Should you invest in properties near public places?

Properties overlooking a stadium or in a VIP area has advantages and may be having a good resale value or is worth investing but is it good for staying in such area. Let’s find out.

Malls, stadiums, proximity to VIP areas and railway stations may increase the value of a real estate property. These are actually the infrastructural or communication facilities that enhance the prices of a property. But in reality is it tenable to stay near a stadium or a railway station? Let us see what people’s experiences have to say.

Real estate investors opine that buying an apartment or a property in a well-developed area with all infrastructures around is always beneficial as that keeps the price ticking. This may be the well-established view of the real estate investors but the residents of such places holds a different view altogether. On the contrary the residents feel that such proximity to public utility centers breaches the privacy of a home. Cars parked in numbers, too much of congestion and littered streets can disturb the mental peace of a person and the family as well. Similarly residing in a VIP area may make oneself feel special and privileged but high-end and tight security and frequent road block can be a menace for one’s living.

Apart from all these conflicting opinions there are still a few who says the proximity to malls, railway stations and other infrastructural facilities always saves time for one’s household requirements which is a privilege in itself.

How much privileged are these properties?

The experts of real estate domain and the market watchers and analysts feel that any property close to stadium has 7 to 8 percent extra value while those which are in the VIP area or are near VIP areas are highly priced. But this may not always be true and on the contrary the prices can be lesser than the market rate also if there is a negative impact.

Should we buy such properties?

From an investor’s view point it is always good to buy and invest in such properties but for the end users and the family it can be a bit hazardous. But it all depends on individual preferences and the likes and dislikes of the family.

Few dos and don'ts before one buys a property near public places.

The veterans of the real estate sector and experienced people view that there are few things one must ensure before buying properties close to public places.

• One should ensure that security system is high end and round the clock.
• One should avoid choosing a property on the main road.
• Ensure that the building has a private parking area not open to all.
• It’s advisable to buy apartments in complexes having resident’s welfare society.

Although properties near public places may have its disadvantages, but notwithstanding all this one can’t deny the intrinsic value of a place which is near to public places.

What is the importance of Occupancy Certificate and why do we need it?

What is an Occupation Certificate (OC)? Why is it important? What are the consequences if one doesn’t have it? Does your new apartment have an OC? These are the questions that hover in the minds of the apartment occupants. In this article we attempt to answer such questions.

CC (Commencement certificate) and OC (Occupation certificate) are documents that are often neglected by the developer in obtaining, assuming that they can get it later and start constructing and completes it. It is better to state in this regard that these certificates are issued by the local authorities and are issued in parts. The CC is issued till the plinth area at the primary level after which it is inspected that the building is constructed as per the plan following which the Occupation Certificate is issued which is also called certificate of completion. It is often observed that the keys of the apartment are handed over to the owner by the developer without a proper Occupation Certificate and the owner is also noticed to forget it in a hurry and amidst other important things of shifting in to a new house. But one may note that there may be serious consequences of not having an OC before occupying the new apartment. 

 

What is an OC, after all?

OC is the certificate issued by the local authority certifying that the building has been constructed complying the approved plans. The provision of law requires that OC is obtained from the planning authority. The law also provides that a residential unit having more than five units of residence needs an occupancy certificate. The buyer is entitled to occupy his/her bought apartment only after the OC has been received.

Why is the OC important?

OC is mandatory for any residential complex with more than five residential units as per the law in Bangalore. The law states that the buyer can occupy his/her premises that has been bought only when the developer obtains the OC which certifies that the building is legally constructed and is fit to be occupied.

A reason why the buyers overlook the OC is the fact that it is not required for the registration of the property during the purchase of it. But if the buyer desires to obtain Khata, he/she may have problems without an OC. OC is also required if one opts to purchase a re-sale flat.

What should the buyer check?

If one is buying a property under construction, one should check whether the certificate of commencement is issued or not before signing the agreement. It is often noted that the builders start developing till the second floor without a CC which they feel, they will procure at a later date. This practice is considered illegal and can pose problems in obtaining an OC. It is mandatory to obtain a CC from the local authorities before the developer starts construction.

These documents act as evidence that all constructions are according to approved plans and are legal. Often the bank asks for a CC instead of an OC in case one applies for a loan.

In Bangalore the OC is issued by the BBMP (Bruhat Bangalore Mahanagara Palike). The document is processed by the local authority or the BBMP once the owner or the buyer intimates that the construction is complete and it is ready for occupancy. The developer needs to apply before the BBMP filling an Occupancy Certificate application form along with few documents necessary as mentioned below.

Documents required for obtaining Occupancy Certificate.

1. Commencement certificate.

2. Completion Certificate

3. Built up plan along with the section plan.

4. No Objection Certificate from Karnataka State Pollution Control Board.

5. No Objection Certificate from fire force authority.

6. Pictures and photographs of the completed building.

7. A signed sheet certifying the floor area by the architect.

8. Photographs of rain water harvesting and solar panels, if implemented.

9. Tax assessment with tax paid receipt.

10. Copy of the sanction plan.

After the submission of the form attaching all these documents the BBMP inspects and certifies that the construction is done as per the approved plans and issues the certificate.

As per the law a property developer should submit an application of OC with the commissioner within 30 days of completion of the construction. The commissioner also replies within 30 days stating whether the application is accepted or rejected. It is advisable to move into the new apartment after obtaining an OC. In case the developer has deviated from the approved plans, the authorities may impose a penalty based on the extent of the deviation.

In this new internet world many people are updating the problems faced by them on the online consumer review forum which make the buyers more interact with each other and get quick results.