The 31st edition of CREDAI-MCHI, India’s largest Property Expo 2024, held at the Jio World Convention Centre in BKC, Mumbai, emerged as a hub of groundbreaking initiatives to transform the real estate landscape. With a focus on enhancing accessibility and streamlining processes, the expo introduced a slew of innovative concepts that are set to reshape the industry.
In a significant joint effort with the Department of Registration and Stamp, CREDAI-MCHI promoted the e-registration of property documents during the expo. The initiative has already witnessed over 155 successful e-registrations, marking a pivotal step toward encouraging developers in the Mumbai Metropolitan Region (MMR) to embrace digitalisation fully.
Hiralal Sonawane, IAS, Inspector General of Registration and Stamps, Government of Maharashtra, expressed the government’s commitment to digitalisation, stating, ‘The launch of e-registration of documents is a major leap forward. This service is accessible from any location, at any time, eliminating the need to visit the sub Registrar’s office. We encourage all developers to adopt this service promptly.’
The collaboration with CREDAI-MCHI received praise from key industry figures. Domnic Romell, President of CREDAI-MCHI, emphasized the expo’s role in driving digital transformation, stating, ‘The overwhelming response to the e-registration initiative underscores the industry’s enthusiasm for modernisation. Together, we are shaping a more transparent and accessible real estate landscape for all stakeholders.’
The initiative has seen more than 30,000 documents successfully registered, with over 200 projects embracing e-registration. This highlights the industry’s swift adoption of this innovative approach, marking a significant leap towards digitization and transparency in property transactions.
E-Registration, a legally compliant electronic mode of document registration under the Registration Act 1908, has gained momentum, attracting over 30,000 documents so far. To facilitate builders, the Department of Registration and Stamp conducted training sessions at the CREDAI-MCHI office. Dedicated support teams at the state and district levels are available to resolve any queries, ensuring a smooth transition to the digital platform.
CREDAI-MCHI, representing over 1800 leading developers in MMR, stands as the only government-recognised body for private sector developers in the region. As part of CREDAI National, the apex body of 13,000 developers nationwide, CREDAI-MCHI is committed to breaking barriers and creating a strong, organized, and progressive real estate sector in the MMR.
The vision of CREDAI-MCHI is clear: To empower the Real Estate fraternity of the Mumbai Metropolitan Region, preserving, protecting, and advancing the right to housing for all. With a focus on being a trusted ally, guiding members, supporting government policy advocacy, and navigating the evolving real estate landscape, CREDAI-MCHI continues to play a pivotal role in shaping the future of the industry.
Legal experts from Vakilsearch commend the government’s E-Registration initiative, emphasising its transformative impact on property transactions. They highlight the simplified processes, increased transparency, and the potential legal advantages for developers and home buyers. The move aligns with the broader trend towards a more accessible and efficient real estate landscape. Our legal experts ensure a seamless transition to E-Registration, offering comprehensive guidance, training, and dedicated support.
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