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November 2012

No need for developer’s NOC for flat sale/ transfer

By Tarunkumar Singhal, Raman Jokhakar, Chartered Accountants
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In a major relief to flat buyers and society residents, the state government has said that there is no need for a no-objection certificate from the developer for sale or transfer of flat (resale) in a fully constructed building.

The state housing department has issued an official communication in this regard after coming across cases where developers illegally collected money from flat buyers for providing such NOCs.

The Cidco, which has leased out a number of properties in Navi Mumbai, has also been asked to ensure that developers of these plots comply with MOFA norms. The department has sought Cidco’s opinion on whether its permission was needed for transfer/ sale of flats for plots leased by it. The department is of the opinion that the permission—insisted upon at present—is not required. The government has urged societies where developers haven’t conveyed plots within stipulated time to apply for deemed conveyance.

(Source: The Times of India dated 01-10-2012)
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