.jpg?width=1200)
Mumbai: CREDAI-MCHI, the premier body for the real estate sector in the Mumbai Metropolitan Region, along with the Japan Ministry of Urban Development, Buildings and Housing and Japan Building Centre are working to come out with a joint agreement which will promote cross border transfer of knowledge, business, investment and partnerships to work jointly in the real estate of sector of MMR.
This was decided during the visit of a Japanese delegation on August 22. The delegation also visited several projects of the members of CREDAI-MCHI to understand the construction management techniques adopted by leading real estate developers in the region.
While the agreement is currently in its initial stages of negotiation, the CREDAI-MCHI anticipate it to be signed by the end of October, 2024. This will allow it to prepare for the joint event planned in November, where the CREDAI-MCHI will officially announce the collaboration and present opportunities for Japanese and Indian stakeholders to connect and explore potential partnerships. The joint event will be organised with the help of the Japan Embassy in India to attract developers and suppliers from Japan to Indian projects.
The association will also be approaching the Maharashtra government to be a stakeholder in this initiative for a greater push.
The Chief Operating Officer (COO) of CREDAI-MCHI, Keval Valambhia said, “This possible collaboration marks a significant step in bringing global expertise to the MMR real estate sector. By integrating Japan's cutting-edge technologies and sustainable practices, we aim to elevate the standards of real estate development in the region. This initiative reflects our commitment to fostering innovation, enhancing quality, and creating long-lasting partnerships that will benefit both nations. We look forward to the positive impact this will have on the MMR's urban landscape and the broader real estate market.”
Commenting on the development, President of CREDAI-MCHI, Domnic Romell said, “This initiative is not just about business but also about learning from each other’s strengths to build a more sustainable and advanced real estate environment in MMR.”
CREDAI-MCHI is particularly interested in incorporating Japan's advanced construction management techniques, smart building technologies, and sustainable urban development practices into the MMR real estate sector.
This includes modular construction methods, and energy-efficient systems that have been successfully implemented in the Land of Rising Sun. Additionally, we aim to foster knowledge sharing in urban planning, project management, and regulatory frameworks that can enhance the efficiency and quality of real estate projects in MMR.
