TDR refers to the rights obtained by a property owner in the form of a certificate, authorised by a competent authority and having economic value, in lieu of surrendering the land or a part of it to a local body. Further, the society can retain the additional FSI and take advantage of Transferable Development Rights (TDR).
#Conveyance fee meaning free
It makes the land free and marketable to prospective buyers. The provision of obtaining the deemed conveyance, enables societies to get the legal title and ownership of land, developing rights and to make entries in the government’s records.
#Conveyance fee meaning registration
See also: All about rent agreement online Maharashtra stamp duty and registration laws Societies that do not have the conveyance deed, as per the new rules in Maharashtra are entitled to a deemed conveyance as a legal remedy against the defaulting builder or landowner. Thus, to keep a check on such practices, amendments were made in the MOFA in 2008, to appoint a ‘competent authority’, the registrar of cooperative housing societies, for addressing the societies’ grievances and protecting their interest, by executing deemed conveyance under section 11(3) of the MOFA. There are many instances, where builders or landowners fail to convey the title of land and building to the housing societies, owing to their personal interests.
It is an important document that confers the legal ownership of the common areas of a housing society and is crucial for a housing society in proving its legal ownership over the property and for undertaking redevelopment projects. To transfer the title of the land and the building, a developer or landowner must execute a conveyance deed. Conveyance deed of society vs deemed conveyance However, when the developer fails to provide the same within a specified time, a deemed conveyance is obtained by a housing society through a competent authority under the MOFA.Ī society can file an application for obtaining a ‘certificate of deemed conveyance’, by affixing a court fee of Rs 2,000, along with the necessary documents that need to be submitted. The builder or land-owner must convey the title within a period of four months of formation to a society or the legal body of the flat buyers. According to Section 11 of the Maharashtra Ownership Flats Act (MOFA), 1963, the promoter must convey the title of the land and building, to the cooperative housing society. The requisite procedure must be followed for obtaining conveyance deed of a society in Maharashtra, involving registration of the documents in the government records. Obtaining a conveyance deed is necessary, to get the ownership right to a building and the plot on which it is constructed. Can a society get deemed conveyance without OC?.Activists draw government’s attention to the non-implementation of GR on deemed conveyance Adalat mooted in 2013.State co-operative department initiates awareness drive on deemed conveyance.Documents required for deemed conveyance.Conveyance deed of society vs deemed conveyance.
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