It’s critical to see if the apartment is backed by a loan. Check the debt status of all loans on the property. Ask the seller for a “certificate of no units” from the relevant bank to certify that all outstanding shares have been redeemed at the bank. This document guarantees that the bank has received all dues from the seller and that there are no outstanding debts on the apartment, allowing you to purchase it with confidence.
No, a Society No-Objection Certificate (NOC) is not required when purchasing an apartment. The role of a society is to record the transfer of shares from the seller to the buyer. Any attempt by a housing society to prevent the sale of the unit will be illegal and will result in serious legal consequences.
Under the Transfer of Property Act of 1882, the right to acquire or sell a property is a legislative right. In this case, the property owner’s right reigns supreme. He has no limits on who he may sell his apartment to.
Press sources say housing societies harass apartment owners on a regular basis. People from specific castes, groups, or faiths are sometimes barred from renting apartments in these cultures. Frequently, signs are posted prohibiting bachelors from renting flats in the society, resulting in substantial harassment to flat-owners and the general public.
Reference: Transfer of Property Act, 1882.
Telaga Mahajana Sangham vs The Registrar, The Special Court, … on 7 February, 2007
Lakshmi School vs State Of Tamil Nadu on 21 September, 2012 – – AHG285 – 202100581 – 152 – 178- 202100198-20210042-18804