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Noc from builder for resale flat got in redevelopment

panks (abc) (25 Points)

15 October 2011

hi all,

I am going to purchase 1 flat in mumbai from person who got that flat in redevelopment of chawl in which he was staying.

I want to take loan for this flat and bank require NOC from society. As society is not build up yet in building can i take NOC from builder?

If yes what should be the format as NOC format we got from bank for builder says that builder has sold flat to us which is not true and we are buying from owner and not builder.What can be done in this case?

Also i want to know that obtaining NOC from builder or society is whose concern buyer's or seller's?

Looking forward for some reply.

Thanks

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2 Replies

Mihir (Wealth Manager) (5293 Points)
Replied 15 October 2011

A chawl was demolished, and a building was constructed over that area by the builder. Now after construction of the building, the builder is liable to form a society and prepare a conveyance deed, conveying the property to the society, and only then the buyer can legally purchase flats in the society subject to OC. And now you have purchased this flat from someone staying over there. Have you received the share certificate of the society? Are you now the member of this society? It is the society who will give you the NOC and not the builder, because the builder has conveyed the property to the society. Society now is a separate legal entity.