I have bought an apartment in Gurugram for which builder has received OC and has offered possession in 2018. All the payments for the flat have been done from my end in timely manner. However, I have not yet taken possession of the said flat as I stay in Mumbai and could not get time to get registration etc done. But now I am hearing that the builder is facing liquidation due to non-payments to it's lenders. My question is: 1. During the process to get OC, does builder have to make sure that all the apartments for which he is getting OC are free from any mortgage which builder might have created to secure loans? 2. Is there a risk that my apartment can be taken over by the lenders even though I have made all the payments. 3. If I get the said flat registered, will it make my claim 100% secure against any liquidation? Also, as a counter question, do I run the risk of loosing my flat if I delay the registration? There is a tripartite agreement executed between myself, builder and the Home Loan Provider. I had taken the loan which is now fully paid up.
1. Builder has to take noc of his lender, not at stage of OC, but when he sold the flat to you
2. Your document is not registered. How will any lender of builder know that further charge was created by him in your favour.
3. Your right will get secured provided, for any prior loan, the builder had taken noc of his lender before selling the flat to you.
Please get your document registered immediately
1. No OC and mortgage have no relation OC is just for the completion of project as per project.
2. The bank can file for taking possession.
3. Till the moreturm is not passed against builder he can register the said flat in your favour and can get NOC if flat is mortgaged from Bank . Yes you can end up in trouble and have to approach court if you make delay.
Hello sir, before taking OC the builder has to clear the loans taken on the project , in order to make conyance deed in favour of allotte...Moreover after obtaining OC the management of the project comes with the RWA and the project cannot be scrutinised under liquidation proceedings
1) builder does not have to make sure that all apartments are free from mortgage at time of obtaining OC
2) registration of sale deed confers title to property
3) it is in your interest to get flat registered in your name
Dear client,
OC issued on due compliance of building bye codes, mortgage or not has no effect on issuance of OC.
Yes, dire possibility as first encumbrance is with lender, and your sale deed is still not registered , no actual transfer of ownership.
Get it registered, while you make the payment ? Builder or directly to lender, If lender than your property is secure. Get it registered or execute POA to any who will get it registered/represent you.
OC is an important legal document certifying that the construction of the building is in compliance with the approved plans so OC and mortgage have no relation.
Without obtaining NOC from Bank you cannot registered the said property, may be bank can take possession due to non payment loan by builder.
Dear Sir,
- Occupation Certificate and mortgage are different under provision of property rule.
- Occupation certificate is required to have clearance against all compliance matched on construction as per Govt norms.
- Besides, builder shall require the NOC from bank to get you title of property as free hold
- Advisable to get the flat registered on your name on priority to safeguard your title on property
- Incase required,feel free to connect for any further assistance
Regards
Vivek Arya
You can file a consumer case against the builder any such haphazard occurs. You don't have to worry if you have paid legally. But it's always good to know about the property before investing
Dear Client,
Get your sale deed registered. It will secure you completely. If you face any legal Dispute , contact adv.jaswantsinghkatariya at gmail.com or [deleted]. In our , there are lawyers having more than 30 yrs experience in Civil, property , criminal and Consumer cases
The builder's properties will be brought under liquidation, i.e., since this property has been registered to your name and possession has been handed over to you, it canot be brought to auction by the bank since they have already given NOC for this.
There wont be any risk for you.
Experts do not recommend buyers, who had taken bank loans but haven't got possession of homes, to stop equated monthly installments (EMIs). The insolvency professional will try to revive the company so there is hope yet for the buyers. Stopping EMIs can impact their credit rating negatively and make their participation in insolvency proceedings problematic.
