December 2017 - Page 3 of 16

Advocates for transfer of Share in Pune

(a) A member, desiring to transfer his shares and interest in the capital/property of the Society shall give 15days notice of his intention to do so to the Secretary of the Society in the prescribed form, along with the consent of the proposed transferee in the prescribed form.
(b) On receipt of such notice, the Secretary of the Society shall place the same before the meeting of the committee, held next after the receipt of the notice, pointing out whether the member is prima-facie eligible to transfer his shares and interest in the capital/property of the Society, in view of the provisions of Section 39 (2) (a) of the MCS Act 1960.
(c) In the event of ineligibility of the member to transfer his shares and interest in the capital/property of the Society, the committee shall direct the Secretary of the society to inform the member accordingly within 8 days of the decision of the committee.
(d) “No Objection Certificate” of the Society is not required to transfer the shares and interest of the transferor to the transferee. However in case such a certificate is required by the transferor or transferee, he shall apply to the society and committee of the Society may consider such a application on merit within one month.
(e) The Transferor/ Transferee shall submit following documents and make the compliance as under:

application for transfer of his shares and interest in the capital/property of the Society, in the prescribed form along with the original share certificate;
application for membership of the proposed transferee in the prescribed form,
resignation of outgoing member in the prescribed form byelaws No.27 (a) Appendix No. 13
Registered agreement duly stamped.
valid reasons for the proposed transfer.
undertaking to discharge the liabilities to the society by the transferor;
payment of the transfer fee of Rs. 500/-.
remittance of the entrance fee of Rs. 100/- payable by the proposed transferee.
Payment of amount of premium at the rate to the fixed by the general body meeting but within the limits as prescribed under the circular, issued by the Department of Co-operation Goverment of Maharashtra from time to time. No additional amount towards donation or contribution to any other funds or under any other pretext shall be recovered from tranferor or transferee.
submission of ‘No objection’ certificate, required under any law for the time being in force or order or sanction issued by the Government, any financing agency or any other authority.
the undertaking/declaration in compliance with the provisions of any law for the time being in force in such form as is prescribed under these bye-laws.
Note: The condition at Sr. No. (ix) above shall not apply to transfer of shares and interest of the transferor in the capital/property of the society to the member of his family or to his nominee or his heir/legal representative after his death and in case of mutual exchange of flats amongst the members or a registered gift deed executed by the member.

(a) The procedure for disposal of applications for transfers of shares and/or interest of members in the capital/ property of the society as laid down under the bye law No.65 shall be followed by the secretary and the committee of the Society.
(b) A meeting of the committee or the general body, as the case may be, shall not refuse any application for admission to membership or transfer of shares and interest in the capital/property of the Society except on the ground of non compliance of the provisions of the Act, the Rules and the Bye-laws of the Society or any other law or order issued by the Government in exercise of the statutory powers vested in it.
(c) If the decision of the Committee/General Body Meeting as the case may be, on the application for transfer of shares and /or interest in the capital/property of the society is not communicated to the applicant within 3 months of its receipt, the transfer application shall be deemed to have been accepted and the transferee shall be deemed to have been admitted as a member of the society as provided under Section 22(2) of the Act.
(d) The transfer made in contravention of the Act, Rules or the bye-laws shall be void and not be effective against the society.

The transferee shall be eligible to exercise the rights of membership on receipt of the letter in the prescribed form from the Society; subject to the provisions of the MCS Act 1960 & Rules made thereunder.

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|Advocates for transfer of Share in Pune|Comments Off

Best Society Formation lawyers

A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.

But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.

We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.

We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.

Our specialized services include:

Initial screening
Gap identification and ratification
Process documentation and finalization
Dispute resolution
Society name reservation at respective co-operative departments
Account formation and legal documentation

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|Best Society Formation lawyers In Pune|Comments Off

List of Documents Required for Society Formation

While submitting the said proposal, following documents are Necessary.

7/12 extract of the land or property card.
Competent Authority Certificate regarding non-Agricultural land.
Order regarding applicable/non-applicable Land ceiling Act Map of the construction approved by the competent authority.
Letter of given permission for construction.
Completion certificate of Construction.
Development Agreement if the land is taken for development.
Power of Authority letter of the Land.
Copy of the Title search Report.
Agreement copy of the flat purchased.
Architect certificate regarding construction.
List of the Members.
Scheme of the Society.
Application regarding reservation of Name.
Minimum 10 Members shall necessary for the registration of the Society.
Application for registration of Society (A Form)
Table containing information of the society (B Form)
Table containing information of the members (C Form)
Statement of Accounts of the members (D Form)
Notarized guarantee letter of the chief promoter of society on the stamp paper of Rs. 100/-
Notarized Indemnity Bond of the members who applied for the registration of society on the stamp paper of Rs. 200/-
Affidavit of the Members (Minimum 10 promoters’ Affidavit)
Two copies of bye laws approved by the Commissioner, Co-operation and Registrar, Maharashtra State, Pune.
Bank balance statement of the promoter members who have deposited Rs.500/- each as a share and admission fee Rs.100/- in District
Central Co-operative Bank after getting sanction for the reservation of name in district of Rs.2500/- paid as society Registration fee in the Government Treasure.

The proposal submitted after fulfillment of above mentioned documents, the competent authority by taking hearing, issued orders to the concerned officer for registering the society.

The scrutiny of the registration proposal submitted after fulfillment of documents as mentioned above and criterion will be done after taking into consideration the instructions in the circular/ directives regarding registration issued by the Government/ Commissioner, Co-operation. It is obligatory on the concerned Registrar to make registration by considering various provisions in the Act and Rules and instructions given in the circular/ directives.

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|List of Documents Required for Society Formation|Comments Off

Cooperative Societies Registration in Pune

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).

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.

Co-operative Societies Commissioner & Registrar’s GR No. SAGRUVO/1094/Pra.Kra 277/14C dated 10 March 1995 says “By exercising the powers in section 7 of the Co-operative Societies Act 1960 the government is pleased to exempt the provision of minimum 10 members for registering co-operative Housing society under sub-clause 1 in Section 6 of the said Act subject to the conditions that the plinth area of each flat in the proposed co-operative Housing Society should not be more than 700 sq. ft and FSI should not be balance for utilization in the proposed societies land/ building.

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.

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.

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|Cooperative Societies Registration in Pune|Comments Off

Advocates for Society Registration and Formation

A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.

But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.

We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.

We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.

Our specialized services include:

Initial screening
Gap identification and ratification
Process documentation and finalization
Dispute resolution
Society name reservation at respective co-operative departments
Account formation and legal documentation

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|Advocates for Society Registration and Formation|Comments Off

Advocates for Society Formation in Pune

A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.

But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.

We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.

We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.

Our specialized services include:

Initial screening
Gap identification and ratification
Process documentation and finalization
Dispute resolution
Society name reservation at respective co-operative departments
Account formation and legal documentation

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|Advocates for Society Formation in Pune|Comments Off

Advocates for register a new housing society

A co-operative society is the perfect fit for a residential building as flat-owners have common needs (water connection, watchmen, etc) and interests (maintenance of common areas, such as the terrace and compound). If you’ve purchased a flat in a new building, it would probably be best if you took interest in forming a society. The builder may also be statutorily obligated to form a society. For example, under Maharashtra Flat Ownership Act, 1963, a builder must form a society within four months of selling 60% of the flats.

But you needn’t wait for the builder to form the society. In many states, including Delhi and Maharashtra, ten flat-owners are enough to promote a co-operative housing society. A building without a housing society usually indicates that there is a dispute between members or a general lack of interest. If you’re considering buying a house in a building where the society has not been formed, find out what the problem is. If the builder does not form a society, rights to the terrace and the compound continue to rest with him.

We, the “VED LEGAL” provide registration and formation services which help you at every step of society formation, right from inception to final handover. We look after all the legal complications involved in society formation and carry out necessary negotiations with developers.

We have also completed the registration process for various projects. We specialize in society formation of housing societies, commercial societies, maintenance societies and large townships. We help developers and societies with complex registration process during society mergers, society split, and federation registrations.

Our specialized services include:

Initial screening
Gap identification and ratification
Process documentation and finalization
Dispute resolution
Society name reservation at respective co-operative departments
Account formation and legal documentation

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 22nd, 2017|ADVOCATES FOR REGISTER A NEW HOUSING SOCIETY|Comments Off

Complaints under RERA

Filling of complaints under RERA

Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days

Penalties and Punishments under RERA

On Promoters / Builders

Offence	Penalties / Punishment
Non registration of a project	10% of the estimated cost of real estate project
Violation of law	Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of project
Providing false information	5% of the estimated cost of project
Other contraventions	5% of the estimated cost of project

On Agents

Offence	Penalties / Punishment
Non registration of a project	Rs. 10,000 per day of default which may extend up to 5% of the cost of property
Failure to comply with Authority	Penalty on a daily basis which may extend up to 5% of the estimated cost of plot
Failure to comply with Tribunal	Imprisonment for up to 1 year with or without fine of 10% of the estimated cost of the project

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 21st, 2017|Complaints under RERA|Comments Off

RERA Registration process

Fill an application form along with fee and documents to get registered with RERA
You will receive a registration number from the regulator. This need to be mentioned in every property sale
On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
Share all the information and documents about the project with the buyer
Agent may be suspended for the misrepresentation or fraud during the registration process

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 21st, 2017|RERA Registration process|Comments Off

RERA Registration In Pune

Implications of RERA on buyers, builders, agents

Provisions applicable to both residential and commercial properties
Expected to bring in transparency and accountability in real estate sector
Each state to set up Real Estate Regulatory Authority to regulate real estate development
Standardization of norms to protect interests of buyers and developers
Aims to minimize rampant project delays and mis-selling

Real Estate Regulatory Authority:-

RERA is an Act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.

The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.

It is mandatory for the developers to get all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.

Real estate agents will be provided a registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.

Advantages of RERA for homebuyers

Builders have to disclose every detail of the project on the website of authority and update these on a regular basis
The buyer will have to pay only on the basis of carpet area (area within walls). The builder cannot charge them for the super built-up area (lift, balcony, stairs and lobby)
Timely completion of projects as 70% of the money collected from the customer has to be transferred in a separate bank account and can be used only for the purpose of completing the construction of the project
Any delay in completion of the project will require the developer to pay an interest rate of 2% above SBI’s Marginal cost of leading rate to the buyer for delayed period
Any defect in the building will be the responsibility of builder for a period of 5 years
Any disputes with the buyers need to be resolved within 120 days

Provisions of RERA:-

RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the construction progress
The sale of property will be based on carpet area and not on super built-up area.
Builders require submitting the original approved plans for their project and the alterations made to RERA
Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay.
Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he fails to do so, the buyer is entitled to receive the compensation under RERA
Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement

All commercial and residential projects will have to register except in projects where:-

The area of land proposed to be developed does not exceed 500 sq. mt
The number of apartments is not more than 8
Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot

Registration process for Real Estate Agents

Fill an application form along with fee and documents to get registered with RERA
You will receive a registration number from the regulator. This need to be mentioned in every property sale
On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
Share all the information and documents about the project with the buyer
Agent may be suspended for the misrepresentation or fraud during the registration process

Documents required for registration under RERA

Following documents should be enclosed in hardcopy with the application:-

PAN Card of the builder.
ITR of last 3 years and the balance sheet of the builder.
Builder must clarify about the apartment (carpet area, number of floors, parking space)
Declaration by the builder of having legal title of the land with proof
Details of the land (rights, title, mortgage)
If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required.
Details of the project (location, sanctioned plan, layout plan)
Ownership documents (proforma of allotment letter, agreement of sale)
Information of the persons involved (Architects, Engineers and others)

Filling of complaints under RERA

Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days

FOR MORE DETAILS CALL:

VED LEGAL,

Adv. Gajanan Rahate

Mob: 9763040088

E_mail: [email protected]

By admin|December 21st, 2017|RERA Registration In Pune|Comments Off