Builders have to pay for delays

Five months after the bribes-for-loans scam forced banks to rein in credit to the real estate sector, the Confederation of Real Estate Developers Association of India (Credai) has decided to make it mandatory for all members to mention carpet area in their brochures and sales agreement.

Updated on: Apr 17, 2011, 03:29:47 IST

Hindustan Times | By Vandana Ramnani, New Delhi

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Five months after the bribes-for-loans scam forced banks to rein in credit to the real estate sector, the Confederation of Real Estate Developers Association of India (Credai), the apex realtors body with over 10,000 builder members across the country, has decided to make it mandatory for all members to mention carpet area in their brochures and sales agreement.

The move, according to Credai president Lalit Jain, aims at bringing transparency in the sector.

“In the next six months, all members will individually sign a code of conduct in this regard,” Jain said.

By signing this code, developers will provide details of the actual usage area (carpet area) of the dwelling, break-up of the room sizes, specify the time when they will deliver the project and list the penalty for delays.

Credai will also set up a consumer redressal forum to resolve property-related disputes. “If we find somebody engaging in malpractices, then we will terminate the membership of that particular builder,” Jain said.

ABOUT THE AUTHOR
Vandana Ramnani
Vandana Ramnani leads the real estate vertical at Hindustan Times Digital, bringing over two decades of journalism experience across real estate, education, human resources, and foreign affairs. She specialises in India’s real estate sector, covering residential and commercial markets in Delhi-NCR, Mumbai, and Bengaluru, with in-depth reporting on regulatory developments, urban policy, housing trends, and interviews with industry leaders. Her work has also appeared in the Hindustan Times newspaper and HT Estates. Earlier, Vandana played a key role in establishing the real estate vertical at Moneycontrol (NW18 Group), shaping its editorial direction and market coverage. She has also written extensively on international education for HT Education, tracking global study destinations, policy changes, and student mobility trends, earning the Singapore Education Award 2009 for Best Media Coverage (Print). Her reporting portfolio includes human resources and employment trends for HT ShineJobs and PowerJobs, as well as lifestyle and interior design features for HT Premium Homes. Vandana began her career with the Press Trust of India, gaining strong editorial and reporting expertise. She was also selected for a prestigious fellowship at Fondation Journalistes en Europe in Paris, where she wrote for EuroMag. One of her notable reporting assignments included covering Germany’s capital relocation from Bonn to Berlin. Outside of journalism, Vandana is a passionate traveller, constantly seeking out charming hideaways across India and the lesser-known, offbeat corners of Southeast Asia.Read More

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