It is common knowledge
that the dealings with the buildersand developers are mostly complex, reisky
and precarious. Now there appears a silver lining in the clouds. They
are to become more simple, safe and reliable. The new steps initiated by some
of the developers are designed to make it so. The confederation of Real Estate
Developers Associations of India [CREDAI] has come up with a code of conduct
for all its members that is aimed at bringing transparency in the
business.
Santdas Chawla, Past President CREDAI-Maharashtra said that there
were cases of false assurances to prospective home buyers by some developers.
Such wrong commitments on the part of handful of developers had created a sense
of fear among the buyers. He further added that, with the new code of conduct
in place, the system would generate confidence among the clients.
As per the code of conduct, all sanctions like approved plans and
commencement certificates, NA permission, exemption order under Urban Land
Ceiling Act etc., should be made available for perusal of the purchaser at the
time of signing the purchase agreement.
The developer should normally commence bookings sale of flats
premises only after obtaining sanction of Building Plans and obtaining
commencement certificate and clearances from the competent authorities.
Payments receivable under the agreement for sale should be scheduled according
to the progress of the work and as per the
The code of conduct also says that there should be a clear mention
of carpet area of the unit to be sold in the Agreement of sale. The developers shall
also incorporate necessary clauses inthe agreement in order to enable the
client deriving the rights to inspect thepremises during the course of
construction. The developer must ensure goodquality materials and proper
workmanship. Specifications
as per agreements should be adhered to and statutory specifications of the
local planning authority should be complied with Proper technical supervision
on site should be ensured through qualified and experienced technical personnel
in addition to usual qualified structural engineers and architects.
As an additional measure, CREDAI has also formed a consumers
grievances redres sal cell where in the complainants may raise their issues.
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