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What Is A Conveyance Deed?
Any construction consists of 2 most important factors first is b.up area & 2nd is land on which building is constructed. After completion of construction builder/developer was supposed to transfer land in name of society (or association of apartment). This transfer process is called as conveyance deed. A survey shows that in almost 80% society this process was not completed.
Hence in government record land is still in old owner’s name. When society needs redevelopment permission / modification permission, land must be in name of society.
Once a minimum of 60% flats in the project are sold, as per mofa-1963, the builder is expected to form a housing society or association of apartment of these flat owners. And hand over the entire ownership of the land, amenities & other structures (if any) in name of the society. With this, the ownership record of the land or the 7/12 extract of the revenue department, bears the name of the housing society and the name of builder or previous owner is removed. This transfer of rights is called execution of the conveyance deed and with it; the role of the builder comes to an end.
Why Conveyance Deed Is Important?
A cooperative housing society is registered if it has a minimum of 10 flats. The conveyance deed is not issued in the name of an individual. A flat owner while buying a flat from a builder takes only a purchase agreement. He thinks that he owns the flat as well as the land on which the housing scheme stands, but that is not the case. The housing society should have a conveyance deed to the legal owners of the land; otherwise the builder continues to be the legal owner of the land. Such transfer of rights is required for changes like construction, removal of some property; some space or infrastructure is to be rented, reconstruction or redevelopment. If FSI of that area is increased, society can do additional construction, only if conveyance deed is in favor of society.
More about Deemed conveyance.
o Conveyance is transferring the rights, title, interest and ownership of the land and building from the land owner/ property developer to the co- operative housing society.
o Nearly 80% of the co-operative housing societies had not received the conveyance of land and building in their favor from the builder. The president of India gave the assent on February 25, 2008, and it became the law of the land. in June 2008, the necessary notifications were issued by the government of Maharashtra
o Deemed conveyance is an amendment under sub- section (3) of section 11 of the Maharashtra ownership flats act, 1963. It is applicable to the societies that have not received conveyance from the land owners & property developers after their formation.
o The aggrieved society shall make a deemed conveyance application to the competent authority designated by government of Maharashtra.
o The application shall include the documents notified by government of Maharashtra for deemed conveyance. The competent authority shall hear the sway of the land owners & property developers. Then on satisfaction shall issue the deemed conveyance order & certificate in favors of the aggrieved society.
o The competent authority shall execute the deemed conveyance deed on behalf of the defaulting land owners & property developers with the aggrieved society.
List of documents for deemed conveyance as under
1. Resolution & Notice To Builder
2. Development Agreement
3. Power Of Attorney
4. Layout Plan (Blueprint)
5. Commencement Certificate
6. Completion Certificate
7. 7/12 Extract
8. Title & Search Report
9. N.A. Order
10. ULC Order (If Any)
11. Single Copy Of An Agreement (First Buyer)
12. Index-II (Of All Flats/Shops)
13. Architect’s Area Certificate
14. Society Registration Certificate