Dear Sir(s), Need Clarification on following: Mr X bought an apartment with builder in Greater NOIDA paid as per payment plan upto 70 % of the property cost and now wants to sell to Mr Y at a premium.Property Still is not ready for possession and is under-construction. Documents executed till now 1. Application for Provisional Allotment 2. Cheque(s) Received and Receipts given against it to Mr X by builder. 3. Provisional Allotment Letter Issued by authorized signatory of developer. 4.Pyment Plan / Demand Letters as and when required. No Stamp duty has been paid to govt till now by Mr X.None of the documents is registered with Authority. Question 1 : Does Law/UP apartment Act Allows such Transfer in books of the developer? Question 2 : Can Mr. X execute Agreement to Sell with Mr. Y? Question 3 : Can Builder transfer provisional allotment from Mr X to Mr Y by taking Transfer Charges based on a written application by Mr. X. Question 4 : Should Builder Take equivalent amount from Mr. Y and refund to Mr X. same amount that he has paid in-case transfer is allowed.and Mr Y Pay to Mr X balance premium directly. Question 5 : Kindly suggest the documentation to be followed to avoid and fraudulent transactions/avoid any other risks involved in this kind off transactions. Looking forward for a detailed & objective response. Congratulations for creating such a wonderful platform which is much required considering technicalities of law for a layman. Thanks and Regards SUSHIL JOSHI #[deleted]
1) you would need prior permission of builder to sell your flat
2) X can execute agreement with Y after obtaining NOC from builder
3)builder can transfer flat in name of Y
4) generally builder would charge over a lakh to grant permission .
5) obtain no dues certificate from builder before entering into agreement
6) accept all payment s by cheque only . generally in respect of such agreement with purchaser builder would be a confirming party
