Resolve Property Buyers Complaints : CREDAI Frames Code of Conduct

Pankaj Bajaj, President, CREDAI NCR

As part of measures to resolve property buyers (consumer) complaints expeditiously, the CREDAI (Confederation of Real Estate Developers Associations of India) recently set up a ‘code of conduct' for its members.

Common Complaints Against Builders...!
Delay in possession of house, failure to meet commitments, additional demand of money over agreed value and ambiguity over sold areas are some of the common complaints against builders/promoters/developers.

Mr. Pankaj Bajaj, President, CREDAI National Capital Region (CREDAI NCR) said, “The primary concern of the consumer is transparency and accountability. Many middle class customers carry the perception that the developers are not answerable and that the only recourse is litigation”

 8,000 CREDAI members..!

CREDAI, the apex body of Indian real estate developers with above 8,000 members, is now banking on peer pressure amongst its members to resolve consumer complaints.

All its members have signed a code of conduct which is a self governing mechanism requiring them to adhere with prescribed levels of transparency with their customers.

Apart from committing to being transparent with the customers on area calculations, approvals status and specifications, the code requires the developer to declare upfront the compensation in case he delays in delivering the project within the committed timeframe.

Consumer Grievance Redressal Forum..!

To give teeth to the code, CREDAI has launched a Consumer Grievance Redressal Forum where any member of the buying public can lodge a complaint against a CREDAI member.

About CREDAI..!

The CREDAI (Confederation of Real Estate Developers’ Associations of India) is the apex body for Indian private real estate developers in India. CREDAI represents over 8,000 developers/ builders/promoters/ through about 20 member associations pan India.

CREDAI links Indian private real estate developers to the government and customers through numerous initiatives and activities. CREDAI’s success in bringing the majority of organised private real estate developers under a single umbrella is a potent force that promises the rapid development of the real estate sector.
Simply said CREDAI is the the voice of Indian real estate sector.

National Secretariat
703, Ansal Bhawan, 16, Kasturba Gandhi Marg,
New Delhi-110 001. Tel: (011) 43126262/ 43126200
Fax: +91 11 43126211, Email: info@credai.org

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