- Pledge carbon neutrality by 2050
- HDFC Capital and CREDAI to invest in
Tier- 2 and Tier -3 Future Cities - CREDAI, Venture Catalyst and NeoVon to
partner on a $100mn proptech fund
King Johnson Koyyada, Abu Dhabi:
CREDAI announced a new sustainable realty movement as part of its commitment to United Nations Sustainable Development Goals (SDG) 2030. Over 13,000 member developers of CREDAI took a pledge to become carbon neutral by 2050, making CREDAI the industry’s first association to facilitate an ecosystem and lay a strong foundation for sustainable realty in India.
Further, CREDAI also announced a slew of measures including a collaboration with HDFC to empower Tier-2 and 3 cities with a US $ 3 billion fund, and an Rs 759 crore 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 more than 1,300 developers. The event was inaugurated by H.E. Sheikh Nahayan Mabarak Al Nahayan, Cabinet Member, Minister of Tolerance and Coexistence.
As part of its action plan, CREDAI pledged to explore the best practices available to reduce the realty sector’s carbon footprint by 25 per cent before 2030 and be carbon neutral by 2050. Accordingly, CREDAI will partner with the government to reduce the carbon footprint and also work with the Indian Green Building Council (IGBC) to ensure the measures to use sustainable techniques are well ingrained with the real estate developers in the country.
Speaking on the occasion, CREDAI president Harsh Vardhan Patodia said the builders and developers should contribute to people and the planet alike. When the entire world is waking up to the need for Green Real Estate, he emphasized the 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,” he said.
To keep up with changing technologies, CREDAI is partnering with Venture Catalysts and NeoVon to set up a $100mn fund – ‘Spyre VC Proptech Fund’. The fund shall invest $100mn in the next couple of years across emerging startups. To accelerate the adoption of technology, CREDAI will also launch ‘Credaiverse’ to have a permanent presence in Metaverse for an immersive buying consumer experience.
CREDAI president-elect Boman Irani 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,” he said.
CREDAI chairman Satish Magar stated that this year, the real estate ecosystem witnessed the best year in decades on 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 Home-Renting to Home-Buying, the growth momentum will continue,” he added.
VCATs managing director and co-founder Apoorva Ranjan Sharma said the rapid advancements of the digital age present a plethora of opportunities that were unthinkable a decade ago. Emerging technologies are continually transforming businesses, with new startups offering a wide range of products and services to enhance consumer experiences and improve 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,” he said.
