Buyers must seek necessary documents from their builder in order to
ensure that their new property meets the prescribed rules and
guidelines. The absence of important documentation can create a lot of
problems in the future, especially with increased vigilance and
inspection by the authorities.
In the recent times, a number of incidents have come to light where fake documents were procured in order to entice buyers and accelerate sales. Buyers must therefore exercise caution and scrutinize each document thoroughly before moving into the new property.
Here are 3 documents that a buyer must obtain:
1. Certificate of Occupancy:
Certificate of Occupancy validates that construction of the building conforms to local laws and permissible plans. This document is issued by the local municipal corporation. A buyer must ask for this certificate from the builder before moving into the new property. The occupancy certificate is an important document owing to two reasons:
a. Financial institutions will ask for this certificate in order to provide a loan on the property.
b. Again, the document will be needed at the time of applying for water and sanitary connection.
In a recent incident in Bangalore, a number of fake occupancy certificates were found to be issued by the authority. While the total number of high-rise buildings in Bangalore is estimated around 20,000, occupancy certificates have been issued to 95 buildings only. False certificates had been obtained for the other buildings in order to obtain electricity and water connections. As these were not entered in the authority’s records, they had no legal sanctity. It is therefore important to ensure that the occupancy certificate of the building is genuine.
2. Encumbrance certificate:
An encumbrance certificate proves that the property is free from any monetary and legal liabilities. This certificate will have details of any transaction on the property. It points out any liabilities in the form of a mortgage or loan against the property that has not been cleared.
This certificate is an extract of the register maintained by the sub-registrar’s office and is issued for a particular period of time. Clearly, it is not valid for the period before or after the period mentioned.
3. No objection certificate (NOC) for fire:
Fire NOC is a proof that the building meets certain guidelines laid down by the fire department. This document is mandatory for all buildings which are more than 15 metres in height.
Before submitting an application to the state fire department, a builder must ensure adherence to fire safety guidelines such as smoke detectors, fire extinguishers, alarm systems and trained personnel. Norms also require high-rise buildings to be equipped with two staircases and two lifts. Besides, there should be sufficient space in the building’s front and sides to ensure free movement of the fire tenders.
Dozens of high-rise buildings, especially in the metros, are reported to lack basic fire safety requirements. Among those that adhere to the required guidelines, many fail to get the NOC renewed after the stipulated time.
Resource : http://www.99acres.com/articles/3-documents-that-homebuyers-must-obtain.html
In the recent times, a number of incidents have come to light where fake documents were procured in order to entice buyers and accelerate sales. Buyers must therefore exercise caution and scrutinize each document thoroughly before moving into the new property.
Here are 3 documents that a buyer must obtain:
1. Certificate of Occupancy:
Certificate of Occupancy validates that construction of the building conforms to local laws and permissible plans. This document is issued by the local municipal corporation. A buyer must ask for this certificate from the builder before moving into the new property. The occupancy certificate is an important document owing to two reasons:
a. Financial institutions will ask for this certificate in order to provide a loan on the property.
b. Again, the document will be needed at the time of applying for water and sanitary connection.
In a recent incident in Bangalore, a number of fake occupancy certificates were found to be issued by the authority. While the total number of high-rise buildings in Bangalore is estimated around 20,000, occupancy certificates have been issued to 95 buildings only. False certificates had been obtained for the other buildings in order to obtain electricity and water connections. As these were not entered in the authority’s records, they had no legal sanctity. It is therefore important to ensure that the occupancy certificate of the building is genuine.
2. Encumbrance certificate:
An encumbrance certificate proves that the property is free from any monetary and legal liabilities. This certificate will have details of any transaction on the property. It points out any liabilities in the form of a mortgage or loan against the property that has not been cleared.
This certificate is an extract of the register maintained by the sub-registrar’s office and is issued for a particular period of time. Clearly, it is not valid for the period before or after the period mentioned.
3. No objection certificate (NOC) for fire:
Fire NOC is a proof that the building meets certain guidelines laid down by the fire department. This document is mandatory for all buildings which are more than 15 metres in height.
Before submitting an application to the state fire department, a builder must ensure adherence to fire safety guidelines such as smoke detectors, fire extinguishers, alarm systems and trained personnel. Norms also require high-rise buildings to be equipped with two staircases and two lifts. Besides, there should be sufficient space in the building’s front and sides to ensure free movement of the fire tenders.
Dozens of high-rise buildings, especially in the metros, are reported to lack basic fire safety requirements. Among those that adhere to the required guidelines, many fail to get the NOC renewed after the stipulated time.
Resource : http://www.99acres.com/articles/3-documents-that-homebuyers-must-obtain.html
No comments:
Post a Comment