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Mihir..... (Wealth Manager)     28 December 2013

U/s 29 of mcs

As per the section 29 of Maharashtra Cooperative Society Act, a member cannot transfer the flat within a period of one year from purchase.

An individual got the flat transferred to his name after his father passed away. The transfer was completed two months ago. Now he wants to sell the flat. Can he not sell the flat within a period of one year? He found a buyer who is willing to purchase provided he gives the buyer the power of attorney to take care of the flat and pay regular maintenance bill after executing the sale agreement, making full payment and handing over the possession. Is this approach acceptable?




 1 Replies

Mihir..... (Wealth Manager)     29 December 2013

Can a sale deed be executed between the buyer and seller, wherein the seller is restricted to sell the flat within one year u/s 29 of MCS Act? 

Will the sale deed be considered null and void because of violating section 29 of MCS Act?

The seller is living there for last 34 years and have become member after his father passed away ? Will this section still apply to him?



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