February 2019 - Page 8 of 10

WHY CO-OPERATIVE HOUSING SOCIETY?

While booking a flat – you cannot focus only on owning your own home. You have to focus on how you can live a comfortable life in your own home – in your housing scheme. The best & the only way to enjoy a comfortable life in your own flat is to form a Co-Operative Housing Society and manage it well.
while booking a flat & registering flat agreement – first time home buyers give least importance to whether the builder is going to form a Co-Operative Housing Society or an Association of Apartments. Including how much the builder is charging to form it.

However, after flat possession, some flat buyers understand the benefits of a Co-Operative Housing Society and to correct their mistake – start fighting with the builders.

Instead of that – before booking a flat – if you confirm that the builder is going to form a Co-Operative Housing Society – you can live a comfortable life & earn good property appreciation if you manage your society. well.

Co-Operative Housing Society is better than Association of Apartments for 2 reasons –
1) Ownership
2) Management

Housing scheme is a collective living – community living – living in a group.
If the ownership of the entire housing scheme – all buildings & the plot of land – is with a community – means with a Co-Operative Housing Society – maintaining society & developing community life becomes essential & easy. That’s why Maharashtra Government has passed cooperative law & developed entire system to support smooth functioning of Co-Operative Housing Societies.
Including a special court.

Against this – in an Association of Apartments – the ownership of a flat & equal share of a plot – is with individual flat buyers. This is inorganic & unnatural.

Along with legal system, there are service providers who specialize in maintaining the property and managing accounts of a Co-operative Housing Society.

By admin|February 9th, 2019|WHY CO-OPERATIVE HOUSING SOCIETY?|Comments Off

WHY A CO-OPERATIVE HOUSING SOCIETY IS BETTER THAN APARTMENT OWNERS ASSOCIATION?

1. The builder is interested in using the increased FSI which will be awarded by the govt. for that area at any time in future. If the ‘Society’ is formed, then upon the transfer and conveyance of land in favour of the Society, the increased FSI will be owned by the Society and the builder shall not have any right over it. But if it is an Apartment, then the builder owns that increased FSI and can use it anywhere. Thus, the builder will keep taking advantage of every increase in FSI throughout in the future.

2. In an Apartment, the builder retains the ownership of the open spaces which are not included in the saleable area. Example – Terrace or any open parking/stairs space which is not included in the saleable area. But in case of Society, the builder cannot retain any right on any of these areas and has to hand over everything to the Society. The Maharashtra Apartment Ownership Act also provides for the ownership of an individual Apartment in a building and to make such Apartment heritable and transferable property.

3. Bye-laws and Rules of ‘Society’ are binding on all the residents and nobody can act as per his/her whims. Hence, if the Society decides to ban any objectionable commercial activities in the flats such as noise-making music classes or using the flat for catering or courier activities etc or not to rent out to bachelors etc, then all the residents have to abide by it. But if it is an Apartment, then owners can violate the Apartment Rules and the Apartment Body can just file a case in the Civil Court. However, while the Society disputes are resolved in a separate Court i.e. Co-operative Court dealing with Society matters and hence they are fast resolved whereas, the Apartment matters have to be taken to the normal Civil Court and hence they typically take years and decades to resolve.

4. When the building contemplates redevelopment after 25-30 years, the Society’s decision will be final and hence the Society members will have negotiation power with the builder at that time. But if in case of an Apartment, the consent of every Apartment-owner is required and hence it goes into an endless delay due to lack of a common decision acceptable to everybody. There are many instances in Mumbai wherein finally the dilapidated buildings had to be forcefully vacated by an eviction order from Court since they became unlivable. Thus, while the decisions are taken on a ‘majority’ basis in Society, the Apartment goes with rule of ‘Acceptable by Everybody’. So if the builder has retained even one flat in an Apartment, he will play a veto card in his favour at the time of redevelopment.

By admin|February 9th, 2019|WHY A CO-OPERATIVE HOUSING SOCIETY IS BETTER THAN APARTMENT OWNERS ASSOCIATION|Comments Off

CONVEYANCE SERVICES FOR SOCIETIES IN PUNE

In most of the cases people believe that a Purchase Agreement is the final document they need to own. However, a mere purchase agreement does not pass on the developer’s rights on the land to the society. Societies need to make sure they have the complete right to the land, and mere society registration and formation does not provide those rights.
A Conveyance Deed helps societies to gain the right of their land. Post this builder relinquishes his legal right on the land.
We the “VED LEGAL” provide end-to-end conveyance services to the societies including execution of Conveyance Deed, Deemed Conveyance, and Deed of Apartments. We work closely with co-operative societies and government officials and make sure the complete process is hassle free.
With our team of legal advisers and professional approach, we have handled more than 100 cases across Pune. We guide our clients through the complete process of transferring builder’s rights, allocation of additional space and finally establishment of society rights, as per the law.
Our conveyance services include:
Apartment formation:
• Deed of Declaration • Deed of Apartment
Co-operative Societies Conveyance:
• Conveyance deed with builder’s consent • Deemed Conveyance – without builder’s consent

By admin|February 9th, 2019|CONVEYANCE SERVICES FOR SOCIETIES IN PUNE|Comments Off

CONVEYANCE DEED – AN IMPORTANT DOCUMENT

WHY CONVEYANCE DEED IS AN IMPORTANT DOCUMENT?

A deed is a written document or an instrument that is sealed, signed and delivered by all parties to the contract (buyer and seller). It is a contractual document that includes legally valid terms, and is enforceable in a court of law. It is mandatory that a deed should be in writing, and that both parties involved must sign the document.
There are different kinds of deeds, such as lease deeds, partnership deeds, trust deeds, gift deeds etc.

A conveyance deed is essentially one wherein the seller transfers all rights to legally own, keep and enjoy a particular asset, immovable or movable. In this case the assets under consideration are immovable, namely property.

On signing a conveyance deed, the original owner transfers all legal rights over the property in question to the buyer, against a valid consideration (usually monetary). This consideration, however, is irrelevant in the case of gift deeds, as they are based on fraternal or familial bonds.

A ‘conveyance deed’ or ‘sale deed’ implies that the seller signs a document stating that all authority and ownership of the property in question has been transferred to the buyer.
It is required to contain the following:

• Defined demarcation of the boundaries of the property
• Other rights (if applicable) annexed to the property and its use
• The chain of title i.e. all legal rights to the present seller.
• The method of delivery of the given property to the buyer.
• A memo of the consideration, stating how it has been received
• Any other terms and conditions that are applicable as far as the transfer of ownership rights are concerned.

Once the conveyance (or sale) deed has been executed on non judicial stamp paper, it needs to be registered. This can be done by presenting it at the Registrar’s office, and remittance of the registration fee.

Once the registration is done, the transfer moves into the public domain. The Government obtains its revenue in the form of Stamp Duty and Registration Fees, and at this point the process of conveyance is officially over.

get the rights for re-construction of the building only when the deemed conveyance is executed.

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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.
60 % 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 8th, 2019|SOCIETY FORMATION AND HANDOVER PROCESS BY BUILDER|Comments Off

ADVOCATES FOR REGISTRATION OF 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|February 8th, 2019|ADVOCATES FOR REGISTRATION OF HOUSING SOCIETY MUMBAI|Comments Off

CONVEYANCE OF CO-OPERATIVE HOUSING SOCIETY

CONVEYANCE VS DEEMED CONVEYANCE

Conveyance Deed is a document executed to transfer the title of land and building in favour of Society.

MEANING OF 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 favour 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, a 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 favour of the legal body by passing the necessary order and deemed conveyance certificate and appoint an authorized officer to execute the conveyance deed in favour 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.

MEANING OF CONVEYANCE:
Conveyance means to transfer or convey anything to another person. In the legal sense Conveyance refers to the transfer of ownership or other interest in the property to the other party. Conveyance Deed is a document executed to transfer the title of land and building in favour of Society or Association of Persons (AOP).

DIFFERENCE BETWEEN THE DEEMED CONVEYANCE AND THE REGULAR CONVEYANCE

In case of regular conveyance, the builder/ Developer/ Land owner prepare 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 of conveyance. Deemed Conveyance is obtained as a legal remedy against the defaulter builder/ landowner who don’t want to part with the land and the building in favour of the society.

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Essential Elements in a Conveyance Deed

The term “Deed” means a written legal contract that binds the parties to its terms and can be proved in the court as evidence.
The term ‘Conveyance’ is used when there is transfer of ownership or legal title in a property from one person to another. Hence, a conveyance deed is a legal document between a transferor and a transferee, which proves that a title or ownership in the property along with all other rights related to the property have been transferred from one person to another.
It informs that the property is free from any restrictions and disputes. Both parties sign it and it can be produced in a court if any dispute relating to the agreement arises in future.
However, a conveyance deed is a wide term which not only includes a sale of the property but also other kinds of transfers such as gift, exchange, lease, mortgage, relinquishment and other transfers.
A conveyance deed is valid only when the property is sold for a valid consideration (usually money) except in the case of a gift deed which results out of love and affection.
It can be signed for either movable or immovable property.
A conveyance deed is executed in accordance with the legal provisions under the Transfer of Property Act 1882, Registration Act 1908 and Indian Stamp Act, 1899.
In order to be valid and acceptable in a court, a conveyance deed needs to contain some essential elements. For instance, it must:
* Establish exact boundaries of the property to avoid any dispute relating to land ownership,
* State that all the rights relating to the property have been transferred along with the property,
* Provide details regarding delivery and acceptance of the property,
* State all terms and conditions relating to the transfer,
* Be made on a non-judicial stamp paper and signed by both parties,
* Mention full names, addresses and other requisite details of the seller and the buyer,
* State that the property is free from any disputes and restrictions,
* Be signed by at least two witnesses
* Be in writing and notarized, and
* Be registered through the local registrar’s office by submitting appropriate registration fee. Registration is proof that the property is free from any disputes and has been transferred to the buyer permanently with a clean title.
Once the registration is complete, the buyer becomes the absolute owner of the property and the conveyance process gets over officially. A lawyer and a real estate agent can help two parties compose, sign, and register a deed of conveyance during a transaction. The government obtains its revenue from the stamp duty and registration fees.

By admin|February 8th, 2019|Essential Elements in a Conveyance Deed|Comments Off

PROCEDURE FOR REGISTRATION OF CO-OP. SOCIETIES

1.The first Step is to get 10 Individuals together who are desirous of forming a Society.
2.A Provisional Committee should be formed and a chief Promoter should be elected from amongst them.
3.A Name for the Society has to be selected.
4.An Application has to be made to the Registration Authority for reservation of Name and a letter to that effect has to be obtained confirming the reservation of Name. The name once reserved is valid for 3 Months.
5.The entrance fees and share capital has to be collected from the prospective members.
6.A Bank account has to be opened in the name of the proposed society as per the directions of the registration Authority. The entrance fees and share money has to be deposited in the bank account and the certificate from the bank has to be obtained in that respect.
7.The registration fees has to be deposited with the Reserve Bank of India and receipted 1challan thereof is to be obtained.
8.The application for registration of the society should be submitted to the Registrar of Societies of the concerned municipal ward. The documents to be submitted for registration are as follows:
a. Form No. A in quadruplicate signed by 90% of the promoter members
b. List of promoter members
c. Bank Certificate
d. Detailed explanation of working of the society.
e. 4 copies of proposed bye-laws of the society.
f. Proof of payment of registration charges.
g. Other documents like affidavits, indemnity bonds, any documents specified by the Registrar also have to be submitted.
9.The Registrar will enter the particulars in register of application maintained in Form “B” and give serial number and issue receipt in acknowledgment of the same.
10.On registration, the Registrar will notify the registration of the Society in the Official Gazette and issue Registration Certificate.

By admin|February 7th, 2019|PROCEDURE FOR REGISTRATION OF CO-OP. SOCIETIES|Comments Off

BUILDER-NON COOPERATION CO-OPERATIVE HOUSING SOCIETY

If builder/promoter procrastinate 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 authorized officer (District Dy. Registrar in the respective district, who have given power under section 10(1) of the Maharashtra Ownership Flats Act 1963 (For making regulation for encouraging their constructions, their sale, management and transfer).
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.

By admin|February 7th, 2019|BUILDER-NON COOPERATION CO-OPERATIVE HOUSING SOCIETY|Comments Off

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