Need for Deemed Conveyance
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.
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