CREDAI Urges UP RERA to Reconsider Occupancy Certificate Requirement

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) recently mandated builders in Noida and Greater Noida to obtain occupancy or completion certificates before issuing possession letters to homebuyers. While aimed at protecting buyers and resolving disputes, the move raises concerns, particularly for long-delayed projects. \r

Dinesh Gupta of CREDAI Western Uttar Pradesh highlighted potential adverse effects on such projects. Abhishek Kumar from NEFOWA criticized the ruling for exacerbating financial burdens on affected buyers. UP RERA Chairman Sanjay Bhoosreddy clarified the intent to eliminate confusion but acknowledged challenges with delayed projects. \r

CREDAI referred to a 2017 provision for deemed OCs, stressing the need for clear communication from builders. Balancing consumer protection with project progress remains crucial amidst ongoing debates and regulatory adjustments in the real estate sector.