Do you want to know what is OC in real estate? Let me assist you with this. Owners have occupied the bulk of apartments in various Indian cities without an occupancy certificate. This omission could develop into a costly blunder, jeopardising your dream home's legal standing. The significance of the occupancy certificate cannot be emphasised, since it certifies your property's legal status and safeguards your ownership rights.
What is the meaning of OC in real estate?An Occupancy Certificate verifies that the building was built in accordance with the approved designs. Once the building has been built and is ready to be occupied, it is issued by local municipal authorities or the building proposal department. In simple terms, your building will not receive a 'pass certificate' without an OC.
While emphasising the OC meaning in real estate, let us focus on a few instances that might happen without OC in real estate. The local municipal government has the authority to take significant action against flat owners if they do not have a valid OC.
Residents of a well-known building complex in Mumbai's posh Worli neighbourhood were shocked when their project was ruled unlawful in 2014. Buyers failed to notice that the builder had issued an OC at the time of possession. The writing on the wall became obvious only after they were forced to abandon their apartments.
This is only one example; if customers fail to obtain the OC, they may be subject to the following consequences:
Your building could be demolished if you don't have a valid OC because it's considered an unlawful structure.
When applying for a home loan or a loan to buy a resale apartment, the OC is vital. You won't be allowed to sell or hypothecate the property after a certain period of time if you don't have a valid OC.
In the lack of an OC, the water, sanitary, or power supply can all be disconnected.
I am sure that you are now having a clear idea about what is OC in real estate. However, experts believe that the OC should be made necessary for flat registration and essential services in the future. Buyers must verify that builders have all required approvals before handing over a house till that time comes.
Go for a stress-free property and occupancy certificate verification from the NoBroker legal assistance services Read More: How To Get Occupancy Certificate Copy Of An Old Building Online? How To Check Occupancy Certificate Online Thane ?
What is OC in Real Estate?
Janhvi
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2022-02-23T17:59:38+00:00 2023-10-18T17:12:09+00:00Comment
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