MIDC Plot transfer procedure step by step
MIDC Plot transfer procedure step by step
Overview
This document outlines the essential steps involved in the MIDC plot transfer process, ensuring a smooth transition of ownership and compliance with all necessary regulations.
1. Memorandum of Understanding (MoU)
Purpose: This foundational document, issued by MIDC, confirms the allotment of the plot to the buyer.
Significance: Establishes the buyer’s eligibility and initiates the transfer process.
2. Property Token / Agreement for Sale
A legally binding agreement between the seller and the buyer.
Key Components:
Consideration amount
Obligations and timelines
Conditions precedent
Terms and conditions
Role: Serves as the contractual basis for subsequent approvals.
3. Corporate Approvals
Requirements: Internal approvals from the Board of Directors or Shareholders of both parties.
Compliance: Ensures adherence to the Companies Act and corporate governance norms.
Documentation: Typically documented via a Board Resolution or Shareholder Resolution.
4. No Dues Certificate
Issuance: Provided by MIDC confirming that the seller has no outstanding dues (lease rent, service charges, water bills, property tax, etc.).
Importance: Critical for proving a “clean title” before the transfer.
5. MIDC Application
Submission of documents on the Single Window Clearance : A formal application submitted to MIDC for transfer approval.
Supporting Documents:
Agreement for Sale
Corporate resolutions
Financial clearances, No Objection Certificate (NOC) from the bank, if there is a loan outstanding
Indemnities
Project profile, Process flow
Request letter from the buyer and seller parties
Property Documents. BCC, MIDC transfer order
Declaration on Form No. A & B
C.A. Certificate for Shareholding Pattern
MOA & AOA with Certificate of Incorporation (if Pvt. Ltd.) / Partnership Deed (If Partnership Firm)
Addhar Card and Pan card for authority person
6. Inspection
Conducted by: MIDC surveyor.
Verification Criteria:
Compliance with allotment terms
Adherence to construction and operational norms
Absence of unauthorized activities
Compliance with MIDC subletting and other permissions
7. MIDC Demand Order
Issuance: MIDC issues a demand note for transfer charges, processing fees, and applicable premiums.
Requirement: Payment is mandatory to proceed with the transfer process.
8. Transfer Order Payment & Receipt
Action: Buyer makes payment against the demand order.
Confirmation: MIDC issues an official receipt confirming the settlement of dues.
9. Indemnity for No Liability
Submission: Buyer submits an indemnity bond, taking responsibility for future liabilities.
Purpose: Protects MIDC from disputes or claims post-transfer.
10. MIDC Final Approval
Issuance: MIDC issues a formal transfer approval letter, officially sanctioning the transfer of ownership.
11. Full & Final Payment to Property Owner
Action: Buyer pays the balance consideration to the seller, marking financial closure of the transaction.
12. Registered Deed of Assignment
Execution: Must be executed and registered with the Sub-Registrar of Assurances.
Legal Requirement: Legally transfers ownership rights from the seller to the buyer and must be stamped under the Registration Act.
13. Record Mutation
Process: Update the buyer’s name in MIDC and revenue records via the Maitri portal or the single window system.
Outcome: Ensures the buyer is recognized as the lawful allottee.
14. Final Step: Possession + Compliance
Action: Buyer takes physical possession of the plot.
Obligations: Must comply with MIDC norms regarding construction timelines, usage restrictions, and environmental clearances.
Significance: Completion signifies full ownership and operational control.
Contact – For inquiries, clarifications, or to schedule a site visit, please feel free to contact:
9819992310 Sushant
9819997500 Atul
9819998900 Koyana
https://www.midcwala.com
