Excited about shifting in your own home? Then, wait before taking the possession from the builder as there is one important thing to look for apart from the home key.
Of course, possession letter is running high on your mind right now. But, are you forgetting about the OC – Occupancy Certificate in the excitement of moving into your own space? If yes, then be cautious because the unavailability of Occupancy Certificate is likely to land you in trouble.
Here is the complete list of things that every prospect must know about OC that is Occupancy Certificate.
1. What is Occupancy Certificate?
It certifies that the construction of the building has taken place according to the norms while sticking to the construction plan. Also, this certification gives your property a legal status which allows you to avail amenities that fall under the jurisdiction of a civic or a municipal body of the area.
The local authority allocates this certificate and allows the owner to receive possession as the property construction is said to be complete according to the law. According to a market expert, the Occupancy Certificate is an assurance that the property is enabled with all necessary equipments and offer secure living atmosphere.
2. Difference Between Occupancy Certificate and Completion Certificate
The Completion Certificate is nothing but a note that clearly states that the construction of this property has taken place lawfully. This includes that the builder has maintained proper floor per area ratio, used premium quality constructional material, maintained distance from the nearby building and other technical details.
But, the Occupancy Certificate is sanctioned only after the construction is completed. This gives a legal face to your property and secures it from ranking under illegal construction record of the local authorities.
3. Residential Property without Occupancy Certificate
• A home without Occupancy Certificate [OC] can be demolished by the local authorities at any given point of time.
• The Occupancy Certificate is essential for the application of home loan of a second home. This means that you cannot resale the property without having a proper Occupancy Certificate.
• The civic body has the right to disconnect water, electricity, sewage and other amenities in case you fail to showcase the Occupancy Certificate of the property.
4. Documents Necessary to Obtain the Occupancy Certificate
• Copy of the Sanction Plan
• Building Commencement Certificate
• Copy of Completion Certificate
• Property tax Receipts
• NOC from the Pollution Board. NOC from the Airport Authority will also work.
5. For Home Owners of Ready to Move In Property
• The RWA can file requisition for OC – Occupancy Completion to the Local Authority.
• Individual Owners can Approach the Local Authority via the Flat Owners Association for availing the Occupancy Certificate.
• Home Owners can a file complaint against the Builder in Consumer Court for not granting the Occupancy Certificate.
6. For Home Buyers of Under Construction Property
• Ask for the Occupancy Letter along with the Possession Letter.
• Lodge complaint against the builder in RERA Authority if he fails to offer you the Occupancy Certificate.
7. Full Payment and Occupancy Certificate
Definitely, you must have to pay the rest of the amount as mentioned under the slab-wise payment plans. Thus, make sure you ask for the Occupancy Certificate prior making the full payment.
Also, the payment making varies from person to person as everything depends on the sales deed of the property. Although, the RERA ACT protect the rights of home buyers in accordance with the completion of all formalities of home buying.