A Project Completion Certificate is provided by the concerned authority after the construction of a building or property is completed according to an approved plan. It is one of the most essential and important documents for a property builder or developer. This certificate is the key to legalising your property. It will also help to facilitate mortgaging or reselling it down the line.
Read on to know the importance of a project completion certificate, what it contains, the documents required and the time taken to get a project completion certificate.
A completion certificate is a legal instrument provided to the builder post completion of a housing project. The local municipal corporation or other local civic body is responsible for checking if construction methods were followed correctly, and complying with the corporation’s regulations.
A house completion certificate is one of the important documents you need to check from a developer if you are planning to purchase a home. This document is highly important both for the developer and the home buyers. Here’s all about the importance of a completion certificate:
You can find all details concerning the land or building in a Completion Certificate.
If you, as a builder, are applying for the certificate of completion of construction, you need to keep these documents ready:
After submission and verification of all details submitted, an inspection will be scheduled by the corporation or local authority. Suppose it is declared that the building or the project is built in accordance with the local authority’s rules and regulations. In that case, the certificate will be issued, signed, and stamped by the responsible authority.
If the project has been built complying with all regulations instructed by the authority, then after inspection, the certificate is issued. It takes around 3 to 4 weeks for the whole process to take place.
On the other hand, if any discrepancy is found, the authority might impose a penalty, and in case of a major violation of rules, the project can be demolished.
A provisional certificate is basically a temporary certificate. At times it might happen that the majority of a project is complete, but the builder needs to offer occupancy to buyers. In such cases, they may apply for a provisional completion certificate. However, the validity of this certificate is only six months. After which, the builder needs to apply for the complete certificate post-construction.
A building completion certificate format usually includes the following details:
It is illegal to reside in a property without a Project Completion Certificate, but there can be exceptions where the authority may allow it. For example, if a project has been on hold for some reason or it will be completed in a short time, the local authority may provide the certificate. On the other hand, if a builder does not provide the certificate, the owner can approach the local authority for the same.
Ans: A Completion Certificate is a legal document that shows a building/project is ready for possession. On the other hand, one can only obtain an Occupancy Certificate denotes that a property has adhered to all regulations of civic authorities and has received clearance for electricity, water, and other amenities.
Ans: You should not buy a property from a builder not providing a completion certificate. Such properties can be illegal and can lead to eviction, demolition or other legal issues.
However, some builders might provide you with a provisional certificate when buying the property, but it is only valid for six months. Residing in a property without a CC can be quite risky.
Ans: A completion certificate is not mandatory for the registration of the property. However, it helps to get the legal status and makes sure that there is no legal action from the authority in future.
Ans: A builder must provide a Completion Certificate to the buyer. If they refuse to do so, one can file a complaint against the individual under RERA. So, make sure to only purchase a property that has a Completion Certificate.
Ans: You should be applying for a Completion Certificate first. This certificate will show that you as a builder have adhered to all necessary rules while constructing a building. An occupancy certificate will be available only after getting a CC.
Are you looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 8.60% p.a.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
|Home Loan Interest Rate||Home Loan EMI Calculator||Home Loan Tax Benefits|
|Home Loan Prepayment Calculator||Minimum CIBIL Score For Home Loan||How to Apply for Home Loan|
|Home Loan Prepayment||NBFC Home Loans In India||Home Loan Stamp Duty|
|Home Loan Balance Transfer||Home Loan Types||Home Loan Process|
|NRI Home Loan||Home Loan Insurance||Benefits of Joint Home Loan|
|Documents Required For Home Loan||Top Banks And NBFCs for Home Loans||Home Loan For Women|
|Home Construction Loans||Home Loan Sanction Letter||Loan Against Property Interest Rates|
HSBC Bank Home Loan Interest Rate April 2023HSBC offers a variety of home loan products designed for Indian citizens and NRIs (Non-Resident Ind... Read More »
Axis Bank Home Loan Interest Rate April 2023Axis Bank home loan interest rate starts at 8.75% p.a. The bank offers home loans up to ₹5 crore ... Read More »
Karnataka Bank Home Loan Interest Rate April 2023Karnataka Bank home loan interest rate starts at 9.26% p.a. The bank offers an array of home loan s... Read More »
BBMP Property Tax – How to Calculate, Check Status and Pay Tax?The Karnataka State Government imposes this tax on the residents of the State who own properties in... Read More »
Union Bank of India Home Loan Interest Rate April 2023Union Bank of India offers up to 90% of the property value as home loan. Union Bank home loan inter... Read More »
Hartalika Teej in India 2023 – Muhurat and Rituals (18th Sept)Hartalika Teej is an auspicious festival for Hindu women. The day is mainly dedicated to Goddess Pa... Read More »
Bank of Baroda Home Loan Interest Rate April 2023Bank of Baroda (BoB) home loan interest rate starts at 9.15% p.a. For the salaried and 9.25% ... Read More »
Stamp Duty in Thane 2023 – Property Registration ChargesIn India, every State government levies a stamp duty on property transfers. The location, type of p... Read More »
Stamp Duty in Karnataka 2023 – Property Registration ChargesIf you have recently purchased a property in Karnataka, you are liable to pay stamp duty in Karnata... Read More »
Stamp Duty and Property Registration Charges in TelanganaThe state government in India is in charge of defining rules and standards and managing the collect... Read More »
Stamp Duty and Property Registration Charges in PuneStamp duty and registration charges need to be paid to the state government to register your proper... Read More »
Apply for EC Online in Karnataka 2023 – Fees and ChargesThe Government of Karnataka has introduced an online service portal (the Kaveri Online Services por... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »