DISCLAIMER TO BE NOTED :- This Information Is Provided By Us, On Our Personal Experience, Issues Till Date, & It Shall Not, In Any Manner, Whatsoever, Deemed As Our Opinion. As This BLOG Is Meant To Be Used As A Guide For Only Informative Purpose, Not As A Replacement For Any Legal Opinion.
CONVEYANCE MEANS
“TRANSFERRING OWNERSHIP OF LAND IN THE NAME OF HOUSING SOCIETY.”
TO BECOME LEGAL OWNERS:
- Any Movable/Immovable Property Ownership Is Identified On The Basis Of Title Documents For Example; Immovable Properties Are Recorded And Identified On The Basis Of Survey No., Hissa No. And Such Other Identity Marks In Government Records Like 7/12 Extract Property Card Etc In Favour Of Purchasers, Then Only, The Purchaser Become The Legal Owner.
TO MAKE ENTRIES IN GOVERNMENT RECORDS:
- When The Property Transactions Are Recorded In Government Records, It Becomes Conclusive Evidence Of Ownership Of Property.
- To Make Entries In Government Records, A Conveyance Deed Has To Be Executed As Explained Above.
TO HAVE FREE AND MARKETABLE TITLE:
- When A Particular Person/Society Has Paid Full Consideration And Is In Possession Of The Property But The Title Documents Are Continued In The Original Owners’ Name, The Purchaser Will Not Have A Free And Marketable Title On The Said Property.
It Is Only After Proper Conveyance – The Purchaser Will Derive Free And Marketable Title Over The Property.
CONVEYANCE DEED – ENTIRE PROCESS FROM PREPARATION TILL REGISTRATION
- Once Buyer Decided To Buy Flat Or Bungalow From Certain Builder, Builder Executes Agreement To Sale As Per Law By Paying Requisite Stamp Duty And Registration Charges. Then Builder’s Forms A Residential Society Of The Flat Holders To Manage Day To Day Activates Of The Society And Building Maintenance.
- But By Mere Formation Of Society Does Not Make You Absolute Owner, Because To Become Absolute Owner Conveyance Deed More Take Executed By Builder By Transferring Rights And Title Of The Land Below The Building.
- Meaning Of ‘Conveyance’ Is To Transfer All Rights, Title, Interest To Use The Said Property Perpetually Along With Right To Use It, Lease It, Earn Rent, With Ownership Of Building Constructed Above And Everything Available Below The Ground, Roof, Plants, Minerals, Water Etc.
- Conveyance Is Transfer Of Ownership From One Person To Other Person Or From One Intuition Or Company To Other, Individually Or Severally Of Movable Or Immovable Property.
- As Per MOFA (Maharashtra Ownership Of Flat Act) A Builder Has To Execute Conveyance Of The Property In Favour Of Flat Owner Within 4 Month From Date Of Completion Or From Formation Of Society, In The Form Of Conveyance Deed Or Apartment Deed.
- As Per MOFA Builder Has To Complete All The Formalities Required For Executing Conveyance Within 4 Month From Completion. Though This System Is Not Followed By The Builders Sincerely, As The Motive Behind This Is Get Benefited Of Future FSI, TDR Relating To The Land.
- The Land Does Not Carry Market Free Title Unless Conveyance Executes By The Builder And The Title & Ownership Remains With Original Owner Or With Builder.
- Residents Of The Building Cannot Opt For Redevelopment Work Unless The Land Is Conveyed In The Name Of Residents Or Society Or Apartment Condominium –
TDR – TRANSFORMABLE DEVELOPMENT RIGHTS.
FSI – FLOOR SPACE INDEX.
- If Conveyance Of Society Or Apartment Is Done Then It Can Easily Go For Redevelopment And Corporation Gives NOC For The Reconstruction, And Society Or Apartment Gets Additional FSI Or TDR As Per Municipal Corporation Rules For Additional Construction.
EFFECTS OF NON CONVEYANCE –
- Flat Purchaser Does Not Become Absolute Owner Of Flat And Does Not Get Ownership Of The Land, Its Title & Interest.
- Name Of The Society Or Apartment Cannot Be Mutated In Government Records For Example- Property Record Card, 7/12 Extracts Etc.
- Builder / Developer May Use Additional Fsi / Tdr Earned From Municipal Corporation For His Other Projects And That Is A Huge Loss Of The Flat Owners.
- In Case Builder Does Not Cooperate, Then Flat Owners Have To Apply For Deemed Conveyance Process, Which Is Very Lengthy And Quite Expensive Too.
- Redevelopment Is Not Possible Without Conveyance.
- Without Conveyance Name Of Society Or Apartment Cannot Be Mutated In Government Records Like 7/12 Or Property Card, Or Corporation Tax Or Electricity Meter They All Are Issued In The Name Of Original Land Owner Or Builder.
- If Building Is Collapsed Due To Flood Or Earthquake, The Building Cannot Reconstructed Without Owner’s Permission And There Are Chances Owner Of The Land May Declare His Charge Again & Refrain Society Or Apartment To Reconstruct New Building There On.
NECESSARY DOCUMENTS REQUIRED FOR CONVEYANCE
- 7/12 Extract (Latest Within Period 3 Months).
- N. A Order [Non – Agriculture Order Of Collector].
- U.L C Order [Urban Land Ceiling Order By The Competent Authority].
- SOCIETY :-
- Society Registration Certificate.
- Certified Society Resolution – Conveyance Deed – AGM / SGBM.
- Certified Society Resolution – Appointment Of Authority For Signatures On Conveyance Deed.
- Scope / Scheme Of The Society.
- Authority Letter / Appointment Of Advocate For Conveyance Deed.
- List Of Members With Particulars As To Name Of Member, Flat / Unit No., Floor, Area, Haveli Registration No And Stamp Duty, Registration Fees Paid Details.
- Copies Of All Flats Index II [For Proof Payment Of Sd & Reg Fee].
- Copies Of All Flats Resale Index II [For Proof Payment Of Sd & Reg Fee].
- Copies Of All Flats Registration Receipt [For Proof Payment Of Sd & Reg Fee].
- Sample Copy Of Builder – Flat Purchaser Agreement.
- Development Agreement/ Conveyance Deed Between Land-Owners & Property Developer [Registered].
- Power Of Attorney Given By Land- Owners To The Property Developer [Registered].
- PMC :- [PUNE MUNICIPAL CORPORATION]
- Commencement Certificate [Revised And All].
- Completion Certificate [Part And All].
- Approved Layout Plan [Revised And All].
- Approved Building Structure & Floor Plan [Revised & All].
- Architect’s Certificate – From An Architect Regarding Construction [Emplaned Architect – Original Report – 2 Copies].
- Copy Of Search Report For Last 30 Years From Advocate.
- All Papers To Be Certified By The Society.
PROCEDURE :-
- First Stage Is To Take Resolution In General Body Meeting Of Society Or Association And Pass Resolution With 100% Support And Pass Resolution One Or Few Members To Complete The Procedure On Every Body’s Behalf.
- Second Stage Is To Approve Draft Of Final Conveyance Deed In General Body Meeting.
- Submitting Applications & Documents – Before Submitting Documents It Is Necessary To Prepare A Excel Sheet And All Necessary Information Relating To Each One Has To Be Filled In. The Columns Of Spread Sheet Are As Follows –
- FLAT NO/ SHOP NO/ UNIT NO.
- NAME OF THE MEMBER/ OWNER.
- CARPET AREA.
- BUILT UP AREA.
- SALEABLE AREA.
- DATE OF AGREEMENT.
- REGISTRATION NO.
- AMOUNT OF STAMP DUTY PAID.
- AMOUNT OF REGISTRATION PAID.
- Before Final Submission Of Document It Is Very Much Necessary The Check, Whether All Members Have Paid Stamp Duty, As In Many Cases Builders Just Sign Agreement To Sale But Do Not Register It, In This Case, That Document Has To Be Shown To Sub –Registrar Officer And Ascertain Requisite Stamp Duty Payable As Per Current Ready Recover Rate And Then Get The Valuation Sheet From Sub-Registrar Office And Pay The Same At The Time Of Final Conveyance.
- LBT – As Per Latest LBT Implementation Now Every Flat Owner Has To Pay 1% Stamp Duty On Today’s Government Rate Additionally Towards Local Body Tax (LBT).
- Registration Of Conveyance Deed – After Completion Of All Above Mentioned Formalities, After Checking & Approval Of Draft And Payment Of Stamp Duty & Registration Amount, Both The Parties, Transferor/ Owner/ Builder And Transferee/ Purchaser/ Flat/ Unit Holder Have To Remain Present Before Sub-Registrar In Office And Sign The Said Document In Presence Of Two Witnesses.
NECESSARY DOCUMENTS TO BE ANNEXED WITH CONVEYANCE DEED –
- Final Draft Of Conveyance Deed.
- Builder & Signing Authority’s Id Cards.
- Pan Card Copy Of Both Parties.
- Latest Corporation Tax Price Copy.
- Latest Electricity Bill Copy.
- Registration Charges Or Pay Order.
- 1 Passport Size Photo Of Each Member.
- List Of Amenities Provided.
- List Of Area Specification In Valued In The Conveyance Deed.
- 7/12 Extract (Latest Within Period 3 Months).
- N. A Order [Non – Agriculture Order Of Collector].
- U.L C Order [Urban Land Ceiling Order By The Competent Authority].
- Society Registration Certificate.
- Certified Society Resolution – Conveyance Deed – AGM / SGBM.
- Certified Society Resolution – Appointment Of Authority For Signatures On Conveyance Deed.
- Scope / Scheme Of The Society.
- Authority Letter / Appointment Of Advocate For Conveyance Deed.
- List Of Members With Particulars As To Name Of Member, Flat / Unit No., Floor, Area, Haveli Registration No And Stamp Duty, Registration Fees Paid Details.
- Copies Of All Flats Index II [For Proof Payment Of Sd & Reg Fee].
- Copies Of All Flats Resale Index II [For Proof Payment Of Sd & Reg Fee].
- Copies Of All Flats Registration Receipt [For Proof Payment Of Sd & Reg Fee].
- Development Agreement/ Conveyance Deed Between Land-Owners & Property Developer [Registered].
- Power Of Attorney Given By Land- Owners To The Property Developer [Registered].
- Commencement Certificate [Revised And All].
- Completion Certificate [Part And All].
- Approved Layout Plan [Revised And All].
- Approved Building Structure & Floor Plan [Revised & All].
- Architect’s Certificate – From An Architect Regarding Construction [Emplaned Architect – Original Report – 2 Copies].
- Copy Of Search Report For Last 30 Years From Advocate.
- All Papers To Be Certified By The Society.
- Once The Deed Document Is Ready, Submit The Same For Registration. Then Sub Registrar Officer, Clarifies The Document And On Finding It Proper He Makes It With Registration Number And Registers It Through Software Interface. Thumb Impressions And Online Photo Is Taken Of Both The Parties And Prints Of The Same Are Signed By The Parties Again. The Software Interface Creates A Printed Index Page, It Is Also Known As “Index II” Or “Suchi Kramank – 2” And Receipt Of Registration Charges Received. Then The Document Is Scanned And PDF/ Photo File Of The Document Is Generated For Government Record And Original Is Handed Over To Purchases.
- It Is Advised That Society Of Individual To Make 10 Photo Copies Of The Same. This Is Because If Original Is Used Every Time That May Be Torn Or Deteriorated Due To Use.
- Copy To Builders.
- Copy To Pune Municipal Corporation.
- Copy To Talathi For 7/12.
- Copy To City Survey Office.
- Copy To Collector.
- Copy To MSEDCL [Transformers Installed In Society Area]
- Copy To Income Tax Dept.
- Copy To Members Who Want Copy For Their Record And Get Photo Copies.
- Copy To Land Owners.
Please Note That The Above Legal Opinion Is Formed By Us On The Abovementioned Subject After Perusing The Documents Provided By You As Well As The Observation & Law Laid Down By The Court In The Ruling Pertaining To The Present Subject Matter & The Relevant Sections Of The Maharashtra Co-Operative Societies Act, Maharashtra Co-Operative Societies Rules, And Bye Laws Of Maharashtra Co-Operative Societies.
