Legal Question in Banking Law in India
Cidco transfer of property in my name
Hi, i had purchased a flat under auction fron HDFC Ltd. The cidco is not transfering the flat in my name since HDFC has not taken any permission for auction of flat which is under 12.5% scheme. i am ready to pay transfer fees.
1) HDFC has given me registeration certificate of old owner & possesiuon certifacte as well as Sale Deed with them. But they are not providing me any Documents required for transfer of flat to my name.? ( Indemnity bond etc) is there any section under which i can ask bank to give me required documents,Under SARFAESI Act 2002.
2) IS Cidco permission required for selling of Flat under 12.5% scheme under auction?
3 Answers from Attorneys
Re: Cidco transfer of property in my name
The bank has sufficient power to transfer under SARFAESI Act.So, the permission is not necessary the document which you possess is sufficient your title.
Re: Cidco transfer of property in my name
I don't understand what you mean by 12.5% scheme. The HDFC Ltd. can transfer whatever title its mortgagor/debtor had and that should be sufficient to confer title on you on the basis of the sale deed executed by HDFC Ltd. There may be some Exceptions under the so-called 12.5% for mortgaging the house by the allottee from CIDCO to banks or financial institutions. Better consult local lawyer with the CIDCO's stipulations under the 12.5% scheme
Re: Cidco transfer of property in my name
The Banks have conferred the powers of public authorities under SARFEISI ACT. Therefore, the certificate issued by the Bank should be sufficient for transfer of property in your name.
You may contact the higher authorities alongwith your documents.
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