The Whatsapp post with the caption Conveyance Deed Cancelled is viral these days and it’s painful to see that rather than creating awareness, the CHS members are misguided and misled by the incomplete news without having any authenticity or support of the GR, Circular, Notification etc .to that effect.
The CHS members in turn get panic or anxious to know and keep on circulating the same creating more mess and this shows nothing but the lack of knowledge and lack of inclination to gain the correct knowledge.
Let’s understand what the Property Card is all about and what the cabinet decision talks about this individual property card.
The original cabinet decision related to the recording of ownership details of individual flats in the Property card as of August 2019.
Land Records are updated through mutation entries in Property Card in urban areas or through 7/12 Utara in Rural areas
We may call these Horizontal Property Records. So basically these PR card entries are about the *ownership of land
What about ownership of Structure that is created on these lands ??
The cabinet decision of August 2019 aims at *first-ever initiative in India to record the ownership details of each and every flat, building and commercial complex
So the cabinet decision is talking about a path-breaking decision of updation of Vertical property records in the form of *Supplementary PR cards.
This move is going to benefit the home buyers who can trace the ownership of the flat through these Supplementary PR cards and satisfy themselves before buying the flat.
This move is beneficial for the financial institutions who are facing *fraudulent transactions of multiple mortgages getting created against the same property.
This path-breaking initiative will ensure that all the city survey offices in urban areas and the collectorate offices in rural areas will have records of the individual flats as well along with the land records.
Beware, that this cabinet decision is nothing to do with the conveyance or deemed conveyance of the land* and hence conveyance is cancelled is fake and misleading.
The landowner has to convey the land in the name of the housing society and the builder/developer has to convey the title of the building in the name of CHS and these are the provisions which are there in MOFA Act and RERA Act as well..so do not get misguided. or a CHS to get, will not be thought of and postponed by the CHS due to this baseless news, so please do not get misguided.
Conveyance provision is in MOFA Act, it is in MCS Act, it’s part of Model Bye-laws, RERA Act* and hence if it has to get cancelled then first all these acts needs to be amended.
So, friends please understand the implication of Conveyance, seek professional help on this, do not get carried away by the misleading post, do not circulate if you yourself are not sure.
Conveyance or Deemed Conveyance provision is not cancelled.*
In a significant move, the Maharashtra state cabinet has given the green light to an aRead More
Renting out a property can be a beneficial endeavor for property owners in Mumbai, but it also comesRead More
Macrotech Developers, formerly known as Lodha Developers, an Indian multinational realRead More