Our Housing society got converted into “NON TRADING CORPORATION” in 1988. This was done to safeguard members interest .One of the rules then made was: “one plot one owner”, this was done for reasons, mainly:
1. The plots will not get divided incase there are more owners.
2. The executive committee will be dealing with a single person to avoid any unpleasantness in future.
3. To avoid any multiple house constructions in a single plot.
Recently one of the members took a “NOC” (No objection Certificate) from the committee to sell his plot. This was given in name of a single person. However he sold it to two brothers in joint name thus violating the rule. The sale deed is registered. When the committee objected to this the new owner offered to give an Indemnity Bond specifying that the plot will not be subdivided. However it is not clear as who will be the “main or principle owner”.
This has created a problem as the committee is in dilemma as regards to the legality of the sale deed and whether to give the possession letter or not? More over this may become a precedence for future cases.
Our questions are:
1. What are the options left to the Executive committee or new owners to correct this?
2. What is “Indemnity Bond” and how binding it is on the owners?
3. Can a person sell to multiple owners even after the NOC is given for selling in single name?
I shall be thankful for guidance on this issue and request reply on my e-mail id
With regards
SKSingh