CREDAI Implements Transparency Initiative for Chhattisgarh Real Estate Developers
The Confederation of Real Estate Developers' Associations of India (CREDAI) is introducing a new system for real estate developers in Chhattisgarh. This initiative mandates adherence to a specific code of conduct designed to bolster transparency in the sector's operations. CREDAI National President Lalit Jatin emphasized the industry's focus on transparency, stating, “The sector has been under the scanner of customer and the real estate developers across the country are on one operation, that is ‘transparency’ and hope to achieve it through the code of way initiated.”
Key Features of the New System:
- Declaration of Adherence: Members in Chhattisgarh have readily signed a declaration committing to the new rules established by CREDAI.
- Consumer Redressal Forum: The state will establish a dedicated consumer redressal forum overseen by the Confederation.
- Mandatory Disclosures: Developers will now be required to explicitly state the actual usable area to potential buyers.
- Reimbursement for Delays: The system ensures reimbursement for project delays.
- Honoring Agreements: Adherence to agreements between buyers and sellers will be strictly enforced.
Chhattisgarh CREDAI Chapter President Anand Singhania elaborated on these points, highlighting the importance of clear communication and accountability within the real estate sector. He specifically noted the requirements for developers to disclose actual usable area, provide reimbursement for project delays, and honor agreements.
Additional Transparency Measures:
Furthermore, a comprehensive "Title Certificate" from a legal professional (solicitor or advocate) will be necessary. This certificate must clearly outline the developer's rights and obligations, presented alongside the Agreement for Sale. All approvals from relevant authorities, including sanctioned plans and commencement certificates, should be accessible to the buyer for review during the agreement signing process, further reinforcing transparency.
Enforcement and Consequences:
Members are obligated to comply with the rules set forth by CREDAI. National President Jain stated that non-compliant members would face expulsion from the Association: “If any member defy them, would be removed from the Association.” He further urged the public to exclusively purchase properties from CREDAI-registered developers as an added layer of consumer protection.