The first question that every home buyer needs to ask their builder is “Will you give me Occupancy Certificate (OC) for your property?”
Why is it so?
“Occupancy Certificate” is one of the most crucial documents that every buyer needs to look for before buying an apartment.
Before we dwell on why OC is important, let us first know ‘what Occupancy certificate is and how is it obtained?’
In Bangalore, Occupancy Certificate is issued by a statuary authority such as BDA or BBMP after the completion of a project. This certification assures that the building is in compliance with the approved plan and meets the safety standards that make it habitable for the residents. As per the Karnataka Apartment Ownership Act, 1972, it is essential that all the commercial as well as residential buildings with more than five units needs to obtain an OC.
How is an OC obtained by the builders?
Within 30 days of completion of the property, the Occupancy application form needs to be filled and submitted along with the needed documents by the builder to BBMP authorities. After submitting, the authorities will visit the site and verify whether the building has been built as per the approved plan. Once the evaluation is done, the approval or rejection takes place.
OC cannot be availed for buildings that are built with deviations. However, if there is only a minor deviation of around 5% from the approved plan then the authorities regularize the building and issue OC with a little penalty imposed
Why is an OC considered as an essential document?
Do you know that there are about 50% of pre approved Bangalore properties that couldn’t avail OC because of their 30% greater deviations?
OC is one of the important document that needs to be obtained and also a pre requisite for applying your Khatha. The properties with no OC cannot qualify for A-Khatha which might affect when you are planning for a resale. The resale value will not be equal to the market rate and also most of the nationalized banks refrain from giving loans for such properties. In addition, OC is one among the demanded document while applying for sanitation, electricity connection and water connection and applying or switching your home loans. Sometimes, the building can be classified as an unauthorized structure and can be issued for demolition by the authorities.
Occupancy Certificate assures that the property that you are purchasing is safe and protected. But, there may be circumstances that you would be purchasing an ongoing property which is yet to receive an OC. In that case, you need to get assurance from the builder that he will be providing OC once the project is completed and request for OC before taking ownership of the apartment.
Since the OC is not a mandatory document for registering a property, buyers might overlook this situation. But do keep in mind that it is absolutely necessary to buy a clear property out of your hard earned money. Always go for a quality builder such as Sai Kalyan Builders and Developers building apartments with clear title and assures you of OC for your dream home.
We, Sai Kalyan Builders and Developers is one of the leading real estate builders building many successful projects with 100% Vastu in North Bengaluru. Our recent project, Sai Kalyan Ultima Smart Homes built on latest Aluminium formwork technology have completed its 1st phase successfully with 100% occupancy. We have now commenced the 2nd phase and the bookings are happening pretty fast.
Interested in buying a home in ULTIMA? Please visit Sai Kalyan Builders website to know more details about the project.
For Flats within 50 lakhs: http://www.saikalyanbuilders.com/flats-for-sale-in-Bangalore-within-50-Lakhs
For Flats between 51 to 60 lakhs: http://www.saikalyanbuilders.com/flats-for-sale-in-Bangalore-within-60-Lakhs