Occupancy Certificate (OC) In Real Estate: All You Need To Know

Occupancy Certificate is the certificate that provides assurance of the building that it has been constructed in accordance with the required standards and is secure for habitation. 

The local authority issues the builder an occupancy certificate (OC), sometimes known as a certificate of occupancy. An important document that the local municipal government issues to the builder or developer is called an occupancy certificate. It attests that the structure has been constructed in accordance with the standards set by the relevant governmental bodies and is fit for occupancy.

 

What Is The Role Of Occupancy Certificate In Real Estate?

Since the Real Estate (Regulation and Development) Act (RERA) was passed in 2016, obtaining an occupancy certificate has been required of developers. Before apartment complexes are turned over to tenants, a developer must get the required paperwork in accordance with RERA.

The website has information on the occupancy certificate submitted. This will make it easier for potential customers to comprehend the specifics of the project. RERA will penalize the developer if they don't get the document. If customers who wishes to have an eco-friendly home in India and what to discover that the developer does not have the document, they may also file a complaint with RERA.

Why Occupancy Certificate Is An Important Document?

1.Lawful Aspect

It is legally required to obtain the occupancy certificate from the relevant authorities. It attests to the fact that a structure was built in conformity with the regulations established by the local authorities. It also ensures that occupants may enter the building safely. Legal issues for the developer will arise if this important document is not obtained.

2.Safety Measures

An occupancy certificate's function is to certify that a building is secure enough for occupants. It implies that it was constructed in accordance with the standards established by the relevant authorities. Additionally, it attests to the building's compliance with fire and safety regulations. Officials conduct a thorough inspection of a facility to guarantee its overall safety before issuing the document.

3.Simple Financing

The builder must have a current occupancy certificate in order to have a house loan approved.  Therefore, it is crucial for prospective purchasers to confirm that the builder has one. The document serves as an assurance to banks that the money lent to customers is secure.

4.Value at Resale

When a property is being sold again, along with the property tax in India and an occupancy certificate is essential. The presence of an occupancy certificate guarantees the property's security to potential buyers. Additionally, it attests to the property's construction in accordance with the guidelines established by the relevant authorities.

5. The Highest Transparency

Following a comprehensive inspection by officials to ensure that the building complies with all applicable regulations and safety requirements, an occupancy certificate is given to the developer. A certificate of occupancy provides clients with reassurance that the structure is safe and compatible with the law. More trust and confidence are generated as a result of this transparency.
 

What Is A Certificate Of Occupancy?

An occupancy certificate is a significant document that certifies a building is safe for habitation and was constructed in accordance with the blueprint, standards, and guidelines established by the relevant municipal authorities. An occupancy certificate provides the homebuyer with a number of advantages not already discussed, including making them the property's legal owner.

What are the Documents Required to Apply for the Occupancy Certificate?

You must submit the following paperwork with your application for an occupancy certificate:

• Beginning-of-project certification
• Project certificate of completion
• Nocs for pollution and fire
• Latest receipt for property taxes
• A duplicate of the approved building plan
• Images of the structure, solar cells, and rainwater collection system

How To Check Occupancy Certificate Online?

The RERA act mandates that every project be registered. As a result, it is simple to check the status of a project's occupancy certificate. On the state's RERA website, where the project is located, you can check the status online.

What Protection Does a Certificate of Occupancy Offer Homebuyers?

The occupancy certificate provides assurance that a complex of apartments or other building was constructed in compliance with the authorized plan and the regulations imposed by the relevant authorities. Additionally, it attests to the building's adherence to safety regulations and the presence of all fundamental necessities including water, power, and sewage. Occupancy Certificate is a crucial document for homebuyers because it guarantees that the house they buy has all the necessary approvals, is safe for occupancy, and is equipped with all the essentials.

How To Get A Certificate Of Occupancy?

A Step-by-Step Guide for getting the certificate of occupancy:

The developer has 30 days after project completion to submit an application for an occupancy certificate. You have the option of making the application offline or online. If you decide on the former, you can apply by doing what is listed below:

1.Visit the appropriate municipality or corporate office.

2.To obtain the necessary forms, meet the concerned official.

3.Send the completed forms and the required documentation.

4.If you want to apply for a certificate of occupancy online, go to the website of the relevant government agency, select the appropriate option from the menu, and carefully follow the on-screen instructions.

5.In order to obtain the occupancy certificate, the aforementioned documents must be submitted. As soon as the authorities receive the application, a team will be put in place to carefully inspect the property, including its adherence to the plan, established regulations, structural safety, stability, fire and safety precautions, etc. 

6.You can anticipate receiving the certificate of occupancy within 30 days of the authorities determining it to be adequate.

The Importance Of Occupancy Certificate In Assuring Property Legitimacy

The occupancy certificate is a crucial document that proves a property's legality and legitimacy, as was mentioned before in this article. Since the implementation of RERA in 2016, obtaining the document has been required for developers. The building must be erected in accordance with the approved plan and the rules and regulations outlined by the relevant authorities in order to be qualified to receive the occupancy certificate.

Homebuyers have benefited from all of these reasons. Unauthorized construction is curbed by the strict regulations. By doing this, homebuyers are safeguarded from developers of apartment buildings that are constructed without official approval.

Occupancy Certificate's Function In Home Loan Approval

As we've already seen, RERA has mandated that projects that are ready for possession acquire an occupancy certificate. The paperwork is required for a home buyer to obtain a mortgage. For banks, the certificate of occupancy serves as an assurance that the structure was built legally and that the funds being provided are secure.

Certificate of occupancy is a crucial factor in property assessment. The approval and payout of a home loan can be completed quickly and easily with an occupancy certificate.

Certificate of Occupancy and Peace of Mind

A certificate of occupancy serves as evidence that a buyer's prospective house was constructed in line with all applicable approvals. It is a legal document as per RERA. The building must receive governmental authority approval before a developer may obtain the occupancy certificate. A certificate of occupancy is only given once a building has been examined for structural soundness and safety precautions. A buyer of a home can feel at ease because of all these aspects.

Occupancy Certificate: A Vital Legal Document

Let's take a quick look at the occupancy certificate and its importance as we come to an end.

• Before relocating into a home, an occupancy certificate must be obtained.
• The certificate of occupancy must be obtained by the developer.
• The document attests to the building's adherence to both the plan and applicable laws and regulations.
• Without an occupancy certificate, a house loan cannot be approved.
• Without the document, the buyer of the property may run into legal issues.
• The house buyer's peace of mind is ensured by the certificate of occupancy.

So, now after reading this blog you know that how to check occupancy certificate online and many other details. 

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