There is no caution required from your side. Only ensure you get good price as it is going to be redeveloped
Want to sell flat in a building going to be redeveloped
Dear Lawyers, We have a flat in Mumbai in a 40 year old building. 95% of the society members have agreed for redevelopment and the registration for the same is going to be started in 2nd week of April 2023. We are not happy with the choice of builder and want to sell the flat. Do let us know what all cautions we should be taking to ensure smooth selling. Regards, Simina
Asked 2 years ago in Property Law
Religion: Hindu
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6 Answers
You are at liberty to sell the flat
2) obtain NOC from society for sale of flat
3)better option is to sell the flat to builder only
You can very well sell the property before the redevelopment process starts.
You don't have to seek permission from anyone to sell your property.
Since the redevelopment is at talks level only, there's no embargo to sell your property in favour of prospective buyer.
These are the cautions that you should take to ensure a smooth sale of your flat. Obtain all clearances, NOCs, register agreements, pay taxes, hand over documents, inform buyer of project, get completion certificate, receive dues, and pay dues of society.
There is no bar against selling of flat pending redevelopment. If buyer and seller are ready, you can sell the flat through normal procedure of transfer of share certificate.
If you want to sell your flat instead of going for redevelopment, here are a few precautions you should take to ensure a smooth selling process:
Check the title of the property: Ensure that the property's title is clear and free from any encumbrances or disputes. You can obtain a copy of the property title document from the registrar's office.
Obtain NOC from the society: You will need to obtain a no-objection certificate (NOC) from the society before selling your flat. The NOC should mention that the society has no objection to the sale of the flat.
Verify the buyer's credentials: Before finalizing the sale, verify the buyer's credentials and ensure that they have the financial capacity to purchase the flat.
Engage a competent lawyer: Engage a competent lawyer to draft the sale agreement and verify all the necessary documents. This will ensure that the sale is legally valid and free from any complications.
Ensure payment of all dues: Before selling the flat, ensure that you have paid all the dues, such as property tax, maintenance charges, etc.
Obtain completion certificate: Obtain the completion certificate from the local municipal authorities, which certifies that the building is complete as per the approved plan and complies with all the relevant laws.
Overall, it is crucial to exercise caution while selling your flat and engage a competent lawyer to ensure a smooth and hassle-free process.
