Is it worth buying in Kesar Exotica as builder has not yet received oc

Q: Kesar Exotica has still not received oc.Can we buy in this property?What are the risks involved?

Abdeali Kathawala,

1st August 2016

Builder Review in Kesar Exotica, Kharghar, Navi Mumbai

occupancy certificate

kharghar

kesar exotica

kesar group

why occupancy certificate important?

why occupancy certificate require?

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Replies (2)

Hi Abdeali!!
Don't purchase any flat in such projects. The banks and financial institutions are most unwilling to give loan in respect of properties which do not have OC. Besides, no wise buyer will agree to purchase such property.

Krishnendu, Pune

18th August 2016

Comment

Yes, and suppose if you want to sell a property after 10 years, without a valid occupancy certificate or completion certificate you can’t do so. However, they can register the property. This is the reason why buyers ignore the certificate. There is also a chance to cut the electricity, sanitary and water connection in the absence of Occupancy Certificate.

N.Mathur, Delhi-NCR

18th August 2016

Hi Abdeali,
The law says one cannot legally move into a building unless the developer gets an occupancy certificate from the development authority. The corporation can ask apartment owners to leave such illegally occupied flats or impose heavy penalties. As you have seen the result of Campa Cola Societies in Mumbai.

pradyumanapte, Mumbai

18th August 2016

Comment

I agree with Pradyuman.......
Occupancy Certificate certifies that the building has complied with all the required building standards, local laws and it is safe to occupy. The legal possession of the flat by the owner is valid only with the Occupancy Certificate and it is issued by local municipal authorities or building proposal department that provides no objection to occupy the building under reference for its specified use.

Anirudh Patel, Mumbai

18th August 2016