Table of Contents
What happens when a building goes into redevelopment?
Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a good Builder who can construct and handover new flats to the Society members free of cost with some additional benefits and make profit by utilizing balance plot potential by constructing additional flats and …
What is conveyance deed for society?
Conveyance means that society becomes the owner of the land on which the building is located. “It is mandatory on the builder to transfer the land and the building to the society within four months on the completion of the project.
Why conveyance deed is required for society?
Having a Conveyance Deed confers the legal ownership of the common areas of the housing society and plays an important role in proving legal ownership and later redevelopment projects.
What happens if conveyance deed is not done?
If there is no proper conveyance deed, the buyer will not have any legal right against the property. He cannot claim his ownership. Hence, a conveyance deed is a must for any sale.
How do you do a redevelopment of society?
What is the procedure for the redevelopment of a housing society?
- Call a Special General Body Meeting (SGM)
- Get quotations from Architects/Project Management Consultants (PMC)
- Submit proposal for Building Redevelopment Project.
- Receive Project Report.
- Invite Tenders from developers.
- Choose a developer.
What is redevelopment process?
First step for deciding redevelopment is structural audit report by structural consultant or project management consultant. The structural audit agency shall reveal the condition of buildings & suggest whether society needs the redevelopment. Without such report, society can’t go for redevelopment process.
What is DDR in property?
Under this provision, a society without conveyance could apply to the Deputy District Registrar (DDR) of Co-operative Societies, who after verifying the documents submitted and hearing both the society and the developer will, if justified, pass an order conveying the land in favour of the CHS.
What is conveyance deed of land?
Conveyance deed is a legal document that is used to transfer the title of property from one person to another as a gift, an exchange, a lease, a mortgage, etc. A gift deed, mortgage deed, lease deed or sale deed can also be called as a conveyance deed.
What is land deed?
A deed is usually any written legal document that transfers, affirms, or confirms the interest, rights, property, etc. A valid deed requires that the grantor, the original owner of the land conveys his interest to the guarantee, the recipient of the title.
What is conveyance in redevelopment?
Conveyance is a Transfer the Title of Land and Building by the Promoter/Landowner in favour of Housing Society by execution of Conveyance Deed. The major problem is with respect to the Redevelopment of such Societies which are about 30-40 years old & are having their buildings in dilapidated conditions.
What is the difference between conveyance deed and registry?
All sale deeds are conveyance deeds but the converse is not true. Conveyance deeds are governed under the Registration Act and executed on non-judicial stamp paper. Once the conveyance deed is signed, it has to be registered at the local sub-registrar’s office, by paying the registration fee.
What does the term redevelopment mean?
Definition of redevelopment : the act or process of redeveloping especially : renovation of a blighted area urban redevelopment.