Real estate developers, who are members of the Confederation of Real Estate Developers' Association (Credai), will now have to mention carpet area along with super built-up area in their brochures and sale agreement, provide detailed break-up of the room sizes, specify when they will complete the project, pay a compensation in case of project delay and honour of the agreement between the two parties.
A penalty for the customer in case of defaults in payments will also be stated in the code of conduct.
Credai national president, Lalit Jain said that they want all the members to sign this code of conduct within six months. "If we find somebody engaging in malpractices, then we will terminate the membership of that particular builder," said Jain. He also requested consumers to buy properties from builders who are members of Credai who will follow these norms.
Looking at the growing number of consumer grievances cases, the developers' body also has plans to set up consumer redressal cells in every state to address consumer disputes. Such cells already exist in Karnataka, Tamil Nadu, Maharashtra, Andhra Pradesh and Kerala. Jain requested consumers to approach these cells before taking their grievances to the courts.
