Cidco noc

Nitin (Querist) 27 October 2013 This query is : Resolved
Dear Experts,

Case background:
I have finalized a property in sector 28 Vashi, Mumbai. The plot on which this appartment is built is a 300 Sqmt Bunglow plot leased by CIDCO for 60 years. The original lessee has constructed a g+3 building on the plot with 5 units and sold each of them to different parties. There is a registered lease transfer document on the name of all parties but there is no registered ownership document in the name of each individual for the unit they hold in the building.

The finance company wants CIDCO NOC for mortgage to finance, and i am being told that CIDCO is not issuing NOC for such constructions.

My query is
1) Can anyone validate if CIDCO has really stopped NOC on such property as my seller has a cidco NOC and transfer issued them in 2005.
2) If the financier agrees to finance without NOC is it safe to buy without the NOC
3) Will CIDCO transfer / register such transaction.
4) As a residential building is constructed on a Bunglow plot is this illegal. Can CIDCO order demolition or take over in future.

Please help

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ajay sethi (Expert) 27 October 2013
CIDCO consent is must . CIDCO Is the lessor of property . without lessor consent no third party rights can be created . dont take any risk with your hard earned money .