The post-pandemic era has witnessed the rise of real estate across the country. The economy is finally in recovery, and real estate is flourishing as a leading sector. A number of residential complexes and societies are established daily, and an equal number nearing possession. While families look out to finally get their hands on the homes of their dreams, a key aspect to remember is the smooth handover of the residential premise from the developer/builder to the Residential Association/Society. In our previous blog, we shared a detailed guide to ensure a smooth handover from builder to society. In this blog, let’s dive deep and understand what documents should be handed over from the builder to society.
Approved Building Plan
A copy of the construction plan along with its block-wise and floor-wise details, approved by the local authority needs to be handed over.
Completion Certificate and Occupancy Certificate
Certificates of completion and occupancy possession are proof from the builder that the building was built in accordance with the approved plan and government regulations. These certificates are issued by the local authority to assess that the construction is done as per required norms and is suitable for occupancy by the residents.
No Objection Certificates
A No-objection certificate (NOC) stands as proof that there are no objections to the certificate’s covenants. A builder must, therefore, submit an NOC from the fire, water, and pollution departments to the resident’s welfare association (RWA).
Financial documents, accounts, documents and records
The RWA needs to take charge of several financial documents from the builder and should ideally also appoint an auditor/tax expert professionally or from within the members to ensure there’s no malfeasance or inadvertent mishandling. The financial documents in this case include:
- Insurance documents of the building,
- Payment records of taxes paid for the property involved and construction
- Payment receipts of electricity and water services,
- All details and documents pertaining to security deposits and no due certificates,
- Financial records of the maintenance charges and service tax paid while the premises were under the builder’s care,
- A record of all collections made from the members, other than the purchase amount;
- Handing over the corpus/leftover investment amount;
- Audited account statements related to all of the above documents
Along with the financial records, all legal documents signed between the builder and the landowner have to be handed over to the society. These include:
- Deed of conveyance and the sale of ownership for every member, their share certificate copies should all be duly passed on to the society’s RWA;
- Any and every legally binding contract signed with vendors or maintenance companies should be handed over to the society with the zero dues certificates;
- The insurance documents for amenities and equipment and third-party inspection contracts; and a record of car parking allocation provided to members;
- An undertaking by the builder regarding Indemnity & Limitation of Liabilities of the Society for all transactions prior to the handover date
The handover of documents is pivotal for hassle-free handover of society from builder to its residents. Getting hold of all the essential documents and certificates on time is the first step towards building a cohesive association that is well-aligned and compliant in the eyes of the authorities.
At RGS Realty, our homes are built on the foundation of goodness. With our finesse and expertise, we build quality constructions across Pune that ensure you lead a prosperous, happy life with your family. To know more about RGS Realty and our projects, visit www.rgsrealty.com