All You Need To Know About Partial Occupancy Certificate

While it is cheaper to invest in an under-construction property, buyers cannot occupy these until after obtaining the occupancy certificate. Today, large residential projects are developed in a phased manner, and many residential developments within them are built over time. Now, builders can apply for a partial occupancy certificate from the local authorities once part of the project is completed.

You can legally occupy a residential unit in a tower for which the developer has received a partial occupancy certificate. This is subject to the real estate development company applying for an occupancy certificate upon completion of the entire project. The project for which the partial occupancy certificate has been acquired must be completed within a period of seven years.

The partial occupancy certificate expires upon project completion, and the builder must apply for the occupancy certificate within 30 days. Most banks, however, are not willing to disburse home loans for projects that have only received a partial occupancy certificate. If you want to avail of a home loan, invest in a property that has already received an occupancy certificate.

This certificate allows you to reside in your property and apply for utilities; however, documents of ownership are not sanctioned. For example, you cannot apply for and get a khata certificate from Bangalore’s development body without a valid occupancy certificate. Buyers who have a partial occupancy certificate must ask the developer to apply for an occupancy certificate immediately upon completion.

A partial occupancy certificate gives the buyer a chance to occupy residential units that are located in a finished building. While it is mandatory to provide a building’s occupants with access to common facilities, this is not always the case. It is advised to be knowledgeable about your rights before deciding to move in with just a partial occupancy certificate.

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