Changes to the NOC Clause for House Owners

A recent notification by the government of Maharashtra will make it easy for the buyer to sell or transfer their property or real estate without taking a clearance from the builder or developer. The ‘No Objection Certificate’ (NOC) is no longer mandatory for flat owners or housing societies which they had to obtain from the builder earlier, for transfer or sale of the property.

This notification is a big relief for the common man as now they can sell their flats at the rate they decide which earlier was dictated by the developers and can sell to any person irrespective of the caste real estate and creed. Also taking a NOC from the builder or developer was a huge headache as builders charged heavy amounts to issue NOC.

However the builders are not happy with this law as they feel that they sometimes build flats for a particular community or for people of different social status and they fear what if the seller sells his property who is a non vegetarian and while other residents are of the society are vegetarians. But the fact of the matter is the builders wanted to earn extra income by dictating the price of the property so that they would be in a position to dispose the property they hold in the society and with this notification they would not be in a position to decide the price as buyer if free to sell his property at any price he desires and to anyone he decides to sell.

Clearly this notification will safeguard the interests of the investor and the seller of the property in near future.