Goodbye, No objection Certificates?
On 12th April 2022, Maharashtra State Housing Minister Dr. Jitendra Awhad announced that Housing societies would not require issuing a NOC (No Objection Certificate) to owners who wish to sell or rent their properties.
How will this decision benefit Flat owners and Tenants?
A NOC (No Objection Certificate) is a legal document issued by entities like agencies, organizations, Institutes, individuals, or housing societies, to establish the legality of a particular transaction.
With the aforementioned decision in place:
Does issuing a NOC have any benefits?
If there are any pending dues or lawsuits attached to the Owner’s account related to his property then it is important for him to clear them before selling his apartment. With the presence of a NOC, the buyer can rest assured that their new apartment is legally safe to reside in. NOC, in such cases, acts as a layer of protection for the buyer and a clarification document that there will be no legal concerns originating from the NOC provider.
As per society Bye-Law no. 38 A, B, C, and D, it is imperative for flat owners to intimate the society managing committee that they are going to sell their property with the prior consent of the buyer, and the committee can either accept or reject this application after evaluating if there are any dues pending or litigations attached to the seller’s account.
A ‘no dues pending’ certificate from the society will yet be mandatory for flat owners to sell their property.
The Maharashtra Stamp Act came in 1958 applies to all documents in Schedule 1 for which state collecRead More