NOC for mortgated plot
5 years ago
Dear Sir/Madam,
We are eyeing a land in a layout developed by a established promoter.
We come to understand that the promoter has obtained a GPOA and has mortgaged the entire 7 acres of development with a private financier. He says he will obtain a NOC from the financier and then once we register the plot will be under our name in the EC.
Please advise if the EC will be clear for my plot immediately after registration ? Will I be able to re-sell any time soon after registration ?
Or do I need to wait for all the plots in the survey number or the entire 7 acres of land to be sold and mortgage cleared for the EC to reflect as clean ?
Thanks,
Saravanan.K
ROBERT D ROZARIO
Responded 5 years ago
Rameshwar Dadhe
Responded 5 years ago
It all depends upon how the NOC is issued by the banker. If NOC is pertaining to your land only then there will be further issue in respect of remaining land. As such it is better to get NOC and immediate EC in respect of your site and you can sell your property only after change of katha in your name in respect of your land purchased.
For full procedure contact me on mobile through Vidhikarya.
There is a difference between theory and practical applicability.
It is difficult to say anything without looking at the papers.
Secondly, when you are investing so much on property it will be appreciated if you get in touch with a Real Estate Lawyer of your locality/area/town/city who is also well versed in local laws/State Laws.He/She will do the job for you.
Shanti Ranjan Behera
Advocate
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