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Jinesh Jain (Sr Consultant)     06 December 2011

Query for a resale flat in navi mumbai

 

      I have purchased a new flat (in Seawoods Navi Mumbai), which is a resale case. The building was completed in 2008 (on a 50:50 land), however, it is still managed by the builder.
 
      Though the builder has filed papers to form a society, however, the process is still on and is taking time. CIDCO rejected the case because the documents were incomplete. Builder needs to get a death certificate of some village owner and then get an affidavit to file the society papers again. 
 
      In this case, to complete the transaction and applying for the loan disbursement (from SBI) Can I go for the  NOC from the builder (there will not be a society NOC and share certificates then)? Or do you recommend me to wait for the society formation (i have alreday waited for 16 days) before moving ahead?
 
O
 

 



Learning

 2 Replies

ABHIJEET PARIKH (Bcom LLB MBA)     06 December 2011

Dear Jinesh 

Waiting for Formation of society may take time 

It is advised that u get the NOC from builder who is ultimately going to be the promoter of the society If NOC received ur bank will disburse the loan amt

Also u will have to indemnify the bank stating that in future on formation of society u will hand over sharecertificate

Regards

Abhijeet

1 Like

Jinesh Jain (Sr Consultant)     06 December 2011

Dear Abhijit,

Thanks for your response. This is really helpful. 

Regards,

Jinesh

 


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