Property transactions involve a lot of paperwork with essential documents required to signify ownership. One important document when it comes to real estate is the Occupancy Certificate (OC). Whether you are purchasing a 2 BHK luxury home in Thane or a residential property in Mulund, be sure to ask for this certificate.
In this article, we’ll take a look at the details of an OC and its importance.
Occupancy Certificate
An Occupancy Certificate is an official document showcasing that the property has been constructed in compliance with local laws and adheres to the specific safety and construction norms. It is issued by the local municipal authority to the realtor and ensures that the property is fit for occupation.
To ensure that the property you are purchasing is safe and constructed using quality materials while adhering to zoning regulations, it is essential to ask for this document at the time of purchase. Reputed real estate developers in Thane, such as Ace Realty, are always compliant with laws ensuring a safe transaction. Without this document, the building may run into legal issues in the future.
Applying for an Occupancy Certificate
This responsibility lies with the developer. A developer can apply for the certificate of occupancy within 30 days of the completion of the project while providing essential documents such as sanction plan, NOC for fire and pollution, and others. The local municipal authority then inspects the premises to check for compliance with the approved building plan and safety standards. If all parameters are met, the OC is issued to the developer. Prospective buyers can ask for a copy of this OC for their records.
Importance of an Occupancy Certificate
An OC is one of the most important property documents when purchasing a 2 BHK studio apartment in Thane as detailed below.
Safety Feature
One of the biggest benefits of an OC is in ensuring that the property is safe for inhabitation. This means a sturdy structure, accessible fire exits, and earthquake resilience.
Legal Compliance
An OC also acts as a legal document for the property. Without this, any future complications can affect the homeowners.
Property Value
Real estate projects in Thane are in great demand making property here a great investment. Properties that have all documents in order including the OC will likely fetch a much higher prices than those without.
Ease in Resale
Homeowners looking to sell their property at a premium may face significant hurdles without an OC. Without this certificate, buyers may hesitate to invest in a property or choose to pay a lower price.
Utility Connections
The OC is typically issued by the local municipal authority that is often charged with dispensing the utility connections. Without a valid OC, basic utilities such as electricity and water may be interrupted.
Financing Concerns
Securing a home loan or a loan against property may be difficult without an OC as banks may not consider the property a safe bet.
Conclusion
When purchasing a property in Thane, it is critical to check for an OC and only partner with a trusted developer such as Ace Realty. This certificate not only ensWhen purchasing aures safety of the property but can also prevent legal and financial complications in the future.
