What can be done if the bank asking for NOC from MIDC for loan ?


You have brought release flat in project which has land got from MIDC. You applied for lone and bank asking you NOC from MIDC in this situation you can make representations in writing to MIDC if not replyed you can file writ potion in High Court for direction to issue NOC.

1. Ask the MIDC to issue you the NOC since the land in question is on lease;

2. If they still refuse then ask the bank’s legal head speak to MIDC legal head;

3. If it still does not get resolved then send a legal notice to MIDC and ask them to comply with the requirements;

4. You can also take help of local lawyer and make him or her speak to the authorities on your behalf.

Builder has taken the land on lease from midc and he has no right to sell the constructed flats. He might be cheating you by agreeing for resale too since he himself has no power to do so. Check with midc authorities for the actual status. If you get no proper title,banks cannot lend you.

As per the earlier norms of MIDC, the MIDC accepts the transfer application only if there is minimum 20% Construction and Building Completion Certificate and the plot has been utilised for an intended industrial use. However, there have been certain changes done by MIDC for the utilisation of FSI.

There are various guidelines issued by MIDC from time to time for the transfer of Leasehold rights of the plots in MIDC area.

Reference: Maharashtra Industrial Development Act, 1961



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