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Importance of getting Possession Letter and Occupancy Letter for Homebuyers

by Bayaweaver Noida Consultant

Home buying process in India is filled with a lot of hassle which takes away the patience and enough of your savings. Compared to the renowned real estate developers, newcomers and lesser-known developers take more time in completing the process of providing possession letter and occupancy certificate. In many cases, home buyers don’t receive these important letters even after years of project completion. However, the RERA law made it a compulsion for developers to register their project and complete the basic rules of home buying to avoid legal action.

Bayaweaver

Developers like Bayaweaver ensure that none of their home buyers face difficulty in getting Possession Letter and Occupancy Certificate. Similarly, the developer also ensures that buyers get completed project on the deadline.

Let us now check the importance of Possession Letter and Occupancy Certificate:

Possession Letter:

The possession letter is issued to the home buyer once the project is completed. Until the letter is handed over to the home buyer, he/she is not the legal owner of the flat. Moreover, you will also need to obtain an Occupancy Certificate to be an owner of all the amenities along with the unit. The possession letter is also important during the application process of applying for a home loan. Financial institutions and banks do ask for the PL and OC as a proof of documentation.

Conditional Possession:

In many cases, even if the buyer is not happy with the construction of the flat, he/she still needs to take the possession. In such situation, they can go for Conditional Possession and write the same on the developer’s copy. You can mention about your unhappiness over the project and also about the action to be taken by you if decided.

Occupancy Certificate:

Also known as the completion certificate or pass certificate, it is the proof of construction completion. If you’ve purchased a flat in Bayaweaver Lucknow named Home, once the construction is completed and all conditions met, then you’re eligible to get the Occupancy Certificate. Developers collect this certificate from the local town planning authority. A homebuyer may need the Occupancy certificate while applying for a home loan on the resale property or while seeking utility connection service.

Source - Importance of getting Possession Letter and Occupancy Letter for Homebuyers


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About Bayaweaver Noida Freshman   Consultant

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Joined APSense since, July 27th, 2017, From Noida, India.

Created on Oct 12th 2017 04:56. Viewed 1,246 times.

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