Even though you have purchased ownership flat, you are not the owner of the land and building.Ģ. Members can receive compensation from Builder on redevelopment of the building.ĪUTHORISED COMMITTEE TO GET DEEMED CONVEYANCE OF LAND & BUILDING IN THE NAME OF THE SOCIETY TO AVOID FOLLOWING CONSEQUENCESġ.
Permission from planning authorities is possible if the building has to be reconstructed at a later date due to dilapidation of the structure due to age or by earthquake.ħ. Society can raise the loans for repairs and reconstruction by mortgage.ĥ. Retaining the additional FSI as per the Government announcements.Ĥ. Getting a proper and legal title in the name of the Society.Ģ. As per Section 13 of Maharashtra Ownership Flats Act, 1963, failure to give Conveyance is an offence and the Builder can be imprisoned up to 3 years or fined or both.ġ.
IMPORTANCE OF CONVEYANCE DEED REGISTRATION
Importance and provision of law on Conveyance:Īs per the Housing Society bye-laws, the main objective of formation of the Society is to obtain the Conveyance and if Conveyance is not given by the Builder within four months from the date of registration of the Society, a case can be filed against the Builder to obtain the Conveyance. About Conveyance Its Advantages And Disadvantages Meaning of Conveyance:Ĭonveyance Deed is a document executed to transfer the title of land and building in favor of Society.
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