In a first, 13000+ CREDAI developers start a new sustainable realty movement, pledge carbon neutrality by 2050

·         HDFC Capital & CREDAI announce investment in Tier- 2 & Tier -3 Future Cities through its U$ 3 billion fund  

• CREDAI & Venture Catalyst & NeoVon to partner on a $100mn proptech fund – ‘Spyre VC Proptech Fund’ for tech-enabled startups in the RE sector.

Accelerating its commitment to UN’s Sustainable Development Goals (SDG) 2030, CREDAI today announced that its 13000+ member developers have taken a pledge to become 100% carbon neutral by 2050. 

With this pledge, CREDAI has become the industry’s first association to facilitate an ecosystem and lay a strong foundation for a sustainable reality in India. Furthermore, CREDAI also announced a slew of measures including a collaboration with HDFC to empower Tier-2 & 3 cities with a US $ 3 billion fund, and a $100 million fund for emerging start-ups with Venture Catalyst and NeoVon. All these major developments were announced at its annual event NATCON 2022 held at YAS Island Abu Dhabi which was attended by 1300 plus developers. The event was inaugurated by H.E. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member, Minister of Tolerance and Coexistence.

With a keen eye on the world's future, especially India, CREDAI pledged to explore the best practices available to reduce the sector's carbon footprint by 25% before 2030 and be carbon neutral by 2050. As India pledges to become a low-carbon economy, the real estate industry can partner with the Government in extending its commitment significantly. Even though the Indian Green Building Council (IGBC) has implemented measures to promote more developers to use sustainable techniques, CREDAI will work with the policy implementation body to ensure the measures are well ingrained with the real estate developers in the country. 

Commenting on the major development, Mr. Harsh Vardhan Patodia, President, CREDAI, said, “We believe that our role as nation builders is to also contribute to people and planet alike. When the entire world is waking up to the need for Green Real Estate, as an industry leader, we need to walk the talk by evaluating and exploring newer ways to reduce, and reuse waste through recycling. We are partnering with some of the best minds from the start-up industry to enable this initiative. We will set up an education exercise for all our member developers so that they jump onto the sustainable realty bandwagon and help us in building a better tomorrow for future generations.” 

Technology today is changing every walk of our lives and to be a part of this change CREDAI is partnering with India’s first and largest integrated incubator and accelerator for startups – Venture Catalysts & NeoVon – to set up a $100mn fund – ‘Spyre VC Proptech Fund’. The fund shall invest $100mn in the next couple of years across early and growth stage start-ups.

Additionally, to be able to accelerate the adoption of technology, CREDAI will launch ‘Credaiverse’ to have a permanent presence in Metaverse for an immersive buying consumer experience. 

Mr. Boman Irani, President-Elect, CREDAI, said, “India is a start-up hub, and a lot of new-age start-ups are finding solutions to real-world problems more swiftly and effectively. Our Sphyre VC fund will bring together a lot of young leaders who will help us in bringing Sustainable Realty to life.” 

Mr. Satish Magar, Chairman, CREDAI, said, “This year, the Real-estate ecosystem has witnessed the best year in decades at the back of pent-up demand post-COVID-19 and consumer sentiment continues to be positive. We are confident that with multiple planned launches and a shift in consumer behavior from HomeRenting to HomeBuying, the growth momentum will continue.”

Dr. Apoorva Ranjan Sharma, MD & Co-founder, VCATs said, “The rapid advancements of the digital age present a plethora of opportunities that were unfathomable a decade ago. Emerging technologies are continually transforming businesses, and the Indian real Estate Industry is no stranger to these developments. New startups have populated the ecosystem, offering a wide range of products and services intent on enhancing consumer experiences, while significantly affecting improvements in businesses. Our partnership with CREDAI brings along an opportunity to tap into the real estate industry and provides us the chance to help emerging tech-driven businesses through the Spyre Proptech Venture Fund, leveraging a vast network of entrepreneurs, led by our team of experienced founders.”

Venture is India’s first integrated incubator. It invests $250K – $1.5 Million in early-stage startups that have potential to create enduring value for over a long period of time. Venture Catalysts brings a lethal combination of Capital, Mentoring and Business Network to help investee companies to succeed. Their innovation provides value to startups through its extensive angel network, funding, community, services and co-working facility.