Is Your Builder A Cheater?
May 19, 2016 Legal Guidance
Here Is How You Can Teach Them a Lesson
The term ‘Real Estate’ when said brings in with itself a lot of complexities and fears. One such fear is the ‘fear of being cheated by your builder’. A buyer needs to be rigour about the developer whose project he chooses to invest in. The buyer should do a thorough and detailed researched on the builder's profile and commitment.
But there is always a solution to every problem. So in order to regulate on the developers, a governing body named CREDAI which stands for Confederation of Real Estate Developers has been created to keep a check on the developers and maintain a transparency in the real estate industry. The members of CREDAI have to follow a strict and prescribed code of conduct wherein all the crucial aspects includes the launching of projects after receiving all the due approvals, detailed area statement of saleable area, 100% UDS conveyance, uniform and stable agreement clauses for the buyers, delivering the project on the committed date and so on.
Apart from CREDAI, a buyer can take other steps as well against the builder for cheater like:
The term ‘Real Estate’ when said brings in with itself a lot of complexities and fears. One such fear is the ‘fear of being cheated by your builder’. A buyer needs to be rigour about the developer whose project he chooses to invest in. The buyer should do a thorough and detailed researched on the builder's profile and commitment.
But there is always a solution to every problem. So in order to regulate on the developers, a governing body named CREDAI which stands for Confederation of Real Estate Developers has been created to keep a check on the developers and maintain a transparency in the real estate industry. The members of CREDAI have to follow a strict and prescribed code of conduct wherein all the crucial aspects includes the launching of projects after receiving all the due approvals, detailed area statement of saleable area, 100% UDS conveyance, uniform and stable agreement clauses for the buyers, delivering the project on the committed date and so on.
Apart from CREDAI, a buyer can take other steps as well against the builder for cheater like:
- One is directly addressing the developer. There are developers who are customer oriented and who would hear to their complaints and even pay compensation if needed.
- But in case, the developer himself is a CREDAI member and if he is not paying any heed whatsoever to the complaint then a buyer can take the matters to the Customer Redressal Forums. They can file the complaint even online. After the complaint is submitted and received, then a letter is sent to the accused party who needs to reply within a limited time span. If needed the members will carry our and inspection and look into the matter.
- Though CREDAI is a governing body that happened to perform its functions at a national level. There are other local bodies as well who can guide the costumers about their concerned matter. For example, the BRA-I i.e. Bangalore Realtors Association India.
- For the costumers who happen to have purchased a property from a non-CREDAI developer, they can then approach the National Helpline which is 1800-11-4000 or the CORE website.
- Also, the buyers or consumers can file a complaint against the builder’s scams to the Competition Commission of India. This body has the power to look into complaints concerning anti-competitive practices and impose strict and rigid penalties on the faulty developers.
- If none of the above-mentioned aspects work, then the resentful costumers can duly take legal action by filing a case against the builder in the Consumer or Civil court depending on the intensity of the issue.
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