Builder noc for release of share of one co-owner to another
Veerchandra B Shetty
(Querist) 17 April 2023
This query is : Resolved
A property (Residential Flat) is jointly held by mother and daughter in equal ratio. The society has not yet been formed and is still with builder. The mother wants to release her share of the property in her daughters name. The builder is demanding 30000/- for NOC. So is it compulsory to pay the builder or can the gift/ release deed be registered without Builder NOC.
kavksatyanarayana
(Expert) 17 April 2023
The mother can relinquish her 1/2 share to her daughter. And the transfer charges shall be payable at Rs.2.5% of the value subject to a maximum of Rs.25,000/-. The builder shall give a receipt for the amount.
T. Kalaiselvan, Advocate
(Expert) 18 April 2023
The builder cannot demand the transfer fee especially to this extent.
In fact this is not even a transfer, it is just a relinquishment of her rights to the joint owner, hence there is no necessity for the builder to give NOC for the donor to execute a registered release deed in favor of the donee.
P. Venu
(Expert) 20 April 2023
Why is that the NOC is required? For whom?
Veerchandra B Shetty
(Querist) 21 April 2023
The mother will be gifting her share of the joint property to the co-owner her daughter by Gift Deed, so will have to register the gift deed. So whether NOC is required from the builder for the gift deed registration ? Though it is not a transfer / Sale, it is just a release of share to another co-owner.
P. Venu
(Expert) 21 April 2023
"......whether NOC is required from the builder for the gift deed registration ?"
Please checked with the SRO.
