Once the property is ready, you would be offered the same for possession. In the case of a newly constructed building, the developer concerned has to receive a certificate from the approving authority showing that the building is ready and fit for use. In Mumbai, this certificate is called "Occupation Certificate", though the Nomenclature may vary from city to city. This certificate is issued by the authorities concerned after they have satisfied themselves that the initial plans submitted by the developer and conditions if any imposed by the approving authorities have been fully complied with. However, we would like to add here that this certificate in no way certifies quality of the housing unit being offered. Your own estimate, as well as, the past track record and reputation of the developer would be key. At this stage, you would be required to make the final payments, as well as, any other charges that may be payable (as agreed in the initial negotiations and reflected in the Agreement for Sale).