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TRANSFER OF PROPERTY ACT IN INDIA

TRANSFER OF PROPERTY ACT IN INDIA

The Transfer of Property Act governs the transfer of property by any means in India. Property can be transferred by sale, mortgage, exchange, lease or gift. All such property transactions are governed by the Transfer of Property Act.

As per the Act, a sale is transfer of ownership of property in exchange for a price paid or promised to be paid. Any sale of property must be made only by a written and registered instrument like sale deed. On execution of a property transfer document, delivery of the immovable property takes place when the seller places the buyer, in possession of the property to complete the property sale transaction.

It is important to note that an agreement for sale of property does not amount to sale of property, as it does not, of itself, create any interest in or charge on the property.

Mortgage of Property

Mortgage is the transfer of an interest in an immovable property for the purpose of securing a loan or the performance of an engagement. Hence, though mortgage does not transfer the property to a third-party, it creates an interest in the immovable property. More about property mortgage laws in India.

Lease of Property

Lease of property is a transfer of right to enjoy the property, for a certain period of time or in perpetuity, for consideration paid or promised by the transferee. In a lease transaction, the owner of the property is the transferor and the tenant is the transferee. In the absence of a lease agreement, the lease of agricultural or manufacturing property is deemed to be a lease from year to year, terminable by either party with a six months notice. Lease of immovable property for any other purpose is deemed to be a lease from month to month, terminable by either party with fifteen days notice. Lease of property for any term exceeding one year or reserving a yearly rent must be made as a registered lease agreement. All lease agreements must be executed by both the lessor and the lessee.

Exchange of Property

When two persons agree transfer the ownership of a property for the ownership of another property, neither thing nor both things being money only, then the transaction is called an “exchange” of property. A transfer of property in completion of an exchange can be made only in a way provided for the transfer of such property by sale.

Gift of Property

Gift of property is when a transfer or property happens voluntarily and without consideration. In a gift of property, the person giving the property is called the donor and the person accepting the property is called the donee. All gift of property must be made by way of registered instrument signed by or on behalf of the donor and attested by at least two witnesses. The acceptance of a gift of property must be made during the lifetime of the donor and while he is still capable of giving.

By admin|February 12th, 2021|TRANSFER OF PROPERTY ACT IN INDIA|Comments Off

PAPERS REQUIRED FOR PROPERTY REGISTRATION IN PUNE

PAPERS/DOCUMENTS REQUIRED FOR PROPERTY REGISTRATION IN PUNE

The following papers and documents are required for the registration of property.

ADJUDICATION

Adjudication is a process which evaluates a market value of a property and hence ascertains the stamp duty by collector of stamps. It is better to get the document adjudicated in case the building is very old and proper depreciation is not given by the sub-registrar.

NO OBJECTION CERTIFICATE

A No Objection Certificate (NOC) is required under the Urban Land Ceiling Act, if the land transferred exceeds 500 mtrs in the Pune City, if the land belongs to a Government Body or Semi-Government body or Charitable Trust then the NOC of the body is also required.

PROPERTY CARD OF THE LAND

A Property Card of the land on which the property is being registered is situated is necessary. This requirement is irrespective of whether land is sold or the building is being sold or any other part of the building is being sold and also irrespective of whether the seller of the property is recorded as the owner on the property card or not. In other words, even the flat owners are expected to produce this paper at the time of registration.

PROOF OF OLD CONSTRUCTION

If you are going to purchase and old property then you may claim the benefit of depreciation during the adjudication procedure. For that, the documents required are-Municipal Assessment Bill of the Building,

Building Completion Certificate

Original registered agreement between the builder and original purchaser of that flat or of any other flat in that building

REGISTRATION FEES

As per the valuation the registration fee is to be paid in cash to the sub-registrar at the time of registration. The fees are prescribed in the Registration Act, 1908 which is 1% of the market value or up to Rs. 30,000/- which is accepted by a Challan.

PROOF OF IDENTITY

Any proof of identity such as voter id card, PAN card, driving license, passport etc are required during the registration procedure.

Original Stamp Duty Payment Receipt

Photocopy of the Deed and Butter Paper

By admin|February 12th, 2021|PAPERS/DOCUMENTS REQUIRED FOR PROPERTY REGISTRATION IN PUNE|Comments Off

CO-OPERATIVE LAWYERS IN PUNE

CO-OPERATIVE LAWYERS IN PUNE

Ved Legal deals with property transfer cases such as SALE DEED, GIFT DEED, ASSINGMENT DEED, MORTGAGE DEED and AGREEMENTS etc….since 2007. Ved Legal offers a multitude of services in the areas of Property, Co-operative and Matrimonial law and it is best known for its expertise in these fields. We have vast experience in representing our clients before concern authorities for the matters. We therefore undertake different types of property matters as mentioned above various transfers, Agreements (Rent, Lease and Leave & Licenses), Partnership Firms & Its Registration, Wills, Probates, Succession, Contracts etc. We have enough experience in co-operative laws and property laws as well as we are specifically expertise in execution and registration process of various DEED & AGREEMENTS as well as in Registration process of Co-operative Housing/Commercial/Industrial Societies, Federations and execution of Conveyance or Deemed Conveyance thereof.

By admin|February 12th, 2021|CO-OPERATIVE LAWYERS IN PUNE|Comments Off

PROCEDURE OF DEEMED CONVEYANCE

PROCEDURE OF DEEMED CONVEYANCE:-

Stage 1- Preparation for Deemed Conveyance

During this stage the Managing Committee prepares the Members of the Co-

Operative Housing Society for Deemed Conveyance by approving resolution in the

GBM if Builder/Promoter fails to convey the land and building within prescribed

period.

Stage 2- Documentation for Deemed Conveyance

During this stage, once the Documents required for Deemed Conveyance get

collected/ organized & thereafter the Case/Application get prepared and submitted

to Dist. Dy. Registrar Office through Legal Representative/Advocate.

Stage 3- Legal Case for Deemed Conveyance

During this stage, once the case is filed before the Competent Authority i.e. DDR,

hearings get started for both the parties to the application i.e. Applicant &

Respondent by issuing summons/notices. And after contesting the said matter, the

Order & Certificate of Deemed Conveyance upholding the right of the Society will be

obtained.

Stage 4- Adjudication of Deemed Conveyance

During this stage, the Deemed Conveyance get Adjudicated by the office of JDR,

Thane, with proper Stamp Duty, Registration fee etc…

Stage 5- Registration of Deemed Conveyance

During this stage, the adjudicated & executed draft of Deemed Conveyance will get

registered in the office of Sub-Registrar.

Thanks

Ved Legal

By admin|February 12th, 2021|PROCEDURE OF DEEMED CONVEYANCE|Comments Off

SOCIETY FORMATION AND HANDOVER PROCESS BY BUILDER

SOCIETY FORMATION AND HANDOVER PROCESS BY BUILDER

The Registration process and requirements are governed by Maharashtra State Co-operative Society Act 1960.

To Register Co-op. Housing Society, Minimum 10 member are required.

Less than 10 members Societies are also Registered as per M. S. Govt. Ordinance No. 1094 and 277/14 Dated 10/03/1995. But such member’s flats should be less than 700 Sq.ft. Carpet Area

As per M.S. Govt. Notification dated 24/07/1992 conditions for registrations are liberalized.

51 % of the Promoters are must be ready to form Co-op. Housing Society.

If flats are sold as per the Maharashtra Ownership Flats Act,1963 [MOFA] then it is the duty of the Builder / Developer to form society and hand over the Account + Documents to Provisional Working Committee [PWC] In this case the builder become CP and other flat owners become Promoters for Registration purpose. This society registers under Co-operation.

When the builder is not registering society due to some reasons or not support to registered society then flat purchasers can apply for registration of Co-operative Housing Society under Non Co-operation. In this case one of the flat owners should be elected as CP for Registration purpose. In this case some more time is taken to registered society as registrar is issue notice to builder for Non Co-operation. If no response then ex-party decision are taken for registration of the society. Now all the case of Non Co-operation Registration decisions is given by District Deputy Registrar [DDR] then society is registered

All flat owners should hold meeting and elect Promoter. All power for Registrations, documentation etc. should be given to promoter. The resolution should be passed and must be sign by all flat owners who wish to become member of the Co-operative Housing Society

Appoint Consultant / Legal Advocate for registration and ask him to comply all requirements. All members together also can do work for registration.

For registration of Co-op. Hsg. Society the following documents should be filed to Dy. Registrar / Asst. Registrar of Co-operative Department area concern in order as follow:

Applications for Name to be reserved for Proposed Society’s
Form of resolution electing a CP and Promoter and giving them authority for doing certain acts on behalf of the proposed society
Notice to Builder
Application form “A”
Information in Annexure ” A ” ” B ” ” C ”
Bye-Law of the Society 2 copies
Details of Accounts Annexure ” D ”
Bank Balance Certificate in Original
Namuna 6
Agreement of 1 Flat
Advocate Search Report [Title Certificate]
Society’s Building Plan
Lay Out Plan
Sanction Plan from Authority
Commencement Certificate
Completion Certificate
Promoter’s Guarantee in form ” X ” On Rs. 100/- Stamp paper & notarized
Guarantee in form” Y ” On Rs. 100/- Stamp paper & notarized
Guarantee in form ” Z ” On Rs. 100/- Stamp paper & notarized
Latest 7/12 or City Survey Revenue Record of Land [not more than 1 month old]
Promoters Affidavit On Rs. 100/- Stamp paper & notarized
Indemnity Bond On Rs. 500/- Stamp paper & notarized
NA Order
ULC Order
Development Agreement and Power of Attorney
List of Members in the society
Scheme/Yojana Form
Registration Fee Challan for Rs.2500
Builder Non Co-operation form Z On Rs. 100/- Stamp paper & notarized if required 1 copy

On submission of above document the Dy./Asst. Registrar will go through the papers And document. If found OK he will make order for issue of Registration Certificate.

If any deficiencies are found then the applicant will be inform accordingly and documents will be corrected wherever necessary. When all papers are in order, he will issue order for issue of Registration Certificate.

Registration Certificate is issued with covering letter and Officer’s name is mentioned who will attend First General Meeting. Normally the Officer concern is not attending meeting. In absence, all members has to hold meeting and has to elect Provisional Working Committee [PWC] whose working period will be ONE Year.

After electing PWC the member of PWC has to submitted the M-20 bond on Rs. 100/- stamp paper with the sign of Officer’s whose name is in Covering latter to Dy./Asst. Registrar. All Rule and Regulations, resolution and minutes which is written in AGM Register must be sign by Officer’s name is mentioned in covering letter it is the most important step.[Many society forget this which create problem latter] After First Annual General Meeting PWC is replaced with new Working Committee [WC] whose working period will be FIVE Year. The new WC election can conduct before PWC time over with proper election process. WC also has to submitted the M-20 bond on Rs. 100/- stamp paper with the sign of election officer to Dy./Asst. Registrar.

When application for Name reservation of Society has given, the Dy./Asst. Registrar give instruction to Open Bank Account in Dist. Central Co-op. Bank The Account has to opened in the name of CP And deposit all money of Share Capital Contribution [per member Share Money is Rs. 50*10 = Rs. 500 i.e. 10 share of 50 rupees each] and Member ship Fees of Rs. 100/- i.e. Per member you have to deposit Rs. 600/- in bank and obtain Bank Balance Certificate and submitted it to Dy./Asst. Registrar. After First Annual General Body Meeting the Bank Account has to transfer in the name of Society.For bank Account operation Chairman sign must and either Secretary and Treasurer. Expenditure has to be made as per provision of Bye-Laws. Bank and Cash Transaction [Collection and Payment are handled by Treasure when Billing Clerk or Accountant are not been kept.

By admin|February 12th, 2021|SOCIETY FORMATION AND HANDOVER PROCESS BY BUILDER|Comments Off

REGISTRATION OF DEEMED CONVEYANCE

On receipt of the Deemed Conveyance Order, the Deemed Conveyance between the Competent Authority & the Society is prepared. The Competent Authority appears in the Deed on behalf of the defaulting Land Owners & Property Developers.

The Deemed Conveyance is submitted to the Office of Competent Authority for Approval & their Signature with Authority Stamp & Seal.

The Special General Body of the Society is called to approve the Deemed Conveyance & to nominate 3 Members of the Society to sign the instruments.

The Deemed Conveyance is executed by the signature of the Competent Authority & the signatures of the 3 nominated Members of the Society.

On execution of the Deemed Conveyance, it is forwarded to the District Stamp Office for Adjudication. If all the Members of the Society have paid the Stamp Duty on their respective Flat/ Shop Agreements & there is no balance FSI, the Deemed Conveyance attracts only Rs. 100/- Stamp Duty. The Stamp Office issues the Adjudication Certificate.

On receipt of the Adjudication Certificate, the Society pays the required Stamp Duty & gets the Deemed Conveyance Franked from local Bank.

After Franking of the Deemed Conveyance, the same is submitted to the Registration Office for Registration. The Registration Office issues a notice to the Land Owners & Property Developers to verify whether they have received any Stay Order from Proper Court against the Deemed Conveyance Order.

The Proper Court for issuing the Stay Order against the Deemed Conveyance Order is High Court. It is very difficult for the Land Owners & Property Developers to obtain the Stay Order from High Court against the Deemed Conveyance Order.

If there is no Stay Order received, the Registration Office Registers the Deemed Conveyance. The Competent Authority is exempted from appearing for the Registration & hence the 3 Members nominated by the Society only appear for Registration.

After Registration of the Deemed Conveyance, the Registration Office issues the Scanned Document & Index II typically within 15 days.

The complete Procedure of Registration of Deemed Conveyance is typically completed within 3- 4 Months. On receipt of the Index II, the Registration Process of the Deemed Conveyance is successfully completed & the Society becomes the owner of the Land & Structure.

By admin|February 12th, 2021|Registration of Deemed Conveyance|Comments Off

PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA

PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA

Amendments in Maharashtra Ownership Flats (Regulation of the promotion of construction, sale, management and transfer) Act, 2005 giving a huge relief to hundreds and thousands of flats purchasers in Maharashtra. Conveyance to the societies was a burning issues which have integrated many problems like property tax, housing finance documentations and major repairs or redevelopment.

The highlights of the amendments are as under:

Builder/s will have to execute the conveyance.
Power is given to the District Deputy Registrar to act as Competent Authority. (Sec. 5A)
Power is given to Competent Authority for registration of Co-operative Society under the provisions of Maharashtra Co-operative Societies Act, 1960. (Sec. 10(1) )
It is the duty of the promoter (builder) to file with the Competent Authority within the prescribed period a copy of the conveyance executed by him (Sec. 11(2))
If the promoter fails to execute the conveyance in favour of Co-operative Society, Company or Associations or Apartment Owners as the case may be, then the flat purchasers can approach the Competent Authority with true copy of registered agreement of all the flat purchasers including Occupation Certificate, Registration Certificate of the society then in such circumstances the Co-operative Society, Company or Associations is entitled to have unilateral deemed conveyance (Sec. 11(3))
The proceedings before the Competent Authority have to be completed within a period of 6 months. The Competent Authority must verify the authenticity of the document produced before him and after giving a reasonable opportunity to the promoter, if satisfied will issue a certificate to the Sub-Registrar or any other Registration Officer under the Registration Act, 1908, certifying that it is a fit case for enforcing unilateral execution of conveyance deed conveying the right, title and interest of the promoter in the land and the building in favour of the applicant, as deemed conveyance(Sec. 11(4))
The sub registrar after receipt of the certificate issued by the Competent Authority along with the unilateral instrument of conveyance can issue summons to the promoter to show cause why the unilateral instrument should not be registered as deemed conveyance. However, reasonable opportunity of being heard may be given to the promoter. If the Sub-Registrar is satisfied then he will register the unilateral conveyance as ‘deemed conveyance’. (Sec. 11(5))
The Competent Authority has been created who has powers to award criminal imprisonment to the builder/s for a period not less than 6 months and not more than 1 year and / or along with fine ranging from Rs 10,000/- to 50,000/- (Sec. 13(3)(a) & 13(3)(b))
The builder/s if convicted will not be able to carry on construction activities for a period of five years. However, the disqualification shall not affect the permission for construction of flats already granted. (Sec. 13 (4), 13(5) & 13(6) )
The Competent Authority shall be deemed to be a public servant as per the provisions of Indian Penal Code. (Sec. (13B)
Proceedings before Competent Authority shall be aimed to be judicial proceedings as per the provisions of Indian Penal Code. (Sec. 13C)
Competent Authority shall be deemed to be a Civil Court for certain purposes. (Sec. 13D)

No action can be taken against the Competent Authority for acts done in good faith by the Competent Authority. (Sec. 13E)

By admin|February 12th, 2021|PROVISIONS FOR DEEMED CONVEYANCE UNDER MOFA|Comments Off

What is Deemed Conveyance?

What is Deemed Conveyance?

The Promoter (Builder/ Developer) is legally required to convey the land and the building within 4 months of formation to the society or any legal body of the flat purchasers. However, it has been the experience that many promoters (Builders/Developers) have not conveyed the land and building to the legal bodies. Therefore, government has amended the Maharashtra Ownership Flats Act, 1963 (MOFA) and provided for the deemed conveyance in favor of the legal bodies. Under the provision, 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 and to bring the same in the revenue record, Competent Authority has been designated who will hear the parties on the basis of applications received from the aggrieved party and transfers the title in favor of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favor of the society and execute on behalf of non-co-operative builder or the land owner. Getting the title of land and building by adopting the above procedure is known as deemed conveyance.

By admin|February 12th, 2021|What is Deemed Conveyance?|Comments Off

SOCIETY FORMATION

First general body meeting (before registration)

In this meeting under Society’s Model Bye-law 3(iii), the Chief Promoter (could be the builder) is primarily selected by the promoters, who are members co-signing the registration application before the Registering Authority, under Bye-law 3(xii).

In this meeting, necessary resolutions are passed like opening the account in a bank in the name of proposed society and for obtaining permission for reserving the name of the society. It is compulsory for SRA/ MHADA recognized societies, for the first meeting to be video-recorded.

Application for registration

Normally, the name reservation proposal should be accompanied with the society resolutions and signatures of at least 10 Promoters who have attended the meeting. On allotment of name and permission to open a bank account by the Registrar, the Chief Promoter has to collect Share Capital, Entrance Fees from promoters and deposit the same in the branch of the bank permitted by the Registrar. It should be noted that the amount cannot be withdrawn from the Bank till the society is registered or its registration is refused, except with prior written permission of the Registrar. The Chief Promoter should submit registration proposal to the registering authority within a period of 3 months from the date of issue of Letter of Reservation in the name of the proposed society.

If builder/ promoter is not co-operating in registering the Co-operative Housing Society, then in that case, the application for registration of society be submitted in Form 6 (Rule 12) before the District Deputy Registrar, who has been given power under section 10(1) of the Maharashtra Ownership Flats Act 1963. While submitting the said proposal, a Notarized Indemnity Bond of the members who applied for the registration of society on the stamp paper of Rs. 200 is required.

Documents required for Registration

7/12 extract of the land or property card.
Certificate concerning non-agricultural land from the competent authority
The order of applicable or non-applicable of land ceiling Act
Construction layout duly approved by the competent authority
Letter of sanction for starting construction
Certificate regarding completion of construction work
Development Agreement if the land is taken for development
Letter of Power of Attorney of the land
Title search report of the land
The registered agreement of purchases of the flat with necessary stamp duty paid
Architect Certificate regarding construction
List of Members
Scheme of the Society
Application for reserving name
At least ten members are necessary for registration of society. On the other hand, the government has given permission subject to some conditions for the Housing society of fewer than 10 members by exercising powers. For registration proposal, the signature of sixty percent promoters, who participated in the registration proposal is necessary.
If the land is given by the government or undertaking agency of the government then its guarantee letter.
No objection certificates from the Charitable Commissioner if the land is of Trust.
Certificate of the competent authority regarding non-agricultural plot
While registering SRA/SRD and MHADA recognized Co-operative Housing Societies, it is obligatory to fulfill the necessary papers as per instructions are given by the authorities by their circulars in addition to above criterion.
Application for Registering Society (A form)
Table giving information of society (B Form)
Table giving details of the members (C Form)
Statement of Accounts of the Members (D Form)
Notarized Guarantee letter by the Chief Promoter of the society on the stamp Paper of Rs. 100/-
Notarized Guarantee letter by the Builder, Promoter on the Stamp Paper of Rs. 100/-
Affidavit of Members (Affidavit of Minimum 10 Promoters)
Two copies of bye-laws of the Society approved by the Commissioner, Co-operation and Registrar, Co-operative Societies and Maharashtra State, Pune
Proof of the bank balance of the promoter member (deposit of each share of Rs. 500 and admission fee of Rs. 100), after getting permission for reservation in the District Central Co-operative Bank
Challan of Rs. 2500/- deposited in the Government Treasury Registration fee for the Housing Society of the Backward class is Rs. 50/-

Approval by Registrar

It is the duty of the concerned Registrar to register the Co-operative Housing Society, by scrutinizing the proposal submitted after fulfillment of above mentioned documents, and shall make an arrangement of issuing certificate of registration society under Section 9(1) of the Maharashtra Co-operative Society Act 1960, and copy of the registered bye-law, memorandum regarding registration of society to the chief promoter. The order regarding registration of society should have been sent for publishing in government gazette to the Government Printing Press for appropriate action. It is necessary to take decision on the registration of the society within a period of two months from the date of the proposal of the society submitted to the Registrar.

If proposal of society registration is denied or no decision is taken within two months then it is necessary to send that proposal to the Divisional Joint Registrar, Co-operative Societies under Section 152 of the Maharashtra Co. operative societies Act, can be approached.

First General Body Meeting obligatory Agenda (after registration):

• To elect a Chairman for the meeting

• To admit persons to membership who have applied for membership of the society.

• To elect a provisional Managing Committee

• To receive and approve the statement of account as prepared by the Chief Promoter of the society up to 14 days prior to the first general body meeting of the society.

• To authorize the committee to secure conveyance of right title and interest in the property in the name of the society from the promoter builder

• To impose restrictions on raising loan amount from outside

• To appoint internal auditor and to fix his remuneration

• To authorize one of the members of the provisional committee to call the first meeting of the provisional committee

• To take decision about taking membership of District Housing Federation and other institutions

• To give power to one member of provisional management committee to call meeting of the managing committee

• To consider the matters raised by the member except these matters which are necessary for giving advance notice with the permission of chairman and eleventh hour matter and to make resolution in that regard.

By admin|February 12th, 2021|SOCIETY FORMATION|Comments Off

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