Shekhar Patel, who assumed the role of President of the Confederation of Real Estate Developers’ Associations of India (CREDAI) on April 18, has big plans for the largest and most influential real estate body in India, which has over 13,000 developer members across 230 city chapters in 21 states. Patel says the key priorities under his leadership are going to be achieving carbon neutrality by 2050, launching massive reforestation drives, skilling 10 lakh construction workers over the next five years, and setting up a data analytics centre that will provide real-time insights through the CREDAI app. Patel-led CREDAI also plans to advocate for a revision in the definition of affordable housing and push for greater ease of doing business in the sector.

In an exclusive conversation with Fortune India's Manoj Sharma, the new CREDAI chief spoke about India’s 10-year growth roadmap and the real estate sector’s role in fulfilling the 'Viksit Bharat' vision by 2047.

1) Congratulations on your appointment. Tell us about your journey within the organisation, from Gujarat to the national level. How has that experience shaped your current vision?

Thank you. I began my CREDAI journey in 2006–07 as President of CREDAI Ahmedabad. Over the past 20 years, I’ve held various leadership roles -- President of CREDAI Gujarat, Treasurer for six years, Vice President for four years, and then President-Elect. Today, I serve as President of CREDAI National.

Back then, local chapters mainly focused on city- or state-specific issues. But over time, there’s been a cultural shift. Today, CREDAI stands united on national concerns, and most state and city chapters actively support the national agenda. That’s a big change.

Post-RERA in 2017, the industry has seen major transformation -- developers have become more responsible, quality has improved, and transparency has increased. That sense of accountability is now widespread across CREDAI’s ecosystem.

2) What’s your overarching vision for CREDAI during your tenure?

I’ve worked with six past presidents in the last 10-12 years, and I plan to build on their efforts. One major goal is to advance CREDAI’s commitment to becoming carbon neutral by 2050. To do that, we’re launching the CREDAI Green India Council, which will focus on reforestation. Our top priorities are the Aravalli ranges and Western Ghats, both critical ecological zones.

We aim to plant and maintain 2 crore trees in the Aravallis and 1 crore in the Western Ghats over the next 1,000 days. Maintenance will continue for 7 years, which is the time it takes for a tree to stabilise. At ₹300 per tree (including planting and maintenance), we’ve budgeted ₹300 crore for each region.

3) How will developers be involved in the reforestation effort?

We’ll collaborate with NGOs for on-ground execution. CREDAI’s city chapters across 10 states, where the Aravallis and Western Ghats lie, will fund the projects, monitor progress, and ensure transparency. We’re using a joint-venture model to scale this effectively.

4) Skilling is one of your key agendas. What are your targets and timeline for this?

We’re launching the CREDAI Skill India Council, aiming to train 10 lakh construction workers over the next 5 years. Training will begin in 25 cities, starting June 1st, with the first-year target being 1 lakh workers.

CREDAI has already trained over 3 lakh workers via our initiative CREDAI Kaushal. We will now scale that further with help from experienced leaders like Irfan Razack, Jaxay Shah, and Manoj Gaur, who will serve as Skill Ambassadors across regions.

5) What’s the idea behind the Data Analytics Centre?

CREDAI plans to set up a Data Research and Analytics Center at the national office. Post-RERA (2017), we now have detailed data on all registered projects, including land cost, construction cost, project timelines, unit sizes, etc. It’s a goldmine of structured data.

We’ll work in partnership with the RERA Authorities and the Ministry of Housing and Urban Affairs. In 6–8 months, we aim to make real-time insights available through the CREDAI app and possibly government portals for customers, developers, and policymakers alike.

6) You’ve called for a revision in the definition of affordable housing. What exactly needs to change?

Currently, affordable housing is defined as units up to 60 sqm carpet area in metros, 90 sqm in non-metros, with a price cap of ₹45 lakh. That price cap was introduced in 2017.

Given inflation and rising construction costs, that limit is outdated. RBI’s housing price index suggests the cap should now be around ₹75 lakh. Our proposal is to remove the price cap and focus solely on the area-based definition, which reflects actual housing needs more accurately.

Compact 2.5-3BHK homes fall under that category. These should attract the 1% GST rate instead of 5%. Housing is a basic need, and taxing it heavily hurts the middle-income segment.

7) How receptive has the government been to your recommendations, especially on easing business regulations?

The government has been supportive. Over the last 10–15 years, many positive steps have been taken. In fact, the Housing Ministry recently invited our suggestions on how to improve the ease of doing business.

One of our key proposals is to reduce the project approval timeline from the current 2-2.5 years to 100 days. This, combined with faster construction using modern methods, can reduce the entire project cycle from 7 years to just 3 years.

This benefits everyone: developers can complete more projects, customers get lower costs, and the government earns more tax revenue. Today, nearly 40% of a developer’s gross revenue goes to the government through various taxes. So faster approvals and completions help all stakeholders.

8) What are the biggest challenges the industry faces today?

The biggest issue is the lack of uniformity in approval processes across cities and states. Every region has a different system, which causes delays, confusion, and cost escalations. We need a single-window clearance system and aligned processes across India to bring real efficiency to real estate.

9) What’s going to be India’s growth roadmap for the next 10 years, particularly real estate’s role in it?

If you look at historical examples, real estate was the main growth engine during the US economic boom between 1950 and 1970. Similarly, when China began booming around 2003, real estate was a key driver. Today, China has a $17-18 trillion economy, and real estate accounts for 10-15% of its GDP. While the sector has faced headwinds over the last two years, it’s a cyclical business and I believe it will bounce back.

In India too, real estate must perform and improve to fuel long-term growth. Our Prime Minister has given us a clear vision of a “Viksit Bharat by 2047”. We are fortunate to have a leader with such foresight.

When he spoke of a $5 trillion economy back in 2019, many doubted the possibility since we were then at $1.8 trillion. Today, we’re already at $4 trillion. And if you consider recent stock market gains, we’re approaching $5 trillion in market cap. That dream has become more tangible.

Now, state governments, municipal bodies, everyone is aligned and working toward this vision. Everywhere you go, from seminars to policymaking circles, people are talking about 2047. The country is motivated to grow and evolve. If this momentum continues, I believe we can become a $30 trillion economy before 2047.

10) That’s an ambitious vision. But along with growth, sustainability will play a crucial role. How is CREDAI advocating for green and eco-friendly practices in real estate?

That’s absolutely right, and that’s why we’ve set up the ‘CREDAI Green India Council’. Our first priority is ‘reforestation’, which we’ve already discussed. The second is ‘green buildings’. Currently, there’s an IGBC certification process for green buildings, and we are urging all our members to adopt these practices.

In commercial real estate, green certifications are already quite common. Now, we’re working to expand this into residential sectors, especially in Tier 2 and Tier 3 cities. In fact, we are considering launching our own certification program, possibly in partnership with another organisation.

We want even small developers to opt for green buildings. If certification costs are reasonable, they’ll be more likely to adopt it. And honestly, if you’re already following local environmental and development norms, your building is 80-90% ready for a gold-rated green certification. You only need that final 10% push.

So we plan to drive awareness campaigns and set affordable rates for certifications. The idea is to create a win-win for both the developer and the customer. It shouldn’t feel like a top-down mandate.

The third focus area is solar power. While rooftop solar is already used in many projects, we are exploring its use in remote areas and possibly setting up solar systems for CREDAI’s own city chapters for captive use. Ultimately, our goal is not just carbon neutrality, we want real estate to become carbon-negative.