Legal Question in Real Estate Law in

I resident of Mumbai, bought a property(1st sell) in a mumbai before 2.5 years in CHS based on NOC from CHS. I also inform u that I had taken loan from bank to buy this property and so the original share certificate is lying with the lending bank. In the last 2.5 years, the bank didn't send the certificae to society for tfr in my name. Society had issued NOC to my lending bank also in past. Now I have sold the property (2nd sell) and got registration also done in favour of new buyer based on NOC again from society. However after doing this society has raised a issue that the 1st sell was not valid as the same was done before comleting one year. i.e me buying the flat was not valid as my seller did the transaction before completing one year.
need yr opinion
1. is the first sell was illigal?
2. if yes, who is the culprit, society who gave NOC to me and the bank or the seller of 1st sell?
3. what is the solution to iron out the transaction?

Asked on 8/28/10, 2:47 am

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

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once you have already obtained loan on the property, you have no right to sell it. NOC of society is of no consequence and second sale is invalid.

Answered on 8/28/10, 10:48 am

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