CREDAI to Handle Corruption in Real Estate Sector

“The CREDAI today presented an action plan to union urban development minister Kamalnath at the two-day 11th National Conference (NATCON) of CREDAI in Singapore to handle corruption”. CREDAI National President Lalitkumar Jain said, the developer community is being marked as being pollute. He said the association would seek an appointment with the prime minister to discuss ways and means to check the cancer of corruption rather indulging in blame game.

“Our country is, sadly though, rated to be one of the most corrupt nations of the world. Any citizen of the country will feel hurt and disgraced. The real estate sector is rated to be the biggest contributor to this dishonor. Jain Said, “I and all my colleagues in real estate  feel seriously insulted.” He added that developers were sufferers of the system and not the beneficiaries. He also said the real estate sector was being named as the reproduction ground for black money and corruption. “It is the various government methods, procedures and delays in clearances that give birth to corruption. We curse every person who exploits us to give us a lawful permission which we deserve immediately and without any dishonest demand,” he said.

“After investing madly in land, even a day’s delay in approvals adds to the costs and in extreme anxiety and when speed becomes important, the concept of speed money crawls in,” he pointed out. Every developer has to get 40 certificates, No Objection Certificates and clearances. “The McKinney report to the Government of India as long ago as in 2001 said that land approval related obstacles are costing 40% higher to home cost,” he said. CREDAI presented two key documents to Kamalnath – an anthology of best practices by some state governments that can be followed by the rest of the country and a extensive checklist for approvals.

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