CONVEYANCE : ” Conveyance involves transferring all legal rights, title and interest of the land into the name of the housing society by following due process of law”
WHAT IS DEEMED CONVEYANCE
Regular Conveyance
Under normal circumstances, the Promoter/Developer/Builder prepares a conveyance deed and completes the execution process by appearing before the Sub-Registrar to validate the signatures. In this situation, the flat owners, legal body, or the Co-operative Housing Society receive the conveyance smoothly, with the full cooperation of the promoters. This process ensures that the transfer of ownership is legally formalized, and the property title is transferred to the respective owners or the society without any difficulties.
Deemed Conveyance
If the promoters are unwilling to cooperate with the flat owners or for any reason are unavailable to transfer the rights to the Society, the Society’s legal body has to approach the Competent Authority for a conflict resolution. Once the Competent Authority has heard the arguments of the parties involved, the necessary order of conveyance is passed. The entire deemed conveyance procedure can be completed online, provided that the CHS or the legal body has all the required documents.
WHY SHOULD YOU GET A DEEMED CONVEYANCE
The provision of obtaining deemed conveyance offers several advantages to housing societies. It grants them the legal title and ownership of the land, along with the development rights, and allows them to register the property in the government’s records. This ensures that the land becomes free and can be sold in the market to potential buyers.Moreover, with the deemed conveyance, the society becomes eligible to retain any additional Floor Space Index (FSI) it may have and take advantage of Transferable Development Rights (TDR). An essential aspect of deemed conveyance is that it enables a society to obtain permission from the planning authorities for the redevelopment of its structures. This is particularly crucial as it opens up opportunities for the society to enhance or renovate their buildings, potentially improving living conditions for residents and overall property value.
HOW TO GET A DEEMED CONVEYANCE
The society must convene a Special General Meeting of all its members and pass a resolution for obtaining deemed conveyance and the appointment of an Advocate to obtain the deemed conveyance from the competent authority, i.e., Deputy District Registrar ( DDR ). The Advocate will prepare and submit an application in the specified format ( Form VII) for deemed conveyance. This application should include all the necessary details and documents related to the property and its ownership. Along with the application, the society must provide all the required supporting documents to the sub-registrar. These documents may include the society’s registration certificate, the layout plan of the property, the agreement with the builder or developer, proof of payment for the property, and any other relevant papers.
Upon receiving the application and documents, the competent authority will verify the authenticity of the documents provided. Additionally, the authority may allow the promoter/builder to be heard if necessary, within a reasonable time frame, which should not exceed six months.
After completing the verification process and considering any inputs from the promoter/builder, if applicable, the competent authority will issue the deemed conveyance. This means that the legal title and ownership of the land and the property’s development rights will be transferred to the housing society.
Obtaining the deemed conveyance is a crucial step for housing societies, as it solidifies their ownership rights and provides various benefits, as mentioned earlier. It helps in streamlining property transactions, redevelopment opportunities, and overall property management.
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