Code of Conduct for builders for timely completion of Projects
According to industry estimates, at least one third of residential projects in India is facing execution delays. And builders are unlikely to hand over the keys in a hurry to the house that buyers may have already paid for.
To counter the situation the real estate industry has come up with a code of conduct for its 6,000 members to maintain the honor and dignity of developers, promoters and builders.
According to the conduct, in case of delay of execution of properties, any home buyer can take the builder to court claiming compensation, or the buyer can cancel the booking, get a refund and look for other properties.
However the code is merely recommendatory in nature where CREDAI has no punitive power and can only cancel the membership of the builder and the redressal forum to be in the panel to decide on real estate Complaints.
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Source Economic Times
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