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In early 1970’s and 80’s, when CIDCO took over the development of Vashi (Navi Mumbai) as a satellite city, it constructed various Apartment complexes in Vashi, Juinagar, Sanpada, Nerul, Belapur etc and sold them to prospective buyers for a very cheap rate to attract people to Navi Mumbai.
It helps to recall that in the early 80’s,Vashi (Navi Mumbai) was considered a failure.
These apartments ranged from 200 sq ft to 1000 sq ft.Gradually,with the advent of private builders and launch of 12.5% Scheme, A lot of private builders made Navi Mumbai a worthwhile destination. The Cost in Vashi was between 200 to 300 rs per sq ft. Several residents of CIDCO buildings started selling their flats to buy flats in private constructions. However, there was a slight hitch in selling the CIDCO flats.
For example, a flat in E type apartments (3 bhk @ 1000 sq ft carpet area) which was purchased at Rs 30,000 in 1973 started fetching a price of Rs 3,00,000 in 1980,which meant that 1.5 lakhs would have to be paid to CIDCO as profit share in case the flat owner wanted to sell the flat.
CIDCO has sold flats based on a strict condition that before selling the CIDCO flats, owners will have to take permission from CIDCO and they will have to share 50% of the profit (difference between their selling price and the price at which they purchased from CIDCO) from sale with CIDCO. This gave rise to various tactics to evade these additional charges.
Most people started selling their flat on POA (Power of Attorney),thereby depriving CIDCO and the State of massive funds.
This POA later gave rise to various other issues, due to which owners couldn’t sell their flats, couldn’t become society members, couldn’t obtain loans etc.
In 2011, the Govt announced an amnesty scheme wherein the defaulters could pay the set fees and penalty as a one time charge to regularize their flats in these buildings…however this was applicable only to flats purchased before June 2009 and the whereabouts of the seller (original owner) was not known (traceable).
Current Status (Legal Issues)
The scheme has currently been suspended as it involves legal issues which need to be sorted out at the Level of the Law governing all sales and purchases of flats. Giving Amnesty for all such purchases will give rise to further complications in the future. Power of attorney is only valid till the lifetime of the person who is giving it. There is no guarantee that the person who gave the Power of attorney is still alive. In that case, the transaction will become completely illegal as the Power of Attorney is invalid anyways after a person dies.
Current laws make it compulsory for the Power of Attorney regarding Flat or property purchase to be registered.
The registrar can ask for people who are parties to the old Power to Attorney to come and register the agreement but the law says that the executed (signed) agreement has to be registered within 4 months of the signature.
Also the CIDCO sale agreement specifies clearly that only direct blood relatives of the buyer can be appointed as Power of Attorney Holders.
That presents a whole new problem. The present law will have to be amended before this scheme can be implemented. But this is highly unlikely as it will give rise to unimaginable consequences legally.
Political schemes to fool people before elections
Most people are unaware that the country is governed with laws.
Laws are passed in Assembly for matters which come under state list in the constitution.
The law comes into force when it is approved by both houses and is signed by the governor and published in the Gazette.
It is for this reason that another name for politicians is LAWMAKERS. But most fool people by promising to do ‘Seva’ of people. What exactly this SEVA is … is not defined or mentioned anywhere in the constitution.
Politicians in connivance with chor bureaucrats are expert at concocting such nonsense and illegal schemes and getting it published in the papers to fool people.
They know that people wont know the truth anyways.
Fool them and take votes. To hell with what happens later.
This is the fate of the country. Where the current lot would not know abc of the law and give votes based on ‘promises’ and lies. They don’t even know that the only job and legal duty of the politician is to make laws in the assembly and parliament. After the law is made, they can’t even change a full stop or comma in the law.
|CIDCO Transfer only||15,000|
|Mortgage NOC only||15,000|
|CIDCO Transfer + Mortgage NOC||20,000|
|Drafting and Registration of Sale Agreement/Sale Deed||10,000|
|Brokerage (Purchase/Sale transaction)||2%|
|Brokerage (Rentals)||1 month rent/year|
|Consultation over Phone/Whatsapp/Zoom/Google Meet||4,000/30 mins|
|Property Tax Name Transfer||10,000|
|Water Bill Name Transfer||10,000|