Cooperative society flat sale amount


Hello Sirs,

I have a flat in a cooperative society in Kolkata.  I got the membership in 2011 after one of the founding member resigned from membership and transferred the same to me with a price.

Now I want to sell the flat and invest in another new flat.  But, I was told, that i can only sale the flat at the same price with what I purchased about 8 year back.  That amount will be on paper and via cooperative society.  Rest amount needs to be exchanged between buyer and seller outside paper.  I could not understand the point made by the society members.

In this case, how can a buyer apply for Bank loan, if the price will be that low as of 8 year back?  I dont want to make any transaction without bank account.

Can you please help to clarify my query?

Thank you,

Mitra

 
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CEO

You appear to be in an erroneous impression, better consult a practising advocate in the matter in your own interest.
 
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Proprietor

I completely agree with the view of Expert at above. You are free to fix the sale consideration depending on market price. Before finalising the transfer of ownership,you have to obtain NOC from the society concerned stating that you no outstanding dues payable to the society. All go through your Society bye-laws and other relevant resolution passed by the society in the General meeting as regards transfer of ownership.
 
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ha21@rediffmail.com Mumbai : 9820174108

1.  It appears that the Society is a "specified purpose society", (Flat allotment society) standing on Govt. land, where only the alloted shares can be sold at the same consideration as paid by original member to Govt. Maybe a ploy to avoid Taxations etc....  Check out all the details, bye-laws and terms & conditions of the original allotment letter.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

 
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