1) he is an old member of society merely because new share certificate issued now does not debar him from selling his flat
2) no dues certifcate from society
3) NOC from society in case buyer wants a bank loan
4) relevant forms of transfer of shares
Sale in 1 year for trifurcated society
Summary of the case We Went in the redevelopment of our 6 buildings in 2021 ,teh buildings are still redevloped and possession date is AUg 2024. in the process of the redevelopment in 2023, the society was divided (trifurcated) into 3 sub societies and the main old society was dissolved. The Deed of confirmation for the Development agreement of the new society referring the old registered Development agreement with the old society is registered again in 2023. The Deed of confirmation of the PAAA of the new society referring the old registered PAAA with the old society is also registered again in 2023 All the old members name are also mentioned in the new registered Deed of confirmation of the Development agreement and the PAAA. The members have surrended the old share certificates and received the new share cetificates as well. The new share certificate date is 01st Aug 2023 The name of the new society is different than the old society Now, in November 2023, One of the the members of one of the 3 newly formed societies , who is residing in the old society for more than 10 years wants to Sell, transfer the share of the flat in the new society to a non member of the society. He has completed all the process of registration of the Original Development Agreement , and PAAA plus the Deed of confirmation of the Development Agreement and deed of confirmation of the PAAA. Thye developer has also given the NOC to the member to sell/ transfer his flat to a Buyer, transferree Questions 1.New share certificate date is 01st Aug 2023. In this case, can the member sell/transfer the share of his flat as one year from the new share certificate being allotted is not yet complete .But all the documentation referring to the old society where he was a member for more than 10 years is complete and available. This is in reference to the MCS act section 29/2 which asks for the member to complete 1 year of membership before the shares can be transferred/ Flat sold to a non member of the society 2. What documents would be needed by the transferor (seller) and the transferree (buyer) to complete this transaction ? 3. Does the new society have to provide any NOC to the transferor and transferree?
Asked 2 years ago in Property Law
Religion: Hindu
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4 Answers
1. He has purchased the property 10 years ago, hence it cannot be said that he purchased the property just within a year for the purpose of selling it.
It was the society which went into transformation but the owner remains a owner for all these years, hence there is no problem for him to sell the property now.
2. The documents proving his title and the share certification and tax paid receipts and the copy of the redevelopment agreement and PAAA, NOC from developer and no due certificate from society are some of the documents.
3. It is under redevelopment hence the NOC will be furnished by the developer.
Dear Client,
The buyer and the member must submit certain redevelopment-related documentation before the transaction can move forward, and the new society may grant a No Objection Certificate (NOC) in this regard. For guidance on the transaction and to ensure compliance with legal requirements.
The new society issues share certificate based on earlier membership in old society only the name and tenement changes depending on the Redevlopment
