Real Estate Development as a business came to orissa during
the post-liberalization era when the industry was witnessing
the in famous market boom of the nineties due to the influx
of multinational corporations into the country.
The industry very soon witnessed the most turbulent times and
learnt the hard way, that what goes up must come down- that
business cycles are as much applicable to real estate markets
as they are to any other market.
Despite being new to the industry during these difficult times,
a handful of Real Estate Developers who had ventured into this
business in Orissa- formed an Association called The Real Estate
Developers Association (REDA). Soon many joined hands and together,
everybody started working with a strong conviction to play a
crucial role in wealth creation which would contribute to the
economic well being of the state, to employment generation,
improvement in the standard of living and providing for infrastructure
development . The impact of real estate in every aspect of development
and its role as a catalyst made it one of the most important
ingredients of economic growth.
The major market players in real estate development across
the country realized the need for formation of an all India
level Association and bring into its fold the state-level Associations
and big corporate houses to be governed by an uniform code of
conduct. The name of the all India Association of builders was
kept "Confederation of Real Estate Developers of India
(CREDAI) and relentless effort of its founders and members through
dialogues, debates, discussions in various conferences and workshops
achieved creation of a new public awareness and opinion about
the business. The effort of these Associations started showing
good results. Ethical business practice along with higher quality
products and a new attitude towards competitiveness characterize
the paradigm shift, that is taking place slowly but steadily
and surely . Against the backdrop of a stable market condition,
after the volatility of the 9O's this transition is a source
of great encouragement. Launching of the Newsletter is a step
in the right direction to establish communication link and express
the views and exchange the same with the members as well as
all those who are linked with the industry. We hope that the
columns of this newsletter will attract readership that will
assist in fulfilling our mission.
Anup Kumar Mohapatra,
President-REDA
