Is it safe to buy a flat in bangalore without oc (occupancy certificate)
Samsuddin
(Querist) 28 February 2014
This query is : Resolved
Hello Gurus,
I wanted to buy a flat but its OC ( occupency certificate ) is missing / not available, owner says its a 8 years old building and back then this was not necessary.
Its a A khata building, so is it safe to buy it ? or if there is any workaround like it can be later recovered some how ?
Again its very unclear as to how it is A Khata when the OC is missing.
Another thing to keep in mind here is i will not avail loan from bank to buy as i have some savings.
So is it safe to go ahead for long run etc.....
Regards,
Sam
ajay sethi
(Expert) 28 February 2014
dont purchase flat in building which does not have OC . no bank will sanction loan for such property
Samsuddin
(Querist) 28 February 2014
Thanks Ajay for your response.
I do not need loan as explained earlier but what i understand from your answer is in short dont buy irrespective if you will / not take loan its a risk.
ajay sethi
(Expert) 28 February 2014
you may not need loan but when u try to sell your property you will face difficulties .
Samsuddin
(Querist) 28 February 2014
yes that makes sense but the broker says that you may not be able to get a loan from govt bank but private banks like axis and icici will still fund you.
Even when i called 2 of the lawyers here in bangalore and told no OC is available should i buy they both said that "Sir its not like that / no hard and fast rule you need it first you get all documents which the seller has and we shall give legal advise and OS is just to confirm flat ownership and khata is there taxes are paid etc..."
When i spoke to the apartment secretary he says they did get NOC from some authority and they have flats already running on home loan by icici bank and no problem in buying it.
Another confusing story is how did they manage to get A khata when there is no occupancy certificate which if i am not wrong is a prerequisites for applying for khata.
Doing some web based research some blogger even went to an extent blogging that almost 90% of buildings in bangalore are with no OC ( not sure how far that is true )..... Sad to read i am not sure whats the future here.
And considering there is so much corruption in India i will not be surprise tomorrow the same seller gets the OC by paying few extra bucks...
Thanks again for your time
Rajendra K Goyal
(Expert) 28 February 2014
Since you are to pay your hard earned money, get all the documents complete and get opinion / search report from your lawyer.
If ever OC was issued, explore possibility of obtaining duplicate.
