Battle between CREDAI and builders on code of conduct
When several real estate developers in India have refused to abide by the code of conduct lay down by CREDAI, the builders association has expelled those developers, while some have resigned discontinuing their involvement with the organization.
The builders have refused to sign the association’s code of conduct as they are not convinced by the self-regulation code.
The structure of the agreement for builders was the code of conduct that primarily outlines transparency clauses that builders have to follow.
Finally CREDAI has expelled few builders as they did not comply with the directives despite the body having issued several notices to them.
DLF, Hirco and Hiranandani Realtors have been expelled from the Chennai Unit, whereas four other builders have resigned from the Bangalore unit.
CREDAI has further decided to expel non-compliant builders in NCR and has informed the expelled builders that they can be a part of CREDAI unit only if they sign the code of conduct.
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Latest Member who has expelled from CREDAI Bengaluru is Sovereign Developers & Infrastructure Limited.