CREDAI code of conduct to ensure transparency
The Confederation of Real Estate Developers' Associations of India (CREDAI) Hyderabad Chapter recently announced its new team with N. Jaiveer Reddy of Ashoka Developers and Builders as the chairman apart from launching a code-of-conduct for its members.
The other office bearers include G. Yoganand of Manjeera Group (president), S. Ram Reddy of SMR Holdings (general secretary) apart from P. Ramakrishna Rao of Manbhum Developers, Anand Rao of Raghuram Infra India, Nasir Ali Khan of MAK Projects and Sunil Reddy of Sunil Constructions (vice-presidents).
Anand Reddy of PBEL has been elected as joint secretary, Manoj Agarwal of DSL Infrastructure & Space Developers as organising secretary and Aditya Gowra of Gowra Ventures as treasurer.
The code-of-conduct which every member has to sign and adhere to has been devised to establish transparency between developers and customers.
The salient features of the code to which a member commits include a promise to be transparent in all dealings and documents with customers, declare and disclose all components of a sale consideration, whether or not escalation was envisaged, product warranty if any and validity of such a warranty.
They would also have to declare the manner, timing and conditions under which delivery of each development area and the project as a whole would happen apart from circumstances, under which the same could be withheld, to a customer.
C. Shekhar Reddy, vice-president, CREDAI National, said the Confederation at present comprised 80 chapters spread over 22 States and representing more than 6,000 real estate developers. He reiterated the need for government coming up with a single window for various clearances required for a project and also cut down on the time taken for the entire process.
The newly elected president, Mr.Yoganand, said the effort was aimed at ushering in transparency with adoption of code-of-conduct by all members and setting up a grievance redressal cell to address disputes between developers and consumers.
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