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Once the
property is ready, you would be offered the same for
possession. In the case of a newly constructed building,
the developer concerned has to receive a certificate
from the approving authority showing that the building
is ready and fit for use. In Mumbai, this certificate
is called “Occupation Certificate”, though
the Nomenclature may vary from city to city. This
certificate is issued by the authorities concerned
after they have satisfied themselves that the initial
plans submitted by the developer and conditions if
any imposed by the approving authorities have been
fully complied with.
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we would like to add here that this certificate in
no way certifies quality of the housing unit being
offered. Your own estimate, as well as, the past track
record and reputation of the developer would be key.
At this stage, you would be required to make the final
payments, as well as, any other charges that may be
payable (as agreed in the initial negotiations and
reflected in the Agreement for Sale). |
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