What is the Occupancy Certificate (OC) in Real Estate?

An Occupancy certificate (OC) is a crucial document in the real estate industry. This document certifies that a building is ready to occupy and that its services can be utilized. If a project receives an occupancy certificate, it indicates that the building has been completed according to the approved plan and complies with all applicable rules and regulations. Obtaining an Occupancy Certificate from the concerned Government Authority is considered a significant milestone for any real estate project. Whether you are an investor or a buyer, it’s important to understand the role of the OC in a real estate project. In the article below, we will discuss the importance of an occupancy certificate in the real estate sector.

What does it mean if a building receives an OC?

If a building obtains an Occupancy Certificate from the concerned municipal authority, it confirms that the construction of the building is complete and meets all legal requirements. This certificate allows the developer or owner to initiate day-to-day operations and ensures compliance with the law. The competent authority issues an OC only after verifying the following parameters:

• At the time of OC application, the construction of the project is almost complete.
• The project fulfils all the rules and regulations.
• A NO Objection Certificate (NOC) of the fire department is secured
• Proper arrangements for electricity, water supply, and parking facilities are in place.
• The building is deemed fit for occupancy and equipped with the necessary amenities.

Importance of an Occupancy Certificate (OC) in Real Estate

As stated above, OC signifies the completion of a project, and it allows the use of the building and its services without any legal hindrance. Why it is important for developers and users, let’s check:

• Legal Compliance – Under the RERA Act, 2016, the builder can’t send possession letters before obtaining OC. Therefore, it safeguards the interest of buyers. Once the project obtains OC, no authority can challenge the building’s operations.
• Trust Enhancement Among Investors – The OC document gives a huge boost to investors, as they can utilise the space according to their investment goals.
• Financial Assistance – Financial institutions and banks are more likely to approve loans for projects that have received an OC, making it easier for buyers to secure funding.
• Builder’s Reputation increases as achieving an OC for any project is a significant milestone. It reflects their commitment to completing projects in compliance with legal and safety standards, positively impacting future developments.

What is a partial Occupancy Certificate?

A real estate project with a partial occupancy certificate means that some portion of the project is ready to use while the remaining part is still under construction. The competent authority may issue partial OC with certain conditions if the project is still under construction and the building is unsafe for full occupation. In such cases, the developer submits a fresh application with documentary support to the concerned authority seeking Full OC once the remaining section of the project is completed.

How can I check the Occupancy Certificate (OC) online?

To verify the OC status of a project, visit your State RERA portal. For example, if you are seeking the status of a project in Noida, visit the UP RERA portal. Follow the steps below:

– Visit the official UP RERA website: https://www.up-rera.in/

– Scroll down and click ‘Registered Projects’ under the Search Tab.

– Enter the project name or RERA No. in the relevant field.

– Click on the eye icon to view complete project details.

If the project has received an OC, its status will be visible here. If the details are unavailable, contact the UP RERA authority directly for clarification.

Did IThum World recently receive OC for any project?

Yes, IThum World recently received the Occupation Certificate (OC) for its flagship commercial project, IThum Galleria Mall, located in Alpha-II, Greater Noida. This landmark mall is Now Open, with top brands like WESTSIDE, CROMA, STARBUCKS, KFC, CHAAYOS, ZUDIO, and PIZZA HUT fully operational. Conveniently located opposite the Delta 1 Metro Station, it is a highly accessible shopping and dining destination in Greater Noida.

Stay tuned for the latest updates from IThum World.