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Tuesday, Jan 22nd

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You are here: Real Estate News Builders Have To Implement Conveyance Deeds Strictly

Builders Have To Implement Conveyance Deeds Strictly

Builders Have To Implement Conveyance Deeds Strictly

From next month a survey across the city to reduce the backlog of conveyance deeds to be issued to property owners will be taken by officials of the registrar of cooperatives.

Notices will be issued to the builders, who have not executed the conveyance deed at apartments and cooperative housing societies, to transfer the ownership of the properties to the related apartments or housing societies.

Officials said that there are around 5,000 housing societies registered with the office of the deputy district registrar (DDR) in Nasik district, out of which, approximately 4,500 housing societies are in the city. Conveyance deeds of over 70% of apartments and housing societies are remaining.

Deputy District Registrar, Bajirao Shinde, said that recently some amendments made by state government in the Maharashtra Ownership of Flats & Apartments Act (MOFA) 1963, for its efficient execution. Accordingly, the DDR has been selected as the capable authority for the execution of MOFA. After 60% of total flats in building project are sold every builders will now have to register the societies within four months. It is also compulsory for the concerned builder to implement conveyance deed instantly after the registration of the society. In short, the ownership of property should be in the name of the concerned apartments or societies in the 7/12 land extract. He added that measures are being accepted to execute the Act efficiently.

They are planning to conduct a survey to know how many builders have implemented conveyance deeds. The survey will focus on the number of buildings and flats sold in them, and will try to identify developers, land owners and dates of completion. They will send notices to related builders and developers who have not implemented conveyance deed.

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