Gujarat CM lauds real estate body Credai's focus on sustainable development
Gujarat chief minister Bhupendra Patel lauds real estate body Credai's green efforts
Gujarat Chief Minister Bhupendra Patel on April 18 lauded the real estate body CREDAI for focusing on sustainable development by constructing green buildings and asked them to walk on the path shown by Prime Minister Narendra Modi to make India a developed country by 2047.
"We can work towards rainwater harvesting, increase green cover by planting more trees, launch campaigns for sanitation, and promote natural farming as propagated by the prime minister," the chief minister said at a CREDAI event held in Gandhinagar.
At the event, Shekhar Patel, managing director of Ganesh Housing Corporation Ltd and former chairman of Confederation of Real Estate Developers' Associations of India (CREDAI), Gujarat, took charge as national president of CREDAI, a real estate body representing more than 13,000 developers across the country.
The event, titled ‘The Big Shift – Change of Guard Ceremony 2025,’ took place at the Mahatma Mandir in Gandhinagar, Gujarat. The event witnessed the presence of notable dignitaries, including Gujarat Chief Minister Bhupendrabhai Patel.
Shekhar Patel officially took over the reins from Boman Irani, chairman and managing director of Rustomjee Group (Keystone Realtors), who now assumes the role of chairman of CREDAI National.
Shekhar Patel, speaking to reporters on April 18, outlined several key priorities aimed at advancing the Indian real estate sector. "One of them is redefining affordable housing. I believe the current cap of ₹45 lakh is outdated and should be revised annually in line with inflation," Patel said.
He said that the cap of ₹45 lakh on the affordable housing category be increased from ₹45 lakh to ₹75-80 lakh in the present scenario.
"The supply of affordable housing has not decreased. Units of 60 sq meters and 90 sq meters are still constructed but their prices have gone beyond the cap. CREDAI will run a campaign to redefine this cap. This will ease the burden on customers because they will pay only 1 per cent GST instead of 5 per cent if a unit falls under the affordable category" he said.
As per government standards set in 2017, a residential unit with a carpet area of 60 square metres in metros and 90 square meters in non-metros and a value below ₹45 lakh falls under the category of 'affordable housing'.
During his tenure at CREDAI Gujarat, Patel’s focus was on promoting green building practices and enhancing the real estate sector's contribution to India's GDP. Under Patel's leadership, CREDAI Gujarat pledged to upgrade 1,000 government schools across India.
Patel's company Ganesh Housing Corporation Ltd is a listed company and has developed and sold over 22 million sq ft of real estate space, with another 35 million sq ft currently under development, according to the company's website.
Established in 1999, CREDAI represents a network of over 13,000 developers across 221 city chapters in 21 states.
