Buying a resale prop in Navi Mumbai with CIDCO Transfer pending

The delay in issuing share certificates by the society could be due to various reasons, such as administrative delays, pending legal or regulatory requirements, or internal conflicts within the society. It's important to understand the specific reasons for the delay by directly communicating with the society's management committee or seeking legal advice. Regarding home loan, banks typically require the share certificate as proof of ownership and membership in the society. However, in some cases, banks may accept an undertaking or letter from the society stating that the share certificate issuance is pending. The acceptance of such a letter may vary among banks, and it's advisable to directly check with the bank you plan to approach for a home loan to confirm their requirements and acceptability of alternative documents.

City and Industrial Development Corporation (CIDCO) transfer process for resale flat is an essential process for transferring ownership rights of properties in CIDCO-developed areas. The pending CIDCO transfer for the resale flat can raise concerns as it may affect the legal title and ownership of the property.� For obtaining a home loan, banks often require a CIDCO NOC (No Objection Certificate) and related transfer documents as part of their due diligence process. The absence of CIDCO transfer completion can potentially create difficulties in securing a home loan, as the bank may consider it a risk factor. Additionally, if you purchase the flat without the CIDCO transfer being completed, it could result in complications in the future. You might be required to pay the pending transfer charges to CIDCO, as it is typically the responsibility of the seller to ensure the completion of CIDCO transfer before selling the property. It's essential to clarify the status of the pending CIDCO transfer, assess the potential costs involved.

To ensure a smooth home buying process and mitigate potential risks, it is advisable to consult with a property lawyer in your jurisdiction who can review the specific details of the property, guide you through the legal implications, and assist in conducting the necessary due diligence.