What Is CREDAI and Its Role in Real Estate

Established in 1999, the Confederation of Real Estate Developers’ Association of India is the ultimate authority for realtors in India. The body aims to change the real estate landscape in the country, representing 13,000+ builders across 217 city chapters and 21 states. Some of the primary responsibilities of CREDAI include representing their interests to the ministries of the government. 

Aiming to make the sector progressive and up-to-date, the association has many parties involved, including government officials, finance corporations, investors, stakeholders, and consumers, that help not only the buyers but also protect the rights of the developers. Another aspect that CREDAI works towards is the welfare of construction workers, helping them upgrade their skills through various programs and educating them on adopting eco-friendly practices. Looking to protect its rights, the apex association works closely with the following ministries.

• Ministry of Housing and Urban Affairs
• Ministry of Labour and Employment
• Ministry of Finance
• Ministry of Environment, Forests, and Climate Change
• Ministry of Skill Development and Entrepreneurship

CREDAI also works closely with agencies such as the Bureau of Indian Standards (BIS), the Bureau of Energy Efficiency (BEE), and Niti Ayog.

The Role of CREDAI in Real Estate

• Serves as the standard platform for private developers to discuss and formulate policies by organising events, workshops, etc.  
• CREDAI ensures fair trade and practices for the buyer by promoting ethical practices and assuring top quality.
• Developers finding it challenging to approach the necessary authorities can reach out to CREDAI, which acts as the intermediary.
• The association helps developers stay well-versed with all the global happenings while allowing them to better serve the buyer.

Advantages of having a CREDAI membership 

After obtaining the CREDAI membership, here is a list of some of the benefits the registered member is entitled to:

• The developer/builder can easily access any social events or workshops organised by CREDAI.
• Increase in unity among the realtors, working for joint development.
• Developers can easily convey their grievances to CREDAI.
• The association benefits both the developer and construction workers.
• It promotes a healthier environment by advocating eco-friendly construction practices such as installing solar panels, green insulation, and energy-efficient equipment.

Benefits of CREDAI for the buyers

• Provides credibility: The presence of a national authority helps reinforce the buyer's faith in the developers/builders.
• Reliable: Playing the role of a reliable partner in case of any grievances arising amid either construction or post-moving-in.
• Quality: Given the stringent measures, the buyer can be assured of a high-quality product with control methods in place. 
• Systematic: A standard real estate platform enables an enhanced experience, making things easy.
• Skilled workforce: CREDAI helps hire and train the best manpower/labour, increasing the efficiency of the usually lengthy construction process. 
• Redressal Mechanism: CREDAI has a grievance redressal mechanism in place to address any complaints or issues buyers may have. This provides a level of comfort to buyers, knowing that a mechanism is in place to address their concerns.

How can CREDAI resolve a buyer’s dispute with the developer

Acting as a mediator between the buyers and member developers/builders. The buyer can take things into their own hands, lodging their complaints online at https://www.credai.org/home. Since CREDAI has several regional chapters, you should file your grievances with the relevant CREDAI chapter to save time.

Guidelines to be followed while filing a complaint

• CGRF serves as a mediator and not a quasi-judicial or arbitrator.
• The secretariat of the association holds the power to register a complaint.
• The minimum processing fee for filing a complaint is ₹2,000.
• Once solved, the secretariat will not tend to the same complaints from the parties.
• If the CGRF goes against one of its members, the developer must comply, or their membership will be terminated.

Conclusion

The Confederation of Real Estate Developers' Associations of India (CREDAI) plays a significant role in the Indian real estate industry. As a leading industry association, it is a unified platform for developers, builders, and real estate professionals to collaborate, share knowledge, and promote sustainable growth.

CREDAI's role in the real estate industry is multifaceted. It acts as a mediator between the government and the real estate sector, advocating for policy reforms that promote industry transparency, efficiency, and sustainability. It also provides training and development opportunities for its members, helping them to enhance their skills and stay up-to-date with the latest industry trends and best practices.

Additionally, CREDAI promotes ethical business practices and consumer protection, helping to build trust and confidence among buyers and investors. Its initiatives, such as the Grievance Redressal Cell and Code of Conduct for its members, promote transparency and accountability in the industry.

Overall, CREDAI's role in the real estate industry is crucial in promoting sustainable growth and development while ensuring that the industry operates ethically and responsibly. Through its various initiatives, it helps to promote the interests of both the industry and the public, contributing to the growth and success of the Indian real estate sector.