Vista Luxuria EC Rejection Paramar Indus Associates

Q: Vista Luxuria project near Manjari has been rejected EC certificate. This has been approved by SBI and many other banks. Builder has not provided possession letter yet though 50% have already moved into apartments. is this true? Shall I go ahead and buy from this property OR wait till all things are sorted?

Rahul, Pune

7th October 2014

Investment Advice in Indus Vista Luxuria, Manjri, Pune

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Replies (3)

Hi all,
Located about 15 km away from the heart of Pune city, the locality is witnessing large demand for residential units, particularly apartments. The rise in demand for residential property in the area has been driven by various factors like the availability of different options of residential property at affordable prices.

Aarti Bal Pathak, Pune

11th November 2014

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At the same time, the connectivity as well as the infrastructure facilities have also contributed to this flow in demand to the expand where the supply is yet to meet with the demand requirements. Another aspect that is noticeable is that the demand for smaller units is relatively higher than that for larger units.

Krishnendu, Pune

11th November 2014

Hi,
If the builder has not received OC then he can't allow buyers to stay in that building in first place. But this is rarely followed. He will charge for maintenance as he will incur costs for various agencies. If no cc is there it means some violation has taken place. Find out exact reasons. Personally I would not venture into such a deal. It always depends on risk taking ability.

Vinay Sharma, Pune

8th October 2014

Comment

Hi,
The Environmental Clearance Certificate is mandatory requirement for the project activities included in the Schedule of EIA notification dated 14th September 2006 under Environment Protection Act 1986, before initiating any project related activities on the site .

There is no connection between EC certificate and Bank approval. As you have mentioned above that builder has not provided possession letter yet. Inquire, whether the builder has got the completion certificate or not. Better, take the advice of legal expert and then proceed.

Krishnendu, Pune

8th October 2014

Comment

You are right Krisshnendu,
Starting construction of any work without an EC is an offense and violation of the Environment Protection Act, 1986.
With respect to the construction industry, any project that exceeds 20000 sq-mt built up area needs a clearance from the SEIAA along with all the other permissions from the local authorities and service providers.

Aarti Bal Pathak, Pune

11th November 2014

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