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

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

Real Estate

03 Jun 2026

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Infrastructure Transport

03 Jun 2026

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..