In a bid to keep tabs on the crafty ways of many builders, MCHI will make its members sign a pledge to honour a new set of regulations
If you have been property-hunting of late, you are probably well-acquainted with the way builders keep revising (read increasing) their prices as you inch closer to a deal. Well, now you can lodge a complaint at the Maharashtra Chamber of Housing Industry (MCHI), who will then take the necessary action against the corrupt builder and restore justice.
Gets tough: MCHI will organise a property exhibition from October 6-8.
Only those projects that have been sanctioned by the various authorities
and have documents to prove it, will be on sale
The builders' lobby has adopted a new 'code of conduct' to help keep tabs on its builders who often exploit their customers. Drafted by the managing committee of the MCHI, the 1,200 members of the real estate body will be bound by the set of regulations.
The code is aimed at bringing transparency to the real estate industry, which is considered to be the most graft-hit of all sectors, with murky transactions a regular phenomenon. The code will be divided into a total of seven sections with nearly 24 sub sections, all drawn up with the explicit aim of ensuring that no customer is duped.
One of the edicts insists that at the time of booking, the developer will disclose all the requirements under the Maharashtra Ownership of Flats Act, as well as disclose all the components of total sum paid by the buyer. The developer will also have to provide the buyer with constant updates on the development of the property purchased, and disclose upfront the schedule of payments to be made, relating the installments to different stages of the plot's development. They are to also intimate the customer whenever there are delays in the project for reasons beyond the developer's control.
Boman Irani, secretary of MCHI, said, "If any of the members don't follow the code of conduct, they will be liable to cancellation of membership to the body."
In addition to this, the organisation has also decided to form a committee of three members, which will look into the complaints. "If any customer has a problem with the builder, he or she can approach the customer care forum, and their problems will be solved by the three-member committee," said Ranji Ajmera, past president of MCHI.
On the downside, you will have to cough up consultation charges of Rs 1,500 every time you invoke the forum. Moreover, the code will only be applicable for projects that commence after all the MCHI members sign an agreement pledging to honour the code.
The Code Of Conduct, courtesy MCHI