Benefits of taking Possession on Partial OC!
We would like to share an article with you on the issue of temporary occupancy/partial occupancy Certificate and benefit of buyers in the case of taking possession on the basis of temporary or partial occupancy certificate
At present, buyers are well aware of documents and other legal aspects of the project. However, there are few areas in which flat owners do not have much clarity, such as “Taking possession on partial or temporary OC”.
Whether taking possession of temporary OC is safe or Not? Whether taking possession on the partial OC is as safe as permanent OC? These issues are of great concern among the buyers.
When a phase of a project is complete and ready for occupancy only then the civic authorities/development authority issue partial occupancy certificate/Temporary OC to the developer. The partial Occupancy or temporary OC is a device to help buyers to get early possession of their flat.
As you know that the temporary OC is issued by the Competent Authority to the developer after due satisfaction and verification. Temporary OC is primary documents which confirm that the project is ripe for occupancy.
Whereas, at the time of project completion, the government authority/development authority issued builder a NOC i.e. called a No-Objection Certificate. However, in another term CC, which is known as Completion Certificate, is proof that the project has constructed as per the sanction layouts/plans and development work has been completed.
The legislative intent behind providing temporary OC to the developer is to protect the interest of customers. This concept of temporary or partial OC has been introduced due to long delays in completion of projects. The basic inherent objective behind the temporary OC is to provide benefits to the customers by facilitating early possession. Moreover, the Partial OC is issued only for the specific period and in this case, the developer is forced to complete the remaining development work of the project in a given time.
This will benefit buyers who are seeking immediate possession or an early possession. If the developer owns the temporary or partial OC, the buyer can move immediately into their new houses and can avoid paying rent and EMIs at the same time.