Resale of under-construction flat in Ghaziabad
I want to sell my under construction flat in Raj Nagar Extension, Ghaziabad and have already found new buyer. I have made about 80% payment to the builder till now and have not taken any loan from any bank.
Now Builder is asking me for transfer fees and following procedure of transfer in order to make the deal legal:-
1) I have to write application to builder for transfer request.
2) Transfer fees to be deposited by me to him first.
2) Builder will cancel my membership and will issue new allotment to the buyer on the old agreed amount.
3) If new buyer is to seek loan, bank will send money to the builder.
4) After receipt of money from new buyer's bank, he will refund me amount deposited by me to him.
5) Surplus amount/Black money to be mutually settled between me and new buyer.
Is it the right process applicable in Ghaziabad for transfer of under construction flat or something else can be done?
Asked 4 years ago in Property Law from Ghaziabad, Uttar Pradesh
The under construction building is mortgaged to the bank. Is it necessary to get NOC from his bank for loan approval in case new buyer wish to get loan from bank other than builder's bank.
Asked 4 years ago
Dear Client,In such situation you should release a complete payment and register that property in favour of yours as per your submission you already paid 80 percent till date therafter sell it to new buyer safely.
Legally speaking you have not yet become the owner of the flat under construction since the registration of the flat has not been done yet in your name by the builder. Since you have already paid 80% of the value of the flat and still can not be called as the owner of the flat because the deal is not yet concluded. Better to pay the remaining 20% to the builder and get the registration of the property done in your favour and later on for the mutually agreed price between you and the new buyer you can clinch the deal by getting a good margin in price and you need not share the profit you get out of the deal with the builder. Yes the NOC may be necessary if the new buyer avails loan from bank other than builder's bank.
1) ask the purchaser to first get his loan sanctioned for the amount to be paid . since bank formalities take lot of time in principle sanction of loan is must .
2)the procedure suggested by builder is not in your interest . you pay the transfer fees but get money only after buyer has paid to the builder .
3) further builder is not willing to refund black money component which forms significant portion in any transaction .
4) better option would be to pay builder full amount , get regd sale deed in your favour take possession of flat and when society is formed sell the flat .
5) transfer charges would also be nominal . however if you urgently need the money you have no option but to agree to builder suggestions
I am in urgent need of money but on other hand, I want to safeguard my interest too. I do not want to have any issues after cancellation if new buyer is unable to make payment to the builder.
In my agreement, it is clearly written that after obtaining NOC from builder, I can transfer. However, builder shall have sole option to refuse to issue any such no objection, till the time Allottee paying all the amounts due towards consideration and other charges besides paying administrative charges of Rs.100/- per sq. ft. to the builder.
I just want to know what actions can be taken against builder if he is not releasing NOC. I have paid all payments as per demand letters received to me time to time that too within given time period and without any penality/interest.
Secondly, builder is saying that transfer of under construction flat is not allowed in Ghaziabad where there is a freehold land. It can be allowed in Noida where there is a lease hold land. Is it so?
Please advice suitably.
Asked 4 years ago
1) no builder will refuse to give NOC as they receive around Rs 2 lakhs as transfer charges . hence had advised you to wait till society is formed as society cannot charge more than Rs 25,000 as transfer charges .
2) as far as transfer of under construction flat is allowed or not in Ghaziabad or not in respect of freehold land only local lawyer can guide you
Please contact any local lawyer to guide you so far as the issues involved are local
You must release entire amount and then sell the same.then you must change your membership to the buyers you can use phone consultation for detailed advice
A. Generally, every transaction stands as per the term and conditions of the agreement. Kindly check your agreements which have been executed between you and builder that, is there any fixed transfer fee mentioned in the agreement ?
B. If you are getting nuisance from the builder regarding transfer fee, frequently, you can approach Consumer Forum under deficiency in the Service.
C. The Builder has no right to refuse to issue NOC and you can wait till the formation of the Society due to save your transfer fee.
D. The Purchaser can take loan in any bank against other than a builder's bank. But the bank will ask noc from the builder while transferring your right to the purchaser.
E. Contact local lawyer with respect your last query.