Possession Date
The date when the developer hands over the completed property to the buyer, typically after obtaining OC.
Possession Date is when you receive the keys to your property and can legally occupy it. This is a critical milestone in any property purchase, especially in under-construction properties.
Types of Possession
1. Actual Physical Possession: When you actually receive keys and can occupy the property.
2. Deemed Possession
- Maintenance charges liability
- Risk transfer
- GST implications (if applicable)
What should be ready at possession
- OC/CC issued
- All common areas complete
- Utility connections working (water, electricity)
- Lifts operational (in high-rises)
- Fire safety systems installed
- Club/amenities as promised (or timeline given)
Your rights if delayed
Under RERA
- Claim interest on amount paid (builder's rate or SBI lending rate + 2%)
- Withdraw and get full refund with interest
- Continue and claim compensation
Possession checklist: 1. Verify OC is issued 2. Check meter installations 3. Inspect for defects (snag list) 4. Verify flat dimensions match agreement 5. Check all fixtures and fittings 6. Take photos/videos of condition 7. Get all handover documents
Post-possession costs
- Maintenance charges
- Property tax
- Utility bills
- Society formation charges
Examples
Agreement says possession by Dec 2024 - builder must offer possession by then or pay compensation
Always do a thorough inspection before signing possession letter - claims become harder after