Confederation of

Real Estate Developers
Associations of India


Open House

18th DEC, 2014 The Bengal Club

In order to address the various issues that the developers were facing and to apprise them of the various policy initiatives that CREDAI Bengal was advocating to the Govt., an Open House was organized on 18.12.14.

A detailed presentation was made on the following subjects, followed by a Q&A Session with members :

1)The long-standing problem of valuation discrepancies in residential spaces which had got resolved after a painstaking exercise with the Finance Dept alongwith follow ups for rationalization of the Circle Rates for Office Spaces (specially in Sector V), Agricultural Land, Old and Encumbered properties, Sale in accordance to Sarfesi Act and Relief from the provisions of Sec 43CA and 56 (2) vii of the Income Tax Act


2)IT & ITeS Policies : By an Order dated 7th August 2014, the State Govt. had allowed to use the unutilized built spaces for non residential and non hazardous uses subject to payment of prescribed fees.


3)Apartment Ownership Act & Promoters' Act : A stakeholders' Committee had been formed by the Govt. to look into the provisions of the Acts and thereafter to suggest amendments in respect of the same. Two representatives from CREDAI Bengal were also a part of the Committee.


4)KMC : After a lot of follow-ups the KMC had agreed to providing online submission of building plans. A Gazette Notification dated 12th November 2014 had provided for online submissions of building plans and other amendments pertaining to property tax and valuation. This had substantially cut down time for building sanctions for developers, cutting down red-tapism and corruption.

5)Environmental Issues: Follow up to streamline the process of obtaining clearances were ongoing with the Environmental Dept., so as to curtail the delay caused due to such overlapping protocols.


6)Section 43CA of IT Act - CREDAI Bengal had been seeking updates from CREDAI National on a regular basis on their dialogue with their Govt. and repeated representations to the Union UD Ministry and the Finance Ministry to withdraw Section 43CA of the Income Tax Act.

10)Fire Department - Recommendations for streamlining procedure for obtaining clearances from Fire Authorities, had been forwarded to the Dept, and the DG had accepted most of the following areas of concern of developers. Preparing a Booklet is underway now.