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Builder asking for transfer charges is it valid?
15-Aug-2023 (In Landlord/Tenant Law)
I bought flat from well known builder from Mumbai. Society yet to be formed. I am planning to sell flat to one buyer but to transfer mortgage loan on buyers name his lender asking for NOC from builder​ but builder asking for transfer charges per sqft​ 300in cash what to do I can not afford this amount
Dear Querist
1) You need to peruse your agreement of Sale with the builder as to what are the conditions and modus operandi of obtaining permission for transfer of your flat to the prospective purchaser/premium charged by the Developer to give his/her/its NOC before the society is formed.
2) If any restrictive covenant is there in your agreement for sale for paying premium/NOC Charges. Whether your agreement has such a clause for paying premium per square foot for obtaining NOC is also to be perused
3) Also obtain the conditions in writing for NOC from the builder
4) Any transaction in cash above Rs. 30,000/- is illegal.
1) You need to peruse your agreement of Sale with the builder as to what are the conditions and modus operandi of obtaining permission for transfer of your flat to the prospective purchaser/premium charged by the Developer to give his/her/its NOC before the society is formed.
2) If any restrictive covenant is there in your agreement for sale for paying premium/NOC Charges. Whether your agreement has such a clause for paying premium per square foot for obtaining NOC is also to be perused
3) Also obtain the conditions in writing for NOC from the builder
4) Any transaction in cash above Rs. 30,000/- is illegal.
Helpful?
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Adv. Jitendra Ahuja
Mumbai | 100+ Answers
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