The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) is promoting a regulation aimed at expediting project completion and handover of flats in Noida. Under this regulation, if developers apply for an Occupation Certificate (OC) or Completion Certificate (CC) and don't receive a response within a specific timeframe, the certificate is considered "deemed approved." This clause addresses delays in obtaining OC/CCs, benefiting both developers and homebuyers. While not a panacea, it offers a potential solution to streamline processes and promote efficiency in Noida's real estate market, ensuring adherence to regulatory guidelines while facilitating faster project completions.
The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) is highlighting a regulation that could expedite project completion and handover of flats in Noida.
The regulation states that if a developer applies for an Occupation Certificate (OC) or Completion Certificate (CC) from the authorities and doesn't receive a response within a specific timeframe, the certificate is considered "deemed approved." This allows developers to proceed with offering possession of flats to buyers, potentially leading to faster project completion and handover timelines. The exact timeframe for a response from the authorities can vary, but it's typically set at a reasonable limit to prevent unnecessary delays.
This "deemed approval" clause addresses a major pain point for both developers and homebuyers - delays in obtaining OC/CCs. These delays can hold up projects for months, creating financial strain for developers who may have already sold many of the units. For homebuyers, it can mean waiting longer than expected to move into their new homes and potentially incurring additional living expenses. By streamlining the process, the deemed approval clause aims to promote efficiency and transparency in Noida's real estate market.
Manoj Gaur, President of CREDAI-NCR, emphasizes the importance of adhering to all regulations. "We understand the importance of following every aspect of the authority's guidelines," he states. The deemed approval clause offers a solution for situations where an application gets stuck in the bureaucratic process, but it doesn't bypass the need for obtaining the certificates altogether. Developers are still required to complete construction of the project and secure necessary clearances related to fire safety (typically occupancy of over 15 meters requires a fire safety certificate), elevators, electricity, and water supply before applying for the OC/CC.
The deemed approval clause, while not a perfect solution, could lead to faster project completions in Noida. This, in turn, could benefit both developers facing financial constraints due to delays and homebuyers yearning to move into their new homes. However, it's important to remember that this is not a guarantee of faster handover. The approval process can still take time, and there's always a chance that the authorities may raise concerns or require additional information even after the deemed approval window has passed.
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