Everything You need to Know about Partial Occupancy Certificate
Feb 08, 2019 Real Estate News
Under construction properties often attract home buyers because of the relatively low cost of the property than it would be priced at after the completion. The builders are also offering the buyers the partial occupancy that will give them the right to move into their apartment as soon as the construction of the particular unit is finished.
However, there are many things about partial occupancy certificate that buyer must know about. We discuss them here:
However, there are many things about partial occupancy certificate that buyer must know about. We discuss them here:
- The builders generally build the project in phases. Like for example, the entire project is divided into five stages. The builder will not receive the completion certificate or occupancy certificate until all the stages are complete. In such case, the builder after completing the first phase can apply for partial occupancy of the project. This will allow the buyers of phase one to move into the property, but they will not be provided with the occupancy certificate unless all the five phases are complete.
- Unless you are approaching the bank that has tied up with the particular project, no other bank will be willing to give your home loan if the builder only has POC as it is not the indication that the builder will complete the project.
- If the buyer if forcing you to take a unit that has received the POC, one should not jump on the offer. If the unit is still under construction and inhabitable, and the builder is pressuring you to buy it, then the same should be brought to the attention of the RERA and designated authorities.
- According to the law, the builder cannot give you access to the unit that does not have completed the construction of the common place.
- Buyers who have received the POC from the builder must carefully follow the construction of the entire project. The law states that the whole project be completed one the POC has been granted. The builder has 30 days to apply for the completion certificate after the completion of the project.
- The validity of POC expires once the builder receives the completion certificate. In this case, the buyer must approach the builder and get their occupancy certificate.
- The POCs are temporary, and the buyers who have received one should keep in touch with the builder once the entire project is completed to get their OC as soon as possible.
- One is free to apply for utilities under the POC, but the authorities have to reject right your application s POCs are not the legal document that shows the ownership of the property.
Looking for property portal?
Related Articles
-
-
Budget 2019 for Real Estate
Feb 07, 2019 -
-
