Hi Sir/madam, I wish to buy a shop in Vasai ,Maharashtra value Rs. 70 Lakh. building(G+2) was constructed in Year 1987. occupancy certificate is not available as at that time OC was not there. Building is well maintained and shop has latest electricity bill and property tax receipt paid, maintenance receipt and society share certificates. VVMC (vasai virar municipal corporation) provided me below docs : 1.blue print of building approval plan 2.Completion certificate 3.Also verified property tax receipt for shop it looks legal as there is no negative or illegal comment on it. 4.Got Property Assessment certificate for shop from VVMC society chairman and CA (old lady) said that till now they have not approached VVMC for OC yet hence OC is not available. Society formed in 1987 society name : Shree Ganga co- operative housing society limited. Reg No: TNA/VSI/SHG/1615/86/87 ,Date 6 April 1987. Applied for a loan : I approached icici and kotak bank. Both banks are ready to give me a 70-80 percent loan on this property..Got a sanction letter. Queries : 1) is it safe to buy this shop property with OC in 34 year old building? 2) Please advise what all mandatory documents are required to buy shop property ? 3) What else should i check to verify for the legality of this shop property/building ? 4) what documents will be required by the society to obtain the OC and can the society apply directly for it or do we need any legal aid while applying for it? 5) How to go about acquiring the OC? Regards, Amar Varma +[deleted]/
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1) if seller has original documents of title then you can purchase shop after obtaining NOC from society
2) take 30 years title search .check whether title is clear and marketable
3)
1) if seller has original documents of title then you can purchase shop after obtaining NOC from society ---> yes seller has all 3 sale deeds since the property was purchased from builder in1987. ->> So is it safe to purchase it without OC? 2) take 30 years title search .check whether title is clear and marketable ---> a> how to check title is clear or not ? b> The shop is located at grd. flr. shop,shree ganga CHS ltd.,Ambadi Road, next to pizza hut,Vasai west, dist:palghar 401202. shop build up area 280 sq ft.---> Could you please help me getting market value of shop in this area? c> i checked online on housing.com or magicbrics.com the property rate on ambadi road varies from 20k to 35k per sq.ft. ---> is it correct way to check market value of the property? d> Also property agent is saying govt value of shop is 21 lacs and market value is 70 lac on which we are purchasing so it looks huge difference is it acceptable?
You can purchase the property
2) lawyer will take 30 years title search and submit report that title is clear and marketable
3) don’t go by value on websites
4) ask agent for govt value of property
Yes you can purchase but it will have legal defect as oc is mandatory before occupation. You may get difficulties during sale of the same in future
1. Since the OC given 34 years ago may not be effective at this date, the purpose of getting OC at this stage for the old building may not solve any purpose, as the banks are ready to give loan without OC, you may not strain too much about this.
2. You can refer the matter before a local lawyer seeking his opinion, who will give you a list of documents to be procured from the seller, after which if the lawyer recommends, you may proceed.
3. The above reply suits this too.
4. If there was no provision to obtain OC at that time, you may not be able to get OC to this proeprty at this stage.
Especially the authorities may decline to entertain yor application to grant OC for a building that is older by 34 years, and have been in occupation and enjoyment of occupants without any problem all these years.
5. You can talk to the seller about this.
1. Yes, however you may obtain a legal opinion from a local lawyer before venturing into this investment.
2. a. Your lawyer will do that for you.
b. You can get the market value by visiting the jurisdictional sub registrar's office.
c. Perhaps it may not be correct hence you may visit registrar's office to know the actual value.
d. You can clarify by putting your own efforts on this.
- Occupancy Certificate evidences the completion of the building as per the approved plan and compliance of local laws.
- If the builder is unable to obtain the occupancy certificate, it means that the builder has violated building law or deviated from Construction Plan, and further it is illegal to occupy in a building or apartment that doesn’t have an occupancy certificate.
- Further, It is illegal to occupy in a building or apartment that doesn’t have an occupancy certificate. Buildings without OCs are not given a water connection and are charged a higher property tax.
- However , as this is 34 years old building , then that time it was not fully enforce to get OC
- Further, as the bank is ready to sanction loan , you can purchase the said shop .
