I have given my flat cum office as collateral security for bank against business loan now society refuses noc as required by bank citing reason of commercial activity done in the flat hence we can not give the noc is this true and under which law
2 Answers from Attorneys
Dear Sir / Madam,
A co-operative housing society is governed by the bye laws which clearly stipulate that commercial activity therein is prohibited. The Society is right in refusing the NOC due to violation of byelaws.
Generally commercial activities are not allowed still you can check the by laws of the society.
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