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Procedure for Deemed Conveyance

Procedure for Deemed Conveyance

Procedure for Deemed Conveyance

 

When the land or the property is properly conveyed to the Co-Operative Housing Society or in the name if the individual owning the property, it implies that the property is legally transferred in its or his name. From then, all the municipal tax bills are drawn in their names.

 

Having the legal title of the property gives additional benefits to the Co-Operative Housing Society. The plot of the land generally has some developmental potential in the floor space index (FSI). FSI is calculated in terms of square meter area upon which a potential development can be carried out. It may vary depending upon the location and the user zone of the plot. Co-Operative Housing Society can take the benefits of the F.S.I. But this can be done only when the property and the land is legally conveyed (transferred) in the name of the Co-Operative Housing Society.

 

According to the official data majority of the property in Maharashtra is such where the property owner or the developer has not transferred the property in the name of Co-Operative Housing Society. The most common reason behind doing this is – so that the builder can make use the F.S.I. in the future. Even though F.S.I. belongs to the Co-Operative Housing Society and the occupants have paid in full for the property. But since the title has not been transferred legally to the Co-Operative Housing Society, they are helpless.

 

To safe guard the interest of the occupants and the interest of the Co-Operative Housing Society, the Government of Maharashtra has introduced – Deemed Conveyance.

 

Deemed conveyance is an amendment sub- section (3) of section 11 pertaining to the Maharashtra Ownership Flats. It is governed by the Regulation of the Promotion of Construction, Sale, Management and Transfer, Act, 1963.

 

Procedure for Deemed Conveyance

  • As the first step to obtain deemed conveyance, the managing committee prepares the members of the Co-Operative Housing Society for the deemed conveyance.
  • As the next step, the managing committee collects the documents required for the deemed conveyance. The documents are organized and the case is prepared.
  • The Co-Operative Housing Society files the case before Competent Authority. The case is contested, upon which an order is issued, based on which certificate that upholds the rights of the deemed conveyance of the society is obtained.
  • The Scrutiny Reports the Office of the competent authority and issues summons and gives out newspaper notices to the land owners and the property developers to appear for the hearing. This is to ensure they are given adequate chance to present their standing on the situation.
  • In this stage, a deed for the deemed conveyance is Adjudicated, is properly stamped and registered.
  • The competent authority incorporates the Co-Operative Housing Society’s name in the land revenue record.
  • The land, property or the building is conveyed in the favor of the Co-Operative Housing Society. The title of the property is recorded for property card and revenue records. The title of the property now belongs to Co-Operative Housing Society. The tiles are now free and marketable.