Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
The completion certificate comprises intricate details about the building. It also includes land identification, building, details about the owner or developer, building’s height, materials used, and more. It states whether the project gets built as per the building plans considering the rules & regulations set by a local municipal authority, such as the road distance and distance between the neighboring buildings.
Amongst the multiple details offered in the completion certificate are:
• Land’s Details
• All details concerning the building plan
• Details on the builder
• Approved building height
• The project’s location and distance from buildings in nearby areas
The completion certificate assures authorities concerned that the property satisfies the requirements set by them & adheres to a building plan that’s authorized before the constructionstarts. Also, it assures house purchases that a property is safe to reside in & will have a regular water & electricity supply.
What’s a provisional completion certificate?
In cases where most of the project’s work gets performed, offering possessions to purchasers becomes imperative, and the provisional completion certificate gets issued to a developer. Nonetheless, the certificate is valid for six months. After this, the developer requires applying for a final certificate as soon as the construction is complete.
It’s not recommendable to take a new property’s possessions that don’t have the completion certificate. Without the valid certificate, the building or project gets considered illegal & may invite penalties or eviction from the real estate.
In the case where developers haven’t obtained the certificate’s completion, buyers may approach the local municipal authorities or form the RWA or residents’ welfare association. It will ensure that the process gets completed before they take possession of properties.
In the current times, authorities have permitted residents to take possession of completed housing projects that get stuck for a longer time. That can get witnessed common in the housing projects of insolvent builders. In such a situation, opting for possession of the unit is purely alright as it gets done on orders of concerned authorities.
