Naredco asks developers to fulfill promises to buyers

Real estate industry body National Real Estate Development Council (Naredco) has appealed to all its members to fulfill promises made to homebuyers within a reasonable time-frame.

According to a press release, Parveen Jain, President, Naredco, asked all fellow developers, whose projects are delayed and buyers are agitating, to sit down with buyers and work out a time-frame for delivery and fulfill the commitment made to them.”It’s a confidence crisis for us. We have to win over the confidence of buyers”, he said.

Citing cases of Amrapali and Supertech, Jain said all Naredco members should adhere to building bylaws, rules and regulations in a fair and transparent manner to gain the confidence of homebuyers.

Although Parliament has passed the Real Estate (Regulation and Development) Act 2016, Jain said the law is yet to be implemented, and, therefore, developers must stand committed to the written promises made to the homebuyers.

“Once the Act is implemented as designed, things would be easier for builders as well as developers. We have to gear up with changing times,” he added.