Confederation of Real Estate Developers’ Associations of India (Credai) is likely to open its Bihar chapter by the end of this month.

Credai, which has over 10,000 members across the country, has taken the decision considering the booming real estate market in the state. “Credai is in the process of expanding its horizon from its existing presence in 20 states and at 120 cities. Bihar, especially Patna, is coming up as one of the fastest growing real estate markets across the country and thus it would be a valuable addition to Credai. We are already communicating with the builders in Patna and they have formed the organisational structure of the Bihar chapter, and decided upon the office-bearers. The Bihar chapter of Credai would be launched once the society is registered in the state,” Subhashish Ghoshal, general manager, Credai- National told The Telegraph on Sunday.

Ghoshal underlined the initiatives being taken by Credai to eradicate corrupt activities in the real estate market. “We want to bring all the builders under the ambit of Credai and wipe out all alleged corrupt activities. At present, Credai, under the leadership of our national president Lalit Kumar Jain, is taking various measures to bring transparency to the real estate sector. We have our own code of conduct, which all members are required to follow and every city chapter has its own grievance redressal cell. We are also working with the government sector to streamline the approval process of buildings,” said Ghoshal.

Builders in the state capital are upbeat about Credai’s arrival in the state. “At present the only association of real estate developers in Bihar is Builders’ Association of India (BAI), formed in 1942. With passage of time, BAI observed various changes and covers the road construction sector as well. The real estate sector in Bihar has also undergone tremendous changes. Thus, a separate association is required for real estate developers in the state and the upcoming chapter of Credai would serve that purpose,” said Sachin Chandra, chairman, BAI, Patna chapter.