What is Conveyance and Deemed Conveyance of Housing Societies
Conveying involves passing or sending anything to someone else. In the legal sense, Conveyance refers to the transfer to the other party of possession or other interest in the land. Conveyance Deed is a contract performed in favor of the Community or Association of Persons (AOP) to pass the title of land and development. In case of regular conveyance, the builder / developer / land owner prepares a conveyance deed, performs the same and appears before the insurance sub-registrar to admit their signature. Without any problem, the legal bodies get the conveyance with the builder / landowner's cooperation.
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The Proponent (Builder / Developer) is legally required to transfer the land and the building to the corporation or any legal body of the flat buyers within 4 months of incorporation. It was, however, the reality that many promoters (Builders / Developers) did not pass the land and building on to the legal bodies. The government has therefore amended the 1963 Maharashtra Ownership Flats Act (MOFA) and provided for the deemed conveyance in favor of the legal authorities. Under the provision, the deemed means of transportation after the expiry of the legal body's four-month formation, The land and building shall be deemed to have been conveyed to the legal entity and to record the same in revenue, the competent authority shall have been named as designated officer to execute the transportation act for the benefit of the company and to execute the transportation act on behalf of the non-cooperative contractor or landowner. Obtaining the title of land and building is known as deemed conveyance by adopting the above procedure. In the case of deemed conveyance, there is no agreement between the builder / land owner or their legal heirs, therefore the aggrieved parties appear before the Designated Competent Authority, which considers all the parties and passes the requisite order of conveyance.
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What are the advantages of Conveyance deed?
1. In the name of the Society, get a correct and legal title.
2. Retention of the additional FSI as stated by the government.
3. Property is going to be marketable and free.
4. Society must raise mortgage loans to repair and rebuild.
5. It is possible to obtain approval from the planning authority if the building is to be rebuilt at a later date due to age or earthquake dilapidation of the foundation.
6. Society should take advantage of the TDR.
7. Members will be paid by Builder for the building's renovation.
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