CREDAI National President, Mr C Shekar Reddy further mentioned that from Industry perspective it is important that the bill maintains equilibrium between the developer’s community and the end users. Certain provisions in the bill are required to be amended / removed otherwise it will result in substantial increase in the cost to the home buyers and in long run will shatter Governments dream to have “Housing for all” and will also impact “Affordable Housing” initiative.
Mr C Shekar Reddy categorically mentioned that the provisions like revocation of registration would certainly put the projects in limbo for months and years due to litigation which will act against the intent of the consumer.
Regulation is required for any developing market but to make the regulation effective the bill should regulate the entire real estate industry covering all the stake holders like the competent authority, local authorities, financial institutions, electricity board, water board, fire department etc.
About CREDAI -
CREDAI is the apex body for Real Estate developers in India and CREDAI represents over 9000 developers through 128 chapters in 20 States, across the country. It also links private real estate developers to the Government and customers through numerous initiatives and activities. CREDAI’s success is in bringing a majority of organized real estate developers under a single umbrella; which holds great promise for rapid development of the realty sector touted to be a major driver of India’s economic growth. Staying true to CREDAI’s ‘model code of conduct’, the member associations have been successful in imbibing and delivering the philosophy of transparency and accountability in the realty sphere. Generating a tremendous credibility and trust factor, it has been perceived as a welcome change for serious real estate developers and real estate buyers alike. In a short span, CREDAI has also developed a tremendous reputation for successfully acting as a mediator cell to mitigate disputes between buyers and developers within 120 days. So much so that today, property buyers in most metros and Tier-2 towns conduct a preliminary check to see if the developer is an accredited CREDAI member prior to investing in a project.
