The Confederation of Real Estate Developers’ Association of India (CREDAI), the apex body of private real estate developers, said Wednesday that it would make the code of conduct mandatory for all its members. President of CREDAI Lalit Kumar Jain said that any member advertising their projects in the media should clearly mention about their affiliation with the apex body.
They should also clearly mention the saleable area (which is the super-built area) and the carpet area in brochures, he told reporters in Kolkata. Jain said CREDAI had also set up a grievance redressal mechanism for buyers to register complaints with the body.
CREDAI would arrange for arbitration between two parties to avoid going to the court. Any member who was found not adhering to the code of conduct would be expelled from the body, he said.
Jain also pointed out that a single-window mechanism was needed to cut down on the transaction costs by almost 30% which would in turn reduce the prices of the properties.
CREDAI would submit a checklist to the government shortly in this regard. The body would also expand its network of members across the country, he said. At present, CREDAI represents 6,000 developers across India.
