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Regulatory Body for Real Estate will lead to Corruption: CREDAI President

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Regulatory Body for Real Estate will lead to Corruption: CREDAI President

Last updated: March 10 2012
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  • Regulatory Body for Real Estate will lead to Corruption: CREDAI President

    Regulatory Body for Real Estate will lead to Corruption: CREDAI President


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    How many of us believe that a regulatory body for the real estate sector, would be a “breeding ground for corruption” ?????

    Is this really the case of sending a thief to catch a thief or something else is at play ?
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  • #2

    #2

    Re : Regulatory Body for Real Estate will lead to Corruption: CREDAI President

    Centre Expected to Bring Real Estate Regulation Bill this Winter

    Centre Expected to Bring Real Estate Regulation Bill this Winter
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    • #3

      #3

      Re : Regulatory Body for Real Estate will lead to Corruption: CREDAI President

      FINALLY, DEVELOPERS PROMISE A FAIR DEAL


      Several developers, who are members of Credai, have signed upon a model code of conduct which they claim will safeguard the interests of consumers and bring transparency to transactions in real estate. A K TIWARY writes


      To protect the interest of buyers and embrace transparent practices, Credai (Confederation of Real Estate Developers' Association of India) has adopted a model code of conduct and is planning to run a nationwide campaign about it.


      The model code of conduct has been signed by all the members of Credai, except majors builders like DLF, Unitech, JP, etc. Credai says it will terminate the membership of all those developers and builders who fail to sign up on the model code of conduct by March 31.


      To empower mission transparency in the realty sector, the model code of conduct includes a consumer grievances redressal forum. Under the forum, buyers can go through a 'Complaint Portal' to lodge complaints against the member developers of Credai, and know their rights in a property transaction by logging on the website www.credaincr.org.


      Sanjiv Srivastava, the national executive committee members of Credai, says: "We, the members of Credai NCR will offer our units for sale based on either carpet area or saleable built-up area, which will be arrived by adding to the carpet area all wall, column thicknesses, proportionate share from the common areas like entrance lobby, staircases, upper-floor lobbies and landings; lifts, gas banks, garbage room, clubhouse, security room and clubhouse, etc. Apart from these, facilities like common rooms or designated spaces will also be added provided these have not been charged separately plus any other common constructed areas not mentioned in the above list."


      "The ground space for garden or any other purpose, and the terrace space, are to be allotted for exclusive use if indicated transparently and charged separately. The plinth area will be computed by measuring from wall to wall. While exclusive wall shall be fully accounted, shared walls will be split. All agreements for sale of any premises shall contain a floor plan showing the internal dimensions from which the carpet area can be computed. Details showing how the saleable area is arrived, with specific details of the common area, will be disclosed with clarity and duly certified be an architect according to the above norms at the time of booking," Sanjiv Srivastava says.


      Pankaj Bajaj, the president of Credai NCR, says that under the newly adopted model code of conduct, a member developer has to download the details of any complaint and they will have to submit the number of days that will be needed for resolution of the complaint selected from a dropdown menu having the options for 7, 15, 30 and 90 days. This will then be communicated to the consumer and the Credai NCR secretariat. This will also serve as a notice to the consumer through email that his or her complaint has been received by the member developer.


      "In case the complaint is resolved during the time period indicated, the status against that complaint is updated with the secretariat. A mail regarding the same with a small acknowledgement of the resolution is then sent to the consumer as well. The member developer will get a maximum of two alerts on missing a deadline. In case the complaint cannot be resolved even then, it will be sent to the consumer grievance redressal forum within a stipulated time frame," Pankaj Bajaj says.


      Rakesh Yadav, the managing director of Antriksh Group, has welcomed the model code of conduct adopted by Credai. "As a member of Credai, it is our duty to protect the buyers' interest and embrace transparent practices. We agree to adopt standard procedures for ease of purchasers in their cities and states," he says.


      Supertech Ltd is planning to launch Golf Country on 100 acres in Sector 22D on Yamuna Expressway under mission transparency. R K Arora, the chairman and managing director of Supertech Ltd and a prominent member of Credai, says that saleable area will not include facilities like underground sump, water tanks, compound walls, septic tank, open-to-sky walkways, , open-to-sky swimming pools, open sports facilities, weather sheds, inaccessible flower beds, lofts, common opento-sky terraces and stairwell ducts, etc.


      Anil Sharma, the chairman and managing director of Amrapali Group and vice-president of Credai NCR, says: "We have launched Amrapali Cosmos, a residential project in Kochi, under mission transparency. In the south, in cities like Chennai, Hyderabad, and Bangalore the model code of conduct is already in practice."


      Manoj Gaur, the managing director of Gaursons and the president of Credai, Western UP, says that neither Uttar Pradesh Apartment Act, 2010, being implanted in Western UP zones like Noida-Greater Noida, Ghaziabad and Meerut nor the bylaws makes any clarification that who is a competent authority, although in the definitions clause of the act it has been mentioned that any person or authority will be authorized by the government to perform the function of the competent authority. In this way, there is the involvement or interference of a new authority, which may potentially create complications for builders. In this circumstance, the model code of conduct will play a major role to embrace transparent practice.


      Model code of conduct


      There should be a true disclosure of the property under development in the "Title Certificate" from a solicitor or advocate showing the rights and obligations of the developers along with the agreement for sale.


      All the sanctions from the sanctioning authorities like approved plans and commencement certificates, exemption order under ULC Act (if required), etc, should be made available for perusal of the purchaser at the time of signing the agreement.


      The developer will normally commence booking or sale of flats or premises only after obtaining sanction of plans and commencement certificate and clearances from the competent authorities.


      If booking is entered into with purchasers before obtaining all required clearances, the purchaser must be made aware of this fact at the time of this booking and if necessary by way of a true disclosure in the agreement and or the title certificate.


      The developer will enter into a proper agreement as per the relevant acts immediately on receipt of earnest money or any deposit from the purchaser of flats or premises.


      The payment receivable under the agreement for sale should be scheduled according to the progress of the work and as per the provisions of the relevant acts or as may be mutually agreed between the purchaser and us, that is the developer.


      The developer should not enhance the price of the flats or premises once the agreement for sale is executed - on any account whatsoever; except for additional levies, taxes, court orders or in terms of the relevant acts or under force majeure conditions. However, if there is a specific understanding between us, that is the developer and purchaser, which is spelt out in the agreement, escalation can be charged on mutually agreed formulas or terms.


      The developer will construct the building only as per the rules or sanctioned plan and regulations of the authority. Any variations should be within prescribed and permitted and prevailing norms and rules.


      Quality of construction


      Under the newly adopted code of conduct, developers must ensure good quality materials and proper workmanship. Specifications as per agreement should be adhered to and statutory specifications of the local planning authority should be complied. Proper technical supervision on site should be ensured through qualified and experienced technical personnel in addition to the usual qualified structural engineers and architects.


      Plans and saleable area


      All the members of Credai will have to confirm our building plans strictly to the prevailing regulations and bylaws. The developers will make available copies of sanction plan and other permissions available to the purchaser on request. Developers will display the sanctioned plan date and number at a prominent place at the construction site.


      Saleable, carpet area


      The carpet areas of individual tenements is the area of the inner measurements of the tenement at floor level excluding the column offsets and wall finishes but will include the areas of balconies, cupboards, accessible internal projections including private terraces and the door and window jambs.


      QUICK BITES


      UNDER THE NEWLY ADOPTED MODEL CODE OF CONDUCT, A MEMBER DEVELOPER HAS TO DOWNLOAD THE DETAILS OF ANY COMPLAINT AND WILL HAVE TO SUBMIT THE NUMBER OF DAYS THAT WILL BE NEEDED FOR RESOLUTION OF THE COMPLAINT SELECTED FROM A DROPDOWN MENU HAVING THE OPTIONS FOR 7, 15, 30 AND 90 DAYS


      A MEMBER DEVELOPER WILL GET A MAXIMUM OF TWO ALERTS ON MISSING A DEADLINE. IN CASE THE COMPLAINT CANNOT BE RESOLVED EVEN THEN, IT WILL BE SENT TO THE CONSUMER GRIEVANCE REDRESSAL FORUM WITHIN A STIPULATED TIME FRAME
      TOI

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