Deemed Conveyance

Conveyance Deed/Deemed Conveyance Deed of Co-operative Housing Societies. Conveyance of a Property is transferring the Rights, Title, Interest and Ownership of a Property from the Seller to the buyer. 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. We were already working on several cases of a similar kind under the provision of Maharashtra Ownership Flats Act, 1963 (MOFA). Nearly 80% of the Co-operative Housing Societies had not received the Conveyance of land and building in their favour from the Builder. The amendments were to be carried out in the Maharashtra Ownership Flats Act, 1963 under the auspices of a Competent Authority to hear the grievances on Conveyance by the Societies or other legal bodies in 2005. The President of India gave the assent on February 25, 2008, and it became the Law of the Land.

In June 2008, the necessary notifications were issued by the Government of Maharashtra designating the District Deputy Registrars of the Co-operative Societies as the Competent Authorities under the MOFA even after a lapse of 18 months cases were accepted by the Competent Authority. Execution & Registration of Conveyance, Deemed Conveyance, Deeds & Agreements etc. Deemed Conveyance is an Amendment under sub-section (3) of section 11 of the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963. The following will give you more clarity on what this is all about.

Deemed Conveyance Amendment is applicable to the Societies that have not received Conveyance from the Land Owners & Property Developers within 4 Months of their formation.

The aggrieved Society shall make a Deemed Conveyance Application to the Competent Authority designated by Government of Maharashtra.

The Deemed Conveyance Application of the Society shall include the Documents notified by Government of Maharashtra for Deemed Conveyance.

The Competent Authority shall hear the say of the Land Owners & Property Developers.

The Competent Authority on satisfaction shall issue the Deemed Conveyance Order & Certificate in favour of the Aggrieved Society.

The Competent Authority shall execute the Deemed Conveyance Deed on behalf of the Defaulting Land Owners & Property Developers with the Aggrieved Society.

If the builder fails to convey the property of Society, the Maharashtra Ownership Flats Act, 1963 (MOFA) allows societies to apply for Deemed Conveyance of Co-operative Housing Societies.

Advantages of Deemed Conveyance Deed

1. Getting а legal title and ownership of the land, develорing rights in the name of the Sосiety and to make the entries in the government reсоrds.
2. Sосiety retains the аdditiоnаl FSI and take the benefit of TDR.
3. Sосiety саn raise the lоаns by mortgage.
4. All соmmerсiаl benefits соmе to the society.
5. Рermissiоn from planning authorities is possible if the building has to be redevelорed at а later date due to dilарidаtiоn of the structure due to age or by earthquake or any other reason.
6. Society will get Proper and Legal Title of the Property (Land & Structures) in the name of the.
7. Society on 7/12 ( Satbara Extract)
8. Society will retain Additional F.S.I granted by change of Development Regulations.
9. Society can get permission for reconstruction from the Planning Authorities.
10. Society can Redevelop the Property by constructing new building using TDR & Members can get the additional area (F. S. I.), new amenities, etc.