RERA Orders NBCC to Complete Plaza Complex, Saket Within 90 Days
NBCC (India) Ltd faces directives from the Real Estate Regulatory Authority (RERA), Delhi, regarding its NBCC Plaza Complex, Saket project. The project's future hinges on obtaining a completion certificate and executing necessary deeds.
The project's status has been in limbo since 2011, when a partial occupancy certificate was issued, falling short of a final completion certificate. This has led to litigation initiated by Rajeshwari Realty Pvt Ltd, a major buyer, due to NBCC's failure to meet these requirements and facilitate the formation of an Association of Allottees.
NBCC must now obtain a lease deed and a completion certificate within 90 days to rectify this. Additionally, it must register the project under the Real Estate (Regulation and Development) Act, 2016 and form an 'Association of Allottees' to transfer maintenance and management of common areas. RERA has raised concerns about the legal chain of title, as no lease deed for the project land has been executed even after 22 years of allotment. NBCC's internal admissions and correspondence have described the 2011 certificate as 'partial', contradicting their earlier contention that the project was fully completed and occupied.
NBCC (India) Ltd has 90 days to comply with RERA's directives. This includes obtaining a completion certificate and lease deed, registering the project under RERA, and forming an Association of Allottees. Failure to do so may result in further legal action.
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