Rishhabh Jain 27 March 2018
I am planning to purchase a flat. Owner purchased flat in 2000 but he gifted the same to his daughter in 2015. I am buying from Daughter. But Society is telling i cannot purchase becuase the name of daugther in Share Certificate is transfered in Feb 2018 though registred gift deed is of 2015. Will restriction under section 29 be applicable. is society correct in rejectng the NOC
Kumar Doab (FIN) 29 March 2018
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
Kumar Doab (FIN) 29 March 2018
The society shall prefer to go by IT’s records.
Yusuf Rampurawala 03 April 2018
as per section 29 of societies act, the member is restricted to transfer his share OR interest in capital or property of society, if the same is not held by him for atleast a year.
your seller held the flat i.e. the interest in capital or property of society since 2015 which is well above 1 year, since the transfer in your favour is proposed to be done now. So the society cannot refuse the transfer!
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