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

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Infrastructure Urban

06 Feb 2026

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Infrastructure Urban

06 Feb 2026

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..