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.
A development approval is the regulatory or legal approval that is required before starting any project or development. The development authority, Government agency, or other official body, has to provide this development approval to the promoters, developers, or builders of these developments, before they can begin their projects or ventures. Starting projects before receiving approvals is not permitted. Not receiving approvals means the project getting stalled. At the same time, developments without these approvals are illegal constructions and may be subject to punitive measures of the Government, including demolition.
Development approvals include all licenses, permits, building permissions, and other regulatory approvals for real estate projects, be it in the residential sector or the commercial sector. They may also pertain to mixed-use projects, warehouses and other industrial or institutional real estate projects. There are approvals required for the structure, foundation, height, FSI (floor space index), building plan, layout, design, zoning, and more parameters of real estate projects. The development authority or Government body (like local municipal authorities) are required to grant permission or development approval for projects.
