Chennai real estate has suffered a major jolt as 3 of its leading builders, DLF Ltd, Hirco & Hiranandani, have been removed from the CREDAI (Confederation of Real Estate Developers' Association of India).
Yet another major builder, Vijay Shanthi, has opted out of CREDAI membership on its own.
CREDAI national president Mr. Lalit Kumar Jain said, ''The expulsions were owing to the builders' stiff resistance to sign the organisation's ethical code of conduct, mandatory for all the 8,600 members spread across 105 cities in 22 states. As on date, apart from Chennai and Karnataka, Nasik is the only other city where all members of CREDAI are signatories to the code. Based on requests from other state chapters, their members have been given time until June 30, 2012 to sign the document"
Those expelled will not be able to participate in Fairpro (Propery Expo), the annual property fair organised by CREDAI, which is a big crowd puller in the Chennai city.
Mr.T Chitty Babu, Secretary, CREDAI said, "A code of conduct for the builder community was first mooted by the Chennai chapter of CREDAI 2 years ago. It gained momentum past year when CREDAI national decided to implement it pan India. Once a builder signs the code of conduct, the customers enjoy the right to drag him to the grievance redressal forum of CREDAI in case of disputes"
Mr. V Suresh, Principal Executive Officer, Hirco, said, ''Our firm company had reservations about continuing in CREDAI. We are part of a national body and an international body - CII India and Royal Institute of Chartered Surveyors, UK respectively. We follow best practices in real estate sector & are in sync with all statutory requirements. Being a pan India player, we follow uniform norms & do't want to change our practices to suit a trade organisation's code of conduct."
One of the senior executive in the DLF Ltd said "Even without signing the CREDAI code of conduct, we have been following best practices in the real esate industry."
Mr. Suresh Kumar Jain, MD, Vijay Shanthi, said, "Our panel of lawyers objected to signing the code of conduct"
Hiranandani sought more time to react to the developments.
A Chennai city based builder, however, felt that CREDAI has not been firm against its members who violate building norms. "Some builders have been booked by police for land related frauds. What action has CREDAI taken against them."
Trouble is brewing in CREDAI's Karnataka unit too, where four builders have been expelled.
Src: TOI
Yet another major builder, Vijay Shanthi, has opted out of CREDAI membership on its own.
CREDAI national president Mr. Lalit Kumar Jain said, ''The expulsions were owing to the builders' stiff resistance to sign the organisation's ethical code of conduct, mandatory for all the 8,600 members spread across 105 cities in 22 states. As on date, apart from Chennai and Karnataka, Nasik is the only other city where all members of CREDAI are signatories to the code. Based on requests from other state chapters, their members have been given time until June 30, 2012 to sign the document"
Those expelled will not be able to participate in Fairpro (Propery Expo), the annual property fair organised by CREDAI, which is a big crowd puller in the Chennai city.
Mr.T Chitty Babu, Secretary, CREDAI said, "A code of conduct for the builder community was first mooted by the Chennai chapter of CREDAI 2 years ago. It gained momentum past year when CREDAI national decided to implement it pan India. Once a builder signs the code of conduct, the customers enjoy the right to drag him to the grievance redressal forum of CREDAI in case of disputes"
Mr. V Suresh, Principal Executive Officer, Hirco, said, ''Our firm company had reservations about continuing in CREDAI. We are part of a national body and an international body - CII India and Royal Institute of Chartered Surveyors, UK respectively. We follow best practices in real estate sector & are in sync with all statutory requirements. Being a pan India player, we follow uniform norms & do't want to change our practices to suit a trade organisation's code of conduct."
One of the senior executive in the DLF Ltd said "Even without signing the CREDAI code of conduct, we have been following best practices in the real esate industry."
Mr. Suresh Kumar Jain, MD, Vijay Shanthi, said, "Our panel of lawyers objected to signing the code of conduct"
Hiranandani sought more time to react to the developments.
A Chennai city based builder, however, felt that CREDAI has not been firm against its members who violate building norms. "Some builders have been booked by police for land related frauds. What action has CREDAI taken against them."
Trouble is brewing in CREDAI's Karnataka unit too, where four builders have been expelled.
Src: TOI
No comments:
Post a Comment