Who doesn’t want to own his/her own home and to give the family a secured shelter? It requires a whole lot of documentation and paperwork for buying your home in India. However, a majority of the home-buyers, especially the first time property buyers are either ignorant or pay the least heed to some of the most important documents, one of them being the Occupancy Certificate (OC).
As we all know that any real estate investment involves years of saving of the buyer. There is nothing that we can point out as a minimum investment from the real estate perspective. Owning a property can only give you a complete sense of ownership. The real estate project in which you are going to pour your hard-earned money can be labelled as “unauthorized” if it doesn’t obtain an OC. A little negligence in project documentation can pinch you harder in future.
Here are a few things that you should know about the OC
1. Occupancy Certificate is a certificate issued by the local civic authority after the completion of the project. An OC ready building is legally ready for inhabitancy.
2. Potential buyers should ensure that they have a clear knowledge about the Occupancy Certificate (OC) and the Completion Certificate (CC). CC is something that deals with the building configuration. CC ensures whether the construction has qualified to all the quality check.
3. In case the local civic authority finds a building without having an OC it holds the ultimate authority to even bulldoze the property straightway. Only an OC ready project is entitled to have both the basic and the advanced civic amenities. Also, there are many payment plans that are linked to possession. Consumers have all the rights to hold back the final installment till the builder receives the OC.
4. A property without OC, will invite lower returns during resale. In case the developer refuses to provide the OC you can issue a notice asking him to apply and hand over the copy of the OC. Make sure the builder hands over you not the application of the OC, but the copy of the OC stamped by the local civic authority which states that the property you are purchasing is ready for inhabitancy. You can also approach the consumer forums and file a petition seeking the OC.
5. However, with RERA implementation builders are asked to update the quarterly progress of their construction works on the respective state RERA websites. Possession is not complete without builder obtaining proper OC from the authorities.
“Builders might force you to have a quick absorption for selling out their inventories. Don’t fall in to such traps. Ask for all the legal documents related to the project from the builder before coming to an agreement,”- advised Mr Mahesh Somani, Chairman- National RERA Committee, National Association of Realtors India (NAR-INDIA).
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