Definition
In real estate, Handover or Possession is the culmination of the construction lifecycle. It is the formal process where the builder transfers the physical keys and legal rights of a completed, certified apartment or building to the buyer, usually after obtaining the Occupancy Certificate (OC) from the authorities.
Practical Example
Under RERA guidelines, a developer committed to handing over an apartment by December 2025. After finishing construction and clearing the final Punch List (snags), the developer invites the buyer for a final walkthrough. Upon paying the remaining 5% due, the buyer signs the Possession Letter and receives the keys.
Application in Superwise
Handover marks a critical milestone in Superwise. It acts as the trigger point concluding the Execution phase and initiating the Defect Liability Period (DLP). Superwise digitally archives the signed Handover certificates, ensuring the CRM team knows exactly when a customer's warranty period officially begins.
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