Sunil Kewalramani 31 March 2018

Grandfather gave flat GIFT to son and grand-son. now son and grand-son want to sell it within 1 year of transfer

Grandfather has purchased a flat in Mumbai in the year 1980. Grandfather has gifted the Flat to his Son and Grand-son via registered Gift Deed dated March 23, 2018. The Son and Grand-son has started the transfer of membership process in the Society. The membership transfer process will be done by 1st week of April 2018. The Son and Grand-son wants to sell the flat with-in 1 year of transfer because they want to buy a bigger flat.

Are they allowed to sell the flat within 1 year of transfer?

I got the above query because i read about the Provisions of Section 29 of the Maharashtra Co-operative Societies Act (MCS Act).

Are there any-other way/solution through which they can sell the flat with-in 1 year as per the MCS Act ?

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Prashant 31 March 2018

Grand father should not come to know the price at which they are selling. If grand comes to know the price ..............

Yusuf Rampurawala 03 April 2018

If there is any such restriction in the societies act or the society bye laws then you can simply execute a MOU with your prospective buyer and both parties can agree that the sale transaction will be completed only on expiry of 1 year from the date of transfer of the flat to present owners' names. The intended if agreeable to the same, can pay you part consideration and balance will be paid on execution of final sale deed. So if that happens then you will have to arrange for extra money for buying the bigger flat since you wont be getting full consideration from your intended buyer till expiry of 1 year and completion of sale formalities for your flat sale. Hope this helps.

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