Good news for home buyers: Developers to submit conveyance deed while registering society

Mumbai: There is good news for home buyers as developers – after selling all the flats and handing over the society – have been asked to fulfil the documentation process for the conveyance deed. This means tenants need not run from pillar to post for this document anymore. The cooperative department, in its recently passed order, directed the registrar’s office that while registering the housing society it should also insist that the developers submit eight types of documents needed for executing the deed.

Usually, once the builder hands over the property to the tenants, the residents have to complete the conveyance deed in four months. However, several societies have not executed their deeds, even though their buildings have become old. A conveyance deed is necessary for the redevelopment of any building. It is an official document that confirms the land where the building is located belongs to the society.

According to Ramesh Prabhu, the chairman of the Maharashtra Societies Welfare Association, the new diktat will help new housing projects in a big way as during registration, the builder will also be required to submit the documents to handover the title of the land. He said, “These days, if you buy any vehicle, it is mandatory to buy a FASTag and also have insurance. Similarly, in new housing projects, whenever the developer hands over the property, he is required to submit the conveyance deed documents.” He said that the new law says that once the documents are submitted, the newly-formed society, by passing a resolution, can transfer the land title. He said, “This will expedite this process as one will not be needed to depend on the builder to complete the procedure.”

With the new provision, the new housing societies’ conveyance deed can be executed quickly, while for the old buildings the issue can be resolved with more curative measures. At present, if a particular housing society does not have a deed, it has to file various documents, get the old records, and go through a hearing, which is a lengthy procedure.

In Mumbai, there are about 35,000 cooperative housing societies, of which nearly 20,000 do not have conveyance deeds. Prabhu added that since the government, too, realised that while taking up any redevelopment project this is a common issue, it would now solve the problem of expediting the redevelopment process.

Published on: Wednesday, May 11, 2022, 11:33 PM IST