Notices under ss71-74 of the Building Act 2004 regarding hazard-prone land, prohibit building consents for buildings, or major alterations, on sites subject to hazards in some specified circumstances. However, there is an exception in this section that a building consent can be issued where certain requirements are met, one of which is that a notation is placed on the title that a consent has been issued.
Specifically, under s71 of the Building Act a building consent can not be issued at all if the land and the proposed building work can not be adequately protected from the particular hazard. However, a development could be allowed under s72 even if there is still a risk from the hazard, as long as the work itself will not accelerate or worsen that risk, and provided there is a warning on the title (s74).
It is important that you discuss any proposals involving a site with a s71 restriction on a title with the council building officers.
The relevant provision was formerly s36 of the Building Act 1991.