CREDAI meets finance minister to discuss Covid disruptions

21 Apr 2021 Editorial Team

Many senior members of CREDAI, including its new president, attended the meeting in Kolkata.

The real estate sector faced severe difficulties last year with the flattening demand, a challenging funding environment, and increasing compliance-based costs. The onset of the pandemic exposed the fragile financial health and business models of real estate developers in India. The financial health of developers in the preceding 12 months can be seen in two parts – the lockdown phase and the unlocking phase.

Addressing a virtual press conference on April 7, CREDAI President Harsh Vardhan Patodia had expressed concerns over the second major wave of the Covid-19 pandemic and said it would take time to assess the impact.

Patodia, Managing Director of Kolkata-based Unimark group, who took charge as CREDAI president from April 1, had said that the CREDAI would again urge the state governments to reduce stamp duty on registration of properties to boost the real estate sector. As we have reported earlier, the Maharashtra government recently scrapped the 2% stamp duty waiver and decided to reinstate 5% stamp duty on property registrations.

The association had sought infrastructure status for the realty sector, GST input tax credit for both housing and commercial segments, faster environment clearance and easier credit availability.

Established in 1999, the Confederation of Real Estate Developers' Associations of India (CREDAI) is the apex body for private real estate developers in India, representing over 13,000 developers through 21 states and 217 city chapters across the country.

Image Source

Also read: Lockdown impact: CREDAI Pune writes to Maha govt

Also read: Why housing went through the roof during Covid: Care Ratings

The Confederation of Real Estate Developers' Associations of India (CREDAI) met Finance Minister Nirmala Sitharaman on April 20 and sought the government's support to deal with the disruptions caused by the Covid-19 pandemic and the impact on the real estate sector. Many senior members of CREDAI, including its new president, attended the meeting in Kolkata. The real estate sector faced severe difficulties last year with the flattening demand, a challenging funding environment, and increasing compliance-based costs. The onset of the pandemic exposed the fragile financial health and business models of real estate developers in India. The financial health of developers in the preceding 12 months can be seen in two parts – the lockdown phase and the unlocking phase. Addressing a virtual press conference on April 7, CREDAI President Harsh Vardhan Patodia had expressed concerns over the second major wave of the Covid-19 pandemic and said it would take time to assess the impact. Patodia, Managing Director of Kolkata-based Unimark group, who took charge as CREDAI president from April 1, had said that the CREDAI would again urge the state governments to reduce stamp duty on registration of properties to boost the real estate sector. As we have reported earlier, the Maharashtra government recently scrapped the 2% stamp duty waiver and decided to reinstate 5% stamp duty on property registrations. The association had sought infrastructure status for the realty sector, GST input tax credit for both housing and commercial segments, faster environment clearance and easier credit availability. Established in 1999, the Confederation of Real Estate Developers' Associations of India (CREDAI) is the apex body for private real estate developers in India, representing over 13,000 developers through 21 states and 217 city chapters across the country. Image Source Also read: Lockdown impact: CREDAI Pune writes to Maha govt Also read: Why housing went through the roof during Covid: Care Ratings

Real Estate

31 Oct 2025

Birla Estates Tops Global GRESB 2025 Rankings

Birla Estates (BEPL), a wholly owned subsidiary of Aditya Birla Real Estate (formerly Century Textiles and Industries Limited), has been recognised as a Sector Leader in the 2025 GRESB Real Estate Assessment, securing top honours across multiple global and regional categories.Birla Estates’ Achievements in GRESB 2025:Global Sector Leader – ResidentialGlobal Sector Leader – Non-Listed ResidentialRegional Sector Leader – Asia – ResidentialRegional Sector Leader – Non-Listed – Asia – ResidentialThese distinctions reaffirm Birla Estates’ exceptional performance in Environmental, ..

Infrastructure Transport

31 Oct 2025

Progota India Secures RDSO Clearance for Kavach 4.0

Concord Control Systems, one of India’s leading manufacturers of embedded electronic and critical system solutions, announced that its associate company, Progota India, has received Technical Prototype Clearance from the Research Designs and Standards Organisation (RDSO) for Kavach 4.0, the latest version of Indian Railways’ indigenous Automatic Train Protection (ATP) system.With this clearance, Progota has been formally approved to execute its ongoing trial order from South Central Railway, marking a key milestone in India’s railway modernization journey. The approval also establishes P..

Infrastructure Urban

31 Oct 2025

MPS Interactive Systems Completes Full Acquisition of Liberate Group

MPS Interactive Systems (MPSi), a material subsidiary of MPS, has completed the acquisition of the remaining shareholding in the Liberate Group of Companies—comprising Liberate Learning, App-eLearn, and Liberate eLearning.With this transaction, MPSi now holds 100 per cent ownership of all entities within the Liberate Group, making them its wholly owned subsidiaries. The acquisition was executed in line with the valuation methodology defined in the original transaction documents.Commenting on the development, Rahul Arora, Chairman and CEO of MPS, said, “The corporate learning sector continu..