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Legality of NOC from builder in case the society not yet formed.
03-Nov-2023 (In Property Law)
Hello, I would like to know the reason for requirement of NOC from Builder if the Society is not yet form. And what if we proceed without his NOC, will he make any trouble at the time of formation of Society. P.S: Purchase transaction will be without Home loan.
The No Objection Certificate (NOC) from builder is required for following purposes :-
1) to ascertain if original buyer has paid entire sale consideration for flat /apartment;
2) to ascertain if original buyer has cleared all his/her dues to builder including, but not limited to maintenance.
It is not compulsory to get NOC from builder unless the buyer or bank asks for it. The buyer can satisfy himself with last bills and all requisite payments receipts apart from sellers indemnity given in sale agreement.
1) to ascertain if original buyer has paid entire sale consideration for flat /apartment;
2) to ascertain if original buyer has cleared all his/her dues to builder including, but not limited to maintenance.
It is not compulsory to get NOC from builder unless the buyer or bank asks for it. The buyer can satisfy himself with last bills and all requisite payments receipts apart from sellers indemnity given in sale agreement.
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Adv. Jairam Chandnani
Mumbai | 100+ Answers
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Is NOC required for home loan?
You will need a NOC to close your home loan. A NOC is also required when you successfully close a Loan Against Property. Once you receive the NOC for an LAP, the property is yours.
How to get noc from hdfc bank for bike loan?
Fill out the application and provide the copies of the documents required.
Visit the RTO that originally registered the two-wheeler.
Please submit the completed form along with all the required documents to your local officer.
If you need to, pay the fee for obtaining the NOC. Submit the receipt along with the completed form.
What is a NOC for taking a loan from other bank?
Sample Bank NOC Format 1: Write to your bank and ask for a NOC when applying for a credit. Ashutosh Munshi is an account holder at the Kothrud branch HDFC Bank. I have written this letter to ask for a NOC to approve my loan request. 29 Mar 2023
What is NOC from builder?
A No Objection Certificate is a statement that allows a person, or company to purchase or build a property.
Hi. The land on which the building is constructed belongs to the developer/the landowner, as the case may be. In majority of cases landowner grants the power of attorney to the developer to act on its behalf. At the time of formation of society the land is conveyed from the landowner in favour of the registered society and hence, Noc of the builder/landowner, as the case may be is necessary. As per the MOFA model agreement, the developer is required to form the society within 4 months of completion of construction, therefore as per the model agreement he is bound to give NOC. On his refusal to do so, you may proceed against him either vide a civil suit or a consumer complaint.
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Adv. Rushil Aiya
Mumbai | 100+ Answers
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You can go ahead without the NOC from the Builder and register the society. You have to intimate the builder via Letter and give him a particular time period to form the society and if he fails to respond, then you can form a Deemed Society.
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Adv. Pankaj Bafna
Mumbai | 25+ Answers
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No Objection Certificates (NOCs) are legal documents issued by housing finance companies or banks to customers declaring they have no outstanding debts with the lender.
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Adv. Chikirsha Mohanty
Delhi | 200+ AnswersCONTACT NOW
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