deemed conveyance

deemed conveyance in mumbai, navi mumbai, raigad, thane

What is deemed conveyance?

Deemed conveyance is a legal provision under the Maharashtra Ownership of Flats Act, 1963 (MOFA) that allows the transfer of the title of the land and building from the property developer to the housing society without the builder’s cooperation. This provision is especially important for cooperative housing societies in Mumbai, Navi Mumbai, Raigad, and Thane, as it helps them in obtaining the conveyance deed for their properties.

Deemed conveyance meaning

Deemed conveyance is a process through which the title of the land and building is deemed to have been conveyed to the housing society even if the builder has not executed the conveyance deed in favor of the society. This provision is aimed at protecting the interests of the flat owners and ensuring that they have complete ownership rights over the property.

Deemed conveyance charges

The deemed conveyance process involves certain charges such as stamp duty, registration fees, and legal fees. These charges may vary depending on the size and value of the property. It is important for the housing society to be aware of these charges and budget for them accordingly.

Significance of deemed conveyance

Deemed conveyance is significant as it empowers the housing society to take control of its own affairs without being dependent on the builder. It provides the society with the legal ownership of the land and building, which is essential for undertaking redevelopment, obtaining loans, and carrying out maintenance and repairs.

Deemed conveyance procedure

The procedure for obtaining deemed conveyance involves several steps including conducting a title search, issuing a legal notice to the builder, submitting an application to the District Deputy Registrar, and obtaining the deemed conveyance order. It is advisable for the housing society to seek the assistance of a legal expert or a conveyance consultant to navigate through the process smoothly.

Documents required for deemed conveyance

The documents required for deemed conveyance include the property title documents, building plan, occupation certificate, property tax receipts, society registration certificate, and other relevant documents. It is important for the housing society to ensure that all the necessary documents are in place before initiating the deemed conveyance process.

Deemed conveyance: Latest updates

It is important for housing societies to stay updated with the latest developments and changes in the deemed conveyance process. The Maharashtra government periodically introduces new rules and regulations related to deemed conveyance, and it is crucial for the societies to be aware of these updates to ensure compliance with the law.

In conclusion, deemed conveyance is a crucial legal provision that empowers housing societies to obtain the conveyance deed for their properties and assert their ownership rights. By understanding the meaning, procedure, charges, and significance of deemed conveyance, housing societies can take proactive steps to secure their property rights and ensure smooth functioning.