What are the conveyance
benefits for societies?
There are several benefits that
a society will have by getting the conveyance done in its favour.
- Getting the proper title.
- Retaining additional FSI, which has been granted by change of regulations.
- Property will be free and marketable from any encumbrances/charges.
- Loan can be raised by mortgage for repairing of the buildings.
- Permission for reconstruction will be given by the planning authorities.
- Construct new building by using TDR or give the redevelopment rights to the builder and get the additional area and the corpus with new amenities.
- Receive compensation on development like hoarding rents, telecommunication tower rent, etc.
What is the meaning of deemed conveyance?
Deemed conveyance means after
the expiry of 4 months of formation of the legal body, the land and building is
deemed to have been conveyed to the legal body. In order to bring the name of
the society/legal body in the revenue record, a competent authority has been
designated. i.e. District Deputy Registrar, who will hear the parties on the
basis of applications received from the aggrieved party and decide the matter.
In case the competent authority is satisfied that the society/legal body is
entitled to get the conveyance of land and building, an appropriate order in
favour of the society/legal body will be passed. After getting the favourable
order from the competent authority, the society/legal body should be prepare an
unilateral conveyance deed along with deemed conveyance order and get the same
registered with the sub-registrar of assurance after paying appropriate stamp
duty. Getting the title of land and building by adopting the above procedure is
known as deemed conveyance.
What is the difference between deemed and regular conveyance?
In case of regular conveyance,
the builder/developer/landowner prepares a conveyance deed, execute the same
and appear before the sub-registrar of assurance for admitting their signature.
Without any problem, the legal bodies get the conveyance with the co-operation
of the builder/landowner. In case of deemed conveyance, the builder/land owner
or their legal heirs are not co-operating, therefore, the aggrieved parties
appear before the designated competent authority, who hears all the parties and
passes the necessary order to conveyance. Deemed conveyance is obtained as a
legal remedy against the defaulter builder/landowner who do not want to part
with the land and the building in favour of the society.
