E-Paper
Could not enter own house in 2010 because project had not received OC: Piyush Goyal
Piyush Goyal tells the builder community at Credai-NATCON in Sydney that he could not 'enter his own home' in 2010 in the absence of an occupation certificate.
Commerce and Industry Minister Piyush Goyal said on September 24 that he could not 'enter his own home' in 2010 because the project had not received an occupation certificate.
Speaking at the Credai-NATCON event in Sydney on September 24, Goyal said: “RERA has brought about transparency… I myself incidentally have suffered when I bought my home in 2010 and when it was fully furnished at the end of 2012, I could not enter into my own home for nearly five to six years after that because it did not have an occupation certificate."
"That was the level of uncertainty that buyers used to face. I am delighted that RERA has changed all of this," he added.
Goyal lauds RERA 2016
Implementation of RERA has brought about transparency in the real estate sector and instilled confidence among both buyers and bankers, Goyal said.
He also said that RERA has brought in positive changes.
“We now have a much more honest regime, and with a lot of the unscrupulous developers are now out of the system. Bankers are also getting more confidence in financing the sector,” Goyal said.
As per the Real Estate (Regulation and Development) Act, 2016, a developer is under an obligation to obtain the completion certificate or occupancy certificate, or both, from the relevant competent authority as per local laws or other laws for the time being in force, and only after obtainment of such certificate(s) the possession of a flat can be handed over to an allottee or home buyer.
