6) Rules will now govern the real estate developers in Chhattisgarh

The Chhattisgarh chapter of CREDAI (Confederation of Real Estate Developers Association of India) has taken a beneficial step as regards to a customer which will completehttp://www.blogger.com/img/blank.gifly change the perception of the customers towards the body. This chapter of the Confederation of Real Estate Developers Association of India has adopted a code of conduct which has to be followed by the real estate developers in the state which is formulated by the apex body of the real estate sector.

There are many useful sections of the code of conduct. To state some of them, it is mandatory for a real estate developer following the process of transparency as laid in the code that a true disclosure of the carpet area, the true disclosure of the subject matter of sale by an advocate in a ‘title certificate’ listing the rights and obligations of the developer and all the documents of the sale agreement had to be made available to the customer for his acceptance and perusal before asking for any signatures.

The CREDAI can severe any body of real estate developers from its membership if it fails to observe the rules laid down in the code of conduct. The president of the highest authority also recommended the customers to avoid making any purchase from a developer who is not a member of CREDAI.

Code of conduct for real estate:

Real estate developers in Chhattisgarh have to now follow a code of conduct to ensure complete transparency of their affairs to the customers so that the http://www.blogger.com/img/blank.gifcustomers can have faith in the real estate developers. The president of CREDAI (Confederation of Real Estate Developers Association of India) said that the sector is under the scan of the consumer of real estate and he hopes to achieve transparency through the code formulated.

The president of the Chhattisgarh body of CREDAI had agreed on the terms of the code and had already signed on the declaration assuring his full acceptance to follow the code drafted by the topmost body in the real estate sector. Further the state has also come out with a facility of grievance redressal forum which will be managed by the confederation itself and they’ll ensure complete satisfaction of their clients to ensure more transparency and better dealing.

Under the terms of the code many meaningful and good clauses are enshrined which includes impartment of correct built up and carpet area to the customers, the compensation if any which needs to be given in case of any inordinate delay and honoring the agreement of the parties involved in selling or purchasing.

CREDAI expo in Bangalore

A two day real estate expo has started in Bangalore. CREDAI (Confederation of Real Estate Developers Association of India) is a trade body consisting of real estate developers in Bangalore who on Satuhttp://www.blogger.com/img/blank.gifrday inaugurated a real estate expo named CREDAI Bangalore real estate expo 2011 at Gayatri Vihar in palace grounds. It consists of atleast 50 of the most leading property developers in Bangalore showcasing over 250 projects undertaken by them and other housing finance companies offering to their customers a huge choice ay varying prices.

The event was inaugurated by the commissioner of Bangalore development authority, Mr Bharat Lal Meena. He appreciated CREDAI by saying that it has always been transparent in all its projects and all its members have been forthcoming too. The quality of the projects were also highly appreciated and liked by the chief guest of the event along with the technology and innovation used for ensuring complete modern outlook in all their projects. The president of the CREDAI also added that over the years the expo has been able to draw many large numbers of potential customers who have faith in the developer members of CREDAI. This year they have ensured new facilities and benefits not only for the participants of the expo but also for their valuable customers

Red Fort Capital invests in Residential Projects at Delhi-NCR

An undisclosed amount has been invested by Delhi-based private equity firm Red Fort Capital for development of two residential projects which are slated to come up in Delhi-NCR. The said projects which have received the backing of Red Fort Capital are Esencia Phase II in Gurgaon which is a 108-acre affordable housing project and Delhi Heights in the heart of Delhi which is a 38-acre residential and mixed-use project. According to company sources investment manager second fund have been utilized to invest in these projects.

The Esencia Phase II project is a joint venture between Red Fort Capital and Delhi-based Ansal Properties & Infrastructure Ltd. In the early part of this year Red Fort Capital had put in Rs 200 crore to pick up a 26 percent stake in Ansal Properties & Infrastructure Ltd. Going by the reports of VCCircle, it seems that apart from this project the joint venture between these two firms will also develop another 108-acre township project that is located adjacent to the 112-acre Esencia township project in Gurgaon which is being developed by Ansal Properties & Infrastructure Ltd.

According to the company the residential projects are in the final stages of execution whereas the Esencia Phase II project is already into sales and construction.

Sobha Developers to develop 11 mn SQFT at an investment of 2500 crore

Plans are afoot for development of more than 11 million square feet of area by leading realty firm Sobha Developers. The cost for this project which is coming up this fiscal has been estimated at Rs 2,500 crore. A company official revealed that some of these projects have already received confirmation of bank funding.

Mr. J C Sharma, the MD of Sobha Developers said that the company has already realized a sales turnover of over Rs 1000 crore in 2010-11. This according to him suggested an average sales realization of more than Rs 4,000 per square feet. Mr. Sharma said that the company has managed to achieve a significant reduction in debt because of positive cash flow generation during the last fiscal. At the beginning of last fiscal the debt stood at Rs 1,450 crore which has come down to Rs 1,250 crore during 2010-11. He said that though it was expected that the company would go in for land monetization it did not because it could achieve the targets set to reduce debts. Mr. Sharma said this while talking to Business Line.

Apart from launching new projects in Bangalore, Pune, Coimbatore and Thrissur where the company already has its presence it is now planning to set up base in NCR, Chennai and Mysore.