Preparation for Deemed Conveyance
This might sound strange but 80% of the Co-Operative Housing Societies have not received conveyance of land and building for which they have already paid in full. As result, conveyance of the land remains in the name of the builders. To curb the exploitation of Co-Operative Housing Society in the hand of the property owners or the builders, the government of Maharashtra brought the provision of deemed conveyance. Legally it is the duty of the builder or the land owner to convey the titles of the property in the name of the Co-Operative Housing Society, but this largely remains ignored for the sake of the vestige interest of the land owners or the property developers. Government made amendment in laws to introduce deemed conveyance in order to stop this malpractice by the land owners or the property developers.
Since, it is only after execution of conveyance in the favor of the Co-Operative Housing Society by the builder or the land owner that the Co-Operative Housing Society can do any reconstruction work or even sell the property. Till such time the Co-Operative Housing Society only has the possession rights without any legal rights of re-development or marketability. The Co-Operative Housing Society cannot even carry any commercial benefits out of the property.
The Co-Operative Housing Society in such case can take deem conveyance route to acquire the title of the property. To obtain deem conveyance, the Co-Operative Housing Society will have to collect relevant documents including society registration certificate, Building Approved Plan, Property Card or 7/12 Extracts, ULC Order, Copies of Agreement for Sale of flat purchasers, Non Agricultural Order, City Survey Map, Stamp Duty paid proof, Layout Plan, Registration Receipts, Draft Conveyance Deed, Architect Certificate about the utilization of FSI and the proportionate land entitlement Occupation Certificates, Search Report etc.
The Co-Operative Housing Society makes a managing committee to place the case before the SGM. The managing committee explains all the difficulty faced by them to obtain the conveyance of the property from the land owner or the land developer. The managing committee explains the effects and implications of the deemed conveyance to the members (property occupants). The managing committee also explains the procedure of obtaining the deem conveyance to the members.
During the SGM, typically below resolutions are passed:
After the preparation stage, the committee of appointed representatives of the society move ahead with documentation stage.
The society (appointed representatives) needs to make an application before the competent authority constituted by the Government of Maharashtra. The Co-Operative Housing Society will need to make Conveyance Deed and submit before the Collector of Stamps to pay Stamp Duty along with proof of payment of Stamp Duty by each of the individual occupants.