Why is Co-operative Housing Society NOC required for Selling Flats in Mumbai

Why is Co-operative Housing Society NOC required for Selling Flats in Mumbai

Why is Co-operative Housing Society NOC required for Selling Flats in Mumbai

In Mumbai, a No Objection Certificate (NOC) from the Co-operative Housing Society (CHS) is required when a member wants to sell their flat or transfer their ownership rights to someone else. This requirement is mandated by the Maharashtra Co-operative Societies Act, 1960 and the model by-laws of the Co-operative Housing Societies in Maharashtra.

The NOC from the CHS is important because it verifies that the seller is a member of the society, and that they have cleared all dues and complied with all the rules and regulations of the society. It also ensures that the transfer of ownership does not result in any disputes or legal issues for the buyer in the future. Additionally, the NOC certifies that the seller has paid all the outstanding dues to the society, including maintenance charges, property taxes, water bills, and other charges.

The CHS can also withhold the NOC if the seller has any pending dues or has violated any rules and regulations of the society. In such cases, the CHS can recover the dues from the seller or take other legal action to ensure that the interests of the society are protected.

In summary, the NOC from the CHS is required to ensure that the sale or transfer of ownership of a flat is done in a legal and transparent manner, and that the interests of the society and its members are protected.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/