Cidco transfer
Kvijay12345
(Querist) 14 February 2015
This query is : Resolved
what is the role of cidco transfer in the transfer of property in navi mumbai area ?at the time of purchasing a property, Is it must while taking a Homeloan on that property ? If Cidco Transfer is not done at the time of purchase of the property along with the registered sale deed 7 years ago & the loan is sanctioned by the bank only on the basis of a registered sale deed without demanding the cidco transfer & if the borrower has defaulted on the loan repayment, can the bank or ARC attach the property and sell it in auction to recover its dues without cidco tranfer?then how the cidco transfer would be done without the borrower`s permission?
ajay sethi
(Expert) 14 February 2015
1)All the lands in Navi Mumbai are given on lease usually for a period
of 60 years. Transfer of ihe leasehold right is allowed only subject
to approval of CIDCO (as Lessor) and subject to-the terms and
conditions contained in the Lease Deed
application form has to be made in prescribed for , transfer charges paid to CIDCo for transfer
2) The original Lessee should approach the Corporation and obtain a
"No Objection Certificate" before entering
into any transfer transaction. The Sub-Registrar is not supposed
to allow registration of any such document without the No Objection
Certificate of the Corporation. Once the NOC has been obtained
from the Corporation, the transfer document can be registered
Rajendra K Goyal
(Expert) 14 February 2015
Bank has proceeded on the basis of registered sale deed which lack basic requirement of NOC and it would proceed till orders from court are not received otherwise.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 14 February 2015
Agree with ajay sethi add further if prop mortgaged it is subject to auction for want of recovery of loan
T. Kalaiselvan, Advocate
(Expert) 18 February 2015
How many more academic questions are in store with this author? This is third such query by the same author in the sequence.
