Credai's Code of Conduct to rein in real estate players

Customers sore over the alleged fraudulent deals of the real estate players can hope for better times now. The Orissa chapter of the Confederation of Real Estate Developers' Association of India (Credai) has come out with a 'Code of Conduct' for its 40-odd builder members which will ensure fair and transparent deals to the customers in the real estate sector.

Addressing media persons here, D S Tripathy, general secretary of Credai-Orissa said, “All members of Credai-Orissa will have to adopt the Code of Conduct for all upcoming projects from January 15. Apart from other provisions, the Code has envisaged a Grievance Cell where a consumer can complain for any deficiency or problems in dealing with a real estate developer. The real estate developers will also have to furnish all the details to the customers, including the status of various clearances like building plan approval and environmental clearance.”"Presently, we have 40 members in our association and 30 of them have given a written undertaking that they will abide by the Code of Conduct. The members who don't adhere to the Code of Conduct will be expelled from Credai”, he added.

The proposed Code of Conduct will ensure clear and marketable property title, transparency in information sharing with the customers by the real estate players, standardization of built-up area and presentation of the proper plan of the project to the customers by the builders.Credai-Orissa is also organizing a property exhibition in the city from January 15-18 to help customers find their dream homes. The expo will showcase the latest innovations in building products.