required by the auditor were produced before him ;

Whether a register of movable and immovable properties is properly maintained,

(e) the changes therein are communicated from time to time to the regional office, Yes
and the defects and inaccuracies mentioned in the previous audit report have

been duly complied with ;

Whether the manager or trustee or any other person required by the auditor to Yes
(f) appear before him did so and furnished the necessary information required by

him ;

(g) Whether any property or funds of the Trust were applied for any object or pur- No
pose other than the object or purpose of the Trust ;

(h) The amounts of outstanding for more than one year and the amounts written off, Rs. 6,900/-
(Written Off )
if any ;

(i) Whether tenders were invited for repairs or construction involving expenditure Yes
exceeding Rs. 5,000/- ;

(j) Whether any money of the public trust has been invested contrary to the provi- No
sions of Section 35 ;

(k) Alienations, if any, of the immovable property contrary to the provisions of Sec- No
tion 36 which have come to the notice of the auditor ;

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

(l) of money or other property thereof, and whether such expenditure, failure, No
omission, loss or waste was caused in consequence of breach of trust or misap-

plication or any other misconduct on the part of the trustees or any other person

while in the management of the trust ;

(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

Whether the irregularities pointed out by the auditors in the accounts of the Yes
(s) previous year have been duly complied with by the trustees during the period of
Refer
audit ; Notes to
Accounts

(t) Any special matter which the auditor may think fit or necessary to bring to the
notice of the Deputy or Assistant Charity Commissioner ;

For J. H & Co. (JATIN L. SHAH)
Chartered Accountants Partner
FRN NO.: 115320W M. No. : 046320

Place : Mumbai
Date : 10.09.2020

The Bombay Public Trusts Act, 1950 Name of the Public Trust : MAHARASHTRA CHAMBER OF HOUSING INDUSTRY
Registration No.F-8096 (Mumbai)
Balance Sheet as at : 31st March, 2020

31.03.2019 (Rs.) FUNDS & LIABILITIES 31.03.2020 (Rs.) 31.03.2020 (Rs.) 31.03.2019 (Rs.) PROPERTY AND ASSETS 31.03.2020 (Rs.) 31.03.2020 (Rs.)
14,85,31,762
14,85,31,762 Corpus Fund - 14,85,31,762 1,74,84,376 Fixed Assets : 1,57,80,390
- Add: Transfer from Income and Exp. A/c 7,23,00,000 1,96,094 Balance as per last Balance Sheet -
7,23,00,000 - Add : Addition during the year
14,85,31,762 - 1,76,80,470 16,98,715
19,00,080 Less : Depreciation (Schedule- IV)
Earmarked Fund - 1,40,81,675
- 1,57,80,390 Investments :
7,23,00,000 i) Building and Research Centre Fund - With HDFC (Fixed Deposits) 19,41,07,702 19,41,07,702
- Balance as per last Balance Sheet - 17,43,95,975 Current Assets, Loans & Advances
Add: Trf from income and Exp. A/c a) Sundry Debtors (As per Annexure - V(1)) 21,75,435
7,23,00,000 - 27,37,113 b) Advance to vendors (As per Annexure - V(2)) 13,720
ii) Kerala Relief Fund - 82,500 c) Software WIP 35,500
- Balance as per last Balance Sheet - - d) Loans, Advances & Deposits :
1,07,82,000 Add: Collection during the year 3,60,41,217
Add: Trf from MCHI Earmarked Fund - 5,30,18,125 (As per Schedule VI)
11,51,000 Less: Utilised during the year 2,24,41,000 e) Cash & Bank Balances :
1,19,33,000 1,68,98,960 33,599 23,46,177
iii) MCHI Earmarked Fund (26/11 ) - 11,33,880 In Current Account with 2,66,333
- Balance as per last Balance Sheet 55,42,040 i) Indian Overseas Bank (A/c No.7219)
Less: Transferred to Kerala Relief Fund 12,29,826 ii) Indian Overseas Bank (A/c No.7222) 81,77,849
30,51,000 Less: Utilised during the year 4,10,468 iii) Indian Overseas Bank (A/c No.7223) 4,34,950
11,51,000 - iv) Indian Overseas Bank (A/c No.7685)
19,00,000 - v) Indian Overseas Bank (A/c No.7789) 1,25,79,678

- 4,167 Cash on Hand 18,649

iv) Kolhapur-Sangli Relief Fund 28,11,940 2,38,23,636
- Balance as per last Balance Sheet -

- Add: Collection during the year - 1,25,76,388
75,00,000
- Less: Utilised during the year 55,42,040 1,67,70,641
- Less: Transferred to contribution towards 12,46,192
4,65,652
construction of Homes (Burungwadi) 1,88,53,902
1,04,57,735 27,02,78,886
- 1,06,57,116
v) Contribution towards construction of homes (Burungwadi) 2,11,14,851

- Balance as per last Balance Sheet 43,44,210
- Add: Collection during the year
- Add: Transferred from Kolhapur-Sangli Relief Fund 8,64,837
- Less: Utilised during the year 2,47,417
1,33,938
1,46,04,123 vi) MCHI Legal Fund
57,40,000 Balance as per last Balance Sheet 1,18,69,498
Add: Amount received during the year 69,84,404
2,03,44,123 -
98,86,388 Less: Amount utilised during the year
24,88,26,043 TOTAL 27,02,78,886
1,04,57,735 Current Liabilities For Maharashtra Chamber of Housing Industry
Deposits & Advances Received (As per Annexure- I)
8,04,970 Sundry Creditors (As per Annexure- II)
38,85,991 Other Current liabilities (As per Annexure - III)

9,76,087 Income & Expenditure Account :
56,67,048 Balance as per last Balance Sheet
Add: Surplus as per Income & Exp. A/c
1,38,65,713 Less: Deficit as per Income & Exp. A/c
-
TOTAL
(19,96,215)
1,18,69,498

24,88,26,043

As per our report of even date JATIN L. SHAH Place : Mumbai President Hon.Secretary
Date: 10.09.2020
For, J. H & Co. Partner
Chartered Accountants M No. 046320
FRN No. 115320W

The Bombay Public Trusts Act, 1950 Name of the Public Trust : MAHARASHTRA CHAMBER OF HOUSING INDUSTRY
Registration No.F-8096 (Mumbai) Income and Expenditure Account for the year ending 31st March, 2020

31.03.2019 (Rs.) EXPENDITURE 31.03.2020 (Rs.) 31.03.2019 (Rs.) INCOME 31.03.2020 (Rs.)

21,271,786 To Establishment Expenses : 15,853,062 17,978,691 By Membership Income (Annexure- VII) 16,788,111
- Salary 2,373,500 394,298 Surplus / (Deficit) from Events & Other Activities (Annexure- VIII) (67,735)
Support Charges 1,698,715 304,250 Income from membership share (Other CREDAI units) 383,000
1,900,080 Depreciation (Annexure- IV) 1,736,000 54,674 Reimbursement of Expenses
1,992,000 Professional Fees 1,174,463 Interest on Fixed Deposit 1,194,860
2,032,839 Seminar & Workshop related expenses (Annexure- IX) 1,016,950 12,719,449 Interest on Income Tax Refund 14,534,087
Industry Promotion & Development Charges 831,376 - Miscellaneous Income
196,371 Society Maintenance 798,650 3,198,458
809,284 Membership Fees 524,620 385,377 3,366
719,000 Electricity Charges 417,800
599,800 Annual Maintenance Charges 320,200 1,996,215
767,959 Website Maintenance Charges 285,007
372,200 Software Expenses 233,391
123,147 Balance written off (TDS credit) 217,552
Printing & Stationery 298,648
- Travelling & Conveyance 156,381
297,934 Office Cleaning Expenses 153,701
364,807 General Office Expenses 101,145
204,078 Staff Welfare Expenses 90,000
234,580 Audit Fees 84,751
103,433 Telephone Charges 78,098
Advertisement & Promotion Expenses 72,311
75,000 Meeting / Conferences 63,586
112,769 Internet Subscription Charges 25,000
Donation -
- Business Attire expenses -
186,256 Provision for Income Tax 145,525
303,467 Statutory Payments (Annexure- X) 299,311
100,000 Other office expenses (Annexure- XI)
143,763 6,984,404
594,100
129,089
199,211

Deficit carried over to Balance Sheet -

- Net Surplus over to Balance Sheet

33,832,953 TOTAL 36,034,147 33,832,953 TOTAL 36,034,147

As per our report of even date For Maharashtra Chamber of Housing Industry

For, J. H & Co. President Hon.Secretary
Chartered Accountants
FRN No. 115320W

JATIN L. SHAH
Partner
M No. 046320

Place : Mumbai
Date: 10.09.2020

MAHAMRAAHSAHRTASRHATRCAHCAHMAMBEBERROOFF HHOOUUSSINING GINDINUDSTURSYTRY

Sr.No. Annexure - I Amount (Rs.)

I. DEPOSITS & ADVANCES RECEIVED 400,000
1 400,000
2 Name 800,000

II. Deposits : 45,300
1 Chandralalchand Karani 11,800
2 Damayanti L. Karani
3 Sub total (I) 4,237
4 2,500
5 Advances : 1,000
Advances received for MahaRERA project registration 64,837
Lalitkumar K Jain LM 317
Larsen & Toubro Limited -Realty Division PMC 51 864,837
Hubtown Ltd [ PM - C- 3]
Maharashtra Chamber of Housing Industry Mira Virar City
Sub total (II)

Total ( I + II )

Annexure - II

SUNDRY CREDITORS AS ON 31ST MARCH, 2020

Sr.No. Name Sub Total

1 Prime Time Infomedia Pvt. Ltd. 166,796
2 MCHI TRUST (Creditors) 25,600
3 Vodafone Idea Limited 20,363
4 Manschaft IT Pvt Ltd 17,200
5 Mangesh Kadam & Associates 8,000
6 Bharti Airtel Limited 6,509
7 MicroDot Softwares 1,420
8 Variety Enterprises 779
9 Mangrol Multimedia Limited 500
10 Blue Bird Mail Services 49
11 I R Management Solutions 180
12 Chorus Call Conferencing Services India Pvt Ltd 21

Total 247,417

Sr.No. Annexure - III Sub Total

1 OTHER CURRENT LIABILITIES 111,744
2 9,774
3 Name 8,820
4 3,600
TDS Payable
GST Payable 133,938
Provident Fund Payable
Profession Tax Payable

Total

Maharashtra Chamber of Housing Industry Annexure IV
(Accounting year 2019-2020)

FIXED ASSETS SCHEDULE FOR THE YEAR 31.03.2020

SR Name of the Asset Rate of Op. Balance GROSS BLOCK WDV Depreciation** Balance
NO. Dep. (%) as on 01.04.19 Sale during as on 31.03.2020 Full Year Half Year Total as on 31.03.20

Upto 02.10.19 After 02.10.19 the year

1 Furniture & Fixtures 10% 583,730 - - - 583,730 58,373 - 58,373 525,357
2 Office Premises 10% 14,058,036 -
14,641,766 - - - 14,058,036 1,405,804 - 1,405,804 12,652,232
Sub Total 10% 15% -
3 Air conditioner 15% 206,524 - - - 14,641,766 1,464,177 - 1,464,177 13,177,589
4 Fire Extinguisher 15% 7,932 -
5 Attendance System 15% 6,485 - - - 206,524 30,979 - 30,979 175,545
6 Office Equipments 15% -
7 Telephone 15% 204,864 - - - 7,932 1,190 - 1,190 6,742
8 EPABX Telephone 15% 6,626 -
9 Fire Fighting System 15% - - - 6,485 973 - 973 5,512
10 Sound System 15% 114,877 -
11 UPS-Battery Back up Machine 15% 62,334 - - - 204,864 30,730 - 30,730 174,134
12 LG LED 4K HDR Television 184,883 -
40% 8,610 - - - 6,626 994 - 994 5,632
Sub Total 15% 40% 39,180 -
13 Computers 40% 842,315 - - - 114,877 17,232 - 17,232 97,645
14 Computer Accessories 40% 23,603 -
15 Software of Smart Card Reader 40% 1,688 - - - 62,334 9,350 - 9,350 52,984
16 Printers 1,803 -
17 Softwares 25% 80,309 - - - 184,883 27,733 - 27,733 157,150
120,000 -
Sub Total 40% 227,403 - - 8,610 1,292 - 1,292 7,318
18 Website Development 68,906
68,906 - - 39,180 5,877 - 5,877 33,303
Sub Total 25%
- - 842,315 126,350 - 126,350 715,965

- - 23,603 9,441 - 9,441 14,162

- - 1,688 675 - 675 1,013

- - 1,803 721 - 721 1,082

- - 80,309 32,124 - 32,124 48,185

- - 120,000 48,000 - 48,000 72,000

- - 227,403 90,961 - 90,961 136,442

- - 68,906 17,227 - 17,227 51,679

- - 68,906 17,227 - 17,227 51,679

TOTAL 15,780,390 15,780,390 1,698,715 - 1,698,715 14,081,675

Notes :- Depreciation for Purchase of New Asset :
**

For more than 180 days Full year
For less than 180 days Half year

MAHAMRAAHSAHRATSRHATRCAHCAHMAMBEBERROOFF HHOOUUSSINING GINIDNUDSTURSYTRY

Annexure -V (1)
SUNDRY DEBTORS AS ON 31ST MARCH, 2020

Sr.No. Party's Name Amount (Rs.)

1 Sai Estate Consultants Chembur Pvt Ltd. 1,305,000
2 Nirmal Lifestyle Limited 236,000
3 Ved Infratech 236,000
4 Nirmal Lifestyle Limited PM- 10 198,000
5 State Bank of India 115,000
6 Adityaraj Realty PM-C 96 36,000
7 MCHI TRUST 26,132
8 Mr. Dharmesh Jain [PM 10] 4,500
9 Nirmal Developers (LM-C 107) 4,500
10 Nirmal Lifestyle (Kalyan) Pvt. Ltd (LM-C 109 ) 4,500
11 Nirmal Lifestyle Limited LM- C - 108 4,500
12 SHRI GANESH DEVELOPERS 3,391
13 Aradhana Lifespace LLP RPM/MCHI/517000/THA/407 900
14 Anju Ajay Ashar WW035 762
15 Ramesh Lalji Gajra [ LM-I 18] 250

Total Rs. 2,175,435

Annexure - V(2)
ADVANCES TO VENDORS AS ON 31ST MARCH, 2020

Sr.No. Particulars Amount (Rs.)
1 Polydojo, Inc. 13,720
13,720
Total Rs.

Annexure - VI
Loans, Advances and Deposits as on 31st March, 2020

Sr.No. Particulars Sub Total
1
Balance with revenue authotities 7,447,177
2 TDS credit prior to F.Y. 2019-20 2,296,827
3 TDS Credit for F.Y. 2019-20
TDS Credit carried forward to F.Y. 2020-21 11,748
GST Input Tax Credit availed 48,392
GST Input Tax Credit Receivable
GST Input Reversal (To be claimed) 1,350
20,252
Deposits with:
MTNL 29,072
Maker Bhavan (Society) 29,250
BEST Undertaking 66,940
Others 20,000

Loan and Advances: 26,070,209
MCHI Trust

Total 36,041,217

MAHARASHTRA CHAMBER OF HOUSING INDUSTRY

Annexure VII
MEMBERSHIP INCOME

Particulars Amount (Rs.)

Membership Renewal Fee 7,885,000
Associate Membership 3,539,833
MahaRera Membership Fees 2,615,000
Patron Membership (Corporate) 1,379,960
Ordinary Membership Corporate
Membership Transfer Fee 918,000
Elementry Membership Corporate 200,000
Women's Wing membership renewal 152,000
Membership Re-Joining Fees
97,471
Total Rs. 847

16,788,111

Annexure VIII
SURPLUS/(DEFICIT) FROM EVENTS OTHER ACTIVITIES

Particulars Amount (Rs.)

INCOME 1,150,000
Procurment Portal Subscription 598,000
Brand Promotion Charges 100,000
Advertisement Service 2,541
Participation Charges 1,272
Support charges
1,851,813
Sub-Total (A)
1,150,000
EXPENDITURES 260,000
Support Charges 145,000
Event Management & Setup Expenses 133,625
Hall Booking Charges 108,816
Catering & Food Charges 75,000
Printing & Stationery 32,500
Designing Charges 14,607
Photography and Video Shooting Expenses
Other Event Expenses 1,919,548

Sub-Total (B) (67,735)

Surplus / (Deficit) from Event Activities (A-B)

Annexure IX
SEMINAR & WORKSHOP RELATED EXPENSES (PMAY, GST SEMINAR, EASE OF DOING BUSINESS, ETC)

Particulars Amount (Rs.)

Advertisement & promotion relating to Seminars, Workshops ,etc. 676,443
Banquet Hall Booking & Catering Charges 291,703
Management & setup charges paid to contractors
Banquet Hall Booking & Catering Charges 62,240
Photography and Video Shooting Expenses 35,000
Ineligible GST Credit 30,000
Other Expenses 43,421
35,656
Total
1,174,463

MAHMAARHAASRHASTHRTARACCHHAAMMBBEERROOF FHOHUOSUINSGININGDUINSTDRUY STRY

Annexure X
STATUTORY CHARGES (TAXATION)

Particulars Amount (Rs.)

Ineligible Input Tax Credit 80,983
Interest on GST 24,863
Interest on TDS 13,209
GST Paid 26,470

Total Rs. 145,525

Annexure XI
OTHER OFFICE EXPENSES

Particulars Amount (Rs.)

Womens Wing Event Expenses 65,173
Forfeiture of Deposit 50,000
Postage & Courier 36,367
Diwali Expenses 28,350
SMS Expenses 28,000
Books, Newspaper & Periodicals 18,613
Tele Conferencing Expenses 14,821
Computer Expenses 13,169
Maharera SRO Registration Fees 10,000
Other Expenses 34,819

Total 299,311

NOTES TO ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2020

(1) SIGNIFICANT ACCOUNTING POLICIES

(a) Method of Accounting:
Accounts are maintained on cash basis in respect of Membership and Event activ-
ities. In respect of Interest on fixed deposits and Income tax refund, transactions
are recorded on accrual basis.

(b) Fixed Assets and Depreciation:

(a) Fixed Assets are stated at cost.

(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 are stated at cost.

(2) Membership Fees collected & Event Receipts (net of taxes) are credited to Profit &
Loss 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. , For Maharashtra Chamber of Housing Industry
Chartered Accountants
FRN NO.: 115320W

JATIN L. SHAH President Hon. Secretary

Partner

M. No. : 046320

Place: Mumbai
Date: 10.09.2020

CREDAI - MCHI TEAM

SECRETARIAT TEAM

Satish Kumar

Head

Secretariat & Admin

Dipti Raja Harishchandra Ikwinder Singh Jaya Sawlekar Lekha Suresh
Gupta Gahunia

Mamata Talekar Monali Rakvi Neelam Parab Prasad Watulkar Reena Noronha

Sanjay Phope Sanjay Yedge Shweta Kamble

Ravindra Bandoji Raju Laxman

Dhadve Gavade Padelkar Verma

Office Assistant Office Assistant Office Assistant Office Assistant

CREDAI - MCHI TEAM

EVENTS & IPs TEAM

TD Joseph

Head

Event & IPs

Bhagyashree Charmi Charmi Chunkey Lakhisarani
Khedkar Parekh Patel (Chirag)

Navashish Singh Royston Sanjay
Chhatwal Rana Naik

CREDAI-MCHI NEWS



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