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Friday, October 23, 2020

CREDAI: Projects with OC, CC before RERA Act should be exempt from registration

The latest circular from the Revenue and Forest Department, dated September 20, has made RERA registration compulsory and has notified that no sale agreement of any property will be registered without it.

By: Express News Service | Pune | October 10, 2019 1:28:46 pm
Confederation of Real Estate Developers Associations of India, CREDAI-Pune Metro, MahaRERA, housing projects in Pune, Pune real estate, Pune news CREDAI has also asked for an exemption for projects with land area below 500 sq m and less than eight units.

For Housing projects that had procured a Completion Certificate (CC) or Occupancy Certificate (OC) prior to the implementation of RERA (Real Estate Regulatory Authority) Act, the RERA registration was not mandatory till now.

But the latest circular from the Revenue and Forest Department, dated September 20, has made it compulsory and has notified that no sale agreement of any property will be registered without it.

The new notification, however, has created confusion and hardship for home buyers, as the sub-registrar’s offices are refusing to register documents. The Confederation of Real Estate Developers Associations of India (CREDAI-Pune Metro) has sought clarifications from Inspector General of Registration and Collector of Stamps, Maharashtra State, and Gautam Chatterjee, chairperson, MahaRERA.

Accordingly, CREDAI-Pune Metro has asked for exempting projects that have received CC/OC before RERA was implemented in Maharashtra and also to exempt RERA registration of projects with land area below 500 sq m and less than eight units.

It also wants the projects that have received CC/OC and have now executed agreement for sale to be exempt and also relieve plotting development projects where final N/A certificate or final approval is given to the layout by the authority before the implementation of RERA.

The CREDAI has also asked for resale of flats or apartments or plots, where the developer is not a party in the document, to be exempt.

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