National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Affairs, Govt. of India. It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector.
The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry. It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success. NAREDCO works to create and sustain an environment conducive to the growth of real estate industry in India, partnering industry and government alike through advisory and consultative processes.
Confederation of Real Estate Developers’ Associations of India (CREDAI) was established in 1999 with a mandate to pursue the cause of housing and habitat providers. It has grown its membership base since then and has more than 12500 members today spread across 21 state and 205 city chapters.
On the advocacy side, CREDAI is today the preferred platform for National discourse on Housing and Habitat.
CREDAI is a knowledge sharing network about the latest industry data, technology advancements and industry benchmarks for its members. CREDAI Conclave and CREDAI National Convention are both annual events held over two days each which showcase latest technological, managerial and financial innovations in the real estate sector presented by leading authorities. These events draw close to 1000 developers, policy influencers and media person and thus generate rich dialogues.
CREDAI continues to make a conscious effort in bringing Mission Transparency and to protect the interest of buyers. It is in this interest, CREDAI has established a Consumer Grievance Redressal Forum in October 2012, where an aggrieved buyer can register a complaint against CREDAI member developer. By translating investor interest protection into a mechanism, the apex body of real estate developers seeks to resolve consumer complaints expeditiously and promote bestselling practice amongst the developer fraternity. The forum in NCR alone has successfully resolved 3404 cases out of 3529 complaints registered (as in June 2019), with a success rate of 90% Customer Satisfaction. This is the first of its kind initiative, to align the faith of consumers with the member builders, to take up the case of grievances and implement self-regulation of the industry in terms of standards of delivery vis a vis commitment among present / prospective buyers, the government and the media.