Did you know that an occupancy certificate or OC is considered proof that the property has been constructed in accordance with the relevant laws and building regulations? Before granting a loan, banks ensure that the OC application is not more than a year old. The builder gave Rajat a completion certificate, property tax receipt but no OC, to which the builder clarified that the property was completed in 2006 when OC was not mandatory. Remember that only an OC issued by the respective local planning or municipal authority is valid. For instance, an OC issued by any other entity like a gram panchayat is not valid.

Source: Mint December 30, 2019 01:07 UTC