I’ve booked a commercial space in Kandivali Charkop two years ago. The builder hasn’t completed the construction and hasn’t signed the agreement. Worse, the bank has taken symbolic possession. Now, the builder wants to sign the agreement without the bank’s NOC. Should I proceed, or is it pointless without the bank’s clearance?

Apni Law
Apni Law
Law Forum › Category: Property › I’ve booked a commercial space in Kandivali Charkop two years ago. The builder hasn’t completed the construction and hasn’t signed the agreement. Worse, the bank has taken symbolic possession. Now, the builder wants to sign the agreement without the bank’s NOC. Should I proceed, or is it pointless without the bank’s clearance?
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Apni Law Staff asked 3 months ago

I’ve booked a commercial space in Kandivali Charkop two years ago. The builder hasn’t completed the construction and hasn’t signed the agreement. Worse, the bank has taken symbolic possession. Now, the builder wants to sign the agreement without the bank’s NOC. Should I proceed, or is it pointless without the bank’s clearance?

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Best Answer

Apni Law Staff answered 3 months ago

It is highly advisable to not proceed without the bank’s NOC. Signing an agreement without bank clearance could lead to legal complications, as the bank has symbolic possession. This could potentially hinder your ownership and the ability to secure loans or mortgages in the future.

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