Streamlining Society Land Ownership in Maharashtra: Accelerated Deemed Conveyance Process
Introduction:
In a significant development for housing societies in Maharashtra, the state government has introduced a new resolution that aims to expedite the process of obtaining land ownership, also known as deemed conveyance. Previously, the resolution stipulated a timeframe of six months from the date of application, but the recent Government Resolution (GR) brings about a welcome change. This article explores the revised procedure and its potential benefits for real estate and housing societies in Maharashtra.
What is Deemed Conveyance?
Deemed conveyance refers to the legal process through which ownership rights of a housing society’s land and building are transferred from the developer or promoter to the society itself. It is applicable when the developer fails to execute the conveyance deed, which is a legal document that transfers ownership from the developer to the society. Deemed conveyance is a mechanism provided by the government to protect the interests of society members and ensure they have rightful ownership over the property. It allows the society to gain control of the land and building even without the execution of a formal conveyance deed. This process is particularly relevant in cases where developers delay or refuse to transfer ownership, leaving societies in a state of uncertainty. Deemed conveyance empowers housing societies to manage their assets, undertake redevelopment projects, and exercise full control over their properties.
Efficient Deemed Conveyance Process:
The revised GR proposes a more streamlined process for obtaining deemed conveyance. Once the housing societies submit the resolution and application for deemed conveyance, government authorities are now required to issue notices promptly upon receiving the documents. Following this, weekly hearings involving all stakeholders will be conducted to deliberate on the matter of land ownership or conveyance for the society.
Resolving Long-Standing Ownership Issues:
Currently, there are numerous housing societies in the Mumbai Metropolitan Region (MMR) where the ownership still rests with the developer, even after decades. This delayed conveyance has caused uncertainty and hindered potential redevelopment projects. The new resolution offers hope to these societies, providing a clear path towards gaining rightful ownership and enabling them to make informed decisions regarding redevelopment.
Benefits for Real Estate and Housing Societies:
The expedited deemed conveyance process brings several advantages to both the real estate sector and housing societies. Firstly, it eliminates the long-standing ambiguity surrounding land ownership, empowering societies to take charge of their assets. This clarity paves the way for redevelopment projects, revitalizing aging structures and enhancing the overall value of the properties.
Additionally, the resolution instills confidence among housing societies, reassuring them that they can actively consider redevelopment options without the uncertainty of unresolved ownership issues. It provides a boost to the real estate market as well, encouraging new development initiatives and fostering growth in the sector.
Conclusion:
The revised GR in Maharashtra, aimed at accelerating the deemed conveyance process through self-redevelopment, marks a significant step towards resolving long-standing ownership issues faced by housing societies. By expediting the hearings and decision-making process, the government aims to provide timely and clear land ownership to societies, ensuring their autonomy and enabling them to pursue redevelopment with confidence. This move is expected to positively impact the real estate market, stimulate redevelopment projects, and benefit both housing societies and the overall housing ecosystem in Maharashtra.
