Transfer memorandum is necessary when transferring leasehold property.An amount of Rs 1,000 for the permission process is levied and it will take 10-15 days for the verification and authentication of the seller and buyer. The transfer should be conducted within 60 days from the date of authority permits the transfer or sale.
Transfer memorandum is granted by the development authority and during sale or transfer of property, the seller has to file an application to the revenue officer in the development authority office for the permission to transfer or sell the property. Along with the application he need to submit the copies of NOC and title deeds from the residents welfare association. Your name, current address and the transfer date need to be mentioned in the application.