What is an Occupancy Certificate
Bangalore: The risk of going ahead with registration could be a hassle when a builder of Apartment does not provide the “Occupancy Certificate (OC)”. One should consider this hurdle before going ahead with registration.
To avoid breaching, the requirement of occupancy certificate becomes necessary while possessing ones dream house.
Most buyers move into their apartment with no need of acquiring the copy of the Occupancy Certificate from the builder. One of the key factors is to attain the copy of the OC from the builder, which is mandatory. The non-possession of the OC could raise serious hurdles at the later stage to the occupant of the apartment.
A buyer will need to verify the Occupation Certificate before purchase of any property. The Occupation certificate is a document that confirms the construction of the project has adapted to the approved plans and unavailability may signify it is not a legal construction.
What is an Occupancy Certificate (OC) Exactly?
The BBMP and BDA in the city of Bangalore is a legal authority, issues the OC that gives the builder permission to “occupy” the property. All residential buildings and commercial building must possess it since it has required for more and above five units. The obtaining of the OC by the buyer enables to occupy the flat. Occupancy Certificate to individual flat owners is unavailable; they are only given to the entire building.
Why Is Occupancy Certificate (OC) Required?
The acquiring of the Occupancy Certificate in Bangalore makes it a compulsory and mandatory requirement according to any residential project having more than five residential units.
For instance, if the homebuyer wants to dispose one’s property after a particular number of years one should possess a compelling OC. Hence, people will not buy the property without a suitable OC. The necessity of the OC makes application to Khata not acceptable. To apply for a mortgage or loans, the OC is a mandatory document.
The verification of the Commencement Certificate becomes important for purchasing property under construction. It is legally advisable not to move to an apartment without valid OC. The buyer should be firm and insist on a valid OC since many of the builders break these basic rules. In case a buyer does not possess a valid OC, there is a possibility that the electricity and water connections are discontinued.
One should do background check of previous projects handled by the Builder. It is advisable to ask and see those OC’s of previous projects. The buyer should not deal with builders who do not issue the required OC.