"The absence of a valid Completion Certificate/Occupancy Certificate when buying property in Bangalore can mean the building may not have been constructed as per the approved plan, you run the risk of demolition, as it can be classified as unauthorised structure".
When one goes to a bank for mortgaging the house, they ask for a valid OC. In case you want to sell or hypothecate the property after a lapse of time, you will not be able to do so if you do not possess a valid CC or OC."Though this is not blocked by law for selling, purchasers usually insist on the OC and generally avoid buying houses without the document," Those who do buy such properties actually value the home at a much lower price." As per law a flat owner can occupy the apartment only after he gets the OC, otherwise the building is considered illegal.
In case you bought from a not very reliable builder and did not get the OC or the CC, you need to issue a notice him to apply and handover the copy of the documents within one month period from the date of issue of your notice," "Failing which, you can also get it via a consumer forum or by filing a writ petition.
The OC/CC are essential documents ensuring the security of your investment. While most developers do have clear documents and approvals, it is always safe to check and obtain them at the right time.