![]() ![]() In case of a Co- Operative Housing Society (formed by the Flat Purchasers/ Owners under the provisions of Maharashtra Co- Operative Societies Act, 1960), 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. Conveyance, Deemed Conveyance of Co-operative Housing SocietiesĬonveyance of a Property is transferring the Rights, Title, Interest and Ownership of a Property from the Seller to the buyer. VED LEGAL SPECIALIZED FOR DEEMED CONVEYANCE. If the society loses some of its land in road widening, it can get additional floor space index and can undertake additional construction. Such transfer of rights is required if some changes like construction or removal of some property is to be done within the society or for some space or infrastructure is to be rented or the building is to be reconstructed. The housing society members should have a conveyance deed to be the legal owners of the land, otherwise the builder continues to be the legal owner of the land and can sell it. He/she thinks that he/she owns the flat as well as the land on which the housing scheme stands, but that is not the case. A flat owner while buying a flat from a builder takes only a purchase agreement. The conveyance deed is not issued in the name of an individual. This transfer of rights is called execution of the conveyance deed and, with it, the role of the builder comes to an end.Ī cooperative housing society is registered if it has a minimum of 10 flats. 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. ![]() 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, the construction on it and other amenities, if any, to the society. When a residential building is constructed on a piece of land, it is owned by the builder or the builder has developed it for the land owner with developments rights.
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