CREDAI NCR to Implement Measures Aimed at Boosting Home Sales and Regulating Property Dealers
New Delhi: The Confederation of Real Estate Developers Association of India (CREDAI), the leading organization of real estate developers in India, has announced its intention to regulate property dealers operating within the Delhi-NCR region. This initiative is driven by a desire to stimulate an increase in home sales. As a first step, CREDAI's NCR Chapter has instructed developer members to clearly present both the saleable and carpet areas within their project brochures.
The organization's investigation into sluggish home sales revealed that numerous unscrupulous property dealers engage in misrepresenting property features, leading to misinformation among potential buyers. Therefore, to curb the spread of misinformation by property dealers, CREDAI is mandating the disclosure of both saleable and carpet areas. This will assist buyers in having more accurate information, as has previously been a requested point of clarity within the real estate market.
Further Regulatory Measures
In addition to the disclosure mandate, CREDAI NCR intends to implement a lock-in period for property resales and increase transfer charges. These measures are anticipated to have a significant impact on property dealers' operations and positively influence consumer confidence. The implementation of these additional regulatory measures aims to foster a greater degree of transparency and accountability within the Delhi-NCR real estate market.
New Leadership at CREDAI NCR
Anil Sharma, CMD of the Amrapali Group, has been elected as the new president of CREDAI NCR for a three-year term, spanning from 2013 to 2015. Sharma emphasized the importance of improving customer transparency and effectively assisting customer concerns.
"A new team has been appointed. The team will mainly focus on awareness and redressal of the consumers," stated Mr. Sharma, outlining his priorities. He highlighted the formation of a consumer redressal forum by CREDAI NCR the previous year. This forum has consistently addressed and resolved the majority of nearly 700 complaints received to date regarding the improper disclosure of saleable and carpet areas.
Addressing the issue of builders who fail to disclose carpet and saleable areas, Mr. Sharma confirmed that CREDAI has formally requested all builders to provide this information. Mr Sharma explains that, while saleable area encompasses both built-up and common areas, certain property dealers continue to omit this information altogether. The organization's governing council recognizes the buyers' rights to clarity regarding these areas.
"The salable area includes both the built up area and the common area. However he added that there are some property dealers who sell properties without disclosing entire information about the properties. He added that the governing council is considering the matter and will take steps to regulate them."