No commencement certificate but financed by BOI
I booked a flat in a township in Avsare village Neral (Maha Rera no. p[deleted]). The project is financed by a loan given by BOI, so the land is mortgaged to BOI.
I discovered builder has building plan sanction from Zilla Parishad (ZP), but no commencement certificate (cc) from ZP. The commencement certificate that they do have is issued by Gram Panchayat. The builder says that since the land comes under free zone, as opposed to a U2 zone, it only needs an NA order. He says free zone land does not need cc from ZP or Municipality. Is this true? Why would ZP approve the building plan and not issue a cc? And how come BOI financed a project and is providing home loans without a cc from a proper authority like ZP/Municipality? Not only BOI, but even Axis and HDFC have provided APF numbers to the project.
I will be meeting BOI soon, but would appreciate some insight on this.
Asked 6 years ago in Property Law
Religion: Other