Redeveloment

K SATYANARAYANA MURTHY (Querist) 12 January 2024 This query is : Resolved
Sirs,
Our Building is under Redevelopment. It is situated at Andheri Mumbai. We have signed individual agreements with the Redeveloper and we have been alloted Flats in the UPCOMING new building.
1. Can I sell my flat during the Construction time?
2. Do financial institutions give loan to buyers of such under Construction Redevelopment projects?
Pls reply. Thanks.
K s murthy

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Quick Summary

This discussion addresses queries about selling a flat during a redevelopment construction phase in Andheri, Mumbai. It confirms that selling such a flat is generally permissible, provided the development agreement doesn't prohibit it. Furthermore, financial institutions are likely to offer loans to buyers of these under-construction redevelopment properties, again subject to the specific terms of the development agreement.

kavksatyanarayana (Expert) 12 January 2024
Verify the Maharashtra Redevelopment Rules, 2019. (1) and (2) Yes.

T. Kalaiselvan, Advocate (Expert) 13 January 2024
You may visit the development agreement entered with the developer which has answers to your questions.

P. Venu (Expert) 17 January 2024
Yes, any suggestion depends upon the terms of the Development Agreement as well the policy and the practice followed by the particular. However, to my knowledge, the rights of the flat or tenement owner under development does not appear to fall among the properties that are provided to be non-transferable in terms of Section 6 of the Transfer of Property Act.

"6. What may be transferred.—Property of any kind may be transferred, except as otherwise
provided by this Act or by any other law for the time being in force.
(a) The chance of an heir-apparent succeeding to an estate, the chance of a relation obtaining a legacy on the death of a kinsman, or any other mere possibility of a like nature, cannot be transferred.
(b) A mere right of re-entry for breach of a condition subsequent cannot be transferred
to any one except the owner of the property affected thereby.
(c) An easement cannot be transferred apart from the dominant heritage.
(d) An interest in property restricted in its enjoyment to the owner personally cannot be
transferred by him.

(dd) A right to future maintenance, in whatsoever manner arising, secured or determined, cannot be transferred.
(e) A mere right to sue cannot be transferred.
(f) A public office cannot be transferred, nor can the salary of a public officer, whether before or after it has become payable.
(g) Stipends allowed to military, naval, air-force and civil pensioners of Government and
political pensions cannot be transferred.
(h) No transfer can be made (1) in so far as it is opposed to the nature of the interest
affected thereby, or (2) for an unlawful object or consideration within the meaning of
section 23 of the Indian Contract Act, 1872 (9 of 1872), or (3) to a person legally
disqualified to be transferee.
(i) Nothing in this section shall be deemed to authorise a tenant having an untransferable
right of occupancy, the farmer of an estate in respect of which default has been made in paying revenue, or the lessee of an estate under the management of a Court of Wards, to assign his interest as such tenant, farmer or lessee."

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