Can I buy land in a cooperative society without obtaining NOC?

Can I purchase a plot of land in a cooperative society with a sale deed that mentions that it’s obligatory to acquire no objection certificates? Will the co-operative society create any downside if I purchase with out the mentioned type?

Please be aware, I don’t want to change into the member of the society after the acquisition.

—Title withheld on request

Any restriction imposed beneath an absolute sale deed which interferes in exercising possession rights by purchaser, isn’t legitimate. Part 10 of the Switch of Property Act, 1882 offers as follows:

‘Situation restraining alienation. — The place property is transferred topic to a situation or limitation completely restraining the transferee or any individual claiming beneath him from parting with or disposing of his curiosity within the property, the situation or limitation is void…’

Within the instantaneous case, the requirement of taking no objection certificates from the cooperative society for switch of the topic plot, will tantamount to an absolute restriction on sale because the cooperative society could refuse permission with none foundation. Due to this fact, the mentioned requirement isn’t legitimate and needn’t be complied with.

If there are any dues payable to the cooperative society by the allottee i.e., the purchaser of the property from the mentioned society, the mentioned society may have a lien on the property to the extent of the dues payable to it by the purchaser of the mentioned property.

In offering this opinion, we have now assumed that:

(i) the sale by the cooperative society to the current proprietor is by the use of execution of an absolute sale deed, registered with the workplace of the jurisdictional sub-registrar; and (ii) the next purchaser of the plot needn’t change into a member of the mentioned cooperative society.

Nonetheless, if the sale of plot requires switch of membership of the society to the brand new purchaser, the stipulation to acquire no-objection from the society, might be a legitimate requirement. Additional analysis of details can be needed in such context.

Srinivas BR is companion at DSK Authorized.

Catch all of the Business News, Market News, Breaking News Occasions and Latest News Updates on Reside Mint.
Obtain The Mint News App to get Day by day Market Updates.

More
Less

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Ads Blocker Detected!!!

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock