RERA is coming into action nationwide from May 1, 2017. That emphasizes that every state should from their Regulatory Authority by that time. The Regulatory Authority will take another 3 months to enclose the rules and regulations.
Meanwhile builders of under-construction projects and projects that are at advanced completion stage are active in arranging Occupancy Certificate (OC) from the local civic bodies. Hypothetical reason would be they want to avoid their on-going projects to be monitored under RERA purview.
“RERA won’t give heed to those projects that have their OC as on the date of notification.’’- said Mahesh Somani, The MD of Somani Realtors PVT. LTD. Kolkata.
“The key objective of RERA is to monitor property possession within due time. RERA will be the overseer of the duration of project completion, so that it can safeguard consumers’ interest and do complete justice to the homebuyers. Once these projects get their OC the risk to the consumers dips intensely. Thus, projects at the finishing stage are able to obtain the OC best advised to work on it.’’- added Mr. Mahesh.
Let’s focus on the hurry
Projects that have not received their OC will attract RERA rules. Developers won’t require any registration for the projects which get their OC before May 1. In case, project failed to obtain the OC during this period and by the buffer time of 3 months within RERA implementation will have to be registered under RERA without any condition.
For, builders anyhow need to complete their ongoing projects and get the OC to be free from the registration clause. On the other hand, this under construction properties will fall under GST purview and buyers have to give the additional service tax of 15% while investing in these properties. Thus, homebuyers are best advised to wait for May 1.
More about OC
OC is a certificate issued by the proficient local authority permitting living inside the buildings which includes water, sanitation and electricity too. According to RERA, once the promoter gets the OC it has to be made offered to the allottees independently or to the society of allottees, as the case may be.
It’s completely a developer’s duty to fulfill all requirements of the housing society with both the internal and external developments such as- roads, water supply, sewage and drainage systems, electricity supply transformer, substation, solid waste management and dumping or any other work which may have to be executed in the in the periphery of, or outside; internal works-footpaths, water supply, sewers, drains, parks, tree planting, street lighting, provision for community buildings or other exertion in a project for its gain, as per approved plans. Buyers will ensure they will get all the above facilities before signing agreements with the promoters.
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Hustle-Bustle in Builders’ Colony For Getting Occupancy Certificate Before May 1
