RESIDENTIAL

Everything You Need To Know About OC Received Homes

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A term that is commonly used in real estate is “OC-received”, and if you do not have too much experience in real estate then you might be left wondering what it means and why it is a feature that is often marketed by developers. Whether you are looking to invest in flats in Parel or property in any other area, it is important that you know what an OC is and why it holds so much importance in the world of real estate. We at L&T Realty have put together a guide on OC-received homes, exploring the various processes involved when it comes attaining an OC, and the implications of a property not having an OC.

A Deep Dive Into OC-Received Homes

Breaking it Down: What is an OC-Received Home?

A property or home for which the builder has obtained an Occupancy Certificate from the relevant official authorities is called an OC-received home. This particular document is going to be of utmost importance if the developer wishes to move forward with the completion and opening of the property in question. This is because the OC will state that proper protocol has been followed and there have been no violations with regards to the relevant ordinances, permits, as well as safety standards of the construction of the structure - thereby deeming the building safe and fit for residents to move into. Therefore, it is simply not possible for the property to be inhabited if it has not received its occupancy certificate.

No Small Affair: Why is an OC so important?

Apart from the obvious fact that the property simply cannot be inhabited without an OC, there are actually a number of other reasons why an OC is an essential piece of paperwork in real estate. A major one is the seal of approval it gets with regards to safety and overall quality standards. This involves undergoing an inspection to ensure that the construction has been carried out safely and in accordance with the building plans, which will no doubt also put potential homebuyers’ minds at ease. Another huge reason why an OC is so crucial is for the property to have access to various basic utilities. It is mandatory that a developer receives their OC for a particular property in order for the property to get a permanent power, water, and gas supply from the local authorities. An OC is also considered a sort of legal approval, declaring that every aspect of the design and construction of the property is above board and the developer will not deal with any legal troubles. A residential project that has not received an OC will effectively be considered an illegal development.

Trust the Process: How does a developer obtain an OC?

Considering the importance of an occupancy certificate for both the developer as well as prospective homebuyers, it is understandably a very demanding process to obtain this document. The first and foremost aspect they will have to pay attention to is that the construction process is adhering to the design and layout plans which have already been approved, and that it does not deviate from them in any manner. This will be because the approved plans will have met all the required safety regulations and will also not violate any legal codes. The developer can only apply for the occupancy certificate after the construction of the property is complete. This is then followed by a thorough inspection which is conducted by the relevant authorities, to ensure that everything is above board with regards to the construction meeting safety standards and being in accordance with the required building ordinance. Once the inspection is complete and it is found that the construction of the building is in order, then the property receives its OC.

Facing the Music: What if a property does not have an OC?

If a developer does not get an OC for a property, it would most probably mean that the structure in question was not built in accordance with the various safety, legal, or environmental guidelines. The glaring issue when it comes to such a scenario is that it runs certain risks with regards to safety and the well-being of potential residents, along with possible structural problems. Not having an OC received property can also bring up serious legal issues for anyone who decides to invest in it. This entails potential difficulties in getting access to utilities, stemming from any legal action taken against the developer by the authorities.

Clear the Air: Confirming the Legitimacy of an OC

While there may be claims from developers or sellers about the property having received its OC, you will certainly want to know for sure yourself before deciding to make a sizable investment into the property. The simplest and safest way to do so would be to check the status of an OC online. RERA has its own online portal for each respective state which allows you to check a property’s OC status. As a matter of fact, RERA requires builders to update the status of their property in general, which includes the development progress. If you are unable to find the OC status on the RERA online portal, another way to do so would be to make an inquiry with the relevant local authorities, and check to see whether they had granted the developer an OC for the property. On the other hand, you may also ask to examine the document from the developer, and check to see if there are any discrepancies. However, we would recommend getting the help of a qualified legal professional when it comes to verifying the paperwork. Whether you are looking to buy a 1 BHK in Powai or any other area, it would be wise to verify that the property has an authentic OC. The significance of an occupancy certificate simply cannot be understated, and a developer simply cannot legally move forward with the opening and functioning of the property in question. As far as prospective homebuyers are concerned, they should in any case stay away from investing in such properties and there are far too many unknown variables with regards to safety, utilities and legalities. Whether it is a property housing 2 BHK flats in Nerul or any other locality, it is vital that you verify that the property has received its OC from the authorities. Disclaimer: Stock image used for representational purpose only.

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