Articles

Read Up Why Occupancy Certificate Is Important Before Moving In Your Dream Home

by Adya Basu Real Estate Project Management Consultancy
After years of savings and paperwork, you finally have your dream home ready. But, what if your home is declared unauthorised and you are being evicted by the local authorities? It sounds like a dreadful nightmare. Overlooking the importance of timely approvals and certificates will surely turn this nightmare into reality. One such crucial link in the property buying process is the occupancy certificate.

Majority of owners in India occupy properties without any occupancy permit, especially in builder-led projects. The overlook can turn into a hefty penalty and further jeopardising the legal status of your dream home. The certificate is of utmost importance as it seals the legal status of your property and protects your ownership rights. 

What Is An Occupancy Certificate (OC)?

It is an essential document certifying the construction of the building and that it complies with the local laws and is ready to be occupied. It is the responsibility of the developer to seek permission from the local municipal authority. It is required for installing a water system, sanitation and electricity connections. 

Ideally, a developer must apply for an OC, within 30 days of the completion of the project. Also, as a property owner yourself, you can put in an application for an OC from the local corporation or municipality.

Documents Required To Acquire A Certificate

The certificate is issued when on submission of the application form along with a set of documents and certificates. The paperwork includes commencement approval, completion certificate, NOCs, build and section plan, copies of sanctioned plan, tax receipt, photographs of the project and calculation sheet of the floor plan. 

What Is The Difference Between A Occupancy and Completion Certificate

A completion certificate (CC) is issued by the owner of the building upon completion of the project construction. It should be completed as per the building approval form and also satisfies other legal criteria. 

Whereas, an occupation certificate is obtained after acquiring the CC. This document indicates that the building has complied with all the necessary building rules and regulations. It ensures building construction has been completed in all aspects and is further ready to be occupied by the buyers. 

Benefits Of An Occupancy Certificate

Legal recognition
Without an OC the building can be demolished anytime, considering it to be an unauthorised structure. The certificate provides legal recognition for the property and protects your ownership rights.

Property dealings
It is mandatory to have the certificate at times of property purchase or selling.

Home loan
The document is necessary while seeking a loan from banks and financial institutions with income-tax benefits on it.

Services
It helps to get water connection, sanitation and electricity supply connection to the property. Buyer needs to ensure that both internal and external requirements are fulfilled before occupying the property.

After the RERA Act of 2016 became effective across the country, it established a Regulatory Authority for each of the states. The act raised alarms in the real estate industry to work within the regulations and laws laid by the government. 

Conclusion
During the construction process, various other documents are overlooked by the builders or developers. In such situations, acquiring all the right permits and certificates beforehand is necessary for building construction. 

Acquisition of an occupation certificate in India or any other permission process takes up more time than usual. Building owners can opt for project management consultancies that assist and provide timely approvals under the expert guidance of their team of professionals.

In Mumbai, various consultancies are coming up and competing against each other to survive on the top. One such effective consultancy is Buicons LLP consultants, a 360 service provider that works efficiently towards building a dream project. They provide liasoning services with various municipal and state authorities, RERA, stamp duty, GST and property tax.

For further queries, get in touch.

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About Adya Basu Junior   Real Estate Project Management Consultancy

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Joined APSense since, September 5th, 2020, From Mumbai, India.

Created on Sep 29th 2020 01:11. Viewed 361 times.

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