Transfer/sale under construction builder apartment in Noida/Gnoida
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
Asked in Property Law from Greater Noida, Uttar Pradesh
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