The significance of occupancy certificate for home buyers

Are you exciting about shifting into your own house? Then, wait until taking the possession from the builder as there is an integral thing to look for apart from home keys.

The possession letter, of course, is running higher on the mind presently. But, are you actually forgetting about the occupancy certificate in all the excitement of moving into your own house? If that’s true, then e a bit cautious as the availability of occupancy certificate is expected to land you in trouble.

Here is a list of things that each prospect must know about the occupancy certificate-

What exactly is occupancy certificate?

This certificate certifies that the construction of any building has taken place as per the norms while sticking to the plan of construction. It also gives the property a legal status which lets you avail the amenities that actually fall under the jurisdiction of the municipal or the civic body of the area.

The local authority certainly allocates the certificate as well as allows the owner to receive the possession as the construction of property is said to be complete as per the law. Also, according to the market experts, occupancy certificate is certainly the assurance of the property that enabled with all important equipment and provides secure living atmosphere.

Difference between occupancy certificate and completion certificate

A completion certificate is nothing but the note that certain states that construction of the property has taken the place lawfully. This basically includes that developer has maintained proper floor per area ratio, maintained distance from the nearby building, using premium quality constructional material and other technical details.

But, occupancy certificate is only sanctioned after construction or the development is complete. This provides legal face to property and secures it from the ranking under the illegal construction record of local authorities.

Residential property without an occupancy certificate

• Occupancy certificate is important for application of the home loan of a second home. This basically means that one can’t resale property without
providing proper occupancy certificate.
• A home without occupancy certificate can actually demolish by local authorities at any provides a point of time.
• The civic body has correct to disconnect electricity, sewage, water and other amenities in the case you fail to showcase occupancy certificate of
the property.

Documents necessary to obtain an occupancy certificate

• Building commencement certificate
• Copy of sanction plan
• Property tax receipts
• Copy of completion certificate
• NOC from the pollution Board. NOC from Airport Authority will work For homeowners of ready to move in property
• Individual owners approach local authority via flat owners association for availing occupancy certificate
• RWA can file requisition of occupancy completion to local authority
• Homeowners can file the complaints against builder in the consumer court not granting occupancy certificate

For home buyers under construction property

• Lodge complaints against the developer in RERA Authority if he actually fails to offer you the occupancy certificate
• Ask for occupancy letter with possession letter

Full payment and occupancy certificate

Certainly, you need to have to pay rest of the amount as mentioned in the payment plans. Thus, ensure you do ask for the occupancy certificate prior to making full payment.

The payment also make varies from person to person as each and everything depending on the sales deed of property. Although, RERA Act protects rights of home buyers in accordance with completion of the formalities of home buying.