CONFEDERATION of Real Estate Developers Association of India (CREDAI) Chhattisgarh thanked Chief Minister Vishnu Deo Sai for the State Government’s decision to revise Guideline Rates, a move that brought significant relief to the real estate sector. A delegation from CREDAI had a courtesy meeting with the Chief Minister late on Monday night, expressing gratitude for much-awaited and highly impactful reform.

 

The revision recently approved by Central Valuation Board is expected to boost property transactions, encourage new construction activity and attract fresh investment across the state. According to CREDAI, developers and homebuyers were facing growing financial pressure due to guideline rates no longer reflected ground realities. Updated rates are set to ease that burden and create a more practical, transparent and market-responsive environment for real estate operations.

 

The delegation consisting of President of CREDAI Chhattisgarh Pankaj Lahoti, Chairman Mrinal Golechha, Secretary and President-Elect Abhishek Bachhawat and other senior office-bearers. The delegation members stated that government’s decision will streamline processes and increase confidence among stakeholders. CREDAI extended gratitude to Minister of Revenue and Commercial Taxes O P Choudhary for his continuous interactions with the real estate community on the issue.

 

The organisation stated that Revenue Minister’s understanding of sectoral challenges and his proactive approach were instrumental in enabling the decision’s effective implementation. CREDAI also thanked the Commercial Tax Department, Directorate of Registration and Stamp Duty and Central Valuation Board for their efforts in ensuring a smooth revision process. CREDAI also welcomed the introduction of market value calculation based on super built-up area for commercial properties, reductions of 10 per cent for basements and first floors and 20 per cent for upper floors in commercial complexes and the empowerment of District Valuation Committees to revise Guideline Rates based on local needs.