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Nitin (Sr. Software Engineer)     01 January 2013

Buying apartment on leased building

Hello Members,

 I am planning of buying apartment in a new township constructed by a renowed builder in Pune .I came to know that the builder has leased the land from MIDC for 99 years on which they will be constructing the township.

 I heard that one of a clause in agreement says "Before assignment of rights acquired by purchaser under this agreement, Purchaser shall obtain No Objection certificate from Maharashtra Industrial Development Corporation as contemplated in clause No.2 [r] of the said lease deed and shall pay transfer charges which will be levied by Maharashtra Industrial Development Corporation"

Will there by any issue in getting an NOC from MIDC ? is getting NOC from MIDC a tricky job? It should not happen that we get locked into this property for ever. Please suggest.

Thanks.



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