Rupayan Bhattacharya (Principal (Retired)) 02 August 2015
We, a Cooperative Housing Society of 8 members, have built a G + 4 house with two flats in each floor. The plot for the house was allotted by HIDCO, West Bengal. Mutation processes have been completed. The flats are ready for possession, only C.C. from HIDCO is awaited. My question is do we have to register the flats in the name of individual member of the society ? Is it required for future transaction ?
DR. DIMPLE JINDAL (ADV.) (Advocate) 02 August 2015
NORMALLY, ALL SALE AND PURCHASE OF SOCITIES ARE RUN THROUGH ALLOTMENT LETTER ONLY. BUT A REGISTERED SOCIETY CAN TRANSFER THE ALLOTMENT LETTER FOR THREE TIMES ONLY AND NOT MORE. ALSO, SOMETIMES BUYER REQUIRES HOME LOAN FOR FINANCIAL ASSISSTANCE, THEN FINANCIAL INSTITUTIONS/ BANKS CAN REFUSE LOAN FACILITY ON THE ALLOTMENT LETTER BASIS ONLY. THEY REQUIRE THE PROPERTY DOCUMENT SHOULD BE TRANSFERRED ON THE NAME OF BUYER.
OTHERWISE, ALLOTMENT LETTER IS NOT LESS/ SHORT FOR ANY OTHER ISSUE AS COMPARABLE TO A REGISTRY.
pleasant 04 August 2015
sir,
like to know what right co-owner of premise in co-op. soc. have as a second holder which normal second holder does not have.
DR. DIMPLE JINDAL (ADV.) (Advocate) 05 August 2015
shiv shankar 18 December 2023
Sir, do we need to register LIG flat in cooperative socity (G+4), 8 flats, Flats allotment by HIDCO, in New Town, Kolkata.
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