Govt ends NOC system in Maharashtra
In order to transfer ownership to a new buyer, a home buyer in Maharashtra had to do before selling a newly-purchased flat was to obtain a no objection certificate (NOC) from the developer.
This process gave an opportunity to the developers to extract a large sum as ‘ transfer fee’ from the clueless buyer lieu of a no objection to the sale despite the fact that the developer was not a party to the transaction. Although the court had ruled this practice as illegal due to the lack of basis under any statute of the state, the practise still continued.
However, now there is an end to this practice as the state government has finally come forward to curb this long-standing malpractice. Also the state housing department has written to the Inspector General of Registration and Stamps along with the City and Industrial Corporation (Cidco) asking it not to demand NOCs for resale transactions.
City and Industrial Corporation (Cidco), Developer, extract a large sum, home buyer in Maharashtra, Illegal, Malpractice, newly-purchased flat, no objection, No Objection Certificate (NOC), transaction, transfer of ownership
