CREDAI also tells member developers to provide real time information to buyers about status of projects that are delayed
NEW DELHI: The apex body of realtors Confederation of Real Estate Developers’ Associations of India (CREDAI) on Wednesday asked its member developers to give real time information to buyers about ongoing projects which are delayed and honour their commitments in order to prevent consumers from taking legal recourse.
The real estate sector has been facing a slowdown since the past 2-3 years, leading to huge delays of up to 7-8 years in delivery of projects.
CREDAI’s advice to its members came after the Unitech case in which a Delhi court on Monday sent Unitech’s chairman, its two managing directors and a director to 14-day judicial custody in alleged cheating cases filed by two investors.
The accused were later granted three days’ interim bail on the same day.
“We will tell our members to communicate with buyers and give them real-time delivery status so that customers are not pushed into a situation that they have to take legal recourse,” CREDAI president Getamber Anand said.
Unitech is not a member of CREDAI, which has about 10,000 members across the country.
The real estate sector has been facing a slowdown since the past 2-3 years, leading to huge delays of up to 7-8 years in delivery of projects that often prompts buyers to protest on street and even go to courts.
Anand said many real estate projects are delayed because of various reasons, including some unexpected ones, such as green tribunal orders or litigations on land acquisitions.
“But where delays are because of reasons which are attributable to developers, then they should communicate this to the customers. Builders should give a firm date of delivery of the delayed project and honour the commitment. Otherwise, consumers will take legal recourse and the law will take its course,” said Anand, also the CMD of realty firm ATS group.
Anand said the developers should focus on execution of ongoing projects and establish an effective communication system with their buyers. He also ruled out that the Unitech episode would instill fear among developers.
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