In the meantime, several builders of ongoing projects, which are nearing completion, are busy arranging the occupancy certificate (OC) from their local authorities. A plausible reason could be that they may not wish their on-going project to fall under the purview of RERA.
Rohit Gera, MD, Gera Developments and VP Credai - Pune Metro says, "RERA is not applicable to those projects that have the Occupancy Certificate as on the date of notification. The objective of RERA is to protect customers especially through the period of the construction of the project. Once a project has the Occupancy certificate the risk to the consumer reduces drastically. Therefore projects which are at the end stage and are able to obtain the Occupancy certificate best advised to do so."
Why the hurry
So, in case they fail to procure the OC from the local authorities, before May 1, they will have to mandatorily get the under-construction projects registered within 3 months from the date of commencement of the Act, which is May 1.
Builders, therefore, have another three months to complete unfinished work and obtain the OC to escape the mandatory registration clause. By keeping the ongoing projects under the purview of RERA even the existing buyer who hasn't got possession is benefited. "Excluding ongoing projects from the ambit of RERA would have served no purpose at all. By including ongoing projects at least there is hope for those customers who have purchased in these projects and are stuck for one reason or another," says Gera.
What is Occupancy Certificate?
Occupancy certificate is a certificate issued by the competent (local) authority permitting occupation of any building, as provided under local laws, which has provision for civic infrastructures such as water, sanitation and electricity. As per RERA, once the promoter obtains the OC it has to be made available to the allottees individually or to the association of allottees, as the case may be.
In these times, when the builder will be in a hurry to expedite completion of development work, make sure the required elements are in place. As a developer, they need to ensure that both external and internal development work is completed before giving possession to buyers.
External development works include roads, water supply, sewage and drainage systems, electricity supply transformer, substation, solid waste management and disposal or any other work which may have to be executed in the periphery of, or outside, a project for its benefit, as may be provided under the local laws.
Similarly, internal development works would mean roads, footpaths, water supply, sewers, drains, parks, tree planting, street lighting, provision for community buildings or any other work in a project for its benefit, as per sanctioned plans. Not all could be specifically there in all projects but as a buyer, one needs to ensure these are met by the builder if they were part of the plan.
27 Comments on this Story
Kaushikk1356 days ago
Mr. Jimmy, once again let me clarify such terms or provision of making falls BANAKHAT LIKE A LETTER OF INTENT of selling to on 50 rupees stamp paper is not valid, and based on it THE BANKS MAY GIVE FINANCE TO THE BORROWER TO PURCHASE ANY PROPERTY BUT THE LAST INSTALMENT IS ONY GIVEN WHEN THE SALES DEED IS SIGNED ION A PARTICULAR AMOUNT OF STAMP PAPER, WITH OTHER CHARGES THAT IS CALLED THE TITLE TRANSFER AS WELL AS AS YOU REPEATEDLY NAMING IT AS "CONVEYANCE DEED "IS NOT A VALID DOCUMETNS, IF SOEM SATTES AHVE MADE SUCH PROVISION IS JUST TO HELP THE PROPERTY DEVELOPER OR BUILDER TO TAKE CARE OF EACH OTHERS INTEREST. UNLESS AND UNTILL THE PRROPERTY SALED DEED IS REGISTERED AND OWNER SHIP CERTIFICATE ALLED PROPERTY CARD FROM THE CITY SURVEYER'S OFFICE IS ISSUED NO ONE CAN SALE SUCH PROPERTY TO OTHERS IF YOU OR ME WANT TO SALE EVEN AFTTER COMPLETING THE SALES DEED.
That only shows you are a legal owner of particualr property,
The builder and REFGISTRARS OFFICE HAS NEXUS ALSO , IF ONE SHOWS IT AS A COMPLETELY READY PROPERTY WITH ALL THE SERVICES LIKE LIGHT, WATER, DRAINAGE, FIRE AND SAFETY , IT IMMEDIATELY ATTRACTS THE MUNICIPAL TAX ON IT. SO THE BUILDERS DON'T WANT TO APY IT AS A RESULT SUCH VIA MEDIA HAS BEEN FOLLOWED OF YOUR SO CALLED "CONVEYANCE DEED" TO PROTECT THE BUILDERS. BUT IN NOT WAY TAHT PROPERTY IS READY IN ALL REGARDS AS COMPLETED.
mohanqp Thomas1356 days ago
why cannot house buyers come under one roof & create a lobby to counter these rouges? House buyers & would be house buyers can create a blog where some sort of understanding & information exchange , which will go a long way in eliminating basic frauds. but surprisingly nothing sort of such medium exists. any blogs are owned by property dealers & builders who give wrong information & all the local municipalities are in connivance with these parasites.
Rkc1359 days ago
Golf City ,Sushant Jeevan Enclave, Lucknow by Ansal is a big fraud in terms of project completion .