Possession in real estate refers to the act of the developer formally handing over a completed apartment or property to the buyer. It is the culmination of the property purchase process, after which the buyer has the legal right to occupy, use, or rent out the property.
Types of possession: 1. Actual/Physical Possession: The buyer receives the keys and can physically move into the property 2. Deemed Possession: When the developer offers possession and the buyer does not take it within a specified period, possession is deemed to have been given 3. Constructive Possession: Legal possession through documentation even if the buyer has not physically moved in
Before taking possession, verify: - Occupancy Certificate (OC) has been obtained - Completion Certificate (CC) is available - All amenities promised by the developer are functional - Construction quality matches specifications - All outstanding dues are settled - Registration is complete and sale deed is executed
Possession date under RERA: RERA mandates that developers must deliver possession by the date committed in the agreement. Delays attract interest payment to the buyer (typically at SBI prime lending rate + 2%).
Common charges at possession: - Stamp duty and registration (if not already paid) - Maintenance advance (typically 12-24 months) - Corpus/sinking fund - Utility connection charges - Documentation charges