Over the past few years, the flourishing of the real estate industry is simply staggering. Every day the top developers and builders are implementing new techniques and skills in various real estate projects so that they can meet the customer’s expectations and can embrace them with the advanced and latest amenities. But the developers and
Top things that Every Real Estate Builder Should Know About Credai Membership
Over the past few years, the flourishing of the real estate industry is simply staggering. Every day the top developers and builders are implementing new techniques and skills in various real estate projects so that they can meet the customer’s expectations and can embrace them with the advanced and latest amenities. But the developers and builders need a platform where they can know the customers more closely and can serve them in a better way so that they can make a good impact on the society. Moreover, this endeavour will certainly enhance the growth of the real estate industry and this industry will definitely contribute a major portion in the economy of India. Indubitably, Credai gives all the developers and builders an opportunity or a platform where they can serve the customers as well as the society in a better way and can become the trendsetter of this era.
What is the Credai? Let’s find out.
The Credai is the abbreviation of Confederation of Real Estate Developers’ association of India. The Confederation of Real Estate Developers’ Association of India (CREDAI) is an association which was formed by the real estate developers and builders from all over the India for self-regulating the business of real estate development. Established in 1999, this association is the apex body of the private real estate. Currently, the Credai has 3 State level Chapters and 168 City level Chapters in all over the India. The present list of members is 11800 and the number is evolving day by day. CREDAI is basically a not-for-profit organization which is registered under Section 25 of the Companies Act, 1956. At present, Mr Getamber Anand is the Hon’ble Chairman of Credai and Mr Jaxay Shah is the President of the association.
The prime goals of Credai are
1. To assist the government in various policy making regarding the housing and to achieve housing surplus status
2. To create a sufficient infrastructure for urban development
3. To take various initiatives and promote skill development so that it can contribute to the GDP of the country.
Credai encourages all the real estate developers and builders to become an active member of Credai and contribute to the growth of the real estate industry. Credai offers various memberships to the developers and builders. Credai memberships are open usually to all the associations of promoters and builders and all the associations of real estate developers in India. Please noted that the membership is not open to the individual developers or any government or quasi-government organization. But an individual developer and builder can become a member of the city- or state-level developer association and then, that association can become an active member of Credai.
Why become a Credai member? Or what are the benefits that a company will get after becoming a member of Credai?
Credai membership is very much beneficial for the builders and the real estate developers. Let’s discuss how a company can be benefitted once it became the member of Credai.
1. An organization can upgrade its skill and enhance the perception of the real estate sector through various skill development programmes, solid waste management, labour welfare and education initiatives that have been taken by the Credai.
2. A company can easily Influence in various policies and different processes relating to taxation, interest rates, housing development, FDI, environment, labour legislation.
3. By the Credai membership, a company or organization can get to know the unified voice of the real estate industry as Credai deals with a chunk of real estate organizations and associations.
4. By participating in various debates, events, meetings and discussions, a company can uplift its knowledge and skill regarding the real estate business and can get a deeper idea and perception about this field.
5. By interacting and bonding with other real estate companies or organizations, a company can enhance its business and profit.
From the above-mentioned points, hope you understand how the membership of Credai will help you in emphasizing your business and profit.
Credai membership categories
Since you have an adequate knowledge about Credai and how Credai membership will help your company in accentuating its growth and business, so now you need to know about the various membership categories of Credai. Credai offers four types of memberships to all the real estate developers and builders.
- Member Association
- Associate Member
- Overseas Associate
- Invitee Member
Membership forms are available on the official website of Credai, so anyone can easily download it from the site.
This membership can be two types.
- If any state level federation or organization of promoters and builders and real Estate developers (in any state of India) having at least two cities or town level associations as its members, can enjoy and continue the status of the state federation. If the state level federation will unable to fulfil the above requirement within a period of six months, then it will automatically become a city or town level association.
- Any city or town level association or organization of promoters and builders and real estate developers in any place of India where a state level federation in existence, will become a member of Credai. After the formation of the state-level federation, the state level federation will become the member of Credai and the concerned city level association will no more eligible to remain a member of CREDAI National.
Have a look at the 5 questions your real estate agent needs to answer.
Any housing finance company, various commercial banks and other financial institutions who are in the field of real estate development, consultants, association or council or organization having activities in the real estate development, any professional Institute or organization deals with the collection and dissemination of Information, research and development organizations are eligible to enlist themselves as an associate member of the Confederation.
Any foreign association and undertaking organizations who are involved in various real estate activities can eligible to become an overseas associate but certain rules and regulations are there that the organization must meet in order to complete their membership.
All members of city level associations shall be invitee members but they will not eligible for the voting rights of Credai.
The entrance fee and the annual subscription fees are different for all the categories. Below, we are mentioning the fee structure of Credai.
- Member association state level federation or associations which have at least two cities or town level associations as its members: Rs 4 lakhs
- City or town level association: Rs 1 lakh
- Associate member: Rs 5 lakhs
- Overseas associate: Rs. 10 lakhs
Each state federation needs to pay Rs.1 000/- per individual member of their city association but certain concessions are provided and below, we are mentioning it.
- Population of city below 10 lacs: 25% of payable fee
- Population between 10lacs to 25 lacs: 50% of payable fee
- Population above 25 lacs: 100% of payable fee
But it is true that the annual subscription for state federations will be minimum Rs 4 lakhs and maximum Rs.10 lakhs. All subscriptions along with the annual fees must be paid in advance by demand draft. In the case of any delay, the organization needs to pay the due amount along with interest @ 12% PA.
Admission process of membership
1. Any state or city or town level association who has a strong desire to become a member of the Credai can download the form and apply it to the Secretary and must be proposed and seconded by a member of Credai and recommended by a member of the Governing Council Board. The form should be accompanied along with the subscription fees.
2. If the Governing Council Board feels necessary, then it can establish a screening committee for admission to the membership.
3. An association can become a member only with the approval of the majority of the members of the Governing Council Board present, and vote at the meeting.
4. If no reply is received from any of such member of the Governing Council Board within thirty days, then the application will be rejected.
5. In case of any rejection, the applicant will get an intimation from the secretary or the Director General of the Confederation, and the subscription fees will also be refunded.
6. If the application is accepted, then also the applicant will get a notification from the Secretary or the Director General along with a welcome letter and the membership number.
7. If any undertaking organization wants to become an Associate Member of the Confederation, then at first, the applicant needs to apply the form to the Secretary and must be recommended by any member association of the Confederation. The subscription fees should be attached along with the form.
8. Once an organization or an association becomes a member of Credai, the organization can use the Credai’s logo and can mention “a member of Credai” in their letterhead and other marketing communications. In this way, they can enhance their brand value and mileage.
Now, you have a plenty of ideas regarding Credai membership and how it will help you in flourishing your real estate business and growth. If you are a property developer in Thrissur, Kerala, then you must contact the local Credai chapter and should try to get enrolled yourself as a prestigious member of Credai so that you can enjoy and explore all the benefits as developers.
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