February 2020 - Page 7 of 9

Documents required for Society Registration In Thane

• 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/-

By admin|February 7th, 2020|Documents required for Society Registration In Thane|Comments Off

ADVOCATES/LAWYERS FOR FORMATION OF A NEW HOUSING SOCIETY IN THANE

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.

By admin|February 7th, 2020|ADVOCATES/LAWYERS FOR FORMATION OF A NEW HOUSING SOCIETY IN THANE|Comments Off

ADVOCATES/LAWYERS FOR FORMATION OF A NEW HOUSING SOCIETY 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).

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.

By admin|February 7th, 2020|ADVOCATES/LAWYERS FOR FORMATION OF A NEW HOUSING SOCIETY IN PUNE|Comments Off

A COMPLETE GUIDE OF DEEMED CONVEYANCE IN PUNE

Most of the flat-owners of the newly constructed Societies/apartments do not have their sale deeds or conveyance deeds. Mostly in the newly constructed buildings, the builders provide for forming a housing co-operative society to which they shall transfer their interest in the property. Then the builders form the society but do not transfer the title of the property (read ownership) to the flat-owners or the society till he has transferred all the rights in the building/Societies/apartments. Thus the builders/promoters are benefiting from the buyers lack of awareness and information.
To curb this practice, amendments were carried out in the Maharashtra Ownership Flats Act, 1963, in 2008 to appoint a Competent Authority (Registrar of Co-operative Housing Societies) to hear the grievances of such Societies/apartments owners and to safeguard their interest by executing deemed conveyance of such societies u/s 11(3) of Maharashtra Ownership Flats Act, 1963.
Ved Legal is having enough experience to deal with these kinds of Deemed Conveyance of Co-operative Housing Societies, in and around Mumbai, Pune. Any aggrieved society or apartment holder can get resolution from us in regards of the same.

By admin|February 7th, 2020|A COMPLETE GUIDE OF DEEMED CONVEYANCE IN PUNE|Comments Off

A COMPLETE GUIDE OF DEEMED CONVEYANCE IN THANE

Most of the flat-owners of the newly constructed Societies/apartments do not have their sale deeds or conveyance deeds. Mostly in the newly constructed buildings, the builders provide for forming a housing co-operative society to which they shall transfer their interest in the property. Then the builders form the society but do not transfer the title of the property (read ownership) to the flat-owners or the society till he has transferred all the rights in the building/Societies/apartments. Thus the builders/promoters are benefiting from the buyers lack of awareness and information.
To curb this practice, amendments were carried out in the Maharashtra Ownership Flats Act, 1963, in 2008 to appoint a Competent Authority (Registrar of Co-operative Housing Societies) to hear the grievances of such Societies/apartments owners and to safeguard their interest by executing deemed conveyance of such societies u/s 11(3) of Maharashtra Ownership Flats Act, 1963.
Ved Legal is having enough experience to deal with these kinds of Deemed Conveyance of Co-operative Housing Societies, in and around Mumbai, Pune. Any aggrieved society or apartment holder can get resolution from us in regards of the same.

By admin|February 7th, 2020|A COMPLETE GUIDE OF DEEMED CONVEYANCE IN THANE|Comments Off

FUNDS THEIR UTILISATION AND INVESTMENT OF HOUSING SOCIETY

(A)Raising of Funds :- The funds of the society may be raised in one or more of the following ways: Modes of raising the funds of the
• By entrance fees
• By issue of shares
• By loans and subsidies
• By deposits
• By voluntary donations , ( but not from transferor and transferee )
• By contributions towards cost of building or buildings
• By fee on transfer of shares , along with the occupancy right , assignment
• By premium on transfer of occupancy right over the fiats ,
• By corpus fund from promoter builder
• By any other mode permitted under these bye-laws ,
• By way of statutory requirements.
• By way of non-occupancy charges, leasing / hiring of open spaces.
• By way of corpus fund , in case of redevelopment
(B) Share Capital :- The Authorized share capital of the society shall be Rs.__________ divided into _________shares of Rs.50/- each. A share certificate, prescribed in bye-laws, bearing distinctive number and indicating the name of Member, the number of shares issued and the value paid thereon, shall be issued by the society to every member for the shares subscribed by him, within a period of six months of the allotment of the shares.The committee of the society shall issue a Duplicate share certificate , “so market”, on application , to its Members on production of following documents –
1. If the share certificate is lost – copy of police complaint lodged and affidavit in that regard.
2. If the share certificate is soiled , burnt , torn , disfigured etc. affidavit in that regards

(C) Limit of Liabilities :- Deposits from members and loans may be received by the society for such period and at such rate of interest and upto such amount and on such terms and conditions as may be determined by the committee, provided that at no time , the total amount of such liabilities shall exceed the limit prescribed under Rule 35 of the MSCS Rules .
(D) Constitution of the Reserve Fund
a. The Reserve Fund of the Society shall comprise of –
All entrance fees received by the society from its Members ;
All transfer fees received by the society from its members on transfers of the shares , along with the occupancy rights ;
All premium received by the society from its members on transfers or their interest in the capital or property of the society;
The amounts carried to the said fund , from year to year ,out of the net profit / surplus of that year , subject to the provisions of section 66(1) and (2) of the act ;
All donations received by the society, except those received by it for the specific purpose.
The Society shall, while finalizing the accounts for the preceding cooperative – year, appropriate all amounts referred to in the bye-law no.12(A)(i) to the reserve fund of the society.
(E) Creation of Other Funds :- The society shall create and establish the following funds by collecting contribution from its Members at the rates mentioned hereunder: The Repairs and Maintenance Fund, at the rate fixed at the general body subject to the minimum of 0.75 per cent per annum of the construction cost of each flat, incurred during the construction of the building of the society and certified by the Architect, for meeting expenses of normal recurring repairs of the society buildings/property.Major Repairs Funds, as and when required and decided by the general body at the rate fixed pro-rata on area basis. The Sinking Fund at the rate decided at the meeting of the general body, subject to the minimum of 0.25 per cent per annum of the construction cost of each flat incurred during the construction of the building of the society and certified by the architect, excluding the proportionate cost of the land. To create Education and Training Fund from contribution by the Members of Rs 10 per month /per unit or as decided by the General Body.
(F) Utilization of the funds by the Society
The society may utilize its funds in the manner indicated below:
a.Reserve Fund: The reserve fund of the society may be utilized for the expenditure on repairs, maintenance and renewals of the society’s property.
b.Repairs and Maintenance Fund: The repairs and maintenance fund may be utilized for meeting the expenditure on maintenance of the society’s property and repairs and renewals thereof.
c.Sinking Fund: On the resolution passed at the meeting of the general .Body of the society, the sinking fund may be used by the society for reconstruction of its building/ buildings or for carrying out such structural additions or alteration to the building / buildings, as in the opinion of the society’s Architect, would be necessary to strengthen it/them or for carrying out such heavy repairs as may be certified by the architect and on approval of general Body.
d.The Education & Training Fund be utilized as provided under section 24(A) of the Act. Utilization of the funds shall be with the specific prior approval of society’s general Body.
(G) Investment of Funds
The funds of the society, when not deployed in its objects, may be invested or deposited as required under Section 70 of the Act. Provided that society’s funds collections shall be invested on long term basis, along with the interest earned thereon by one of the modes permitted under the said section of the Act.

By admin|February 6th, 2020|FUNDS THEIR UTILISATION AND INVESTMENT OF HOUSING SOCIETY|Comments Off

IMPORTANCE OF FORMING A NEW HOUSING SOCIETY 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).

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 6th, 2020|IMPORTANCE OF FORMING A NEW HOUSING SOCIETY IN PUNE|Comments Off

Importance of Deemed Conveyance in Thane

A Co-Operative Housing Society is the owner of the Land & Building & individual member enjoys the ownership right of the Flat/ Shop based on the Share Certificate issued by the Co- Operative Housing Society.

A vast majority of Co- Operative Housing Societies does not have the Conveyance in their favour & hence are not the owners of their Land & Building. In this situation, even though each member of the Co- Operative Housing Society has paid full consideration and is in possession of the Flat/ Shop allotted, he does not enjoy the benefits of title ownership of the Flat/ Shop.
In case of Co-Operative Housing Societies formed long back, many of the Buildings are in dilapidated condition and their repairs are not economically viable. The best solution available for these Co- Operative Housing Societies is to go ahead with Redevelopment. The non- availability of the Conveyance & therefore free/ marketable Title affects the Redevelopment Process badly.
In case of Co- Operative Housing Societies formed recently, the Redevelopment at the moment is not on the agenda. However the non- availability of the Conveyance and free and marketable Title may affect its present Revenue and may be a hindrance in Redevelopment process in future.
Therefore Deemed Conveyance is in the larger interest of the Co- Operative Housing Societies (and their each and every member) who are denied their right of Conveyance by the Land- Owners & Property Developers.

By admin|February 6th, 2020|Importance of Deemed Conveyance in Thane|Comments Off

Conveyance Deed of co-operative housing society in Mumbai

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 6th, 2020|Conveyance Deed of co-operative housing society in Mumbai|Comments Off

BUILDER’S HANDOVER PROCESS IN MUMBAI

The date of handover from builder to the registered owners association is an important day for new apartment owners and all residents. It has to be taken seriously and detailed due diligence must be done when interacting with the builders during this handover process. Once the formal handover to the Owners Association is completed, the onus is on the association to run the affairs of the society and to ensure its smooth functioning. The association must be prepared for this day for 3+ months leading to this event.
It is recommended that owners collaboratively engage with the builder right from late construction stages that will help them to take-up this responsibility in future. The builders can also reach out to representatives from the owners group to assist in the selection of maintenance agency which prepares them for the handover process.
Based on our experience in interacting with various builders and associations, we have collated a check list that associations can use when in dialogue with the builder on the handover process:
1. Get approved building plan which includes block-wise and floor-wise details
2. Collect the Completion Certificate which ensures adherence of the approved plan
3. No Objection certificates from pollution, fire, water and electricity authorities
4. Hard copy and soft copy (in CD) of all approved engineering drawings; look for approval seal on the drawings
5. Registration and parent documents
6. Drainage, sewage, Fire protection and common area power layout drawings
7. Car parking layout drawings (with numbering)
8. Asset Inventory of all movable and immovable equipment purchased; numbered in order (list needs to be exhaustive)
9. Record of recent service history on key equipment’s like lifts, DG sets, STP and WTP
10. AMC and warranty details; Original bills of equipment purchased (motors, Sewage and Water Treatment Plant, Generators, Gym items like treadmill)
11. Lift license details and next renewal date
12. STP/WTP vendor details, plant layout, operation manual and drawings
13. Receipts of property, electricity and water payments paid
14. Handover of corpus amount to the association
15. Share recent expenses incurred on various maintenance activities and account heads; will assist to budget coming year (staff salaries, purchase of cleaning material, swimming pool maintenance etc)
16. Contract signed with maintenance agency; agreed SLAs
17. Insurance taken for assets and third party lift insurance
18. Audited account statement at the time of handover
19. Arrange for introductory meeting with important suppliers and vendors

By admin|February 4th, 2020|BUILDER’S HANDOVER PROCESS IN MUMBAI|Comments Off