New code of conduct for developers in india

A new code of conduct has been agreed by the Confederation of Real Estate Developers Associations of India (CREDAI) with the aim of resolving complaints about the house buying process.

The most common complaints are a delay in taking possession of a property, failure to meet commitments, additional money being demanded above the agreed price and ambiguities over sold areas.

‘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 which is a long drawn and messy process,’ said Pankaj Bajaj, president of CREDAI for the National Capital Region.

CREDAI has over 8,000 members and it requires them to sign a Code of Conduct which is a self governing mechanism requiring them to adhere with prescribed levels of transparency with their customers.

Source: PropertyWire.com