CREDAI Opposes Proposed Regulatory Body for Real Estate Sector
Confederation of Real Estate Developers Association of India (CREDAI) opposed the Real Estate Regulation Bill 2011 to form a regulatory body stating that it would become a “breeding ground for corruption” if implemented. The Centre proposed the regulatory body to protect home buyers from fly-by-night developers.
CREDAI further questioned the formation of any regulatory body on the ground that there were a number of options and mechanism like the consumer affairs department, the Competition Commission of India redress consumer grievances. The real estate sector complained that delay in getting approvals from different departments, especially environment, cause bottlenecks for projects.
Meanwhile, CREDAI unveiled ‘Code of Conduct’ for the real estate sector for Punjab, aimed to bring transparency in the conduct of the business. “The Code of Conduct not only ensures transparency in real estate deals but will also imbibe setting up of a grievances redressal cell for the people who have unsavory experience with respective real estate companies.
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