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In a landmark move for India's real estate sector, CREDAI-MCHI, under the leadership of President Sukhraj Nahar, has hosted the Real Estate Leaders' Convergence - a first-of-its-kind event uniting major industry bodies like NAREDCO, BDA, and PEATA. The initiative aims to foster unity, streamline regulations, and enhance Ease of Doing Business across Mumbai's real estate ecosystem. A Joint Task Force will coordinate reforms, push for faster approvals, and ensure transparency through digitization. Key discussions focused on coordinated planning among agencies and restructuring premium payments for better cash flow. The convergence marks a new era of collaborative leadership, policy alignment, and sustainable growth for the MMR's real estate sector.
In a landmark move for India's real estate sector, CREDAI-MCHI, the apex body of real estate developers in the Mumbai Metropolitan Region (MMR), under the visionary leadership of its newly elected President Sukhraj Nahar, has organised the Real Estate Leaders' Convergence - a first-of-its-kind initiative uniting leading real estate bodies like NAREDCO, BDA, PEATA and CREDAI MCHI by bringing them together on a single platform. The historic coming together is designed to foster unity, drive policy reforms, harmonize regulations, and enhance the Ease of Doing Business in real estate. Advertisement
By bringing together diverse industry voices, the Convergence showcased CREDAI-MCHI's commitment to building consensus, resolving bottlenecks, and creating a powerful collective voice for dialogue with policymakers. The gathering marked a shift from fragmented advocacy toward unified strength, emphasizing the need to move beyond short-term gains and focus on shaping a resilient, sustainable, and globally competitive Mumbai. With this bold step, CREDAI-MCHI in collaboration with NAREDCO, BDA & PEATA aims to set a transformative agenda for the sector, fostering growth and bringing about Ease of doing business for developers, culminating into benefits for homebuyers, and the city.
Instead of operating in silos, participating organizations have pledged to speak with a unified voice. A Joint Task Force, comprising representatives from each body, will channel collective industry inputs, prioritize reforms, and engage directly with government authorities. The Task Force's work will align closely with Ease of Doing Business reforms-ensuring faster approvals, streamlined processes, and greater transparency. The state is expected to formally constitute a Chief Minister's Committee, to enable regular formal and informal consultations/discussions with the Honourable Chief Minister, Shri Devendra Fadnavisji in relation to all aspects of the Real Estate Industry for enabling decisive action on various policy issues.
Sukhraj Nahar, President, CREDAI-MCHI, drew on the and symbolism of the gathering and the excitement amongst its participants, stating "For too long, every association has marched to its own drum-battling regulatory obstacles in isolation, incurring huge legal fees whilst fighting the same causes but separately. The time has come where we shirk our inhibitions and our reservations of the past. We must pool our knowledge, our capital, our energy for the common benefit of the industry. Let our common voice amplify and echo within the corridors of Power. There is so much strength in unity and we must project this unity in its truest form to build greater credibility with the government and various other stakeholders.
The issues discussed in the convergence were bifurcated in UD, MCGM, MHADA, SRA, Environment, UDCPR & other ULBs. Key priorities emerging from the discussion include streamlining approval procedures (from IOD to CC and OC), digitizing regulatory processes to bring about transparency, and locking in rules once a project is approved to shield developers from subsequent ad hoc changes. Participants emphasized the need to bring about better coordination among agencies like environment, civil aviation, municipal planning and various sanctioning authorities like MCGM, MHADA, SRA, MMRDA, CIDCO, MMRDA etc-to prevent projects from being caught in conflicting mandates. Premiums remained a burning issue amongst attendees, wherein consensus view was that there was a need to restructure the payment schedule of premiums in 10:10:80 format rather than reducing the same. Reducing premiums would hamstring the Governments ability to take on transformative projects for the city, with the Atal Setu, the coastal road, freeways & metros, all testament to premiums being put to good use. Restructuring of payment schedule whilst a revenue neutral proposal for the Government, would ensure that the project cash flows pay for the premiums rather than burdening the Developers for the same.
Rushi Mehta, Secretary, CREDAI-MCHI, echoed the sentiments of the summit, "coming together of associations is but the first step in enabling and moving towards Ease of Doing Business for the Real Estate Industry. The heart, centre and core of this movement should be the ultimate welfare of the customer and all initiatives should be driven towards achieving the same." As the issues raised piled on thick and fast, Mr Mehta urged the leaders at Convergence Meet, that we as a Developer Fraternity have a higher responsibility of building a great city, a liveable city, one where our future generations can thrive and proudly call its own and this has to be our single-minded focus even if its sometimes at the expense of maximisation of Profit or FSI consumption.
CREDAI-MCHI, through this initiative, has positioned itself as a champion of Mumbai's real estate and a driving force for industry-level unity, coherence, and sustainable growth. With this convergence, CREDAI-MCHI has signalled a new era of collaborative leadership and forward-thinking reform, setting benchmarks not just for MMR but for the entire Indian real estate landscape.
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