Resale after getting Occupancy Certificate
I would like to sale my flat in Gurgaon which is still under construction but Builder is expected to get Occupancy Certificate by Sep-2016.
Now Builder is telling me that once he receives Occupancy Certificate, I have to take possession and register the property first then I can sale the said property.
He will not transfer the property on resale to the buyer after receipt of Occupancy certificate.
1. Is it true what the builder is telling me?
2. Can Builder not transfer the property to the other buyer to whom I am selling after receipt of Occupancy Certificate?
3. What is the present Real Estate Bill provision for this and what is the clause no.?
Asked in Property Law from Gurgaon, Haryana
1) it is in your interest to take possession of the property wait for society to be formed and then sell the flat
2) reason being builder s charge exorbitant amounts for transfer of flat
3) in any case after receipt of OC , you can sell the flat and builder is bound to transfer the flat
4)as far as real estate act is concerned rules have not yet been framed and no regulator appointed yet
1. He is right. You can sell the property only after the title is transferred to you.
2. If there is a tripartite agreement executed between you, third party and the builder then the builder can directly register the sale deed in his favour.
1. The builder is right because he is obtaining the occupancy certificate on the basis of completion of construction of the flats/apartments after a long struggle, so naturally he may put an embargo to it. However there is no hard and fast rule about it.
2. The builder can very well transfer even before you register the property on your name or getting the occupancy certificate in your name.
3. Mere passing of Real estate bill is only a half win. The true value of any legislation lies in its implementation. The Real challenge lies ahead where each state have to for Real Estate Regulatory Authority for effective implementation of real estate bill in their states.
However there is no mention about the problem for which you have now sought an answer in the above lines.