Firstly, several developers declined to abide by the code of conduct laid down by CREDAI. Following this, the association has expelled several developers, while some have resigned discontinuing their involvement with the organisation.
Opposing the self-regulation code, the builders refused to sign the association’s code of conduct. The bone of contention for builders was the code of conduct that primarily outlines transparency clauses that builders have to follow.
Ultimately, CREDAI expelled some builders, as they did not comply with the directives despite the body having issued several notices to them. DLF, Hirco and Hiranandani Realtors have been expelled from the Chennai Unit, whereas four builders have resigned from the Bangalore unit.
CREDAI has further decided to expel non-compliant builders in NCR and informed the expelled builders that they can be a part of CREDAI unit only if they sign the code of conduct.
