CREDAI steps in to resolve complaints of NCR home buyers

The Confederation of Real Estate Developers’ Association of India (CREDAI) on Wednesday stepped in to resolve the woes of homebuyers who are facing delays in delivery of flats due to insolvency procedures carried on real estate firms.

The apex body for private real estate developers in India, CREDAI, held a series of meetings with political leadership in Uttar Pradesh, following which, it presented a bouquet of options to the government.

Getamber Anand, Chairman and Jaxay Shah, President CREDAI met Hardeep Puri, Union Housing and Urban Affairs Minister on Wednesday to discuss the need for revival of real estate industry for national GDP growth and for the solution to the issues faced by the homebuyers.

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"CREDAI has spearheaded the movement for customer protection by setting up Consumer Grievance Redressal Forum much before RERA. However, policing the real estate sector is not sufficient by itself to ensure housing for all or delivery of stalled projects. CREDAI wishes to engage with the government to realise the full meaning of infrastructure status to affordable housing and improve ease of doing business," Shah said.

The main thrust of these options is to bring in credible and resourceful developers into the delayed projects, as investors or co-developers who would complete the projects and use an escrow mechanism to ensure that cash flows from unsold portion of the project inventories are used up towards balance cost of construction.

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"CREDAI has long stood to safeguard customer interests and has the requisite technical and financial depth to revive stalled projects. More importantly, CREDAI enjoys the trust of both homebuyers and financial institutions which is a prerequisite for mutually acceptable solution," Getamber Anand, Chairman CREDAI said.