In this episode of the Happy Home Loan Podcast by Aditya Birla Housing Finance Ltd., we address two critical questions that every homebuyer should understand before making one of the biggest financial decisions of their life. Joining us is consumer advocate Adv. Shirish Deshpande, who shares practical legal insights on the risks of taking possession of a property without an Occupation Certificate (OC) and the essential checks buyers must complete before paying a booking amount.
The conversation explores why the Occupation Certificate is a crucial document in the homebuying process and what legal, financial, and practical challenges can arise if possession is taken before it is issued. Adv. Deshpande explains how an OC serves as confirmation that the building complies with approved plans and regulatory requirements, and why overlooking it can expose buyers to unnecessary risk.
The episode also focuses on first-time homebuyers, who often make decisions driven by emotion rather than due diligence. Learn about the key legal documents and approvals that should be verified before committing to a purchase, including project registrations, title-related checks, permissions, and developer credentials. The discussion highlights common mistakes buyers make and offers a practical framework for evaluating a property with confidence.
Whether you are purchasing your first home or investing in real estate, this episode provides valuable guidance to help you make informed decisions, avoid costly pitfalls, and protect your interests throughout the homebuying journey.
Disclaimer:
The views, thoughts, and opinions expressed in the Happy Home Loan Podcast featuring Adv. Shirish Deshpande are solely those of the host and the guest based on their experience & knowledge and do not necessarily reflect the views, opinions, policies, or official position of Aditya Birla Housing Finance Limited or any of its affiliates.
The content shared in this podcast is for informational purposes only and should not be construed as financial, legal, or investment advice.
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[00:00:07] Let's say we are at the point of possession. Is it okay to take possession without an occupation certificate being issued or is that risky? Not only risky, it is patently illegal. So I would not advise anybody to take possession without an occupation certificate. See, if you want to claim your rights, you should always have clean hands.
[00:00:33] Yes. Okay, so if there is no OC, fine, the law takes care of you. Law says that there is a delay then. Then you are compensated. So why you should take possession without an OC? So I would advise all the homebuyers. Many a time it is a fact, what you rightly said that, you know, developers do push you to the point that, okay, soft possession, this, this, OC will come now, tomorrow, tomorrow, tomorrow.
[00:01:02] And it never comes for years together. Okay, and then we find that the homebuyers are in possession of the flats and the buildings without OC's. There are thousands of such buildings are there. Yeah. But patently that is illegal and RERA has addressed that issue. So my word of advice to homebuyers, insist on OC. Don't take the possession because you are protected. If there is a delay, put it on the builders.
[00:01:30] Because first-time buyers, they often make emotional decisions. Legally, what must be verified before paying the booking amount? All these things, not only our things, you see, that the title, then the, I would say, there are things which are not actually thought over. And as you rightly put it, we are more driven by the emotions.
[00:01:56] BB says, children say, you are driven, this is a nice advertisement. You are carried away many a time by the advertisement itself. Okay, so you have to keep aside all the things. Now, who is the developer? That is the first thing. What is the track record of that developer? You must see that. Whether is he capable of delivering? You see, it is very nice to depict the rosy pictures, you know, and show you the moon.
[00:02:23] But the question is whether is he capable of that? How many projects he has completed in the past? In how many timelines? Has he been defaulting in his projects and all? All these inquiries have to be done. And don't forget to subscribe, like and share.