The Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) reiterates the long-standing regulation in the real estate industry, which states that if a request for an Occupation Certificate (OC) or Completion Certificate (CC) is not responded to by the authority within a stipulated time, then the OC/CC is deemed to be accepted. Hence, on this clause, the developer can proceed with offering possession to its customers and deliver the project promptly.
The clause has been instrumental in addressing delays associated with OC/CC approvals, thus preventing project hold-ups and financial strain on both developers and homebuyers. By ensuring a streamlined and predictable process, the deemed approval clause promotes efficiency and builds confidence among buyers towards the developer.
Commenting on the same, Manoj Gaur, President of CREDAI-NCR, shared, “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 acquisition of requisite clearances encompassing fire safety, elevator safety, electricity, and water provisions, developers proceed with the application for OC/CC. In the event of no response from the authority within the specific period, the developer initiates the offer of possession of the project, ensuring timely project delivery.
