President of the Confederation of Real Estate Developers’ Associations of India (CREDAI), Punjab chapter, Lalit Jain, said on Saturday that the decision would be binding on its members.
Jain said the code of conduct will ensure transparent display and sale of real estate in the state but would also imbibe setting up of grievances cell for the people who have unsavory experiences with real estate companies or agents.
A major safeguard for buyers in the code makes it true disclosure of property under development in title certificate from a solicitor showing rights and obligations of developers along with agreement for sale.
“All mandatory sanctions from sanctioning authorities like approved plans and commencement certificates, permission, exemption order etc, will be made available for perusal of purchaser at time of signing agreement,” Jain said.
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