- (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. Clause-K of the scheme provided for mortgage of the house after execution of the lease deed and the same is as follows : "k. MORTGAGe The allottee/lessee may, with the previous consent of the lessor, mortgage the house, after execution of lease deed, to any recognized financial institution for raising loan for the purpose of funding the installments etc. and subject to such terms and conditions as may be decided by the lessor at the time of granting the permission : Provided that in the event of sale or foreclosure of the mortgage on charged property the lessor shall be entitled to claim and recover such percentage, as decided by the lessor, of the unearned increase in the value of said house as first charge. The decision of the lessor in respect of the market value of the said land/house shall be final and binding on all the parties concerned. Provided further that lessor shall have pre-emptive right to purchase the mortgage or charged property after deducting such percentage as decided by the lessor on the unearned increase as aforesaid. The lessor's right to the recovery of the unearned increase and the pre-emptive right to purchase the property as mentioned herein before shall apply equally in voluntary sale or transfer, be it by or through execution of decree of insolvency/court. " The petitioner had submitted for allotment of a built up house in a plot measuring 250 sq. meters in the aforesaid scheme under the cash down plan (A-5. 1 ). A communication dated 18th December, 2006 was sent by the Authority mentioning therein that the petitioner had been allotted Plot No. 87 in Block 'b' of Sector OMICRON-02 and the petitioner was required to deposit the allotment amount of Rs. 34,60,400. 00 on or before 18th March, 2007. It was also specifically mentioned that in case she fails to deposited the deposit money, the allotment could be cancelled and the money deposit till the date of cancellation would be forfeited. It was also mentioned that the terms and conditions mentioned in the brochure for the scheme shall form part of the allotment and shall be binding on the allottees.
(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. We have heard learned Counsel for the petitioner and Sri Pradeep Kumar, learned Counsel appearing for the Authority.;