I have purchased a under construction property in Andheri West. The property is registered after paying Stamp Duty, VAT etc I have paid upto 8 slabs out of 12, as and when demanded by builder. I have not taken any home loan.
Now there is a clause in the Sale of Agreement, if I intend to take charge of the property I need to obtain an NOC from builder, since the project has been financed by a lender(bank) and hence purchasers have to make payment in builder's escrow account. I have given cheque to the builder, but builder hasn’t transferred my money to lender(bank) in escrow account and hence bank isn’t aware about any transaction wrt my flat. I have all the receipts. Is it mandatory to get an NOC from the builder or this clause is only applicable only if I avail a home loan. Since the project is stalled, and if other builder or bank takes over, will my money be lost ? Please advice.
