How does CREDAI – MCHI help home buyers during the Covid-19 pandemic?

Source: HomeCapital Website

The CREDAI – MCHI runs a series of webinars to assist the real estate industry in Mumbai and the Metropolitan Area of Mumbai (MMR). On 6 April 2020, the real estate body had held a webinar entitled Key to Lockdown. It highlighted the demands they had made to the relevant government agencies.


Main highlights at home buyer's webinar:
Instead of the contagion's pandemic influence, the CREDAI – MCHI called for the following:

Disclaimer: Let the reader remember that the following are recommendations, which have not yet been approved or adopted by either of the regulatory bodies.

Applications to the different government offices including the Prime Minister, Maharashtra's Chief Minister, the Civic Commissioner and the Indian Reserve Bank:

Both EMIs due and payable by homeowners is to be postponed for 12 months. Moreover, they will not have to pay any tax on the accrued sum. Mr. Nayan Shah has claimed that real estate rates will stay steady after the lifting of the lockdown. He has also said not to give company partners any unequal commissions.

5% Interest subsidy for all home loans for apartments booked over the next six months irrespective of the amount of the loan or the size of the property MahaRERA has moved forward the completion date of all the projects by a period of 3 months so that there are no defaults when finishing residential projects under construction.

The CREDAI – MCHI has requested the government to cut the stamp duty for three or four months after the lockout is over or 2 percent. This will serve as an opportunity to purchase houses for home buyers.

Requests to the Department of Urban Development (UDD) Minister / Principal Secretary UDD / Municipal Commissioner UDD:

All payments due as installments after 1 January 2020 to be postponed by nine months and no interest to be paid between 1 March 2020 and 30 September 2020.
The Annual Tariff Schedule (ASR) of built land for the purpose of determining premiums under the Developmental Control and Promotion Regulations (DCPR) to be connected to ASR for land with Mumbai residential buildings to be reduced by developers to 33 percent of the valuation of land and buildings. ASR helps assess a property's minimum value at various places, depending on specific market conditions.


The keynote speakers at the webinar were: 

Mr. Nayan Shah- is the Founder of CREDAI – MCHI and Mayfair Housing's Chairman and Managing Director. He has been a part of MCHI since the very beginning. He has a substantial 40 years of experience in the real estate business. Furthermore, he is a highly trained MBA specialized in accounting and project management.

Mr. Deepak Goradia- was appointed Vice President & Managing Director of Dosti Realty Ltd. in 1984. He is also MCHI's Vice President and supports the future of immovable land. He is the genius behind the architectural grandeur of Dosti Realty Ltd.'s ventures and stunning landscapes. The innovative ideas and tactics Mr. Garodia has won him the reputation as the group's leader.

Mr. Boman Irani- is CREDAI National Vice President and CREDAI – MCHI. He is currently Rustomjee Group's Chairman and Managing Director. He is a first-generation real estate developer, with over 23 years of business experience. Mr. Irani holds a Harvard Business School certificate. The organization has built more than 12.5 million square feet of housing developments and townships within the MMR under his leadership.

About CREDAI- MCHI The Maharashtra Chamber of Housing Industry (MCHI) is a group of Mumbai and MMR real estate developers. The MCHI was founded in 1982 and is also a member of the Confederation of Indian Associations of Real Estate Developers (CREDAI). CREDAI – MCHI has the support of more than 1400 + leading Mumbai and MMR entrepreneurs.