Noc for redevelopment

Querist : Anonymous (Querist) 16 February 2021 This query is : Resolved
I am the Association Secretary of a society (20 Flats) in chennai.
It was constructed in 1992 and all the 20 owners have decided to go for joint venture redevelopment. One of the owner's flat is mortgaged with SBI bank. The UDS of his land value is double the value of outstanding loan. He is going to share 35% of UDS with Builder. Will he be able to get NOC from Bank for redevelopment and continue his mortgage.

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SHIRISH PAWAR, 7738990900 (Expert) 20 February 2021
Hello,

As per my opinion, that person cannot enter into any agreement with the builder with respect to the flat already mortgage. You may be required to take permission from the bank.

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