CREDAI-NCR stresses Deemed Approval clause to accelerate real estate deliveries

financialexpress.com:

Following the mandate by UP RERA requiring promoters to obtain an OC/CC before offering possession letters to all allottees, the Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) has reiterated the critical importance of the long-standing regulation concerning the approval process for Occupation Certificates (OC) and Completion Certificates (CC) in the real estate industry.

According to this regulation, if a request for an OC or CC is not responded to by the relevant authority within a stipulated time- frame, the approval is automatically deemed to be granted. This allows developers to proceed with offering possession to their customers, thereby ensuring timely project delivery.

The deemed approval clause has been instrumental in mitigating delays traditionally associated with obtaining OC/CC approvals. This regulation helps avoid project hold-ups and alleviates financial strain on both developers and homebuyers. By ensuring a streamlined and predictable approval process, the deemed approval clause promotes efficiency and instils confidence among buyers in the reliability of developers.

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Commenting on the same, Manoj Gaur, President of CREDAI-NCR, said, “We emphasize the importance of this regulation and remain committed to adhering to it. It is imperative for us to understand every aspect of the authority’s guidelines, and this clause, where the OC/CC is ‘deemed to be accepted’ if not responded to within the specified period, is no exception.”

In Noida’s real estate industry, the practice of OC/CC approval has always been a significant aspect of project completion. Upon completion of construction and