As per the officials, all these developers whose applications have been rejected have not been able to fulfill the specified conditions for completion. Moreover, they had also apparently submitted their applications in a rush just to be away from the scope of RERA (Real Estate Regulatory Authority).
According to Act, all the under-construction and ongoing projects which don’t have completion certificates have to be registered with concerned regulatory authorities by the developers till the end of July.
A completion certificate is issued to validate that the project has been constructed on the lines of the sanctioned plan, specifications and layout which have been laid down under the laws. The certificate issued by the authority becomes an evidence of that housing project being complete and ready-to-move-in. Apart from this, this certificate also shows that there have been no violations of any rules and laws during the development of that building.
The officials said that the rejected 14 projects have not followed the rules and norms set to receive the completion certificate and are defective in some or the other way. The officials found this out after an inspection was conducted of 100 applications. After the rejections, the developers have been asked to look into the defects and work on them. As of now, these projects will come under ‘ongoing’ category and will have to be registered with RERA by the developers.
If the rejections are done on the basis of major blunders on the builders’ part, then they are justified. However, if the building is complete and there is only a small defect, then a period of 15 days should be given by the authority to make the necessary changes and reapply for completion certificate, as suggested by Amit Modi of CREDAI-NCR.
The regulator determined that the project was ongoing when the real estate law came into…
Due Diligence Before Purchasing Property, Due diligence is an essential step in any real estate…
This follows a SEBI order on November 4 directing Embassy REIT to suspend Aravind Maiya…
Previously, Macrotech also acquired real estate firm Ivanhoe Cambridge's stake in the three entities, aligning…
LEED (Leadership in Energy and Environmental Design) certification has become a prestigious standard in the…
From January to September 2024, QIP issuances across all sectors totaled ₹75,923 crore, with real…
This website uses cookies.