Imagine buying the home of your dreams only to be told one day that it is an unauthorised structure! That’s a situation nobody wants to be in. So how does one ensure that the property is authorised by legal bodies and your investment is secure? The first crucial step would be to check for a list of essential documents in the home buying process. While each document is necessary, an Occupancy Certificate is highly vital when buying property. Before getting into the importance, let’s understand an occupation certificate.
What is an OC (Occupation Certificate)?
An occupation certificate is a legal document that certifies the building has been constructed as per the approved building plan in compliance with the local laws. Whether you buy luxury flats in Koramangala, Bangalore or any other city, an Occupancy Certificate is crucial. This is because it verifies if the property adheres to the building code, all the amenities are in the right place, and the required clearances are completed. An OC (Occupancy Certificate) is a document that tells you the property is given the go-ahead from the concerned authorities after a proper inspection and is ready for you to occupy. All necessary information about the project is mentioned in this document, from building height to materials used.
Who issues an OC?
An Occupancy Certificate is issued by the Local Civic Authority, such as the Municipal corporations. In case you are buying property in Bangalore, the BBMP (Bruhat Bengaluru Mahanagara Palike) is the responsible administrative body to issue an occupancy certificate.
How can you apply for the OC?
Typically, upon completing the project, the developer applies for the Occupancy Certificate. The developer applies for it within 30 days of the completion of the project. However, even a property owner can apply for the Occupancy Certificate. If the property has met all the necessary criteria, you will receive the Occupancy Certificate within 30 days of applying for the same.
Documents required to get an OC
Whether you or the developer applies for the OC, these are the required documents.
● Project commencement certificate
● Project completion certificate
● A Copy of the sanctioned building plan
● The latest property tax receipt
● No objection certificates from the fire and pollution board
● Photos of the building
Importance of Occupancy Certificate
Now that you know what an Occupancy Certificate is, here are a few points indicating its importance when buying property.
1. The first and obvious importance is that the Occupancy Certificate is proof that the building is safe to occupy.
2. An OC is a proof that the project is built as per regulations and laws.
3. It is a crucial document required to apply for electricity, water and sanitation connections from local municipal bodies.
4. You will need this document when applying for a home loan.
5. If you decide to sell the property anytime soon, you will need the OC. Without this certificate, you won’t be able to sell your property.
6. You can be evicted from the property in the absence of this document.
7. This document secures the ownership rights and makes it a safe investment.
8. Khata is another crucial document when buying property. It has all the details of your property. It is an essential document for the payment of property taxes. You can apply for khata after you receive the Occupancy Certificate.
Now that you are familiar with an OC and its importance ensure you don’t miss out on asking for this document when buying property. Advaitha Aksha is a premium property of the well-known real estate builder — Advaitha Ventures. If you are looking for luxury flats in Koramangala, Advaitha Aksha is for you. This premium project offers spacious 4 BHK luxury flats for sale in Koramangala. It comes with top-notch amenities, smart-home features, and so much more. Schedule a site visit at Advaitha Aksha and book your dream home today!