![]() This process is carried on through Deemed Conveyance of the title of the buildings and land in favour of the Society or AOP without the need of the builder to do so. In a situation when a promoter or owner of residential premises/ buildings does not transfer/convey the ownership of the flats to the housing society or association of persons (AOP), the society or AOP can make an application to Registrar of Co-operative Housing Societies, to transfer the ownership of the said flats to them. As per the provision contemplated in Section 11 of Maharashtra Ownership Flat Act 1963, Conveyance is the right of Co-operative Housing Society and the Duty of the property Developer/Promoter to be executed within 4 months from date of Registration of Co-operative Society.Īfter land and Building is conveyed in favour of Co-Operative Society and the title of property is fully and finally recorded in the property card and other revenue records then only the property becomes completely free and marketable.Īs per Housing Society Bye-laws the main objective of formation of the society is to obtain conveyance and if conveyance is executed within 4 months from date of registration of society case can be filed against the promoter /landowner of the land to obtain the conveyance as per section 13 of MOFA 1963 failure to give conveyance is an offence and the promoter/landowner of land can be imprisoned upto 3 years or fine or both. Within four months of the execution of theĭeed, all the original documents related to the sale of the property, need toīe produced for registration before the local registrar.ĭeed is required to be signed by at least two witnesses.Ĭonveyance is transfer the title of land and building by promoter/land owner in favour of housing society by execution of Conveyance Deed. The conveyance deed should state the exactĭate on which the property will be handed over to the buyer. Have the option of having this checked at the local sub-registrar’s office. Question, then, the mortgage must be cleared before the deed is signed. If a loan was taken against the property in Property is free of any legal encumbrance. The seller is required to certify that the A memo of the consideration, stating howĬonditions for the full transfer of ownership rights. The method of delivery of the property toĥ. Legal rights up until the present seller.Ĥ. Other rights annexed to the property andģ. The actual demarcation of the property.Ģ. The builder is not willing to transfer the rights, in front of designatedġ. ![]() ThisĪmendment allows society owners to gain the legal rights of the land even if This amendment is called “Deemed Conveyance”. (MOFA) to make sure if builders run way from such responsibilities, the Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 This results in issues for societies in future. Have later on denied to create such documents and asked additional money to However, due to lack of knowledge manyīuilders do not create such documents. In case of housing societies the builder/promoters have to ideallyĬreate deed of conveyance and hand over it to housing societies that to withinĤ months after project completion. Give conveyance is an offence and the promoter/landowner of land can be The land to obtain the conveyance as per section 13 of MOFA 1963 failure to Registration of society case can be filed against the promoter /landowner of To obtain conveyance and if conveyance is executed within 4 months from date of Per Housing Society Bye-laws the main objective of formation of the society is Revenue records then only the property becomes completely free and marketable. Of property is fully and finally recorded in the property card and other Land and Building is conveyed in favour of Co-Operative Society and the title The right of Co-operative Housing Society and the Duty of the propertyĭeveloper/Promoter to be executed within 4 months from date of Registration of As per the provisionĬontemplated in Section 11 of Maharashtra Ownership Flat Act 1963, Conveyance is Housing society by execution of Conveyance Deed. Is transfer the title of land and building by promoter/land owner in favour of
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