Mumbai: The Maharashtra government on Sunday announced a slew of sops for co-operative housing societies related to deemed conveyance and redevelopment.
Deemed conveyance has been a long standing bone of contention for co-operative housing societies across Maharashtra. On Sunday, during an event attended by Chief Minister Eknath Shinde and Deputy Chief Minister Devendra Fadnavis, it was announced that the government would take a decision within a month.
Here is what new rules say:
As per plan, it would be binding on the official in-charge to issue the conveyance certificate within four working days from the completion of one month of application.
As per the timeline shared, once certain amendments are made to the existing regulations, the registration of the documents would have to be completed within 10 days, and the registration in the property card will be mandatory within the next four days.
As per the data with the state government, of the total 1,15,172 co-operative housing societies, 71,444 do not have a conveyance deed, which is over 60% of the total.
For a flat owner and a housing society, a conveyance deed is crucial because the share certificate is the only evidence of an apartment’s ownership and not the land on which the building exists. Until receiving the conveyance deed, the plot remains the property of the developer or the housing body that owned the land during the construction stage. To go in for redevelopment, the land ownership also needs to be transferred to the society.
For societies going in for self-redevelopment, certain relaxations are likely to be offered, including reducing the area needed on the sides from 9mt to 6mt to avail additional Floor Space Index and construct a taller structure.
Facilitate financing of self-redevelopment projects
The state will also appoint Maharashtra Central Cooperative Bank and Mumbai District Cooperative Bank as nodal agencies to facilitate financing of self-redevelopment projects.
The government is also considering to constitute a self-redevelopment financial corporation with the mandate and focus only on self-redevelopment.
Other than this, the state also plans to dole out subsidy in the interest of societies opting for self-redevelopment. A higher interest rate is one of the reasons behind the overall construction cost becoming unviable.
