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Are you in deemed possession of your housing unit? Here's what you need to watch out for

Upon receipt of an Offer of Possession from a real estate developer, a prospective buyer should check if the occupation certificate/completion certificate for the project/phase in which his unit is located has been issued by the competent authorities

Mona Dewan

To own a house is like a dream come true for most people and due to this there is a constant demand for housing. To cash in on this demand, real estate developers offer special schemes to attract prospective buyers in the projects being developed by them.

Usually, various payment plans are offered, such as construction-linked payment plans, timebound payment plans etc. However, in almost all such payment plans, a specific percentage of the total price of the booked unit is payable by the prospective buyer on receipt of a letter from the developer offering possession of the booked unit.

Here’s a look at Deemed Possession of a housing unit due to which maintenance charges, holding charges etc. are payable by the prospective buyer to a builder.