Cidco transfer
Parth Trivedi
(Querist) 19 May 2016
This query is : Resolved
Hi I have recently bought a flat in Navi Mumbai and took a bank loan on it. However, Society Secretary is asking CIDCO transfer document. Can you advise what is it and how to get it done ? The intermediary we engaged is making various excuses and buying time everytime as he is paid compensation ? Can I go personally and close this ?
Dr J C Vashista
(Expert) 19 May 2016
Show all documents qua flat to a local lawyer for proper analysis and advise as to why, how, when and where the Society is asking document.
Guest
(Expert) 20 May 2016
CIDCO is lessor of whole city . Its work is to built new cities. CIDCO is owned wholly by Govt. of Maharashtra.
CIDCO is company under provision of Companies Act
When anyone is lessor every time all transaction has to take place with Lessor permission .
CIDCO give plot to co-operative society on Lease
People are member of co-operative society.
Bank are lenders , their work is to give money and see to it that money they get back in time . They are not bothered much about title etc. (Although rules of RBI make them verify all title etc. but if title is faulty etc. in that case in appropriate deed etc. while financing they keep clause still it will be responsibility of borrower to pay them and not bank) So forget bank whether they have verified documents or not
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Solution
1) Check this website http://www.cidco.maharashtra.gov.in/ProM_actsregulation.aspx
2) This website of CIDCO click on Transfer of Property . Open Nodal Area PDF
3) In 24 pages booklet many things is written
4) You approach authority pay fine and regularize things to transfer (membership) etc. on your name
5) Legally situation will be CIDCO is Lessor , Co-operative Society is Lessee and you are member of Co-operative Society.
6) Generally Land of CIDCO is given on lease to co-operative society for 60 years only
7) But nothing to worry they can not evacuate entire Navi - Mumbai after years, so after some time they will make proper policy to transfer ownership of all lands till then your status will be as mentioned in point 5 and 6
8) Better approach CIDCO office they have standard forms fill them fulfill their requirement like paying penalty etc. if applicable and regularize things
9) Forget Agent they are interested in commission , seller is interested in getting money , bank is interested only in recovering its money given . So you only have to do work in your legal interest no one will come up for rescue
10) If penalty is more then try to ask whether any time in past or in future their can be amnesty scheme , so at least apart from transfer fee , penalty charges are reduced or nominal symbolic penalty is paid
Guest
(Expert) 20 May 2016
Property matters better regularize immediately , chronic problem becomes latter very difficult to solve .
In short you need to approach CIDCO to regularize your transaction
T. Kalaiselvan, Advocate
(Expert) 23 May 2016
Expert Mr. Madhu has explained the position and provisions with the suggestions in a convincing manner, hope this helped the author.
