The No Objection Certificates Necessary To Buy An Apartment
- By Yamin Memon
- on 11/02/2018
- at 2:52 PM
The No Objection Certificates Necessary For Buying An Apartment
There are many advantages of living in an apartment co-operative society. Many people like to live in such apartments only even if they can afford a bungalow. The most important advantage of it is round the clock security with the latest gadgets and various other low maintenance costs. But even in buying a flat or apartment you need many types of No Objection Certificates of NOCs. The NOCs are from before starting of construction up to the possession of the flat by the owner and even more. If the person or the builder selling you the property is lacking any of the NOC it will be you the buyer who will suffer any time. For example, if he does not have the Electricity Supply related NOCs he will have to depend upon the power supply from the doubtful sources or generators which is harmful and costly. This is the same for Fire Safety and Water Supply etc. Before buying your apartment you have to collect more than 50 no objection certificates.
Below mentioned are short details of these certificates:
Property Under Construction:
Now a day many builder groups are facing bankruptcy case in the courts. This is one of the most important certificates you should secure from the banks financing the Property you are going to buy. If you do not have this certificate even after paying money to the builder and if the builder goes bankrupt it could happen that the court takes over your property, considering it the property of that builder. This certificate can save you from much trouble.
The NOC from the Residents Welfare Association of the building you want to buy the flat:
Residents Welfare Association in a housing society is a legal entity. They have great influence over anybody buying or selling a property in their own society. Especially if you are buying a flat in resale this is a must. In this certificate, they should mention that the concerned residents' welfare association has no objections to you buying and ownership transfer of this particular flat or property. If you are taking a home loan the banks, ask for this certificate.
If the person selling you the flat is still paying for his mortgage, make sure that his banks issue a certificate that he has cleared all the dues.