:) We pay transfer charges in lakhs to these money hungry builders but the rule has changed now. I had chat with a friend of mine who is on a higher position in the leading Real Estate Company of Mumbai. He told me that the government rule has changed since a month and now you don't need Builder's NOC or transfer letter for paying Stamp duty and Registration charges, previously for which builder's NOC was needed. So once registration charges & stamp duty are paid, all legal work is done & you are the legal owner of the flat. This is possible & true even when you are taking a loan.
Some of (ALL) the builders still take advantage of people who do not know about this rule. It will take time for masses to be aware of this rule. So now if builder asks you to pay 'p, DO NOT PAY TRANSFER CHARGES.
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  • If this is true - and the order does not have loopholes that the builders can exploit - then this is an amazing development for buyers!

    Thanks for sharing this!
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  • Originally Posted by ankilsanghvi
    :) We pay transfer charges in lakhs to these money hungry builders but the rule has changed now. I had chat with a friend of mine who is on a higher position in the leading Real Estate Company of Mumbai. He told me that the government rule has changed since a month and now you don't need Builder's NOC or transfer letter for paying Stamp duty and Registration charges, previously for which builder's NOC was needed. So once registration charges & stamp duty are paid, all legal work is done & you are the legal owner of the flat. This is possible & true even when you are taking a loan.
    Some of (ALL) the builders still take advantage of people who do not know about this rule. It will take time for masses to be aware of this rule. So now if builder asks you to pay 'p, DO NOT PAY TRANSFER CHARGES.


    Can you share any link or source which can authenticate this rule?
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  • Originally Posted by lazybone007
    Can you share any link or source which can authenticate this rule?


    Yes, even I havn't seen any such announcement from the Government or any authorities. Appreciate, if you give some link for the source of the news.
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  • As of now I do not have any link about this coz the info is conveyed to me by word of mouth from a very trusted person. If I get any link abt this news I 'll post it here. BTW it can also be done by filing RTI.
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  • is this transfer fee collected by the builder applicable for the re-sale of the flat or on the first direct sale from the builder?
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  • Only applicable before trasferring to Society.

    Originally Posted by skrishna
    is this transfer fee collected by the builder applicable for the re-sale of the flat or on the first direct sale from the builder?
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  • This is proved now. I got to hear from a broker that one of his clients owned the flat in RNA royale without payin to builder.
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  • Can some one please post the link for the ruling, I am in the process of dealing with one such builder who is asking charges for NOC in case of resale flat transaction.
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  • Any update on this? Is it being strictly followed or are builders still fleecing money in resale deals? Resale buyers may please throw some light on how to counter builders illegal claims - legal ways.

    Many property websites clearly state that it is illegal for builder to charge any kind of transfer fee before the society formation and it is only due to financial institues requirements that they blackmail the seller/buyer into paying transfer money.

    Builders cannot charge Transfer fees
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  • Very true, banks.and fi force buyers for builder noc to avail loan, although registration and stamp duty doesn't requires the same.
    Basically this is a nexus between builders and banks, as bank charge high interest to builders, so they sort of repay thru this consumers money.
    Otherwise post possession its nonsense to ask for.noc as no builder will offer possession without clearing all dues.
    The govt is also mum on this issue as after all its their personal money invested thru these cheat builders only..
    Builders also know that most of resale happens around possession and in.next 2-3yrs, so they collect Maintenance in.advance and delay society formation.as much as possible..
    Yes, if loan not required, noc not required....
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