The two-day annual State level convention of Confederation of Real Estate Developers’ Association of India (CREDAI) Karnataka is being held for the first time in Hubballi on September 24 and 25. It will deliberate on various issues concerning the real estate scenario including the implications of the Real Estate (Regulation and Development) Act, 2016.
Addressing presspersons here on Thursday, president of the Hubballi-Dharwad Chapter of CREDAI Pradeep Raikar, vice -presidents Ismail Samsi and Suresh Shejwadkar and secretary Sazid Farash said that the two-day convention, with a theme “Innovative Business Strategies- Paving Way In Real Estate,” would also provide a platform for real estate developers to air grievances before the State and Central ministers. Around 500 delegates from across the State are expected to participate.
Mr. Raikar said that while CREDAI welcomed The Real Estate (regulation and development) Act, 2016 (RERA) as it would help in more organised real estate development and getting FDI, it had some demands with regard to the ratio of money to be deposited in the Escrow account. “It should be reduced to 50 per cent instead of the proposed 70 per cent. Otherwise the end-users would have to pay more as the developer will have to borrow money from other sources after depositing 70 per cent in the Escrow account,” he said.
Mr. Raikar said that another demand was that of having a single window system for getting clearances from various government agencies for the real estate development project. “Under the RERA, the projects should be completed in a time bound manner and the failure to adhere to it may lead to taking over of the project by the government. But, unless we have time bound clearances from government agencies it will be difficult to complete projects as per schedule,” he said.
Mr. Ismail Samsi said that the issues concerning RERA would be raised before Union Urban Development Minister Venkaiah Naidu and State Urban Development Minister Roshan Baig and host of other elected representatives participating in the inaugural session.
Mr. Naidu will inaugurate the ‘StateCon’ at Hotel Denissons on Gokul Road in Hubballi on Saturday at 10 a.m.
