CREDAI Urges Developers towards Green Construction Practices

Green Construction Practices

The real estate sector has witnessed remarkable growth over the past two years, buoyed by strong consumer demand, as highlighted by CREDAI President Boman Irani at the 21st CREDAI NATCON conference. Stressing the importance of sustainable practices, Irani urged developers to prioritize green construction. Know more about it on SURFACES REPORTER (SR).

According to Manoj Gaur, Chairman, CREDAI, “It is the best time for the real estate sector and the momentum would continue if developers do not commit past mistakes.” Irani reportedly highlighted the significant contribution of the real estate sector, constituting 7-8 per cent of India’s GDP. During the conference, he pointed out that the construction sector is responsible for 26 per cent of global pollution, urging developers to embrace green development. He emphasized the importance of sustainability and encouraged the adoption of green construction technologies and modern building materials. Noting that green construction is cost-effective, he further assured that CREDAI would reportedly support its members in transitioning to sustainable practices. The association has committed to making the real estate sector net-zero by 2050.

In his speech, Irani also called for government consideration of providing input tax credit (ITC) in the residential segment. Currently, under-construction flats face a 5 per cent GST without ITC, and affordable housing incurs a 1 per cent GST without ITC. CREDAI has advocated for developers to choose between a 12 per cent GST rate with ITC (assessment scheme) and a 5 per cent GST rate without ITC.

(Image for representational purpose only)

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