Dear Mr. Visariya - Pls help. I am about to purchase a resale flat in Pune. She is the first owner. She purchased the flat from builder and got the possession in August 2013 and staying there since then. The building completion certificate was received in April 2014. The housing society was registered in June 2014 and the share certificates have come just this month i.e. Feb 2015. The society is ready to give NOC for this resale by accepting transfer charges. But I read that as per MCS act 29(2)(a), the member cannot transfer his share/interest in the property before one year. So will this rule apply in my case? Because she is the first owner and she had held interest in the flat for 1.5 years and this is going to be first 'transfer' of flat. So will I get the share certificate transferred to my name immediately? Or will I have to wait for one year? Please help asap.Thanks a ton in advance.
Yes it apply in your case also. Share certificate will transfer to your name only after March-2016.
Thank you Sir for your revert. Just to clarify - Is it legal to purchase the flat now and get the share certificate transferred in my name in March 2016? Does the law allow the seller to sell the flat now? Or will this sell/purchase transaction be considered illegal as per Maharashtra cooperative housing society act? Will there be any problem for me in this purchase transaction due to this rule, except that the share certificate will be transferred after an year?
yes it is legal you can purchase the flat take sign of seller on transfer set submit it in society and after 1 year society will transfer the share certificate. If society not accept the transfer set then submit it after one year. No problem to buy the flat
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