Dear all

I would like you all, who are new to the Indian real estate to read a little on the role of CREDAI and MCHI in the sector

CREDAI

Confederation of Real Estate Developers Association of India (CREDAI) – is the apex body representing associations of real estate and housing developers from all over India. Its purpose is to promote housing and real estate developments in an organized and cohesive manner and provide a liaison with government bodies to effectively represent the views and needs of the industry. It has more than 3000 members spread over more than 17 states in India.

MCHI

MCHI is a member of CREDAI and India’s premier housing and developers associations in India. Established in 1982, in Mumbai, the commercial and construction capital of India, MCHI has a membership of 450 leading developers who account for 90% of the housing supply in Mumbai and its vicinity.

CREDAI and MCHI ensure complete transparency and assurance to the customers throughout the entire transaction and guarantee them the amenities and specifications as promised during the deal. In the event of any dispute the consumer can approach CREDAI to assist them in resolving the same.
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  • Great Job

    Vasu: Great that you post this. Not sure how good is the work done by CREDI & MCHI, but general awareness of the public about existence of such bodies is poor!
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  • CDERAI should ensure that:

    1. Super area, buildup area, and carpet area should be declared FIRMLY
    2. If there is scope of super area increase, it should be firmly mentioned that super area increase will have a corresponding increase in carpet area also.

    3. Parking charges are ILLEGAL and builders should not charge for it

    4. Service tax on parking charges is even more ILLEGAL

    5. All licence details SHOULD BE CLEARLY MENTIONED IN ADVERTISEMENTS

    6 VERY HIGH PENALTY to be imposed on builders for concealing any legal information about title of land, licence etc.

    7. BUILDERS SHOULD DECLARE FROM WHOM THEY BOUGHT LAND, WHEN , AND FOR HOW MUCH , AND WHAT % HAS BEEN PAID

    8. PENALTY FOR DELAY SHOULD BE REASONABLE AND SHOULD BE ACCORDING TO THE RENTAL OF FLAT. IF DELAY EXCEEDS 6 MONTHS THAN PENALTY SHOULD BE DOUBLED, AND WHEN DELAY EXCEEDS ONE YEAR PENALTY SHOULD BE THREE TIMES

    9. EDC,IDC CALCULATIONS SHOULD BE SHARED WITH BUYERS AND AMOUNT PAID TO REGULATORY AUTHORITIES SHOULD BE KNOWN TO BUYERS.

    10. AFTER TAKING 90% PAYMENT POSSESSION HAS TO BE OFFERED WITHIN 4 MONTHS - currently the norms are 4 years after taking 90% payment.

    THAT IS THE JOB OF CREDAI - LET THEM DO THIS FIRST
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