3 members are expelled from builders body in Chennai
Three real estate builders DLF, Hirco and Hiranandani, have been removed from the builder’s body, the Confederation of Real Estate Developers’ Association of India (CREDAI) in Chennai.
The builders were expelled as they were opposing to sign the organization’s ethical code of conduct, mandatory for all the 8,600 members spread across 105 cities in 22 states.
As on date, apart from Chennai and Karnataka, Nasik is the only other city where all members of CREDAI are signatories to the code. The expelled members are promoters of mega projects including three integrated townships and an IT SEZ in Chennai and its outskirts.
The revolt had created complication on the organization’s ongoing mission of create greater transparency in the housing industry in India.
CREDAI has promoted the code of conduct two years ago and last year CREDAI national decided to implement it across the country.
Once a builder signs the code of conduct, the customers enjoy the right to drag him to the grievance Redressal forum of CREDAI in case of disputes.
More related stories:
Builders decided to pull back all media activity
Code of Conduct for builders for timely completion of Projects
Source: Times of India
Builders in Chennai, builders regulation, Code of Conduct, CREDAI, DLF, Hiranandani, Hirco, housing industry, Integrated townships, real estate in Chennai, Real estate in India, Realty News, Redressal forum of CREDAI
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