Occupancy Certificate! How is this different from others?
Home buyers often check all necessary documents before finalizing a property purchase, but if one important document slips from the checklist? This one document is Occupancy Certificate. Non-attainment of this document can hamper your property purchase. Worry not, as this blog post shed light on all important things to remember about Occupancy Certificate.
What is Occupancy Certificate?
In simple terms, a person holding an Occupancy Certificate is the legal owner of the property. This legal document states that the said building is built according to norms and is now fit to have occupants. A local authority, tahsildar, or the development authority of the area releases this document. Commonly referred to as OC, this document is a must for the developer/owner to produce if they wish to sell the property. The occupancy Certificate states that the building has authorized water, power, and drainage connection. Hence, it is now ok to occupy this structure for living purposes. Rightful ownership is one of the important things to remember about the Occupancy Certificate.
What Are Types of Occupancy Certificate?
Full OC – A single Occupancy Certificate is for the entire township or the residential project from the respective authority.
Partial OC – Partial Occupancy Certificate can be availed if the developer has multiple towers in the project. An OC of the completed tower can be availed to sale the inventory. The next OC can be availed when the next tower is ready for living.
How Should Obtain Occupancy Certificate?
The developer is liable to procure OC from the Municipal Corporation of the respective area. Take a note, the authority/corporation release this certificate only after conducting a survey of the property. Also, the authority checks if other clearances are not acquired. Out of other important things to remember about Occupancy Certificate is that obtaining it can be difficult if the building plan and structure are not in sync.
What Are The Documents Needed to Obtain Occupancy Certificate?
Ideally, the developer should apply for an Occupancy Certificate within 30 days of project completion. Here is the list of documents needed when applying for Occupancy Certificate:
- Copy of Sanctioned Building Plan
- Building Commencement Certificate
- Copy of Building Completion Certificate
- Latest Property Tax Receipt
- Copy of No-Objection Certificate from Airport Authority
- Copy of No-Objection Certificate from Pollution Board
Why Occupancy Certificate is Important for Buyer?
Plenty of money goes into home buying, thus it is the right of every home buyer to own proof of sustainability. Be assured about the living standards of the property by procuring the Occupancy Certificate from the developer/builder. A home buyer may face the below-listed repercussions if a home is owned without obtaining OC (Occupancy Certificate).
- Eviction might be on cards, if the Concerned Authority lists the building as illegal.
- If stated illegal, then the building can be demolished.
- Borrowing of home loan will be difficult
- Resale will be difficult
- Local body, Municipal Corporation can disconnect power, and water supply, without providing any prior intimation.
- Property tax can be charged higher than normal, as a penalty
Conclusion
All these are things to remember about Occupancy Certificate. By considering these points, you can ensure wise investments that will become valuable assets in the future.
