February 15, 2016 - Lodha Palava
Benefits Of Occupancy Certificate
Occupancy certificate is one of the last certificate required before handing over the flat. Everyone requires occupancy certificate before moving in the house. So why this certificate is so important?
Following are few points that will suggest or give you a brief idea about benefits of having occupancy certificate.
*) No Service Tax: This is the biggest benefit of buying flat after receiving occupancy certificate (OC). Once Developer has received OC. He can’t charge Value Addition Tax (VAT) & Service Tax on the property which results in saving approx 4.5 to 5 % of property value which is huge if we consider the ticket size of property which is approx 0.80 cr. This results in the saving of massive amount.
*) Difficult to get water & sanitary connection: Without OC, it is very difficult to get water & sanitary connection. Having OC is the an essential requirement under the MOFA (Maharastra Ownership Flat Act).
*) Developer obeys building laws: OC is also a symbol of the fact, that Developer is obeying building laws & construction is done as per that only & there is no deviation from approved building plan. This will act as security for the customer.
*) Customer can not move in flat: As per the rule of MOFA; the flat owner can not move inside the flat without having OC. If consumer do so he can be evicted from their flats or heavy charges can be levied on them.
Thus, having occupancy certificate is a must for every house owner. Good news for Palava Residents is that Lodha has received occupancy certificate for some of its flats . Thus, this is great opportunity to book a home in this mega city.