No you need to have both OC and CC, only CC is not enough for resale and not having the same might reduce the value of the flat. 2. You need to see whether the construction has been made as per the approved plan or not. Also, if you get OC and CC then there is no need to worry.
Obtaining an OC is a requirement under the Karnataka Apartment Ownership Act, 1972. The law says one cannot legally move into a building unless the developer gets an occupancy certificate from the BBMP or BDA. The corporation can ask apartment owners to leave such illegally occupied flats or impose heavy penalties.
Without a valid OC, your occupancy is illegal as it can be classified as an unauthorised structure by the authorities. 2. OC is crucial while applying for a home loan or loan to purchase a resale flat.
As a flat owner, you can also apply for an OC by approaching the local corporation or municipality, and if all approvals are in place, an OC is issued within 30 days of application. You will have to submit the same documents as the builder to procure an OC.
Yes, you can sell off the flat even in absence of OC as long as the buyer is willing to buy this . 2 Loses will have to be set off. 3 Property can be sold though the municipal taxes are in arrears.
RERA to the rescue: According to the RERA laws, the builders have to mandatorily require the OC before they let the homebuyer have the possession of the unit. Offering the possession without OC is a breach of the law and punishable.
Reference: Registration Act