NAREDCO asks members to fulfil commitments made to home buyers

Amid protests by home buyers over long delays in delivery of projects, realtors' body NAREDCO today said there is a confidence crisis and developers need to fulfil their commitments in a transparent manner.
NAREDCO President Parveen Jain asked all fellow developers, whose projects are delayed and buyers are agitating, to sit down with buyers and work out a time frame for delivery and fulfil the commitment made to them.
"It's a confidence crisis for us. We have to win over the confidence of buyers", he said.
Home buyers of various projects, being developed by Amrapali, Unitech, Gaursons, Jaypee group and Today Homes among others, are protesting on streets as well as social media platforms against huge delays in delivery of projects and incomplete works.

A Twitter campaign by residents of Amrapali Sapphire project led to Indian cricket team captain M S Dhoni quiting as company's brand ambassador.
Citing cases of Amrapali and Supertech, Jain said all NAREDCO members should adhere to building bye laws, rules and regulations in a fair and transparent manner to gain the confidence of home buyers.

NAREDCO has around 4,000 members.
Although Parliament has passed the Real Estate (Regulation and Development) Act 2016, Jain said the law is yet to be implemented, and therefore developers must stand committed to the written promises made to the home buyers.
"Once the Act is implemented as designed, things would be easier for builders as well as developers. We have to gear up with changing times," Jain said.

"A customer can no more be taken for granted. A customer is king for us and will continue to be the king in our scheme of things," Jain said.
Jain also demanded single window clearances at the earliest, so that when Act is implemented, developers do not have to run around for project clearances.