Kapil Gosain (Software) 23 April 2013

Cidco transfer query for resale

Hi,

We bought a flat which was a Gavthan plot. The builder has not done the cidco transfer yet. I have the lease deed and OC and other documents for the property.

I wish to resell my flat now. I have 2 questions related to it. Please advice.

1) Can I seel the flat without Cidco transfer? WIll I need the original owner (The farm land owner) to do the Cidco transfer in my name before selling? How much time and money does cidco transfer cost?

2) Will a Bank give loan to my property to the new buyer if the Cidco transfer is not yet done?

Thanks

Reply Follow

3 Replies

ABHIJEET PARIKH (Bcom LLB MBA) 23 April 2013

Dear Kapil

From your above query its not clear whether u purchased the Flat from builder or original owner (Farmer in your case)

Also u haven't disclose the status of your society or apartment

The CIDCO will come into picture if the said Flat is alloted by them or if there is CIDCO approved plot purchased by builder and lease deed requires permission from CIDCO for selling the Flat

Regards

Abhijeet A Parikh

Kapil Gosain (Software) 23 April 2013

I purchased it from the builder...

There was a tripartiate agreement between the land owner and Cidco and builder which claimed that the land owner has given development rights to the builder.

The society formation is in in progress.

Please advice if you need more detals.

Thanks,

Kapil Gosain

ABHIJEET PARIKH (Bcom LLB MBA) 26 April 2013

Dear Kapil

The terms of tripartite agreement will be important as to how the transaction is structured

If the builder have not done CIDCO transfer then you have look into the Tripartite agreement and also the development agreement between farmer and builder

Kindly take help of local lawyer to identity any ambiguity in the transaction