• Transfer/sale under construction builder apartment in Noida/Gnoida

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 
#9990999818
sushiljoshi.sj@gmail.com
Asked 2 years ago in Property Law from Greater Noida, Uttar Pradesh
Religion: Hindu
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 
Ajay Sethi
Advocate, Mumbai
31222 Answers
1715 Consultations

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