In a significant leadership transition, the Confederation of Real Estate Developers’ Associations of India (CREDAI) appointed Shekhar Patel as its new president, succeeding Boman Irani. The ceremonial handover took place at Mahatma Mandir in Gandhinagar, in the presence of Gujarat Chief Minister Bhupendra Patel, senior state ministers, and top industry stakeholders.
Shekhar Patel, Managing Director and CEO of Ganesh Housing Corporation, takes the reins from Boman Irani, Chairman and Managing Director of Keystone Realtors Ltd., a prominent Mumbai-based real estate firm. The event was graced by Industries Minister Balvantsinh Rajput, Health Minister Rushikesh Patel, and Minister of State for Home Harsh Sanghavi, reflecting the government’s support and interest in the evolving real estate sector.
Call for Change in Affordable Housing Norms
One of the key demands raised by Shekhar Patel during his inaugural address was modification of the existing definition of affordable housing. He emphasized that the current cap of Rs 45 lakh, established in 2017, is outdated and needs revision in line with India’s inflation rate and rising property prices.
“It has been eight years since the cap was introduced. The housing price index has risen significantly, and annual inflation is around 6-7%. As a result, homes that meet the size criteria (60 sq. meters in metros, 90 sq. meters in non-metros) no longer meet the price threshold,” Shekhar explained.
He pointed out that in cities like Ahmedabad, a 1,000 sq. ft. carpet area unit (around 80–90 sq. meters) now costs between Rs 70 lakh and Rs 1 crore, even though it falls under the affordable housing size category. Therefore, he urged the government to link the price cap to inflation to prevent the need for frequent revisions.
Key Focus Areas under Shekhar Patel’s Leadership
Apart from redefining affordable housing, Shekhar Patel outlined four major priorities for CREDAI:
- Skill Development for Construction Workers: Enhancing vocational training to improve efficiency and ensure better quality in real estate projects.
- Reforestation Initiatives: Promoting environmental sustainability through large-scale tree plantation drives in the Western Ghats and Aravalli ranges.
- Data Analytics Centre: Establishing a centralized Data Analysis Centre to monitor and interpret data from RERA and the Ministry of Housing, aimed at improving transparency and planning.
- Reducing Project Life Cycle: Accelerating project timelines by working with regulatory bodies to reduce the average project cycle from seven years to three years.
Government’s Support to Real Estate Development
Chief Minister Bhupendra Patel lauded CREDAI’s role in supporting India’s urban growth and congratulated Shekhar Patel on his new role. He expressed optimism that the new leadership will collaborate with stakeholders and contribute significantly to the sector’s future growth.
