What is Occupancy Certificate?
Are you in search of real estate properties in Pune? Then, being puzzled with a number of questions in mind is quite natural. What is occupancy certificate? Is it important for every buyer to have this? What will be the consequences, in case one does not obtain the same? – These are the common questions people looking for new apartments for sale in Pune are often bothered about. However, this post is going to give you a clear insight about the same.
The absence of a valid certificate while buying a property can prove to be havoc for you! It might get you into serious trouble and occupancy certificate is one of such documents that need to be obtained by every home buyer irrespective of the fact that whether the building is developed by some builder or you are going to purchase some re-developed construction.
Occupancy certificate is a clean chit to the fact that the building you are going to buy is completed under all the approved plans and compliance of local laws.
Residence certificate or possession certificate is always essential for the home buyers, as in any case, the buyers are found not to hold the same, they can be asked for severe penalties and an eviction of their residential property can be issued any time. Without occupancy certificate, it may become difficult for you to retain the necessary sanitary connections at home and by not adhering to this mandatory tenet, you just close the access for you to get the right solution on your own. Occupancy certificate is the document that gets issued by a development authority to a newly constructed building and only after the building adheres to all the required norms stated by the Government body.
At the same time, the home buyers looking for real estate properties in Pune cannot directly obtain OC certificate unless the builder occupies it for them. Still, there are a number of instances where it’s seen that violation of building laws in several stages has caused delay in owning occupancy certificate. Even after spending a huge amount to possess their dream home, the home buyers have often been refrained from holding the long-awaited property only for the lack of occupancy certificate. They happen to suffer for none of their faults. And, the developers, on the other hand, being able to prevail over all the dodges in the law, happen to escape the scenario while the buyers have to own the property with such fear in mind that they may lose the house any time.
Nevertheless, with RERA taking in all such concerns, transparency is what that has triumphed over the entire set-up, letting the buyers take a sigh of relief.
Also, the question arises, what are the consequences, in case you fail to obtain occupancy certificate? According to Supreme Court, the builder has to hand over the occupancy certificate to the customer. Nonetheless, most of the builders happen to provide the documents only after the project is complete. And, in case, you buy the property from any ordinary developer and don’t get occupancy certificate within the stipulated time, you have every right to raise a notice and claim for the same.
To conclude, Occupancy Certificate makes sure that your property is safe and secured. Thus, it’s always worth ensuring that you get hold of it at the right time from your developer.