SEEMA KOCHHAR Vs. GREATER NOIDA DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) THE petitioner, who had been allotted a constructed built up area measuring 250 sq. meters by Greater Nodia Development Authority (hereinafter referred to as the 'authority'), has filed this petition for a direction upon the Authority to issue a 'no objection certificate' in favour of the respondent-Bank for mortgaging the said property and for a further direction upon the Authority to enter into a tripartite agreement with the Bank for raising loan to facilitate the petitioner to deposit the amount of Rs. 34,60,400/- demanded by the Authority by the letter dated 18th December, 2006. An alternative prayer for a direction upon the authority to convert the cash down payment as demanded by the letter dated 18th December, 2006 into hire-purchase for three years has also been sought.

(2.) THE Authority issued an advertisement in the year 2006 inviting applications for built up houses for various plot sizes. In the terms and conditions, it was provided that the mode of allotment was to be done by draw of lots which was to be done first for allottees opting cash down scheme (A-5. 1) and then for the remaining houses, if any, for installment plan (A-5. 2 ). A-5. 1 plan required cash down payment after adjusting the registration amount within ninety days from the date of allotment while A-5. 2 plan required allotment money equal to 20% of the total premium to be paid within 45 days from the date of allotment and the balance in eight equal interest free quarterly installment. It was specifically provided that the allottee could change the payment plan from installment mode of payment to cash down mode of payment but permission to change the payment plan from cash down mode of payment to installment mode of payment would not be granted under any circumstances. THE registration amount for a constructed built up area measuring 250 sq. meters was Rs. 3. 70 lacs whereas the tentative cost of the house was mentioned as Rs. 36. 48 lacs.

(3.) UPON receipt of the aforesaid allotment letter, the petitioner approached the Bank of Maharashtra for availing loan facility for making the payment but the Manager of the Bank by his letter dated 11th March, 2007 informed the petitioner that they shall consider the application for housing loan provided the petitioner obtains a 'no objection certificate' from the Authority for mortgage of the property and a tripartite agreement is executed between the Authority, Bank and the borrower. The petitioner, therefore, by his letter dated 12th March, 2007 requested the Authority to issue 'mortgage permission' but the Authority did not issue the tripartite agreement. This petition has, accordingly, been filed for the aforesaid reliefs.