Exchange of flats
YOGESH SHAH
(Querist) 02 March 2016
This query is : Resolved
I want to exchange my flat having carpet area of 540 Sq. ft. with another existing member having carpet area of 386 sq. ft..
Building is under re-development and construction work has already started.
Builder is asking for charges/fees/compensation for this transaction @250/sq. ft from both the members for issuing NOC to us.
Can builder ask for such kind of charges?
is it legally valid and tenable in law?
Please advice.
Thanks.
P. Venu
(Expert) 03 March 2016
Builder or redeveloper?
YOGESH SHAH
(Querist) 03 March 2016
Re-developer i.e. Person who has taken redevelopment work. Flats are on ownership basis.
YOGESH SHAH
(Querist) 03 March 2016
Re-developer i.e. Person who has taken redevelopment work. Flats are on ownership basis.
Rajendra K Goyal
(Expert) 03 March 2016
Refer the redevelopment agreement in full. If silent, wait till possession.
YOGESH SHAH
(Querist) 03 March 2016
In re-development agreement, there is a clause which clearly states that during construction stage if any member want to transfer their flat by way of sale or exchange or gift then they can do so provided incoming person gives consent and undertaking that all the terms & conditions of development agreement are acceptable to him/her and society and builder/developer shall give NOC for the same. However agreement doesn't say anything that builder/developer can ask for compensation/fees for such transfer. In our case (exchange) both are existing members and respective Individual agreements are already executed.
In such scenario, the advice given by you hold true?
