The current market demand trend is heavier on the side of occupancy certificate ready apartments. In the whirl of timely deliverance, developers are scheduling the possession without property possession certificate/occupancy certificate. Property investment is centred on the sentiments of a homebuyer. Buying a new home definitely adds some moments of pride and self esteem in the buyers; but this is another ploy of the developers to wreak your emotions. Without occupancy certificate handing over a property actually can be could hallmark your entire real estate purchase illegal. In case any buyer accept any property with a pending occupancy certificate that person endangers own investment.
Importance of Occupancy Certificate
Occupancy Certificate should be always issued by the local civic body or the government-run agencies and planning authorities. It’s given after an entire real estate project completion in the very locale. An OC ready property is the parameter of a legitimate construction. It means the building has been developed complying with all construction rules and laws which includes approved floor area, project planning, fire safety standard, building standard and environmental criterion. As per the industry standards, if a building is developed adhere to all these measurements, then the developer gets occupancy certificate from the local governmental authority within a month maximum.
It’s largely observed that a first time homebuyer is unaware of the importance of the OC. It’s not just another piece of paper. Building without OC means you are not allowed to access better civic facilities; it could even stack up your tax burden. This document is necessary for applying your Khata or for buying resale real estate units. Resale properties won’t return profit without a valid OC.
Barin Midya, a potential homebuyer in Kolkata asked us on our forum, “I have been looking for affordable flats in Kolkata, over past couple of years. Finally got an apartment in ready-to-move in condition, where as the developer is keep on delaying for handing over the occupancy certificate. Should I buy the property?”
Let’s brief you the real reason behind the delay from your developer–
The project plan might not approved by the local civic body.
Your chosen apartment might not have sanction or commencement certificate as well
If it’s not giving you full-length amenities that means it’s not even ready for obtaining a completion certificate.
It might not have received NOCs from pollution boards and airport authorities etc.
Builder should have all prior tax receipts to obtain OC.
In prime metros in India it’s mandatory for a builder to obtain the OC before handing over the possession to the buyers. In certain cases partial OC might also be considered. Without OC access to electrical connection, water supply and sanitary connection gets difficult. Leaving these minor issues aside if any civic body asks an inhabitant to leave the apartment, that hasn’t obtained OC, occupants have no other options than to empty the apartment. Thus, it’s really important to seek OC before taking the possession.
–LNN (Liyans News Network)